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Thread: Bank Transfers from overseas

  1. #11
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    I use Banco Banreservas (I wouldn't recommend them but opened the account when I moved here 11 years ago and still have it). I often transfer monies to myself and unlike a few years back usually have the funds available the same day (if done early in the day). I did however have a transfer last month that was held up 4 or 5 days. I called and spoke to someone that had me email them the details. I never got a response but a couple days after my initial inquiry the monies appeared. Another transfer since monies arrived same day.
    I guess looking for consistent performance in any business sector here in the D.R. is asking too much.
    I hate all banks regardless of which country!

  2. #12
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    Quote Originally Posted by Mauricio View Post
    are the wires above 10k equivalent in Usd? 

    I do a wire monthly and always have it the same day or if it's a bit late in the afternoon the next day. However once I did a wire over 10k and it took them a week.

    On another note, (but off topic) within the context of the new money laundering law, I heard that  starting next year the banking secret in DR will disappear. 


    Yes $10k is the magic number.  Keep it below and the transactions go straight through.  If over, the banks are obliged to investigate where the funds came from and not some money laundering attempt.

    We can thank Pablo Escobar for that.  Just watching Narcos series 3, explains a lot!

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  4. #13
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    If you are sending funds from the UK to RD, I suggest you open a UK based OXForex account.
    The assumption is you are converting for Sterling to $US or $RD.

    Please note unless you are a banking the SWIFT code is always 11 Characters.
    If you specify 8 Character SWIFT adds XXX meaning head office/International department

    Say what you mean and no one will be confused.

    DS

  5. #14
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    Quote Originally Posted by dropshort View Post
    If you are sending funds from the UK to RD, I suggest you open a UK based OXForex account.
    The assumption is you are converting for Sterling to $US or $RD.

    Please note unless you are a banking the SWIFT code is always 11 Characters.
    If you specify 8 Character SWIFT adds XXX meaning head office/International department

    Say what you mean and no one will be confused.

    DS
    I never attempt to do the mechanics myself : I write to the relevant bank to my contact and they do it all ..and yes , my bank in England and my bank in Australia, my wife was Australian, both use Fourex .There has been no problem with funds arriving at Banco Popular ..the problem is getting them put into my account . It just makes me nervous that they may invent some reason not to put the money into my account for a long time.. I already know it is nothing to do with my branch .

  6. #15
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    Quote Originally Posted by Kipling333 View Post
    I never attempt to do the mechanics myself : I write to the relevant bank to my contact and they do it all ..and yes , my bank in England and my bank in Australia, my wife was Australian, both use Fourex .There has been no problem with funds arriving at Banco Popular ..the problem is getting them put into my account . It just makes me nervous that they may invent some reason not to put the money into my account for a long time.. I already know it is nothing to do with my branch .
    Next time your at the bank, take a seat and just watch the staff and managers for awhile. You will be see most are no different than the people behind the desk at Claro, Jumbo, Burger King, or the street food carts. Now ask yourself again why does it take so long and why do they hold it for days.

  7. #16
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    Quote Originally Posted by Mauricio View Post
    are the wires above 10k equivalent in Usd? 

    I do a wire monthly and always have it the same day or if it's a bit late in the afternoon the next day. However once I did a wire over 10k and it took them a week.

    On another note, (but off topic) within the context of the new money laundering law, I heard that  starting next year the banking secret in DR will disappear. 
    I'm guessing the 10K is the issue, let's see if the OP responds.

    I do regular wires from my Banco Popular account without issue.
    If they are sent before 11AM DR time, I get them the same day in my destination account.
    They also email me the SWIFT notice confirming the transaction.

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  9. #17
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    Quote Originally Posted by Expat13 View Post
    Next time your at the bank, take a seat and just watch the staff and managers for awhile. You will be see most are no different than the people behind the desk at Claro, Jumbo, Burger King, or the street food carts. Now ask yourself again why does it take so long and why do they hold it for days.
    That's why you need to make sure your friend at the bank is not in the "most" category

    Most people I have dealt with at Banco Popular on Churchill are light years ahead of a food cart vendor.

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  11. #18
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    Quote Originally Posted by william webster View Post
    ScotiaBank...
    not a franchise , just a different corporation in the global family.

    One of the oldest banks in the Caribbean .....

    Same global entity but not connected directly... no overlap facility

    TD in the USA is the same... Cdn owned but no overlapping.
    No account blending.
    Exactly.

    Have been transferring to my Scotiabank account in DR for 12 years from UK and various Caribbean islands and never had the slightest problem (and opposite way too). Always in the account with 3 working days and the same working day from some of the islands.

    The transfer is through an intermediary bank either in Canada or US depending on sending country.

    Banking as good as it gets in DR for me.

  12. #19
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    Quote Originally Posted by Robert View Post
    That's why you need to make sure your friend at the bank is not in the "most" category

    Most people I have dealt with at Banco Popular on Churchill are light years ahead of a food cart vendor.
    Yes The amount I transferred was over the US$100,000 mark. I need to find a small foundation I have here. The amounts are always over 10,000 dollars.

  13. #20
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    sorry ..I have to fund a small foundation

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