Depositing pesos into dollar account???

[AlterEgo]

Was this at BHD?

I’m not positive, but I think Banco Popular

 

[SKY]

I’m not positive, but I think Banco Popular

BP is not an example of anything. They are just a plain pain in the rear...........I have deposited five figure Dollar checks at BHD with never a problem. The problem might be the transfer without a Peso account. You can call and ask, or send someone to inquire.

 

[LindseyKaufman]

Things have/are changing. We’re also under contract selling Mr AEs parent’s house in SD. Brother-in-law had trouble depositing the 7 million peso deposit (a bank check). They wanted written proof where the money came from.

Yes. This is because you are American. It had to do with US/Dominican laws and money laundering. Whenever Strength for the Journey receives a transfer of more than $10,000 we must provide documentation showing where the money came from and what it will be used for.

 

[SKY]

What one bank, or even one branch requires can be different than another here. BHD requires a form to fill out on cash transactions of 10K or more. But they don't on depositing checks. Basically same as in the US.........But when you don't have a peso account to just deposit it you bring attention, Not like walking up to any teller and depositing a check.

 

[AlterEgo]

Yes. This is because you are American. It had to do with US/Dominican laws and money laundering. Whenever Strength for the Journey receives a transfer of more than $10,000 we must provide documentation showing where the money came from and what it will be used for.

In this case, it was my Dominican brother-in-law making a deposit into his own account.

The American part is why we want to avoid having to open a peso account, I know they’ll put us through hell.

 

[bob saunders]

All real estate deals will be required to be done with certified cheque in the near future.

 

[AlterEgo]

All real estate deals will be required to be done with certified cheque in the near future.

I think it’s begun in SD, but even the certified check needed accompanying paperwork in order to be deposited. Weird.

 

[johne]

Why do you need ANY check at all? Isn't it as simply as "wiring" the money from the seller's bank to your bank. And have your bank (for a fee of course) deposit that day's exchange rate on the pesos to your dollar account. With this strategy you generate a proven paper trail to answer the question: Where did this money come from? Downside is...perhaps you don't want a paper trail/

 

[AlterEgo]

Why do you need ANY check at all? Isn't it as simply as "wiring" the money from the seller's bank to your bank. And have your bank (for a fee of course) deposit that day's exchange rate on the pesos to your dollar account. With this strategy you generate a proven paper trail to answer the question: Where did this money come from? Downside is...perhaps you don't want a paper trail/

Having never sold anything in DR before, I’m don’t know. When we sold our land In Ocoa, the buyer lived in USA and we did everything here. Easy peasy.

I know my in-laws house is by certified check but that may be because it all has to get divided after taxes, etc are paid.

Lucky us, looks like we get to pay capital gains to DR and USA too. Despite my encouragement, neither property took advantage of the amnesty plan, now expired.

 

[Yourmaninvegas]

I would like to share my personal experiences in these matters...

When I have not been conducting my special financial operations with duffle bags full of cash...

I have made wire transfers of money (USD) into the 🇩🇴
I have had to justify the amounts that I wired to the bank I wired it to each and every time I have wired more than 10,000 USD into the 🇩🇴
Even when I have been making purchases and have sales contracts for my purchases I have had to explain where the money came from.
Furthermore the individuals who received my money have had it held while their banks did and "investigation" into the source of funds.
I have even had my own money held while those same "investigations" have been performed.
I am still walking the streets.
It is a good thing I know how to do my laundry. 🤪

 

[AlterEgo]

I would like to share my personal experiences in these matters...

When I have not been conducting my special financial operations with duffle bags full of cash...

I have made wire transfers of money (USD) into the 🇩🇴
I have had to justify the amounts that I wired to the bank I wired it to each and every time I have wired more than 10,000 USD into the 🇩🇴
Even when I have been making purchases and have sales contracts for my purchases I have had to explain where the money came from.
Furthermore the individuals who received my money have had it held while their banks did and "investigation" into the source of funds.
I have even had my own money held while those same "investigations" have been performed.
I am still walking the streets.
It is a good thing I know how to do my laundry. 🤪

Exactly what we’ve experienced so far.

 

[RDKNIGHT]

Let this be a lesson to all when you sell something always sell it in dollars!!

 

[NotLurking]

Let this be a lesson to all when you sell something always sell it in dollars!!

Unless you plan to strap few US$100k on your self of stuff this money in a suitcase to transport it out of DR then you run the same fait.

I sold a house I had around the 'aquario' for US$ a few years ago. The money was wired in US$ to my US$ account and I had to jump through some hoops and wait for the money to be released. IIRC I had to provide the bank with paperwork form me and my wife and the buyer too a royal pain in the butt.

 

[cavok]

Having never sold anything in DR before, I’m don’t know. When we sold our land In Ocoa, the buyer lived in USA and we did everything here. Easy peasy.

I know my in-laws house is by certified check but that may be because it all has to get divided after taxes, etc are paid.

Lucky us, looks like we get to pay capital gains to DR and USA too. Despite my encouragement, neither property took advantage of the amnesty plan, now expired.

With the Foreign Tax Credit, you can use taxes paid in the DR to offset those due in the US. If that was your primary residency here(certain limitations apply), you may not owe any tax in the US.

 

[JD Jones]

With the Foreign Tax Credit, you can use taxes paid in the DR to offset those due in the US. If that was your primary residency here(certain limitations apply), you may not owe any tax in the US.

They don't reside in the DR long enough each year to qualify.

 

[johne]

Why do you need ANY check at all? Isn't it as simply as "wiring" the money from the seller's bank to your bank. And have your bank (for a fee of course) deposit that day's exchange rate on the pesos to your dollar account. With this strategy you generate a proven paper trail to answer the question: Where did this money come from? Downside is...perhaps you don't want a paper trail/

ETA: "From the buyer's bank.....to the seller's bank (AE's)

 

[RDKNIGHT]

Unless you plan to strap few US$100k on your self of stuff this money in a suitcase to transport it out of DR then you run the same fait.

I sold a house I had around the 'aquario' for US$ a few years ago. The money was wired in US$ to my US$ account and I had to jump through some hoops and wait for the money to be released. IIRC I had to provide the bank with paperwork form me and my wife and the buyer too a royal pain in the butt.

that's not true no more . actually just sold a house here .. bank gave me a tellers check for the amount

 

[NotLurking]

that's not true no more . actually just sold a house here .. bank gave me a tellers check for the amount

You are so right! I forgot about bank checks.