banking from the US to the DR

quest123

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Sep 8, 2010
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Are any of the major banks in the US also located in the DR? I would like to open an account in the US and have family members in the DR be able to go withdraw funds from there. Is that even a possibility?

This would be so much easier than me sending money by Western Union when they need money.
 

AlterEgo

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No, sorry, there are no US banks with branches in DR. What I can suggest is opening a checking or savings account in the US that requires no minimum balance, give your family member an ATM card, and deposit funds into the account when necessary. They can retrieve it at any ATM machine in the country at a decent conversion rate, all it will cost is the bank fee, usually only a couple of dollars.

AE
 

Yachtmaster

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No, sorry, there are no US banks with branches in DR. What I can suggest is opening a checking or savings account in the US that requires no minimum balance, give your family member an ATM card, and deposit funds into the account when necessary. They can retrieve it at any ATM machine in the country at a decent conversion rate, all it will cost is the bank fee, usually only a couple of dollars.

AE
If you deposit US Dollars into a Bank of America account in the US and withdraw pesos from any Scotia Bank ATM in the DR using your Bank of America card there are no ATM fees and the exchange rate is good:)
 
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Yachtmaster

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I use Xoom with good success for sending money to the DR. You can link and transfer money online from a US based US Dollar checking account to a DR peso bank account for $4.99 a transfer. Xoom does the conversion and once you have developed a track record with Xoom, the transfers are usually next day. You can deposit to bank accounts in the DR other than your own if you like. This is how I pay for my apartment rent and other social obligations while not in the DR.

On two occasions I did have to provide documentation to Xoom to validate my purposes and source of funds. After my last validation they bumped up my monthly allowance substantially.

However, if you do a search of this forum, you will see some posters have indicated problems using Xoom, problems which I have never encountered in over two years of using the service on a regular basis................??
 

KKtraveler

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I was having the same type problem except transferring paypal funds to the DR. There is a Visa debit card that you can get online, its issued threw Chase bank that allows you to fund it with Paypal, Western Union, direct deposit and several other options. Also, if you do any online business like Google adsense, you can link it as well and recieve those payments right to this card.Its worked great for for me, fees are I think 20.00 annually for the card and 1.00 for each ATM transaction or something close to that. Here is a link https://www.rushcard.com/index.aspx?ID=r9qu0yojDNcljITJoRZi3OyEeTmQVUF0
 

RacerX

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Yea, Xoom is good. And if you are in NYC, there are a few Banco BHDs in Washington Heights and in North Jersey. LAst time I had seen them they were doing home mortgages but they may have expanded into fullservice banking.
Otherwise, the ATM card may be the best option but only if they were responsible with the $ because if they withdraw too much without telling you you may be hit with overdraft charges.
 

AndyGriffith

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Mar 11, 2010
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Yachtmaster,

About Xoom....Checkout the conversion rate....$RD35.72 is way off from $RD36.80. On a $2,999 transfer, you are looking at nearly $100 in fees. The transfer of USD's also involves a $50 fee on top of the $4.99 for an amount of $2,999. Better to use debit card.
 

AlterEgo

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Otherwise, the ATM card may be the best option but only if they were responsible with the $ because if they withdraw too much without telling you you may be hit with overdraft charges.

True, which is why I suggested a 'no minimum balance' checking account, but you're right about the overdraft charges, so it's important that the account does not allow overdrafts, easy enough to specify when opening it. Great point. If they only deposit what they want available in DR, it should work.

AE
 

Yachtmaster

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Yachtmaster,

About Xoom....Checkout the conversion rate....$RD35.72 is way off from $RD36.80. On a $2,999 transfer, you are looking at nearly $100 in fees. The transfer of USD's also involves a $50 fee on top of the $4.99 for an amount of $2,999. Better to use debit card.
Please be a little more specific..... What are your conversion rates based on? Why would anyone send USD's for a $50 fee when the currency is pesos? Do debit cards allow you to withdraw $2999?
 

AndyGriffith

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Please be a little more specific..... What are your conversion rates based on? Why would anyone send USD's for a $50 fee when the currency is pesos? Do debit cards allow you to withdraw $2999?

Xoom is using a conversion rate of $RD35.72 to $1 USD. You can get $RD36.80 per $1 USD at Banco Vimenca or Promerica. The option to pick up your transfer in USD's instead of DR pesos at Progreso or BHD involves an additional $50 fee on top of the $4.99 charge for an amount of $2,999. Use the calculator on their website and you will see what I am talking about.
 

MikeFisher

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Xoom is using a conversion rate of $RD35.72 to $1 USD. You can get $RD36.80 per $1 USD at Banco Vimenca or Promerica. The option to pick up your transfer in USD's instead of DR pesos at Progreso or BHD involves an additional $50 fee on top of the $4.99 charge for an amount of $2,999. Use the calculator on their website and you will see what I am talking about.

I have a BHD Dollar Account, it is a Savings Account.
when I send money to that account from Europe(I would guess it is not more complicated to do so from the USA) I pay only a Flat Fee for the Transaction to the European Bank where the money comes from, 3 euros something for up to 1000 euros, 7.90 Euros for 1001-3000 Euros per Transfer and 13.40 Euros for 3001+Euros per Transfer.
the Exchange Rates from my European Euros Account to the US Currency of my Dominican $$$ Account at BHD are always on Top, the real that day/moment exchange rates between the 2 currencies.
here in the DR at BHD Bank of course I withdraw the Money in US$ Currency, not in Pesos.
BHD Bank itself does not get any additional Fees of those Transactions, the opposite, on the money on that account they pay me Interests, because it is a Savings account.

I also withdraw regularly Pesos from ATM's, with a European Mastercard Credit Card, Balance will always the next Month be taken from my German Euros Account, also here great exchange Rates, but a 5 Euros Fee per Transaction will be taken from my European Bank, and the max Pesos per Transaction to take out of ATM's around my area is 10.000.- per Transaction.

if somebody knows a ATM in Bavaro/PC with a higher limit per transaction, would appreciate the Info.

cheers
Mike
 

AndyGriffith

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Several issues: 1. Many banks in the DR charge a $15 fee for receiving incoming wires. 2. For U.S Citizens, one must consider changes made recently in the 2010 HIRE ACT when wiring monies to foreign accounts. In this way, the fees at Xoom might seem a mere nuisance vs. other hassles making life more complicated for U.S. expats.
 

MikeFisher

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I can't speak for other Banks,
but for incoming Wires to my US$ Savings Account at the BHD Bank I do not pay any Fees to BHD Bank.
and I can withdraw the Wire in US$ Currency at the same Day it arrived.
Mike
 

Yachtmaster

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Xoom is using a conversion rate of $RD35.72 to $1 USD. You can get $RD36.80 per $1 USD at Banco Vimenca or Promerica. The option to pick up your transfer in USD's instead of DR pesos at Progreso or BHD involves an additional $50 fee on top of the $4.99 charge for an amount of $2,999. Use the calculator on their website and you will see what I am talking about.
I know Xoom very well and what their fees are. I just don't see the value in transferring USD.....

You say that Banco Vimencia or Promercia will give you a conversion rate of $RD36.80 as opposed to the $35.82 that Xoom gives you, but you fail to mention what their ATM fees are? From my experience there is at least a USD$5.00 ATM fee when using an ATM in the DR to withdraw funds from a US bank unless you use the Bank of America/Scotia Bank network.

Most of the ATM's have a maximum that you can withdraw at any time. Scotia Bank has a maximum of 10,000.00 pesos. Referring to your USD $2999.00 and a maximum daily withdrawal allowance of $10,000.00 pesos at $36.80 you would have to make eleven trips to an ATM machine and pay a USD $5.00 fee per withdrawal to get your equivalent of $2999.00. When you consider your transportation costs and time involved, two minutes online with Xoom at $4.99 and $35.82 seems mighty fine to me. Not to mention that the ATMs are not always able to dispense cash if they are not kept up and the grief one has to go through if it swallows your card.............
 
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Golfer

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Better alternative

Why not just use moneygram? They deliver up to $500 in USD right to your house for only 9 bucks.
 

SKY

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Why not just use moneygram? They deliver up to $500 in USD right to your house for only 9 bucks.

They will not pay you in dollars in the DR. They pay in pesos at a bad rate. And if you wait for them to deliver to your house you may die of old age first.
 

AlterEgo

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In most Latino neighborhoods there are places that send money - we use one that charges us $5 to send a few hundred dollars to SD every month. They deliver it right to the door, and they deliver in dollars. Ask around. Usually a sign in the window that says Envio Dinero, and either the names of the countries or their flags are below it.

AE
 

william webster

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Jan 16, 2009
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I can't speak for other Banks,
but for incoming Wires to my US$ Savings Account at the BHD Bank I do not pay any Fees to BHD Bank.
and I can withdraw the Wire in US$ Currency at the same Day it arrived.
Mike

Same with me at ScotiaBank.... no incoming charges for wires.

But wiring is becoming more difficult in No.America..... they ask you come into the branch in person to execute a wire.
In my case, because I am a regular wirer, they allow me presign the form but ONLY if the transfer is to myself.
If I want to wire to a contractor or friend... I MUST appear in person at the bank.
These are new regulations just enacted in the past few months in Canada... I hven't tried it in the US but I expect it will be the same.


WW
 

Yachtmaster

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Why not just use moneygram? They deliver up to $500 in USD right to your house for only 9 bucks.
Please be more specific. I rarely use Money Gram because of the fees, and I certainly have never seen a fee as low as $9.00 to transfer $500.00

I believe Money Gram fees depend on what country you are sending from. Maybe you are in an area where there is plenty of alternatives?