How banking works in the Dominican Republic

businessdr

Member
Oct 8, 2011
431
2
18
Hello all,

A vendor needs to pay me via wire into my personal bank account.

If I put down just my account #, and the bank information, will the wire be accepted on the D.R side, or must I include my name as well?
 

HumbleHindu

New member
Jan 14, 2010
326
7
0
You should also include name and address. Also if the amount is more than 10000 dollars, they are asking for the proof of sales etc
 

belmont

Bronze
Oct 9, 2009
1,536
10
0
A wire cannot be sent without a payee. To be credited the payee must match the name on the account. If this were not the procedure the receiving bank would have no doublecheck the money is going into proper account as errors in account numbers can occur. If account number and payee are not an exact match the wire will be returned to originator. Trying to get money wired to your business deposited to an account in your personal name won't work unless you can someway add a dba (doing business as) name to the account. I doubt you can without documentation of the business name. If you had that, you'd have had no trouble opening a busisness account.
 

dropshort

Member
May 18, 2008
281
2
18
You will need the SWIFT CODE For Example

BPDODOSXXXX Banco Popular, RD, Santo Domingo, Head Office

Always 11 Characters. If only 8 Characters append XXX
 

belmont

Bronze
Oct 9, 2009
1,536
10
0
Is this question different than last week's? http://www.dr1.com/forums/legal/120489-bank-accounts-dominican-republic-important-question-3.html
My company has had more than one wire returned because the payee on the wire was not the same as the name on the account. Thinking you can send a wire without a payee listed is not going to happen. Besides the bankss objecting, what "vendor" will pay a bill without a payee appearing on his payment. H*ll, if that were possible I'd list my personal account number for all the wires to my boss's account.