I just used RIA for the first time. U.S. bank account to Caribe Express. It costs $2.00 (2 bucks) and took 6 days. All in dollars. First they did a Paypal type security check. Went very smoothly. I have now done three transfers and since I am not in a hurry I will not use Xoom any more.
- Thread starter morganstern
- Start date
Great money transfer
Not a shareholder, no interest in the company. I just don't like doing my SS transfer through Banreserva and would rather pay a couple dollars and have the flexibility to travel and get money wherever I am. Simple. Don't be so skeptical.
One other side note. To get the SS transfer here in the Dominican I had to establish my address as here(a pain). Then to get Medicare Advantage I had to change my address back to the states. To make that change I had to be in the states(pain) So now I have Med Adv and my money sent here. Works for me. And when I travel I can send money to myself anywhere I go very cheaply. Otherwise I have to draw it from Banreserva with a physical withdrawal.(pain)
All done in dollars. I did convert to pesos at 44...but that was optional. I was notified via e-mail when the pickup was available and Caribe called too. The cost to send $2000.00 is the same $2.00
That's good news. We have to pay our rent here in US$. That will save me the conversions. Thanks!!
Take note that the question was never answered.........Makes one pause and wonder....HHHHMMMMMM
Post #3;
"Not a shareholder, no interest in the company."
Respectfully,
Playacaribe2
Not a shareholder, no interest in the company. I think the company is run by Indians...as in from India. I wished I owned it. Think, 10,000 people a day around the world making transfers at $2.00 each (probably most would cost more) is $20,000 a day and $600,000 per month. The service is automated after the account is set up. Wish I'd of thought of it first. Obviously barker1964 didn't either. (And even if I owned the joint 100% it would still stand as the best deal in town for money transfer)
But, it took six days? XOOM takes six minutes. Maybe you mean after the account is set up it is more fast.
i always pay in d.pesos....if my landlord wants dollars...he can go buy them...sorry but thats a bad deal for you....if you rented last year for 20kmonth, your rent would still be 20k month and you actually would be paying alot less.... laughing as you paid your rent...
I would have preferred pesos, but that was the contract offered. Just started this 6 month rental and when in low season, I'll be in better position to negotiate....bad timing for us ..
XOOM nails you with a exchange rate that sucks. The bank rate was 43.9, but XOOM was offering something like 42.5. Not worth it! I have a Capital One 360 checking account that offers 0% fee and the rate is when the balance posts to the account. The hold on the account was at 43.9, but the actual rate when it posted was 44. Of course this could have easily been the reverse...
To Weather is here- Figure Xoom at 3% net. $2000 per month is about a $60 cost. With Ria it is $2.00. Six or seven day wait means nothing to me. I don't see much change over a six month period in the Peso/Dollar ratio. Just a few dollars really on rental contracts. 'CHIC' says you are getting screwed-I pay about the same as you and over six months it is no big deal. (extra note-RIA is not faster after the account is set up. It still takes 6 or 7 days. For 2 bucks they can take two weeks as far as I am concerned)
Thanks for the extra information.
Once I can get it started, the week wait is acceptable. What I really dislike is Banco Popular holding my money for 30 days when I deposit a check. I can see it clear my USA bank within one day! So BP just holds onto it for no reason other than to have an interest free loan!! The 7 days will be a huge improvement; I just need to get it started and remember to do in advance.
I just set up my account. Now waiting for the deposits to confirm. Do you recall how long that took?
It appears that I am limited to transferring US$2999 at a time, right?
I think I will set up my debit card too, but that's lots more expensive if you do a larger dollar amount. Will only use that if I end up in a hurry.
Using a debit card, for small amounts, their fee is similar to an ATM fee. Looks like for larger $$ amounts, the ATM limits (and therefore require multiple transactions) could even make the fees fairly equal. Depending on the ATM, time of day and phase of the moon.
Once I can get it started, the week wait is acceptable. What I really dislike is Banco Popular holding my money for 30 days when I deposit a check. I can see it clear my USA bank within one day! So BP just holds onto it for no reason other than to have an interest free loan!! The 7 days will be a huge improvement; I just need to get it started and remember to do in advance.
I just set up my account. Now waiting for the deposits to confirm. Do you recall how long that took?
It appears that I am limited to transferring US$2999 at a time, right?
I think I will set up my debit card too, but that's lots more expensive if you do a larger dollar amount. Will only use that if I end up in a hurry.
Using a debit card, for small amounts, their fee is similar to an ATM fee. Looks like for larger $$ amounts, the ATM limits (and therefore require multiple transactions) could even make the fees fairly equal. Depending on the ATM, time of day and phase of the moon.
You are right about the Xoom exchange rate. Way low. This is how they make their money. I only use it when I have to. And, thanks for the info about the Cap One checking account. No foreign transaction fees.
There is the mastercard "coss border" fee but I think it is minimal. Don't remember.
how many hamburgers for 15$...you save money because you dont eat more hamburgers...just because u have an extra 15$...