30% Export Tax on US$ Funds Transfer?

Nikola

New member
Aug 20, 2002
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I have been told that I must pay a 30% "export tax" on any US$ funds I want to transfer via bank wire transfer out of the D.R. Is this true?
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Who Told You That?

Highly doubtful - ask a legitimate bank - Citibank, Scotia, Banco Popular - I think you have to declare larger sums but wiring amounts to that anyway so this sounds untrue.

There is a limit of 30% of money you have exchange to pesos to be converted back to US$ in the event you are leaving and have pesos you do not need - e.g. you cash $1,000 US into pesos on day one, you leave on day seven you can sell back $300 worth.

I just hang onto pesos when I go though technically you cannot export pesos at all.
 
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Ken

Platinum
Jan 1, 2002
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Where did you hear that? I very much doubt that there would be so many foreigners investing in the DR if there was a chance they would have to pay a 30% "export tax" to get their funds out of the country.

I've been told that Banco Popular has a relationship with a Banco Popular in New York and that it is possible to deposit your funds here and withdraw them there. The man who used to manage the condo complex that I live in did that (or so he told me).
 

Jim Hinsch

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Jan 1, 2002
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Re: Who Told You That?

ricktoronto said:
There is a limit of 30% of money you have exchange to pesos to be converted back to US$ in the event you are leaving and have pesos you do not need - e.g. you cash $1,000 US into pesos on day one, you leave on day seven you can sell back $300 worth.
 

Jim Hinsch

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Jan 1, 2002
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Theres is no such limit as a general rule.

Various rumors have been around like this and I even read once in a travel book you could NOT change your money back, and another that said you can only change back what you could prove you started with. All hogwash.

Various cash exchanges however may have a policy of not allowing you to buy dollars unless you can prove you started with dollars and exchanged them with that particular exchange. Otherwise, how would the cash exchange themself ever be able to buy your dollars, since they didn't start with dollars.

You can even sell your pesos for US Dollars in Miami at the local cash exchange at the airport (for a 20% loss on the exchange rate of course), and I guarantee you they will not enquire if it is more than 30% of the pesos you started with.

There is no 30% tax for transferring money either. That may be what one bank charges, but I've wired money and only paid wire charges. If there was such a charge, people would just walk over to Western Union.

By the way, that's another way to convert pesos to dollars. One can elect to have the recipient receive their money in the local currency of the recipient.
 
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M0823MIKE

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May 19, 2006
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Problems With International Wire Transfer Of >$10,000?

Has anyone had any experience with transfering large amounts of cash e.g. $300,000 into the DR?
 

moviemouth

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Jul 12, 2005
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For the closing on my house in Cabarete I wire transferred $150,000 from my account at Charles Schwab in NY - no problems.