Doesn't your bank charge anything to send the money? Also, many of the owners here at the condo where I am tell me it's a real headache doing the wire transfer. I know that was the case with my US bank many years ago when I did one.
- Thread starter Pseg24
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USA Pension Check into RD Pesos.....Best way?
Doesn't your bank charge anything to send the money? Also, many of the owners here at the condo where I am tell me it's a real headache doing the wire transfer. I know that was the case with my US bank many years ago when I did one.
I stated "$20 to wire"
$20 outgoing from my bank, $10US at Progreso to receive
As for the headache, the outgoing wire template is saved.
Depends on the sophistication of your banks website
$20 outgoing from my bank, $10US at Progreso to receive
As for the headache, the outgoing wire template is saved.
Depends on the sophistication of your banks website
Wiring fairly large amounts like you do is the key. That template sounds like it's a big help, too. Plus, your wire charge is pretty low.
Visiting three banking like offices to get my monthly pesos, no thank you, I'll stick to the comfort of doing everything online, wire from bofa to popular into usd account and then transfer from usd to peso account. Pay credit cards online and use for almost all my expenses the cc. Only fuel and maids go cash. I hate going to banks.
Well, if it's staying US $$ in an Rd US account... it doesn't matter where it sits...
I have better uses other places for cash but, as you say, the aggravation is a factor.
And the template is a godsend.
But remember, not all No American banks allow online transfers... European banks are better for that.
YEs, that $20 is a nice number.
In fairness , I'm not talking about a regular cash inflow - like a pension check.
If that's how the money comes then you'll need more frequent, lower amount transfers.
After reading,
it sounds like B of America and Chas Schwab offer the smoothest options.
After that, it's checks or ATMs.... seems to me
Works better for smaller amounts.
As I tried to say earlier.... forget the rate for smaller numbers....
The bank fees are the killers , not the exchange rates or the ATM charges.
First of all. THANK YOU to everybody for the great info. After consideration I will probably do this method Mauricio. Would you mind explaining how much the fees are for the wire from BOFA into the Popular. Is there a fee for transferring from the USD to Peso account?
Thanks again
Usd45 on the BofA end, usd18 (used to be 15) +300 pesos on the popular end.
Transfers between your accounts are free and carried out immediately.
If you go for the wire method you might want to look into what William Webster said, usd20+10 is a bargain. Don't know from which is bank is that and if Progreso let's you change usd to pesos online?
Answer to one question is that Yes, you can flip between US$ account and Peso account for zero.
My bank may not be a possibility anymore.
I have been there since 1991 and still come under intense scrutiny from new global banking surveillance.
AS a related example, my asset manager will not accept US citizens or residents...
The reporting procedures are deemed to be too strict.
Similarly, keeping a bank account in a country in which you don't live has become more difficult.
Charges of $45 and $18 seem high to me but I am limited in my experience.
The ATM option may be a place to start....if you're undecided
My bank may not be a possibility anymore.
I have been there since 1991 and still come under intense scrutiny from new global banking surveillance.
AS a related example, my asset manager will not accept US citizens or residents...
The reporting procedures are deemed to be too strict.
Similarly, keeping a bank account in a country in which you don't live has become more difficult.
Charges of $45 and $18 seem high to me but I am limited in my experience.
The ATM option may be a place to start....if you're undecided
BofA is expensive I guess, they also take usd15 from the deposit that's being made by my employer, so I'm paying around 85 dollars per month in banking costs. I do like the fact that I can do everything from my phone, but it definitely adds up compared to collecting checks.
Another particularity of BofA is that to make wires above 1000 dollars you need a safe pass, which can be an American cellphone or a small safepass card with an LCD screen that gives you random codes to carry out your wires. That LCD screen however is very weak, I've had sent to me at least four and they al came damaged in the mail (either from bank to my employers office in Miami or from Miami to SD in a Fedex envelop). In the end a coworker's phone is now my safepass. When I wore, he receives the code and sends it to me.
Another particularity of BofA is that to make wires above 1000 dollars you need a safe pass, which can be an American cellphone or a small safepass card with an LCD screen that gives you random codes to carry out your wires. That LCD screen however is very weak, I've had sent to me at least four and they al came damaged in the mail (either from bank to my employers office in Miami or from Miami to SD in a Fedex envelop). In the end a coworker's phone is now my safepass. When I wore, he receives the code and sends it to me.
Yes, convenience is big.
I do everything from anywhere in the world... my RD payroll is year round.
Those little code machines are commonplace in Europe and off NoAmerica.
My bank has a special feature whereby I can set it up to bypass the security codes for amounts less than $7500 when sending to my frequently used banks.
Anything $7500 and under goes at the click of a button.... no re-entering another code.
I find that really useful.
I do everything from anywhere in the world... my RD payroll is year round.
Those little code machines are commonplace in Europe and off NoAmerica.
My bank has a special feature whereby I can set it up to bypass the security codes for amounts less than $7500 when sending to my frequently used banks.
Anything $7500 and under goes at the click of a button.... no re-entering another code.
I find that really useful.
The code machine I have from my Dutch bank is robust, and besides it works with my bank card so I can use someone else's. Besides it uses another security layer, asking me to scan a colored QR code that appears on my computer / phone screen, which the code machine translates to what transaction actually will take place when I confirm it and only then gives me the code.
The popular token is also robust enough, the BofA token is really fragile. Even though I have one laying in my desk that by time got fixed (the liquid crystal stain disappeared), but I had it deactivated. Anyway just yesterday ordered a new one to stop bothering my coworker monthly for a bank code.
Years ago, I walked away from Bank of America. I never found a reason to go back. For now I will go with Schwab and BankDirect. (BofI is also another good on line bank.)
I will continue to fund expenses with checks in a USD account here and change money as needed. No cost to me other then the hold time of the checks. No issue for me once the pipeline is filled.
I would use a wire transfer for purchasing a big ticket item like a car, but that would be my only requirement needing a wire transfer.
I am likely to never use a credit card here again where I have had major issues. The worst issue was with a Dominican credit card from Banreservas.
I have not had any major issues using ATM cards, which I will continue to use from time to time.
I will continue to fund expenses with checks in a USD account here and change money as needed. No cost to me other then the hold time of the checks. No issue for me once the pipeline is filled.
I would use a wire transfer for purchasing a big ticket item like a car, but that would be my only requirement needing a wire transfer.
I am likely to never use a credit card here again where I have had major issues. The worst issue was with a Dominican credit card from Banreservas.
I have not had any major issues using ATM cards, which I will continue to use from time to time.
.....I have a retirement put on a mastercard debit card, every month... same day....I can withdraw from that card anywhere with my passport.... have a account at popular bank, If I withdraw money at that bank, with my card, the charge is very minimal.....thats the easiest I have found..........Doc.............
At what bank is the Mastercard associated? What is the minimal fee charged at BPD and what exchange rate do you get compared to Western Union?
They charge $50 to cash a check if you deposit it in a DR bank? WOW.
I have used Bank of Internet and Bank Direct to deposit checks in the DR and never had a charge for that.
Schwab , whom I have yet to use for depositing a check, says they have no fee to do that.
that's what I was told when I called ... i was shocked... I was thinking about changing my way after read these post . to start writing checks but good old citibank told fifty dollars they did say youcan tranfer in 20k and it's still 50 ...
... the bank is Comerica bank....dont know what rate western union has, when I exchange us dollars like I did yesterday I use Gusman at colinas mall...the same figure that people have mentioned 47.35... the fee BPD charges me is only a few dollars..$2 or $3, on the exchange rate it is about 2 pesos less than Gusman exchange.... sooo all in all if you know a better way , less brain damage, less money, oh and I can change the security every month..plus a master debit card gives you a lot of options......Doc.......
I would just open up another account in another bank in the US, transfer some money from your Citibank account into it, and write checks from that new account into a DR US dollar account. Schwab would be a good option for that second account.
But we're talking about writing a check from a bank in US and depositing it into a dollar account in DR. Transfers are different story, yes, they will cost $$$$. Depositing checks is free