Sending Money To The D/R

Do a wire transfer...cheap and it works fine. Do not send more than 9900 at a time otherwise your money will be held up in the bank until an investigation as to the source of the money occurs. If the amount is greater than 10k this also means don't try to send it in chunks of less than 10k at the same time (in other words don't have more than 10k in transit at one time) as this will also delay it (even more actually).

suarezn said:

Do a wire transfer...cheap and it works fine. Do not send more than 9900 at a time otherwise your money will be held up in the bank until an investigation as to the source of the money occurs. If the amount is greater than 10k this also means don't try to send it in chunks of less than 10k at the same time (in other words don't have more than 10k in transit at one time) as this will also delay it (even more actually).

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So, it looks like delays in money transfers is a normal occurrence? I am trying to do some repairs on my property back home, and used MoneyGram to wire several thousand to my sister. In the MoneyGram office in the US they said money will be there in 10 minutes. My sister went to pick it up from the bank, but was told that they don't have cash until the end of the month.

Does this mean that someone put this money into some kind of financial transaction to make some interest on it to put into their pocket, or what? Has this ever happened to anyone here?

exactly,
always keep the total amount/if different wires which is on transfer under a total of $9.900.-.
in case you plan to pay the Finca in RD$/Dominican Pesos you may consider to send your home currency on a dominican pesos account, such usually provides better exchange rates than changig british currency here on the Isle in pesos. but such exchange rates please check with your homebank on the day you want to transfer the money, so you see what brings you the best value for your money.
hey Joe,
where do you plan to buy that Finca?
i am a country fan myself here.
congrats
Mike

Alyonka said:

So, it looks like delays in money transfers is a normal occurrence? I am trying to do some repairs on my property back home, and used Money Gram to wire several thousand to my sister. In the Money Gram office in the US they said money will be there in 10 minutes. My sister went to pick it up from the bank, but was told that they don't have cash until the end of the month.

Does this mean that someone put this money into some kind of financial transaction to make some interest on it to put into their pocket, or what? Has this ever happened to anyone here?

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we posted the same time,
my prior post been towards Joe and Suarez.
it has nothing to do with sending money from here to the US, b/c that way i have no experience in sending larger amounts.
somebody else will bring you the info
Mike

Mike, thanks! My main question is what can be done to get third world country authorities to release the cash that was sent from the US to the actual intended recipients? Does anyone have any experience with the delays in money transfers, and how long they can possibly last?

ooh,
o.k., sorry that i understood it the wrong wiredirection.
from the US over here wires to my BHD bank dollar account usually take around 4 business days. should be the same good with the above mentioned Ban Reservas. same by Suarez mentioned not to exceed in-transit-limit of $9.900.- at a time.
Mike

MoneyGram is not a bank wire, and I have a feeling we are not talking about a "Third World" country here!

t'

MoneyGram locations can be at the banks as well. Ukraine is kind of a third world country. 4 business days is not so bad. I hope it does not last longer than that.

Alyonka: I don't know about Moneygram's service as I've never used them. If you're just going to send up to a couple of thousand dollars and you need it fast I think Xoom is the best option right now. If on the other hand you need to send a larger amount of money then a wire transfer is your best option as the charge is a fixed amount and it can be there even the same day (depending on your foreign bank). Delays in money transfer is NOT a common occurrence IMO, unless as has already been mentioned you are sending more than 9900 USD at a time. You may want to call your bank...

On an unrelated note my cab driver here in The US this morning is from The Ukraine and we had a long discussion this morning about how this country is different from The Ukraine on the way from the airport...

Tambo: What are you doing writing on a forum at this time of the night? Only reason I'm writing is because I'm currently a couple of hours behind The DR...I need a break from work and wish I could go down to The DR soon. Maybe I'll just do it this week...

Thanks! Xoom does not work in Ukraine, WU is too expensive, MoneyGram works with banks there: MoneyGram Ukraine - Market Page in Ukraine

I will do a direct wire transfer next time. I hate having to deal with the delays

It would be interesting to find out how DR is different from Ukraine. Maybe we can start a thread about it? And yes, Ukraine can be called a developing country, not really third world. Sorry, I was just angry at the banks over there.

when i send online money from my european account over here on the $ account my sending receipt always states 4-7 business days, til now what i sent on mondays arrives til friday, that's acceptable. when i receive money from the US it is walking over an offshore account there, so it may take an extra day or two, i don't use that often and never with bigger amounts of money. i don't have much experience with those sending companies, for friends i used a few times a while back western union, such works fast but the fees are much higher than on a simple transfer from account to account and often the money got paid here in dominican pesos with the currency exchanged at very unfavorable exchange rates.
Mike

I don't like WU either. They charge too much. It costs money to have a foreign currency bank account in Ukraine. They actually charge for opening such an account. That is why I used MoneyGram. They said - it takes 10 min. Money was supposed to be there last week. Bank would not pay my sister - they said "no cash available right now." How this can possibly be true if cash was sent to them? It is all very confusing to me.

OK so I admit I didn't read all the other replies thoroughly so sorry if I repeat anything or follow the wrong lead. I'm replying to the original posting.

As you appear to be either in the UK or at least able to use a UK bank (Barclay's), and as I'm a UK expat living in the Dominican Republic (DR), here's what I do:

I send all my money to the DR, from the UK, using Currencies Direct (Currency Exchange | Foreign Exchange | Online Forex (FX) Dealers, telephone from the DR is 011 44 20 7847 9400). They offer two services (at least): the ability to send an amount monthly from a UK Bank to a DR bank account and the ability to send a one-off payment. In either case I've used Scotiabank and Banco Popular, though I believe all main DR banks will be able to be used.

The main benefits of using Currencies Direct are that the money is available as soon as it arrives in your bank, the exchange rate is very competitive (much better than any bank will give you) and the company charges nothing for the service (yes, it's free) if it's a regular monthly transfer (there's probably a minimum amount) or, for one-off payments, if the amount is 5000 pounds sterling or more.

If doing this, you should transfer pounds but to arrive as US dollars and you will need a receiving US Dollar account. Check your DR bank's policy on dollar accounts (e.g. Banco Popular charges a fee if your account is below 500 US Dollars at the end of a month but otherwise is free).

If you send a large sum, you will need proof of origin so as to show the money is not being laundered. Proof means not just where it came from but how the money was obtained (e.g. from sale of a house, lottery win, etc.). Each bank has its own policy on this and Scotiabank leaves the policy up to each individual branch manager!!! So check with your bank before sending anything so that they do not lock it in on arrival!

Again, if using Currencies Direct, the fastest method is to phone them to agree the deal and then instruct your bank to arrange payment directly to Currencies Direct's HSBC bank in he UK. This is normally an instant payment if you bank with HSBC or may take up to 2 days otherwise. Your money is sent as son as the receive payment and you get email confirmations of the deal, payment receipt and payment despatch. Money usually takes 2 - 7 working days to arrive, usually nearer to 2-3 days but this is NOT within the control of Currencies Direct and is instead cause by the whims and fancies of the secretive banking world's processes (your money passes through the USA and who knows what they do there?)!!! As long as you provide correct details to currencies Direct and don't break any D laws, your money is guaranteed to arrive. If you prefer to pay by some other means, they accept several methods of being paid - ask them.

Once your money has arrived, if you are definitely paying in US Dollars, there's no need to do anything else. However, if you are meant to pay in US Dollars (or the seller quotes a US Dollar price only), ask what the DR Pesos price is. Then if checking if a Pesos purchase is better than a dollar purchase or if paying in Pesos anyway, check out the rates to change your dollars. All official DR banks (Popular, Scotiabank, Reserva, etc.) will give you an official rate that is significantly WORSE than a black market bank. So check black market bank rates. However, if you feel the need to use a black market bank, you must NOT use one for any significant amount unless you travel accompanied by someone (ideally several people) who you trust (fully) and who are armed with legal pistols or shotguns, preferably the latter. For amounts large enough to buy a finca, you will profit by many thousands (probably tens of thousands) of Pesos if you do this but please do assess the risk. Incidentally, it's not a good idea for a foreigner to use a DR Black Market bank as any "tigere" watching the bank will identify a foreigner instantly and suspect they will leave the bank with enough pesos to make a robbery interesting. However, if a Doinicano enters a Black Market bank, "tigeres" tend to think they will be changing just $5 or $10 making a robbery too high risk for the likely low profit. Of course, to benefit from this, you need to trust a Dominicano!!!

In any event, I assume you know not to pay for the finca in cash mainly as it requires that you walk around like a target waiting to be hit!!!

Well, that's enough from me. If you need to know more abut this, just ask direct questions and I'll hope to spot the reply. Alternatively, send me a private message.

If you end up using Currencies Direct, please do say you were referred to them by me (please ask in a private message for my details) and check if they'll pay me a commission without you and I having to fill out forms!!! However, I'm not telling you all this for the commission as I truly use them myself for all my money transfers to the DR, so I do recommend them.

As to using XE, their rate is probably slightly better as they guarantee that they offer the best rate available anywhere (or it it just for internet service providers?). However, I've never tried them so can't really offer anything helpful on that subject.

Cheers

Alyonka said:

I don't like WU either. They charge too much. It costs money to have a foreign currency bank account in Ukraine. They actually charge for opening such an account. That is why I used MoneyGram. They said - it takes 10 min. Money was supposed to be there last week. Bank would not pay my sister - they said "no cash available right now." How this can possibly be true if cash was sent to them? It is all very confusing to me.

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Solisdad,
Alyonka is talking about the Ukraine, and while i did not understood it that way before from the last post i would say that money been sent but the receiving bank does not pay it to her sister, the banks excuse is that they do not have enough cash at hand til the end of the month.
that's a hard one, ha ha.
i can not comment on that b/c i do not know that receiving bank and i don't know neither what usual policies they have in case of paying specific amounts of money in foreign currencies or such. neither did i read about the quantity of money sent.
Alyonka, if the receiving bank says 'end of the month' would mean in 2-3 days, this coming friday is may 1st, a holiday, so banks will be closed til next monday may 4th. if you feel that the receiving bank is scamming you the transfer should be cancelled at the sender's bank, but they may get a fee for doing so. check that in details with the receiving bank, that a transfer takes 4-7 working days/business days is not unusual, and holidays in both countries(sender and receiver) do not count as business days, so with may 1st on this friday it may be easily the common thing to get that money arrived next monday. what i do not understand is that you wrote"the receiving bank said they would not have enough cash til the end of the month'. such would only make sence if you have sent a really large amount of money, not every little branch has unlimited cash at hands, and a large amount may like Suarez wrote at the beginning of the thread be a reason that the money is actually on hold to be checked for money laundering reasons.
Mike

Mike, thanks! The amount was $5000. I will wait for a few days. And if they come up with more excuses - I will have to cancel this transfer, and come up with some other way to transfer cash. This is not a surprise for me, really. I used to live there and know how it all works, unfortunately. It can take forever.

wish you luck to get it done
Mike

buying land is not the typical stuff to make money, at least not on short term.
if he purchases the land to get money out of the raise on rates for land he should need to know the area where he buys that very well, maybe know about planned future projects in a specific area which would boost the value of land around.
i am myself absolutely not in the real estate business or such.
i have 2 properties here in PC which i purchased many years ago and i got very lucky when i see what neighbour properties brought on sales lately compared to what i paid for them, i leave them like a bank savings account, i don't plan to build a house in Punta Cana, this area is good/needed for business, but not my final living place.
i own property in the area between bayaguana and monte plata, a friend of mine purchased one in bayaguana lately and built a house on it, but not for business purposes, we plan to move there with our families in a short while. rates there in the city, ready to start construction, water and electricity available are around 25.000.- pesos and less per tarea(629 m2) a piece of cake, construction costs are very low specially due to very low labour costs.
good luck
Mike

Mike and everyone, thanks for the advice! Sorry, if I used the wrong thread. I will let you know how it goes, if you are interested. See, I don't trust authorities in that part of the world in ANYTHING, espessially related to finances. They always seem to try to rip their own people, and mostly foreigners, off, put something into their own pockets out of just about any dollar they can get a hold off.

And people here complain about the DR - it can be much worse elsewhere. :ermm: