Frequently Asked Questions

  1. Is Stern Bank a U.S. bank? Yes. The U.S. Federal Reserve has classified Stern as a U.S. state bank and has provided it with an ABA routing number.
  2. Is Puerto Rico part of the United States?  Yes. Puerto Rico is an unincorporated territory of the United States and has full access to the U.S. banking system – just like any U.S. state.
  3. Which banks are eligible for an ABA routing number? An ABA routing number will only be issued to a federal or state-chartered financial institution eligible to maintain an account with the U.S. Federal Reserve.
  4. Can I visit the bank personally? Yes, the bank accepts appointments in Puerto Rico. In some cases, it’s possible to meet with our authorized representatives in other countries.
  5. Do I have to submit original documents or does Stern accept copies? In most instances, Stern will accept scanned copies of documents.  There is no need to courier originals to the bank.
  6. Do clients need to make in-person visits to open accounts? No, all accounts can be opened remotely.
  7. Does Stern accept cryptocurrency? No.
  8. Does Stern have any country restrictions? As a U.S. bank, Stern is subject to restrictions put in place by the U.S. Department of Treasury.
  9. Are there any limits on how much money I can transfer? Limits are set on an individual client basis.
  10. What type of currencies can I hold? Stern opens accounts in USD, EUR and GBP.  Stern can also provide unique IBANs for EUR.
  11. How does Stern make payments? Stern makes payments via SWIFT, Fedwire and SEPA.
  12. Does Stern provide debit or credit cards? Stern will introduce debit cards this year (2019).
  13. Does Stern provide personal accounts? Stern will introduce personal accounts this year (2019).