Banking- Wire Transfers

drSix

Silver
Oct 13, 2013
1,323
0
36
After two years I am finally fed up with all the fees, and am opening a DR bank account. Even if I am leaving in a year, it'll still save me $200 a month.

Currently, I get paid via monthly wire transfer into my US bank account. We then use Xoom to transfer money to the DR. This is costing me precious dollars I could be spending on more rum.

I am going to be opening an account at Scotia Bank. Good? A dollar account, and a peso account.

I will then have my company wire my pay check directly to Scotia into my new account.

The reason I have not done this yet, is because I am scared. Right now, the transfer is credited to my account the same day every month without fail. I am afraid there will be a delay, and I'll be broke waiting for my transfer to clear in the DR banking system.

Should I be fearful? For those of you who have done bank to bank wire transfers (not WU, xoom, or paypal) how quickly is the money credited to your DR bank account? Is is consistent?
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
My wire transfers are initialized Tuesday night at 8 pm and at BPD NEVER are in my account fast. They credit at the earliest Thursday afternoon but "preferably" Friday afternoon sometimes Monday if I don't call and complain. This Bank s*cks big time. Always lying that there was a letter not capitalized or such as there is a person handwriting my transfers (Liers, they are computer generated with the same data set since years...). Ha ha. I know better, delaying these dollar transfers is their policy.

I switched to BHD Leon a while ago and out of 12 transfers I received 11 next day at 9:30 am. 1 was delayed a couple days b/c of some system error they admitted on their side.
 

Cdn_Gringo

Gold
Apr 29, 2014
8,671
1,133
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The only way to know for sure is to wire some money into the account and see how long it takes to become available for you to withdraw.

I deposit checks from a US bank into my account and that takes a month. The deposit shows in my account immediately, the money is out of my US bank in just 2 - 3 days. The rest of the time is spent waiting for the bank to be satisfied that the transaction won't be cancelled by the US bank and typical DR inefficiencies.

I don't do wire transfers because I would incur substantial fees and with some planning I can usually ensure I have enough money in my DR account to cover my needs.

Sorry, can't offer specific advise re: wire transfers, but as a general observation, the is no guarantee what happens this month, will happen exactly the same next month. Information provided by the bank branch may reflect that bank's policies but is not necessarily reflective of the policy of the intermediaries who your money passes through on the way to your bank. Policies and procedures can change without notice.

Make an appointment to speak with your bank manager, not a customer service person. Relationships don't always help, but seldom hurt. Back home I never stepped foot into a bank. Here I dread the experience. It usually goes fine, but the lines, the mere inconvenience of having to do all of my transactions in person, is a bit of a put off.

Let us know how you make out. I am still trying to disprove the concept that the speed with which one can access their money is inversely proportional to the need for that money.

I expect it will all work out for you once the bank knows you, you know the bank, and a few transfers have been successfully executed.
 

SantiagoDR

The "REAL" SantiagoDR
Jan 12, 2006
5,808
948
113
Why do so many ex-pats still not get it?

Establish an account with a GOOD Cambio house and just write them U.S. bank account checks as you need money. And if you need dollars, the fee for getting "DOLLARS" instead of pesos is very small.

Many of us here have been doing this for "years", no dealing with Dominican banks. You get instant change of your checks, no waiting.

And the exchange rate is usually EXCELLENT.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
I've wired money into BHD dollar account several times, it's usually there within 24 hours. They're a good bank.

Like gringo, when I deposit a check it takes a couple of weeks to clear.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
Having banked with Scotia and having wires sent to my account I can tell you that after two wires I closed my account. Do not recommend them at all for this. BHD is the one you should use.
 

IEatTravelnCode

New member
Oct 29, 2014
246
0
0
Why don't you use Skrill?

They charge me around 220 pesos per transfer and If a withdrawn today in the morning, I have it next day before 1PM.
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
Why do so many ex-pats still not get it?

Establish an account with a GOOD Cambio house and just write them U.S. bank account checks as you need money. And if you need dollars, the fee for getting "DOLLARS" instead of pesos is very small.

Many of us here have been doing this for "years", no dealing with Dominican banks. You get instant change of your checks, no waiting.

And the exchange rate is usually EXCELLENT.

Because not all these expats are from the US or do have a US checking account...
 

Cdn_Gringo

Gold
Apr 29, 2014
8,671
1,133
113
Sr. Santiago,

We get it, it's just that for everyone it may not be a great alternative.

For me, the amounts involved each month are substantial. I deposit a cheque in a bank, and in 30 days, I go to an ATM and take some out. If I went to a cambio, I'd still need to go to the bank and deposit the money. I don't like walking down the street with that amount in my pocket even if it is only for a few blocks. I don't need to do anything that could make me a target. If I need emergency cash, I walk into a bank, grab a couple thousand dollars on my credit card, spend it, and when I get home login to my bank online and pay off the cash advance to avoid interest.

I considered the cambio route for quite awhile. In SD I saw quite a few brick and mortar cambios that looked like reputable establishments. In Sosua I see lots of plywood shacks tucked into the space between two buildings and yokels waving fists of pesos at anyone who passes by. I'm sure some of these places are really reputable, but having no one to make an introduction for me or point out a reputable business, not wanting to invest the time and effort to establish a relationship with what my NA sensibilities tell me could be a "here today gone tomorrow business", I don't see much advantage. If there is ever a problem it may be difficult to correct with an unregulated cambio and there are always problems when money is involved, eventually.

To each their own and to each up to their comfort level.
 

dropshort

Member
May 18, 2008
281
2
18
Just a Suggestion

I will quote facts.
I send Wire transfers to accounts in Banco Popular frequently and have never had trouble.
Please allow two days for transfer as normal although Ioften get funds the next day.
On one transfer I noted that BHD/Le?n was used so I plan to open an account in that bank.
At the moment I do not now have an accounts in ScotiaBank when at one time I sent an email to their Ombudsman saying they were incompetent.
The only advice I can give you is understand that a SWIFT code is ALWAYS 11 Characters
NOSC Nova Scotia DO Dominican Republic SD Santo Domingo XXX Head Office/International Department

http://swiftbiccode.com/branches.php?bank=NOSCDOSD

Please read the text at the URL. A banking will tell you only need 8 Characters however if you only specify 8 Characters will add XXX making the code 11 characters

In otherwords 8 Character is always wrong.

When did close start to count in banking?

DS
 

drSix

Silver
Oct 13, 2013
1,323
0
36
Why do so many ex-pats still not get it?

Establish an account with a GOOD Cambio house and just write them U.S. bank account checks as you need money. And if you need dollars, the fee for getting "DOLLARS" instead of pesos is very small.

Many of us here have been doing this for "years", no dealing with Dominican banks. You get instant change of your checks, no waiting.

And the exchange rate is usually EXCELLENT.

Yes, I've been told this before. What kind of money are we talking about. Is US$6-10k a month a possibility with the Cambio houses? I've been told they usually charge a 1% fee, which on a US$10k transfer is more than my bank charges.
 

Tom Gato

Member
Oct 1, 2013
26
0
6
Reply

After two years I am finally fed up with all the fees, and am opening a DR bank account. Even if I am leaving in a year, it'll still save me $200 a month.

Currently, I get paid via monthly wire transfer into my US bank account. We then use Xoom to transfer money to the DR. This is costing me precious dollars I could be spending on more rum.

I am going to be opening an account at Scotia Bank. Good? A dollar account, and a peso account.

I will then have my company wire my pay check directly to Scotia into my new account.

The reason I have not done this yet, is because I am scared. Right now, the transfer is credited to my account the same day every month without fail. I am afraid there will be a delay, and I'll be broke waiting for my transfer to clear in the DR banking system.

Should I be fearful? For those of you who have done bank to bank wire transfers (not WU, xoom, or paypal) how quickly is the money credited to your DR bank account? Is is consistent?

I do a telephone wire transfer Bank of America to Banco Progresso once a month. Takes 24 - 48 hrs before the funds are available for withdrawal. BoA charges $45USD Banco Progresso charges $10 USD. Been doing this for years without a hitch. Hope this helps.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Both Progreso and Scotia receive my wires in about 2 business days.

Usually about $40 on the sending end.... I forget about the receiving end.
 

IEatTravelnCode

New member
Oct 29, 2014
246
0
0
And what company /employer or employers bank use Skrill to pay salaries? You tell...

You can have you money from your bank account transferred to your skrill account, and then withdrawn to your Dominican Account.
I do that from my Bank of America Account to my BPD.
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
You can have you money from your bank account transferred to your skrill account, and then withdrawn to your Dominican Account.
I do that from my Bank of America Account to my BPD.

Again, not everybody here is a US citizen or does have a US Bank account...
 

charlise

Bronze
Nov 1, 2012
751
0
0
Why do you want to have a dominican bank account ?? What's the point ? What's wrong with keeping your US or Canadian bank account ??

Anyway, for me I don't see any advantages to do so... I have my Scotia bank account in Qu?bec and when I need money, I go to the ATM. What would I do different if I had a dominican bank acount ?? Ah yes, I would have to transfer from Scotia in Qu?bec to, lets say, Scotia in Cabarete, then go to the ATM... ???
 

drSix

Silver
Oct 13, 2013
1,323
0
36
Why do you want to have a dominican bank account ?? What's the point ? What's wrong with keeping your US or Canadian bank account ??

As I said, currently I am using xoom and my debit card to get money here and it is costing me $200 a month. My company pays me via wire transfer, so if they were to wire my money directly to a DR bank I would only have to pay the incoming wire fee. Which I have been told is $10 mas o menos.

$200 a month vs $10 a month.


US$190 = 8,500 pesos = 10 1.75L Anejos. I can purchase 17.5 Litres of rum per month! We get this done, we can have a party on me! You supply the Pepsi and ice.
 

drSix

Silver
Oct 13, 2013
1,323
0
36
This may not be a popular observation, but have any of you considered the idea of getting enough funds in your account that it doesn't matter if it takes a few days for a check to clear?

Right. I'm not worried about a few days. I am worried about a few weeks.