Yep, DR USD bank account is the way to go, especially if, as in your case, you avoid the fees on the sending end. Folks who run to ATM every time they need another 5K pesos just underestimate the amount of ass-rapage they are getting from horrible exchange and withdrawal fees.
- Thread starter drSix
- Start date
Banking- Wire Transfers
Yep, DR USD bank account is the way to go, especially if, as in your case, you avoid the fees on the sending end. Folks who run to ATM every time they need another 5K pesos just underestimate the amount of ass-rapage they are getting from horrible exchange and withdrawal fees.
I wire funds (under US$10,000) to Banco Popular accounts 8-10 times per year from a Bank of America account - to both peso and dollar accounts.
If requested in the morning, usually in Banco Popular accounts by afternoon. Requested in afternoon, usually in account next morning. Maybe 20% of the time it takes 24 hours.
Yesterday I wired funds to a new recipient at Banco Popular. Requested the wire at 3pm and was in the recipient's account by 11am this morning.
My cost is $30 to send the wire regardless of amount. My bank always tells me the Banco Popular fee is $15 to receive - though I've never bothered to confirm this.
If requested in the morning, usually in Banco Popular accounts by afternoon. Requested in afternoon, usually in account next morning. Maybe 20% of the time it takes 24 hours.
Yesterday I wired funds to a new recipient at Banco Popular. Requested the wire at 3pm and was in the recipient's account by 11am this morning.
My cost is $30 to send the wire regardless of amount. My bank always tells me the Banco Popular fee is $15 to receive - though I've never bothered to confirm this.
The "OP" is talking about a U.S. bank account.....
I have done that and more before, but best to pre-establish the rules with them first.
Again, the "OP" is talking a U.S. bank account.
The nice thing about living in Santiago, we have some very old and established Cambio houses here, the one I use is:
What is the fee for getting dollars with a cambio? If it's more than 0.5%, it's definitely not worth it vs a bank wire. Another bank advantage: many branches, so if I need cash while in Punta Cana, I don't need to hoof it back to Santiago to get it.
I withdraw in dollars and then change to pesos as needed, 10K pesos at a time or so. Holding larger amounts of pesos is essentially a long peso trade - not a wise investment imho.
I ahve both peso and US$$ accounts, transfer over as needed
44.91 is the current Progreso rate for online transfers.
I count my gas in the calculations.....
I'm a bit like Karl Malden...........don't leave home.......
44.91 is the current Progreso rate for online transfers.
I count my gas in the calculations.....
I'm a bit like Karl Malden...........don't leave home.......
Yes , Tambo, B of America allows free ATM service in the USA for Scotia clients....
RD related ?? not sure
RD related ?? not sure
Actually WW, I was referring to withdrawing RD Pesos for Besos @ ScotiaBank in The Rep Dom. using my Bee of Ay tarjeta!
Ah, I see (said the blind man)....
you are proof thgat BofA and Scotia have international relationships..........
and That Scotia RD is part of the global Bank of Nova Scotia corporate structure (as was asked earlier)
as always, your posts are informative, more so than some realize
you are proof thgat BofA and Scotia have international relationships..........
and That Scotia RD is part of the global Bank of Nova Scotia corporate structure (as was asked earlier)
as always, your posts are informative, more so than some realize
Moot point cried the boy, I am calling the OT authorities, where is Dorota when you need her?
I get a fairly competitive rate out of the ATH @ ScotiaBank, as they pay a commercial tasa, net of the 3% "bend over" charge. I'll get about 44/USD right now, which is not bad including all charges.
