best way to transfer money to/from DR to/from US
Can someone please recommend the safest, most economical way to transfer monies between the DR and the US? Is it best to use a wire service or open a DR bank account? ATM best way to receive money in the DR? What is the best way for US to send money to DR? What is best way to transfer money to US bank account?
Please help! I have too much information and am having a hard time figuring it out.
It depends on how much money, how often, how quick, etc.
Some of your options:
Wire transfer from bank to bank: must pay wire transfer fee and the receiver may also have to pay a wire transfer fee.
Western Union: High commission.
Physically carry it: Travel time and cost.
ATM: Daily amount is limited. Receiver must have ATM card and sender must be able to deposit to ATM bank account.
Check the archives. This subject has been discussed at great length. I believe someone also mentioned a company similar to Western Union but with lower commissions.
My ATM fee is $5. Very high considering the value of the money I'm withdrawing.
I didn't try it but the options under withdrawal listed my credit line as well. If that works, then the $5 fee may be avoided.
Personally I liked travellers checks.