Easy and Secure Payments. We address 3 of the most frequently asked questions here:

June 10, 2020

Mi Banco gives you the convenience of making and scheduling your payments no matter where you are. Below you’ll find answers to the three most frequently asked questions about the process.

Payments made through Mi Banco, how fast are they transmitted?

Mi Banco works based on Real-Time Debit. That is, the debit is made instantly to your account and the merchant (payee) will receive the payment, in some cases, as fast as the same business day1. In addition, you can schedule your payments in advance, so payees receive them on the date you designate—Mi Banco even helps you with that! This chart shows some of the most common payments and when they will reach each business:

How long it takes for businesses to receive their payments:

Transactions conducted on business days, on or before 5:00 p.m.

Common Businesses Same Day Next Day 2 Days
Utilities: water and electric power PRASA and PREPA
Cellular service companies PRT/CLARO AT&T, T-Mobile, Open Mobile and Sprint
Cable TV DirectTV Liberty and Dish
Credit cards Credit cards issued by BPPR Credit cards issued by department stores or other financial institutions*
Mortgages BPPR mortgages Other financial institutions’ mortgages*
Loans BPPR loans Other financial institutions’ loans*
Goverment agencies X
Health insurance plans X

* Other institutions’ credit cards, mortgages and loans: it may take 2 to 5 days for a payment to reach its payee.

Transactions conducted on business days after 5:00 p.m. and those held on Saturday, Sunday and federal holidays:

Common Businesses Next Day 2 Days
Utilities: water and electric power PRASA and PREPA
Cellular service companies PRT/CLARO  AT&T, T-Mobile, Open Mobile and Sprint
Cable TV DirectTV  Liberty and Dish
Credit cards Credit cards issued by BPPR Credit cards issued by department stores or other financial institutions*
Mortgages BPPR mortgages Other financial institutions’ mortgages*
Loans BPPR loans Other financial institutions’ loans*
Government agencies  X
Health insurance plans  X

 

* Other institutions’ credit cards, mortgages and loans: it may take 2 to 5 days for a payment to reach its payee.

If you have recurring payments (preprogrammed automatic payments)2 for: BPPR credit cards, BPPR mortgages, BPPR loans, PREPA, PRASA, Direct TV and Claro, the payee will receive the payment on the day the transaction takes effect (the date you assigned). Other external payees will receive their payments on the next business day after the day the transaction takes effect (the date you assigned). Recurring payments to other banks will be received between 2 to 5 days.

How do I register merchants (payees) and make my payments?

    • If you have already used the TeleBanco Popular® system, those payees will appear in your Mi Banco Online account, on your computer and in the Mi Banco Mobile application.
    • If you have not made payments using TeleBanco Popular® or have not registered payments in Mi Banco, adding new accounts such as cable TV, mortgages, credit cards, health insurance plans and government agencies’ services is easy. Log in to Mi Banco Online, go to the Payments menu, select Add Businesses, and choose or add the appropriate payee.
      • For more details on how to register a payee or make a payment, watch the following videos:

How to add a payee

How to make a payment

            • Once you have all your bills registered, you can now easily make payments using the mobile application, available for download at the App Store or Google Play.

Are you concerned about security?

When you use Mi Banco, access is protected by your password or fingerprint; you have the same level of security both on the desktop and on your cellphone. We recommend that you activate the two-step verification tool to add an additional security level for logging in to your account. When you log-in to Mi Banco Online, all information is sent encrypted using the SSL (Secure Socket Layer) protocol.

How to activate 2-step verification

You can also sign up for Mi Banco Alerts that sends push notifications, emails or text messages about payments or transfers made between your accounts.

How to activate Mi Banco Alerts

You will receive payment confirmations with a receipt number via email and text message. This indicates that the transaction was successfully completed, and the payment amount was correct. All this available to you 24/7, wherever you are and without listening to pesky prerecorded messages.

Easier than that, it’s almost impossible. If you have additional questions, please use our chat feature at popular.com/chat and we will assist you right away.

Solutions that make your life easier.

 

Member FDIC. Service offered by Banco Popular de Puerto Rico.

1Subject to availability of funds in your account. As long as the payment has been made on or before 5:00 p.m. a business day to a payee identified in the list with “Fast Delivery.”

2Recurring payments are automatic payments that are preprogrammed for the same day in a given period (for example, every month on the same day) or automatic payments that are preprogrammed for future dates.

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