Wire Transfer to DR question

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MJSantoDomingo

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Apr 13, 2011
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In some posts, I have noticed comments about doing a wire transfer of more than $10,000 to a DR bank account.
I am about to sell some shares and want to wire about $25,000 USD into a DR bank account at Asociacion Popular in order to purchase different things.
Is there anything I should be worried about with doing a wire transfer of $25,000? I have not done a wire transfer into the DR before of any amount.
Should I do three transfers so they are each under $10,000?
I understand from reading here that the bank will send a report to someone (Central Bank??) if the wire transfer is over $10,000. What does that mean? How does it effect me?
Or what is the best way to do the wire transfer, because I would not want the money to be held at the bank?
Thanks for any advice.
 
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SKY

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Apr 11, 2004
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You can send any amount in a Wire transfer. But don't worry Big Brother has a record of it......
 
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MJSantoDomingo

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Apr 13, 2011
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SKY said:
You can send any amount in a Wire transfer. But don't worry Big Brother has a record of it......
Click to expand...

OK - that's all - they just keep a record of it - nothing else. If that is all I have to worry about, then I'll just send the full amount.
 
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belmont

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Oct 9, 2009
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But if you try three transfers of less than $10,000 you may set off alarms that you have something to hide.
 
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MJSantoDomingo

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Apr 13, 2011
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OK - so faxing them a copy of the sale of shares document should suffice? And I should be able to send the full amount with no hold ups or problems?
 
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suarezn

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Feb 3, 2002
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If you don't have any urgency to get the funds I would do three wire transfers of about 8500 each. This way your money is available as soon as they get it and of course like I said in that other thread make sure you don't have more one wire transfer in the pipeline at once. Wait a few days after one is done before you do the next one.

Also be aware that banks in The DR (Well at least Banco Popular does) charge you a fee of about 0.65% or so if you take the money out within a month of the deposit.
 
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santo1

Member
May 1, 2011
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The desperdos are comming out the woodwork !!! lots of money questions at the moment on DR1 .Things must be tight out there ? people moving money ? for what ever reason ? let me tell you all now there are indicators built in to any large movement of money,including small regular amounts.My bank manager of 9 years knows all my dealings ! i still have to fill in forms sign documents & so on,it has got worst in the last 4 years here,the nine years mean nothing now ! its rules and regulations only.
 
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SKY

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Apr 11, 2004
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I can only tell you what experience I have had. In the Hard Rock Casino in Punta Cana we get Wire transfers in six figures all the time with no questions asked.
 
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belmont

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Oct 9, 2009
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MJSantoDomingo said:
OK - so faxing them a copy of the sale of shares document should suffice? And I should be able to send the full amount with no hold ups or problems?
Click to expand...
Just keep the documentation in your records. They will inquire as to source of funds and report it on the report form. Nothing else for you to do unless documentation is requested.
 
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william webster

Platinum
Jan 16, 2009
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I think this is overthinking.

When I bought property i wired a lot of money to the lawyer, 6 figures...... twice, because the first deal fell through and they sent the $$$ back.

I regularly wire money to Scotiabank - sometimes more thn $10,000.
Yes, as in the US/Canada, the bank records that transaction. It is not the bank who questions you but the financial arm of the government that will pursue the issue if they choose.
The financial arm of the government reviews those bank wire transfer records, not the banks themselves.
 
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Criss Colon

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Jan 2, 2002
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yahoomail.com
In the case of "Funds" from the USA,I know the "IRS" looks at the transfers,and since 9/11 I would bet that "Homeland Security" gets the info as well.
If you are "Clean" you need not worry,but you may have to prove the source of the funds.
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I have,before 9/11 cashed checks at a "money Changer" for 60,then 80 thousand USDs.
When I deposited the cash (PESOS) in "Banreservas" they had me sign a "form" which they said goes to the US government.that was 14 years ago,nothing yet!
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pi2

Banned
Oct 12, 2011
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I wire from an ameritrade account. It is free at US end.
At my end DR there is a small fee - this I could avoid by using Banco Popular but they freeze the funds for some weeks if you want to avoid paying the fee.
No commercial connection with ameritrade and I hope, strictly within topic.
Exchange rates have gone up about 2% in the last 2 weeks so avoiding early dollar transfers/ money exchange can often pay dividends.
Transfers of 1000-2000 dollars in my experience do not attract attention.
Sun is shining must go to beach ( off topic sorry Robert)
But try to be helpful to those who want to limit their impact on our planet.

pi2
 
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william webster

Platinum
Jan 16, 2009
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Criss Colon said:
In the case of "Funds" from the USA,I know the "IRS" looks at the transfers,and since 9/11 I would bet that "Homeland Security" gets the info as well.
If you are "Clean" you need not worry,but you may have to prove the source of the funds.
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
I have,before 9/11 cashed checks at a "money Changer" for 60,then 80 thousand USDs.
When I deposited the cash (PESOS) in "Banreservas" they had me sign a "form" which they said goes to the US government.that was 14 years ago,nothing yet!
CCCCCCCCCCCCCCCCCCCCCC
Click to expand...

You bet that Homeland Security watches.
Take a look at their budget - not bad for a new department. I think they are thethird largestin terms of costs.

I move between Canada, USA and here. So far - so good. Fingers crossed

I am flabbergasted that you could cash that kind of money at the cambioista - back to the money laundering thread - not you but them.

I got my @ss handed to me a couple of years ago on here by saying that amounts like that couldn't be done here. Basically a gym bag full of money
I was wrong. There are some HUGE deals that done here.

I used to be in the check cashing business in Philadelphia - I know what $200,000 in cash looks like.
Not everybody does
 
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rubio_higuey

Gold
Feb 7, 2007
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SKY said:
I can only tell you what experience I have had. In the Hard Rock Casino in Punta Cana we get Wire transfers in six figures all the time with no questions asked.
Click to expand...

business...a well known resort ... why would they ask questions?
 
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Hube Luco

New member
Jul 15, 2012
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I will like to know if you had any problem with the Asociacion Popular and what type of document they ask for proof of funds.
 
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miozio

New member
May 23, 2009
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As they told me at Santa Cruz, it is possible to wire up to 10k without proof each calendar month
I first wired 10K sharp and had to talk to the manager to get those released.
 
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