Monthly Direct deposit from USA bank to DR Bank

Expat13

Silver
Jun 7, 2008
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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!
 

Celt202

Gold
May 22, 2004
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Another Option

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.
 

Ken

Platinum
Jan 1, 2002
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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.
 

Tamborista

hasta la tambora
Apr 4, 2005
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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?
 

Expat13

Silver
Jun 7, 2008
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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.
 

william webster

Platinum
Jan 16, 2009
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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
 

chrisrose97

Member
May 2, 2010
302
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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.....