- Thread starter NALs
- Start date
DR Banks: Wire Transfers
There aren't that many other banks. Why not list them?
What about having, "No bank offers good service" as an option?
What useful information or data can this poll generate the way it is worded?
What about having, "No bank offers good service" as an option?
What useful information or data can this poll generate the way it is worded?
Nobody seems to understand that it all depends on the needs of the individual vs the bank's available products? Not only that, but the QOS also depends on how much liquid you have sunk into them. If you think they ate interested in 2500 dollars, you won't get much good service. With 50 large or more you will get an account manager and a good relationship. For 10k or less it simply doesn't matter where you stick it.
Furthermore, any bank here that handles international wires must be compliant to many international accounting standards as well as SWIFT. So, again, most any bank with a pulse and a SWIFT code will suit your purposes.
In the case that one has more than 100 large to sink into a bank, may I suggest the US or Zurich. A 35k peso account does not merit extensive market research.
And with 62 views, that is a lot of abstentions.
I see nothing wrong with having polls as long as they have some purpose, and are meaningful in their content. In a more well-defined context, a wire transfer poll could shed some interesting light on the process of sending money, but not the way it is presently.
My criticism is not directed at NALs specifically. I know he is a bright guy who means well, but come on. This poll is meaningless, and the voting suggests that another approach might have been be more meaningful and beneficial.
I see nothing wrong with having polls as long as they have some purpose, and are meaningful in their content. In a more well-defined context, a wire transfer poll could shed some interesting light on the process of sending money, but not the way it is presently.
My criticism is not directed at NALs specifically. I know he is a bright guy who means well, but come on. This poll is meaningless, and the voting suggests that another approach might have been be more meaningful and beneficial.
More of a reference to the past polling on cust service of DR banks. Theses polls don't address any practical issue. it's like putting on a poll to see who like plantains fried.
But if it's drama you seek...
Yris did a relatively small wire transfer ($12,000 US)from ScotiaBank in Canada to BHD in Jarabacoa. Cost $35 - time before money was available in her account -4 days. What would be good?
BPD Bank NY to Banco Popular Dominicano. Never had a problem, have made 40-50 transactions over the years. You can do the transfer online and the money is in your Banco Popular account the same day. The exchange rate is pretty good as well.
US$20 transfer fee.
US$20 transfer fee.
When I first banked here in 2004, I opened with BR. It was HORRIBLE. Their ATMs seemed to be off line or out of cash all the time. What was worse was their cash card (la "Verde") was never online with Cardnet. How many declines I suffered in line at the store. The process to do checks in dollars was horrible - needed to go to the tower on Churchill and wait 2 hours. The lines at the retail branches were horrific as well. 15 labor days to clear non-BR checks.
I had known nothing then and followed a recommendation from some "friends". BR is the bank that manages the payroll for all govt. operations like the PN, so on payday, you better not need to get cash from the ATM.
A major client of mine used BHD Business Banking, and for wires and ACH transfers (and the timeliness therein) they have been great. I use Leon for personal banking here and they work superiorly with my Chase and Citi in NY. All my BHD and Leon International wires have been 24 hrs or less. ACHs are instant for intrabank and after 3pm the following business day for interbank.
Many think Popular is a good bet because of its international presence, but the operations are completely separate and thus behave like separate institutions.
I know nothing of ScotiaBank, but they bought Citi retail operations a few years back here in SD and seem to have had solid growth.
Your banking choice is always very personal. Some banks offer products and services that attract one, while turning away others. Discretion, online security, access, customer service, account management are all very important to consider. Wire transfers are a no-brainer for years, but the individual bank's INTERNAL processes may delay your transaction. My experience is just like many other functions here in DR: use the "crony" system. If I ever have an issue, my account manager intercedes immediately. However, if your issue is the ATM is always down, offline or out of cash, then welcome to DR - not many can help you with this.
My recommendation is to select a bank that has robust online banking products, international debit and credit cards and "personalised" services. These days I almost never have an issue. For wires, many can keep your signature "on file" once you have completed your first SWIFT transfer. The following occasions, just the recipients details can be sent via email. All very streamlined.