Money Transfer

Shivago

New member
Mar 5, 2006
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Can I transfer money via paypal to a friend in the Dominican Republic?
Thanks.
Shivago.
 

Chirimoya

Well-known member
Dec 9, 2002
17,850
982
113
Don't both parties need a paypal account?
Otherwise I could have paid for my sister's birthday treat, but her beautician/masseuse didn't have paypal. Instead I sent an IOU.
 

Shivago

New member
Mar 5, 2006
14
0
0
Paypal??

Yes, I've had the same problems with Paypal and have written to them. Can't seem to get a sound answer. Can't seem to reach them on phone. Please advise.
Thanks,
S
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
If the person in the DR doesn't have a PayPal account, there is a problem. We looked into this at El Neptuno because we wanted to make it easier for renters to send their rental deposit. To make it work, it was necessary for El Neptuno to have a US bank account. PayPal does not yet deal in Dominican pesos or accounts in Dominican banks.

There are a lot of services to send money from US to DR. Money coming into the country from family members, etc., is country' biggest source of foreign exchange. Western Union is one, but there are others. Just make sure the one you use has an office that is easy to get to by the person receiving the money.
 

Jumbo

Bronze
Jul 8, 2005
1,503
94
48
xoom.com lets them pick up pesos at a Caribe Express office with out a paypal account. Better exchange rate than WU and lower fees. You can pay with paypal. Paypal charges a fee plus 2.9% for paypal to paypal transfer so there is not a big difference in cost.
 

Shivago

New member
Mar 5, 2006
14
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0
But then Zoom charges a fee as well, no? But ... perhaps this is the best option?
Or ... if it goes directly from credit card or bank to Zoom? Anyway, at your convenience, please let me know.
Have a great day everyone and thank you.
Zoom = Xoom, I realize.
 
C

Chip00

Guest
Transfer

A way to econimically send large transfers is by wire transfer from your bank account to most banks anywhere in the world. Most banks will charge a flat rate of $30 but you have to go in and sign the form.

Citibank is the only bank I know of that allows one to do online international money transfers and they only charge $15.
 

hi-tec

New member
Jun 15, 2004
154
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Ripoff

Will be trying xoom.com in a few minutes, no choice.

here is my story

taxi driver needs to be paid to do some "mandados", errants

he does no have an email so i can use paypal, i hate moving my ass to western union or whoever,

i found xoom and confirmed by this forum

BUT all those services are a ripoff no matter what, online, in person can you beleive charging 5 bucks to send 40 dollars, that is about 12 percent interest to handle YOUR money.

IT SHOULD BE FREE, should work like this

just give xoom your money, they can keep for 2 or 3 days low priority delivery(their profit)... then xoom send MY money to destination.
 

Jumbo

Bronze
Jul 8, 2005
1,503
94
48
For a $40 transaction xoom.com pays paypal a commission of $1.91 so they end up making $3.09 plus a half a peso per dollar on the exchange rate. In the DR it cost 40 pesos to send 1000 pesos from one Caribe express to another. WU would charge more and gives a lower exchange rate. Most of these places make their big money by shaving atleast a half a peso per buck off the exchange.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
113
Jumbo:

It sounds to me you have it all under control paying novia numero uno to stay in Santo Domingo while you are entertaining novia numero dos in Santiago!

tambo'
 

rellosk

Silver
Mar 18, 2002
4,169
58
48
Another option assuming you live in the US is the USPO. They charge a flat fee of $10 for sending up to $1,000. I've never used them so I'm not sure how competitive they are on the exchange rate, or the logistics of picking up the money in the DR.
 
Sep 19, 2005
4,632
91
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I looked into sending money a cheaper way...than a local ma and pa store here in the states that has a partner store in the dr...I give them the money here they pay it out over there the same day...and a few times they DELIVERED the cash to my gf at her house!..but

who wants to drive to the ma and pa store and who want to drive to moca to pick it up??

so I found a PBD affiliate called SERVICASH( out of NYC) that will handle the transaction via the internet... and you do it all yourself. For first time accounts they allow up to $500 and they charge $4, plus their peso rate in the dr is about 1 peso below the best rates quoted here . but if you send only $200. it cost you the 4 plus your loss in the best rate which comes to 200 pesos(a little more than $6)....so your transaction cost $10..BUT you never leave your house and since my GF has an ATM card...she doesnt have to go anywhere...plus the money shows up in like 4 hours ..not three days...like some bank wire transfers.....

I havent tried it yet...because the big gringo dummy in NY THOUGHT her bank was PBD, instead of BHD...so we have to go open an account at PBD first....

bob
 

zak023

Done and dusted!
Feb 8, 2006
589
0
0
A way to econimically send large transfers is by wire transfer from your bank account to most banks anywhere in the world. Most banks will charge a flat rate of $30 but you have to go in and sign the form.

Citibank is the only bank I know of that allows one to do online international money transfers and they only charge $15.

Actually that fee is up to $35.00 as of 1-6-07 when a wire transfer from a US bank was made to my DR bank account....And as you said the sender had to fill out a Federal Form...With their SS number.....And they wanted the exact address of the bank in the DR...BIG BROTHER IS AT IT AGAIN.!!!!!
 
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bonao1969

New member
May 8, 2004
12
0
0
I opened a Savings account at my credit union in the states. I transfer money into it on the internet from home. I send or take an ATM card to my wife's family in The DR. She goes to a Banco Popular usually in Bonao and draws out 4000 pesos twice a month for a charge of $2.44 each time. It used to be $1.25 each time, but it has increased over the last 10 years. Still not too bad and I can control the balance from here. Not good for large amounts and some time they can only do it twice a month or I get charged a little more a month.
Just another option.