Though surprised, I have not found a thread on this issue... the best/cheapest way to transfer dollars or euros into pesos for investment purposes. Does anyone have some good advice ?? There are some Internet services that give much better deals than banks, but I have not found one that deals in DOP. Thanks in advance.
- Thread starter grenouille
- Start date
How to transfer large sums of money...
Are you looking for pesos - switching dollars to RDP?
You posted in real estate..... some R/E transactions are in dollars or Euros or RDP.
Personally, I wired my lawyer the money and he went from there.
During construction, I continued to wire the money to the lawyer and the builder went to him to get a check.
I prefer bank to bank for large sums.... no third party/Internet.
Each to his own
You posted in real estate..... some R/E transactions are in dollars or Euros or RDP.
Personally, I wired my lawyer the money and he went from there.
During construction, I continued to wire the money to the lawyer and the builder went to him to get a check.
I prefer bank to bank for large sums.... no third party/Internet.
Each to his own
Always nice to have a Big Brother protector in case I'm not here to defend myself..... besitos TT
How long the bank to bank tranfer is taking? I think if you are transfering more than 10.000 USD you need to declare it in the DR before they put it in your account. At least that should be the case.
Any experience with that procedure or is that not the case in the DR?
Any experience with that procedure or is that not the case in the DR?
Thats why I used the lawyer for the large sums.... no record keeping.
Money went straight in.
I have sent $10,000 directly to my account w/ no paperwork.
Money arrived in 2 days
Hi:
Be very careful transferring large sums of money from a bank in the US directly to a lawyer in the DR. It sounds like you do not have a lawyer in the DR. Do you have a bank account in the DR? If you do you can wire transfer money from a US account into your DR account. It will take a couple of days for the money to show up. If you trust whoever you are dealing with and I emphasize the word TRUST, then and only then, if they are legit, then you can transfer money directly to a DR bank account. You need to get all the pertinent info from the person you are dealing with, such as, Bank name, address and telephone number in the DR, bank account #, name on the account, name of intermediary bank(s) name, swift number& bank routing number. It will cost you around $50.00 us for bank charges to arrange the wire transfer. Good luck.
LTS
Be very careful transferring large sums of money from a bank in the US directly to a lawyer in the DR. It sounds like you do not have a lawyer in the DR. Do you have a bank account in the DR? If you do you can wire transfer money from a US account into your DR account. It will take a couple of days for the money to show up. If you trust whoever you are dealing with and I emphasize the word TRUST, then and only then, if they are legit, then you can transfer money directly to a DR bank account. You need to get all the pertinent info from the person you are dealing with, such as, Bank name, address and telephone number in the DR, bank account #, name on the account, name of intermediary bank(s) name, swift number& bank routing number. It will cost you around $50.00 us for bank charges to arrange the wire transfer. Good luck.
LTS
Guzman Ariza was the recipient........... worked flawlessly from the land purchase through construction.
I wire directly to myself now, usually $10,000 or less. ScotiaBank, wired in $$ converted to RDP on arrival
I wire directly to myself now, usually $10,000 or less. ScotiaBank, wired in $$ converted to RDP on arrival
Thanks for the responses, but I have not found what I was looking for. Maybe it doesn't exist.
I have sent dollars from the US to my dollar account here, and I did have to justify where the money came from, even though I sent less than 10 000 US at a time.
What I was looking for now is a cheaper way to convert that money into pesos (DOP is the official abbreviation you find on any forex trading or currency sites, not the one you see around town). Bank conversions are quite expensive and I want to convert more money than I care to carry in my pocket to Caribe express. A lawyer here might be more secretive, but I can't beleive any of them would be cheaper ;-).That would seem against their nature.
I have sent dollars from the US to my dollar account here, and I did have to justify where the money came from, even though I sent less than 10 000 US at a time.
What I was looking for now is a cheaper way to convert that money into pesos (DOP is the official abbreviation you find on any forex trading or currency sites, not the one you see around town). Bank conversions are quite expensive and I want to convert more money than I care to carry in my pocket to Caribe express. A lawyer here might be more secretive, but I can't beleive any of them would be cheaper ;-).That would seem against their nature.
The absolute best way to transfer large sums of money, from very large sums to quasi large sums, is to wire transfer it into my bank account. Presto! You'd transferred it!!
I would think the smartest way to do this is to cash a $US check with a cambista drawn on a local bank, if you do not want to walk with currency. You will need an introduction from a current client or a trustworthy local that vouches for you. A US check is also cashable in country, but takes longer to clear.
Your funny Tambo, you say this like you came up with this idea yourself, when it has been posted on DR1......oh, I dunno....100 times, maybe more.
Unlike you, this is exactly what I did, when I lived in the country for a little over a year........
I know your just tryn to help, and your a pretty smart guy..blah, blah, blah....
fa??ade also fa?cade (f-s?d)
n.
1. The face of a building, especially the principal face.
2. An artificial or deceptive front:
I'm just bustin a little, so try not to take this toooo personal.....
Your funny Tambo, you say this like you came up with this idea yourself, when it has been posted on DR1......oh, I dunno....100 times, maybe more.
Unlike you, this is exactly what I did, when I lived in the country for a little over a year........
I know your just tryn to help, and your a pretty smart guy..blah, blah, blah....
fa??ade also fa?cade (f-s?d)
n.
1. The face of a building, especially the principal face.
2. An artificial or deceptive front:
Response
Again, this is a repeat from way back when I got my head taken for doubting that a truly large sum could be converted at the check casher.
It might even have been T-Tambo who took it off.
The thread was about cashing sums.... I have check cashing experience and challenged the amount being stated saying something about the physical size of the transaction - it was duffel bag, gym bag sized money, honestly it was.
They dumped on me something awful..... and sounded as if they knew their stuff.
I backed off.
The point of this is - Yes, you can do almost sized transaction you want.
If truly large, you may need to alert the casher of the amount.
All of this brings into play whether or how you will carry the stash both to and from the cambio.
Plus the fact that you need to share the amount in advance - bringing another fear factor to the table.
If you can get by all of that, rest assured there are cambios here that will 'do the deal'.... virtually unlimited, I was told at the time.
Seems there is quite a bit of funny money on the street looking for a home.
