Best way to send money to the US from the DR

Chip

Platinum
Jul 25, 2007
16,772
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0
Santiago
I've found the cheapest to be the ones run out of any local hispanic bodega as opposed to WU, they are a rip off.
 

Givadogahome

Silver
Sep 27, 2011
4,397
2
0
Feb 7, 2007
8,005
625
113
I've just been through all this this week, and without a doubt Xoom is the cheapest and easiest way to do it. You send online, and they have collection points all over the place, banks, Caribe tours all sorts. I think it is $4,99 no matter how much you transfer.
https://www.xoom.com/sendmoneynow/dominican-republic;jsessionid=11AA450C473F4FA5F1012EFA9BB523A5

With payout in pesos @ 37.21 Not that good at all.
WU drafted form your checking account $10 for up to $1000, payout in USD. You can exchange at $38.30

example: transfer US$1000 via XOOM @ US$4.99 fee with payout at 37.21. You get 37.210 pesos which is US$971.5 at exchange rate 38.3.
Actual cost: US$33.49

Transfer US$1000 via Western Union* @ US$10 fee, payout in USD, exchange for 38.30. you get 38.300 pesos. Actual cost: US$10

* Western Union USA online transfer, from US based bank account, payout in USD, after online verification.
 

Givadogahome

Silver
Sep 27, 2011
4,397
2
0
It must depend how much you're sending, as I did the math last week and Xoom came out on top.

But it's no use anyway, he's going the other way.
 
Feb 7, 2007
8,005
625
113
It must depend how much you're sending, as I did the math last week and Xoom came out on top.

But it's no use anyway, he's going the other way.

You break even at 200 dollars. Anything less, Xoom is better. Anything more, WU is better.
Actually, 250 US dollars if you use Xoom payout in USD, Xoom charges you $8.99 with bank account based transfer.
Anyway, over 250 USD WU is cheaper with bank account based transfer with USD payout.

When calculating, you must look at your payout, and calculate your real cost, not only obvious cost. (e.g. how much would you have to wire by Xoom to get the same payout in RD$ as if you wire by WU with US$ payout)
 
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