Dominican based internet store, with deliveries out of the US or Europe

belgiank said:

does anyone have any experience with the following:

I am now running some succesfull internet businesses in Europe. As I intend to move to the DR, and would like to continue these businesses, I am planning to do all the buying, selling and marketing from the DR, but want the goods delivered to my customers from the US or Europe.

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Okay, If I understand this, it sounds like you just need a 3rd party, helping hand in both of those Countries that you mentioned. I don't think its a big deal as long as you can trust your help. Now, depending on your Merchant account, you may have some issues taking DR money through the Internet unless that has been arranged already. This is one reason i still have my Bank account in the states, so that I can continue to use my debit card with no issues being in the DR.

let me know if you need more assistance..

Noel

Just set up a bank account in Miami to serve for deposits from your North American clients, where they can wire the money in relatively easy and cheap.

Debit cards and ATMs are probably fine for tourists, but to live here and/or running a business, nothing beats a casa de cambio, writing checks on your overseas accounts....nothing. Secure, no hassles, no lost cards, no lines, no transfer records in your name, and best of all - no fees.

Checks to Cambios

You mean writing personal checks on US accounts to a cambio for pesos -cash? I never thought about it. You establish a working relationship with the cambio and they just give you the straight exchange rate with no fees or potential scams like atms. How difficult is it to get cambios to take personal checks on that basis?

For the first check, you need an introduction ( a current customer of the casa de cambio) , and your friend introducing you is on the hook for the first check to clear. After that, it's betweeen you and the casa de cambio. BUT , should your check have a problem clearing, they will charge you 2% or more PER DAY of the amount in order to clear up the matter with the casa. And they ALWAYS collect.

I have no need or use for DR banks, or their lines, or waiting for them to go copy my passport and other ID every time I come in, or their chairs (has anyone ever seen chairs in a bank lobby before for their clients waiting for transactions ????) . DR banks are too non-functional and tooooo slooooowwww.

I have relationships with 3 different casas de cambio, and the only question I ever get is "Do you want pesos or dollars?". 5 minutes tops , in and out. And with 3 choices, I get the best rate of the day.

Thanks

Thanks. ATM and local bank scams have always seemed like a serious issue. Assuming there are plenty of funds available in the US account, is there any reason in your experience that a check would fail to clear in time invoking the 2% per day and Antonio Soprano collection issues?

Sure - LACK OF FUNDS in the account. The casas de cambio don't buy bank screw-ups, or "they didn't transfer the money in time" , or anything else.... if the check doesn't clear, you'll get a call. If you don't trot on down there with cash in hand plus the fees, expect a visit.....and soon!

Not sure what you mean by a check "clearing in time"" though - they can clear a check here in the DR just as fast as a US bank, normally in 24 hours or less. _

If the casa de cambio knows you really well, they might not cash your check for weeks if the tasa is climbing - they know the $$ is good and they are just waiting to cash in and get some extra pesos on the transaction. That's one way I can tell if the tasa is expected to go down soon by the casas de cambio - if they cash my check after holding it for a few weeks.