Oh Paypal, i'd never even thought of that. So, can anyone in the world, basically set up a paypal account and then you can just transfer money to and from accounts and or credit cards? Thats such a smart idea, then you're bypassing the extra costs. Does something have to be purchased in order to use paypal or can money just be exchanged?
- Thread starter chola1978
- Start date
money transfer service for the Domincna Republic
I would guess that who ever you use to actually get the cash in your hand...will have their hand out wanting a fee..... then when ever there seems to be an exchange of currency....the exchange rates costs you.....because the banks are usually offering poor rates to cover their behind..
bob
But there is barely a fee for paypal, it is deposited directly into your bank account....so doesn't that bypass everything?? Wish i would have thought of this sooner!! What a great idea.
My ebay fee for paypal is 3%. On a $10,000 transfer thats a high fee versus $30 for wire transfer.
Are there lower paypal fees?
Are there lower paypal fees?
Well, my husband just sent me $150 CAD through pay pal. They charged me $6.50 to receive it. I don't believe he was charged anything to send it. So, in the end is that cheaper then W.U or no?
Wanted to send money from UK via PayPal to friend in Sosua - was told that they would have to have a US based account - now is that not true and just another example of PayPal incompetence?
Have just transferred funds (US $20000) via XE.com - Official GB?-US$ rate was 2.045 and transfer went through at 2.0245 with wire fee of only GB?6.
Have just transferred funds (US $20000) via XE.com - Official GB?-US$ rate was 2.045 and transfer went through at 2.0245 with wire fee of only GB?6.
Canadian money transfer
If you're transferring CAD from a Canadian bank to someone with a CAD bank account you can do an INTERAC Email Money Transfer - up to $1000 per transaction. If the recipient's bank is one of the Canadian BIG 5, the recipient can receive directly to their account. Cost is $1.50 CAD. You can even send it to yourself - if you need to transfer money from one institution to another. Works great, and real cheap.
Here's a description from one of the banks :
How are Interac Email Money Transfers processed?
When an Interac Email Money Transfer is sent, an email message is delivered to the recipient telling him/her the money is ready to collect. After logging into their online banking service with a participating bank, and correctly answering a Security Question created by the sender, the recipient can deposit the money into his/her personal bank account - safely and securely.
Alternatively, if the recipient does not have an eligible account at a participating institution, or access to online banking, he/she can collect the funds using the CertaPay Transfer Site. After clicking the appropriate link in the email notification and choosing to complete the transfer offline, the recipient will be asked to provide his/her bank account information and answer the Security Question. CertaPay will deduct a $2.50 service charge from the transfer amount and have the remaining funds deposited to the recipient?s account within 3 to 5 business days.
If you're transferring CAD from a Canadian bank to someone with a CAD bank account you can do an INTERAC Email Money Transfer - up to $1000 per transaction. If the recipient's bank is one of the Canadian BIG 5, the recipient can receive directly to their account. Cost is $1.50 CAD. You can even send it to yourself - if you need to transfer money from one institution to another. Works great, and real cheap.
Here's a description from one of the banks :
How are Interac Email Money Transfers processed?
When an Interac Email Money Transfer is sent, an email message is delivered to the recipient telling him/her the money is ready to collect. After logging into their online banking service with a participating bank, and correctly answering a Security Question created by the sender, the recipient can deposit the money into his/her personal bank account - safely and securely.
Alternatively, if the recipient does not have an eligible account at a participating institution, or access to online banking, he/she can collect the funds using the CertaPay Transfer Site. After clicking the appropriate link in the email notification and choosing to complete the transfer offline, the recipient will be asked to provide his/her bank account information and answer the Security Question. CertaPay will deduct a $2.50 service charge from the transfer amount and have the remaining funds deposited to the recipient?s account within 3 to 5 business days.
Just another thing....
Don't forget that PayPal wacks you one US Dollar to withdraw cash from an ATM, plus the ATM owner is going to way you his ATM Owner's fee.
Here is something I had to learn the hard way.......
I was sending $150 US Dollars to DR by Western Union and I was doing it what I thought was an efficient way: From my home computer taking the amount from my Credit/Debit Card. The fee was like $20 plus dollars!!! - - -- Then I went to my local supermarket that offers Western Union services and the fee was only $8.99 - Just to make sure of this, I repeated the send 3 more times over the past 3 months and the fee was the same.
Not sure if that is the same everywhere, but here in USA (Rhode Island) I seemed to find a less expensive way to send cash. :bunny:
Don't forget that PayPal wacks you one US Dollar to withdraw cash from an ATM, plus the ATM owner is going to way you his ATM Owner's fee.
Here is something I had to learn the hard way.......
I was sending $150 US Dollars to DR by Western Union and I was doing it what I thought was an efficient way: From my home computer taking the amount from my Credit/Debit Card. The fee was like $20 plus dollars!!! - - -- Then I went to my local supermarket that offers Western Union services and the fee was only $8.99 - Just to make sure of this, I repeated the send 3 more times over the past 3 months and the fee was the same.
Not sure if that is the same everywhere, but here in USA (Rhode Island) I seemed to find a less expensive way to send cash. :bunny:
Yes, i am aware of this option, however my husband was sending the money from the DR to me here in Canada. SO of course he didn't have a CAD account. He sent it through his DR credit card. So, i guess that is where the $6 charge came from. He has a U.S dollar account there but i guess he couldn't get it set up through paypal for some reason. Perhaps we'll have to try again, if that way is cheaper. U.S account to CAD account. We'll see.
They don't "whack" you if you have a PayPal business account. You then just get a PayPal debit card and give it to the person in the DR. It works MORE places than any other card I have used and the fee is $1 no matter how much you take out. You can even put the other person's name on the card and they can use it just like a credit card. They also pay you 5.5% on what you have in the account, and 1.5% back for purchases done like a cc. It's the best you can get.Don't forget that PayPal wacks you one US Dollar to withdraw cash from an ATM, plus the ATM owner is going to way you his ATM Owner's fee.
Here is something I had to learn the hard way.......
I was sending $150 US Dollars to DR by Western Union and I was doing it what I thought was an efficient way: From my home computer taking the amount from my Credit/Debit Card. The fee was like $20 plus dollars!!! - - -- Then I went to my local supermarket that offers Western Union services and the fee was only $8.99 - Just to make sure of this, I repeated the send 3 more times over the past 3 months and the fee was the same.
Not sure if that is the same everywhere, but here in USA (Rhode Island) I seemed to find a less expensive way to send cash. :bunny:
-Tim
I like Washington Mutual, no ATM withdrawal fees worldwide, $1 to open account, no monthly fees, free checks, 1% foreign transaction fee (most banks charge 2%, even 3%, some charge it apart, some add it to the purchase price to hide it, but everyone charges it). Debit Mastercard goes with account. No local ATM withdrawal fees in DR.
Final exchange rate about the same as in Vimenca for changing cash.
Final exchange rate about the same as in Vimenca for changing cash.
Paypal Debit Card Question
I now have a PayPal debit card. I've had a Paypal account for years to pay for ebay purchases.
My understanding from the Paypal debit card site is as follows:
1) I transfer monies from my US checking or money market account to my Paypal money market account. No Charge.
2) I withdraw monies from my Paypal money market account at an ATM in the DR. Paypal charge is $1.00 USD per withdrawal from my Paypal balance.
Assuming Paypal has a decent exchange rate what are my additional cost?
I now have a PayPal debit card. I've had a Paypal account for years to pay for ebay purchases.
My understanding from the Paypal debit card site is as follows:
1) I transfer monies from my US checking or money market account to my Paypal money market account. No Charge.
2) I withdraw monies from my Paypal money market account at an ATM in the DR. Paypal charge is $1.00 USD per withdrawal from my Paypal balance.
Assuming Paypal has a decent exchange rate what are my additional cost?
well I doubt the ATM doesnt have a fee...even if small... and then I doubt the ATM spits out US dollars....I probably issues pesos, so somewhere there was an exchange rate encountered, and since it is a BANK involved...probably not that great a rate.......
but thats just conjecture on my part
personally Id dred using an ATM in the dominican republic
bob
I have been using ATM's in DR for 10 years and never encountered a problem, other than them not having CASH!
Bank of America has a reciprocal agreement with Scotiabank so there are no additional ATM Fees, The tasa is almost the same as a good cambio, sometimes better. I believe there is a 1% fee built in, but the rate is a little better so it comes out in the wash.
If you are afraid of using an ATM, use the Debit card at the teller for the same transaction. You will need a passport.
PAYPAL charges a 1% fee on the exchange plus $1, still a good deal!
tambo'
Bank of America has a reciprocal agreement with Scotiabank so there are no additional ATM Fees, The tasa is almost the same as a good cambio, sometimes better. I believe there is a 1% fee built in, but the rate is a little better so it comes out in the wash.
If you are afraid of using an ATM, use the Debit card at the teller for the same transaction. You will need a passport.
PAYPAL charges a 1% fee on the exchange plus $1, still a good deal!
tambo'
Last edited:
I did this for 2 years while my wife was there and never had a problem. The exchange rate was always fair and the PayPal card worked in more ATMs than any of my bank cards. You can also use it like a credit card and get money back on the purchases.
-Tim
Do you want to transfer money to your family and friends? For truly new ways of sending money anywhere across the world, Obopay offers a cutting edge solution of transferring money through your cell phones. Send money quickly and securely!