Deposting funds

seabail45 said:

I am in the U.S. and have to deposit funds into Banreserva. What is Banreserva?

Is this a U.S. or Dominican Bank and what is the best way for me to deposit money into an account? How long would it take for a deposit to clear in an account?

thanks

Seabail45

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You would have to know the correct bank code to make the transfer, and yes, it is a DR bank.
How long is variable.
In theory, it should be hours, sometimes a day or two, some banks like to hang on to your money and demand 10 days.
Transfer fees will be charged at both ends.

High Value Transfers

One point about high value transfers over about $10,000 is that the bank may need documentary proof of the source of the funds and it can take up to 40 days.

Good to see you are online Rocky.

HTH

Olly

seabail45 said:

Thanks for the information.

It is not a lot of money to be deposited only about $100 US.

I only have an account number. Do I need a routing number as in the United States; or is just an account number enough?

Is a wire transfer quickest way to send a deposit to a Dominican Bank?

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For an international wire you'll also need the receiving's bank BIC code.

seabail45 said:

Thanks for the information.

It is not a lot of money to be deposited only about $100 US.

I only have an account number. Do I need a routing number as in the United States; or is just an account number enough?

Is a wire transfer quickest way to send a deposit to a Dominican Bank?

Click to expand...

Just so that you know, the bank I used for US bank transfers, would charge $65 US for that transfer, at this end, plus what you pay at your end, so you might want to reconsider.
So your $100 US would become $25, if you were being charged $10 at your end.
If the money is destined to go to someone here in the country, you could send it by Western Union, for approx. 10 bux, leaving $90 US.

For 100 bucks, send it Western Union.

For anything above 1,000 bucks, do a bank transfer. For the person that you are sending money to, you need the account number, bank name and address, account name, swift code or ABA code, and you can do a transfer into any bank in the world. Don't make a mistake .. get these transferring instructions exactly right! Ask the receiving bank. Bank Transfers are usually around 60 US Dollars, unless you have a good standing with your own bank and an agreement for transfers, or an agreement between transferring banks.

Western Union is cheaper for the smaller amounts. In fact, with Western Union you can transfer with your credit card to any other Western Union office in the world. Try Western Union to Potchefstroom (Podunck Town) in South Africa. It works.