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  1. #1
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    Default Monthly Direct deposit from USA bank to DR Bank

    Has anyone had experience receiving their monthly income (remuneration) from their companies USA bank, directy to their DR bank.

    I deal with Scotiabank in DR and want to minimize the associated fees/charges for receiving funds on a monthly basis.

    Appreciate feedback!

  2. #2
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    Default Another Option

    Quote Originally Posted by Expat13 View Post
    Has anyone had experience receiving their monthly income (remuneration) from their companies USA bank, directy to their DR bank.

    I deal with Scotiabank in DR and want to minimize the associated fees/charges for receiving funds on a monthly basis.

    Appreciate feedback!
    I don't know if this applies to you.

    If your US account is in the Bank of America you can take money out of Scotiabank ATM's in the DR without fee.

  3. #3
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    Quote Originally Posted by Expat13 View Post
    Has anyone had experience receiving their monthly income (remuneration) from their companies USA bank, directy to their DR bank.

    I deal with Scotiabank in DR and want to minimize the associated fees/charges for receiving funds on a monthly basis.

    Appreciate feedback!
    Why are you using ATMs when you could be writing checks on your US account?

    That is what I have been doing for years and many other expats do as well.

    Establish a relationship with a banco de cambio and when you need money, go there and cash a check. No fees and your money is safe in your US bank.

  4. #4
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    Neither one of the responses here have addressed the OP's question!
    Sorry, could not resist here Ken, weren't you a school teacher?

  5. #5
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    Default

    I do not have a bank account in the USA, but the company where I sit on the board does. So I need from their(Company) business account to my account here.

  6. #6
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    Sounds like it needs to be wired to ScotiaBank RD from the Business's account.

    Small fee every month.

    Your choice at the RD end -- Us $$ or DRP

  7. #7
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    If you got a personal US account, lets say in Bank of America(BOA), and have your company direct deposit to your US account, then you got two options which you can use at your discretion:

    1) Withdraw funds(in pesos at Scotia's exchange rate) from a Scotia bank ATM(If Ken is correct that there would be no fee from BOA)

    2) Go to Marco's Cambio and write out a check to get funds(you will know the exchange rate right there and then), Marco's cambio has a process to establish a relationship with you, call and ask!

    The idea here is no to pay fees! from either USA bank or Dominican bank, and I would keep my $ in the USA.....

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