banking and transferring money to USA

seg527

New member
Feb 27, 2010
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I have searched the forums and found some good information, but I am still a little confused because nothing was exactly like my situation.

I am moving to the DR in August and will be paid in pesos by direct deposit, although I am not sure yet which bank in the DR my employer uses.

I will need some of that money to pay some stuff back in the USA while I am in the DR. I was planning on transferring some of the pesos from my bank in the DR to my bank in the USA. Is this a relatively easy process? I am concerned since my account in the DR will be in pesos. Will I encounter problems trying to transfer pesos in the DR to USD in the USA?

Also, the bank I currently use in the USA is Wachovia, but if there is a bank that is better for international transfers, please let me know. How much are the fees generally. I'm thinking I will be transferring around at most $200 USD per month (well whatever $200 USD is in pesos at the time).

I have no experience with this situation and little experience with banking outside of a general checking account so any advice will be greatly appreciated!
 

Lambada

Gold
Mar 4, 2004
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www.ginniebedggood.com
any help?? please!

Who could resist that plaintiff cry? :cheeky: You can most certainly transfer money out of the DR because I've done it several times. However, in my case it wasn't small amounts regularly but large amounts very occasionally. Back in 2004 when I suspected a corralito (didn't happen) I moved sums both back to UK & to other offshore (to the DR) jurisdictions. Again in 2007 I moved investment money which I had previously imported to the DR, to UK & Isle of Man. The currency I moved was dollars & Euros, never moved pesos and my guess would be they would convert to $ at the exchange rate on the day you transfer. This is what happened with the funds I transferred in $ to the Isle of Man - they were converted to sterling by receiving bank. Mine were done by wire transfers. Sorry, no idea about charges - it gets taken off what you send as far as I recall. My transfers were all made to savings type accounts, I've never transferred to a current account but my bank manager assured me I could, a few years back when it looked to be unwise to have too much in Dominican banks.

The reason you're probably not getting too many answers is that many people don't earn enough here to make payments to the US. Most expats are probably transferring money the other way i.e. from abroad to the DR. You really need to talk to Dominican business owners who transfer to their accounts in US and there might not be too many of those reading here... What you could do is read through the forums & when you spot posters who talk about their rich Dominican friends, you could send them a PM & ask them if they could ask their friends to assist you.
 

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
No big deal

Western Union charges, at last I heard, ten percent. The banks are a pain in the arse and will rob you when they change the peso into US dollars. I try and avoid the banks here whenever possible. They are thieves of the worst sort. Western Union is bad at ten percent but it works and its quick.
 

bienamor

Kansas redneck an proud of it
Apr 23, 2004
5,050
458
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BHD does wire transfers at the current rate, and charged a flat $56us for the transaction, amount did not matter, but this was a couple of years ago
 

courtneypowers

New member
Sep 18, 2003
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banking

You're the person who's going to be working at New Horizons in Santiago, correct? If so and you have a Wachovia account at home, you should use Banco Santa Cruz which is located in Los Jardines as they are affiliated with Wachovia in the US and I would imagine your best option....
 

ExtremeR

Silver
Mar 22, 2006
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Easy, get a VISA credit card in the DR, send it to the USA to whoever is going to pay the stuff and voila you are sending dollars out of the DR.
 

bienamor

Kansas redneck an proud of it
Apr 23, 2004
5,050
458
83
Easy, get a VISA credit card in the DR, send it to the USA to whoever is going to pay the stuff and voila you are sending dollars out of the DR.

are you talking about an ATM debit card or a Credit Card. If its a credit card your going to get a charge for foreign currency transaction in most cases, If an ATM card you may need to talk to the bank here about transaction limits. BHD has a limit of 5000rd. Thats not a lot when your talking dollars about $135.

Your best bet in this case is to go with the debit card and do a withdrawal in the US bank from your Dominican Bank. That will get you past the limit problem, and should not incure a foreign transaction charge.
 

ExtremeR

Silver
Mar 22, 2006
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are you talking about an ATM debit card or a Credit Card. If its a credit card your going to get a charge for foreign currency transaction in most cases, If an ATM card you may need to talk to the bank here about transaction limits. BHD has a limit of 5000rd. Thats not a lot when your talking dollars about $135.

Your best bet in this case is to go with the debit card and do a withdrawal in the US bank from your Dominican Bank. That will get you past the limit problem, and should not incure a foreign transaction charge.

That's BHD, I have a Scotiabank Credit card here with me and I have used US$600.00 several times with it. Instead of withdrawing dollars in an ATM (expensive) just swipe the card as virtually every business and stores in the USA accepts CC. Also be sure to talk with the bank before using it offshore.
 

courtneypowers

New member
Sep 18, 2003
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Wachovia - Santa Cruz

While they may be some benefit to what you are saying, I have found that all banks in the DR and the US operate independently from each other with respect to transferring money between the countries. The options include using wire transfers, ATM, Debit cards, Credit Cards or writing checks to be deposited. All have their associated fees and limitations.

A few years ago I had to send a wire transfer to a Wachovia account in the US and although I can't remember the exact fees, sending from Santa Cruz was less expensive than Popular and Scotiabank...
 

bienamor

Kansas redneck an proud of it
Apr 23, 2004
5,050
458
83
That's BHD, I have a Scotiabank Credit card here with me and I have used US$600.00 several times with it. Instead of withdrawing dollars in an ATM (expensive) just swipe the card as virtually every business and stores in the USA accepts CC. Also be sure to talk with the bank before using it offshore.

Correct, the 5k limit with BHD is new, I used to do the $500us all the time when I was traveling. And never until now had to informe the bank. Swiping the card is fine for purchases but sometimes you need the cash. Scotiabank sounds like a good alternative, if they are running with high limits.
 

drgringo

New member
Apr 25, 2009
90
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0
draft/certified cheque

Do the banks in the DR issue certified cheques that are cashable in USA banks?
If anyone has had experience, what are the fees for such a cheque?
 

oriole100

Bronze
Oct 9, 2005
807
18
0
I would suggest having 2 accounts 1 in pesos and 1 in US$. Then all you need id the Sim Numbers to transfer money to an account in your name in the US. Any bank can do it. Converting the Pesos here is easier, before you send the money. You also may want to wait to send money, if you can, because there is a fee each time you transfer.If you can wait 2-3 months you'll save.