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Thread: USA Pension Check into RD Pesos.....Best way?

  1. #1
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    Default USA Pension Check into RD Pesos.....Best way?

    Hi All,








    my Wife and I are moving to Punta Cana in July. I get a monthly pension check from the USA. However, I am trying to figure out the safest/cheapest way to do monthly transfers from my USA account to my Dominican account.






    I have heard of the XOOM service, and I planned to use this service.......but the exchange rate is WAY below the actual rate.


    I was considering opening a Banco Popular account in Dolares (or another bank) and possibly pulling money out in pesos. (Not even sure if that is possible). I was told my monthly pension check can be deposited into a Dominican dolares account no problem. Any help is appreciated. Thank you....

  2. #2
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    Quote Originally Posted by Pseg24 View Post
    Hi All,








    my Wife and I are moving to Punta Cana in July. I get a monthly pension check from the USA. However, I am trying to figure out the safest/cheapest way to do monthly transfers from my USA account to my Dominican account.






    I have heard of the XOOM service, and I planned to use this service.......but the exchange rate is WAY below the actual rate.


    I was considering opening a Banco Popular account in Dolares (or another bank) and possibly pulling money out in pesos. (Not even sure if that is possible). I was told my monthly pension check can be deposited into a Dominican dolares account no problem. Any help is appreciated. Thank you....
    I myself have an account in the USA with Wells Fargo and I withdraw the cash I need at most any ATM in the DR. Some don't even charge me an ATM fee of 175 pesos as most do. But my bank does charge me $5.00 for international transactions. I have been told that one can have an account with Bank of America and not be charged that fee if they withdraw at Scotia Bank There being quite a few Scotia Banks around the DR. Using the debit acrd for purchases does not incur the $5.00 international fee. At the moment i am in Colombia and te withdrawals haven't triggered the $5.00international fee here for some reason.
    Der Fish

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  4. #3
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    If you have a bank of America acct and transfer online to your BHD acct for example the fee is very minimal. What I do is transfer into a dollar acct then withdraw the dollars and go to a casa de cambio. Give a few points higher exchange than the bank or if you are my wife you negotiate with the bank to give you the same rate as the casa de Cambio, and she usually gets it.

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    Quote Originally Posted by Pseg24 View Post
    Hi All,








    my Wife and I are moving to Punta Cana in July. I get a monthly pension check from the USA. However, I am trying to figure out the safest/cheapest way to do monthly transfers from my USA account to my Dominican account.






    I have heard of the XOOM service, and I planned to use this service.......but the exchange rate is WAY below the actual rate.


    I was considering opening a Banco Popular account in Dolares (or another bank) and possibly pulling money out in pesos. (Not even sure if that is possible). I was told my monthly pension check can be deposited into a Dominican dolares account no problem. Any help is appreciated. Thank you....
    My pension check is deposited into my checking account in Florida. I just write a check on my Florida account and deposit it into my BHD Dollar account.

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    Quote Originally Posted by cavok View Post
    My pension check is deposited into my checking account in Florida. I just write a check on my Florida account and deposit it into my BHD Dollar account.
    The question then is how long before they actually make the deposit to the BHD account.  When I first came to the DR, it took about 60 days for even a certified check to clear.  Maybe it is different now.  I have read on DR1 it is easier with a casa cambio if they know you.  They give you cash.  I don't do any of this.  I use bank wire transfers when I have to, and bring cash.  Not that efficient.

  8. #6
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    Not pension money,
    But I maintain a US bank account and transfer money to a DR, US account then withdraw or transfer internally to a peso account.

    Opening an account here can be arduous....
    once you have a casa de cambio 'friend' , he'll cash your checks instantly... no muss/fuss

    Depends on what you want.....try the easy way to start, then once established move on to locals banking.

  9. #7
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    Quote Originally Posted by cavok View Post
    My pension check is deposited into my checking account in Florida. I just write a check on my Florida account and deposit it into my BHD Dollar account.


    This is exactly what we've done for years.  




    Super Moderator
    DR1.com

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    I lived in the Caribbean for 11 years (6 of those in the DR) and used a US Charles Schwab bank account the entire time. They are an online bank and don't have branches although you can use their brokerage offices to do some transactions. They charge zero fees and refund ALL ATM fees worldwide. (I would typically get anywhere from $50-$100 refunded to me every month.  They had to be losing money on me but I guess they made it up elsewhere). You can't beat them.  I did open a local ScotiaBank account in the DR but never really used it.  It was mostly because it helps with certain activities to have a local account.  

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    I just got a Schwab account at the recommendation of others. I just did that over the past 2 weeks. Yes, they refund ATM fees, but the FOREX rate is not quite as good as changing USD to DOP at Caribe Express.

    A method another pointed out, I also have a USD account at a local bank. I deposit US checks into that account, then I remove the cash in USD and change it to DOP at a location like Caribe express. There are no tranfer fees when depositing checks and you get a good FOREX rate. Been doing it this way for 14 years.

    I also use an ATM card at times when it is more convenient, but the FOREX rate, even with Schab refunding the ATM fees, is a bit less that way because VISA takes a cut of it.

  13. #10
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    A way some people change USD to DOP is to create a relationship with a money changer who accepts USD checks and changes them at a rate similar to Caribe Express/Western Union. For some reason, I have not done this.

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