Best way to bring money to the DR?

Webbum · Apr 24, 2012

I want to invest into a "small" business in the DR, i have a few avenues.
I'm thinking money transfer, but to what bank?
Of course I wouldn't want to arrive at the airport with a pocket full of cash.
I understand I can use ATM's but if I need alot of money at once that would be useless.
Most countries let you bring in a maximum of 10K, after that I'm I taxed?
Ideas?

Thank you,

PJ

AlterEgo · Apr 24, 2012

You would have to open a bank account first, and then transfer the money into your own account. We opened a dollar account for just that purpose, that way you can convert it to pesos wherever you get the best rate. If you deposit it into a peso account, you get whatever the bank is offering. With the upcoming election, some think the dollar will spike in value, so you don't want a lot of money in pesos.

You can bring any amount with you, but you MUST declare it, and have proof of where it came from, or they will confiscate it. There is no "tax".

Ken · Apr 24, 2012

Webbum said:
I want to invest into a "small" business in the DR, i have a few avenues.
I'm thinking money transfer, but to what bank?
Of course I wouldn't want to arrive at the airport with a pocket full of cash.
I understand I can use ATM's but if I need alot of money at once that would be useless.
Most countries let you bring in a maximum of 10K, after that I'm I taxed?
Ideas?

Thank you,

PJ

You ask what bank. Where are you going to be located? Banco Popular is known as a solid bank and has branches all over the country. That would be one bank to seriously consider for a transfer.

Banco Santa Cruz is also worth considering: Banco Santa Cruz - Centros de Negocios

They don't have as many branches as Banco Popular, but their rate of exchange is usually better and the spread between buying and selling dollars usually less than Banco Popular. I would say they are more client friendly than is Banco Popular.

Lobo Tropical · Apr 24, 2012

Depends on your country of residence.
Canada and US consider Scotiabank - wire transfer - open account - transfer to partner if trusted.

Webbum · Apr 24, 2012

Ken said:
You ask what bank. Where are you going to be located? Banco Popular is known as a solid bank and has branches all over the country. That would be one bank to seriously consider for a transfer.

Banco Santa Cruz is also worth considering: Banco Santa Cruz - Centros de Negocios

They don't have as many branches as Banco Popular, but their rate of exchange is usually better and the spread between buying and selling dollars usually less than Banco Popular. I would say they are more client friendly than is Banco Popular.

Thank you for the bank info. I'm considering Puerto Plata, and Las Terranas. I'm in Canada now.

Lobo Tropical · Apr 24, 2012

Webbum said:
Thank you for the bank info. I'm considering Puerto Plata, and Las Terranas. I'm in Canada now.

Scotia bank has branches in Sosua and Cabarete check POP on net.

bob saunders · Apr 24, 2012

I have a $us Account at BHD and do online transfer from Royal Bank in Canada. They let you do up to $2500 PER DAY AND IT'S IN YOUR ACCOUNT IN ABOUT 2-3 DAYS.

william webster · Apr 24, 2012

L T has ScotiaBank too.

Joe Boots · Apr 24, 2012

The 10K limit is for negotciables ie Cash or Blank Bank checks. If you bring a bank check made out to a person or a corporation no problem with customs. I did this and wrote it right on the customs card and didnt have a problem. I did homework on it before hand and had the regulation printed in my pocket. If you do it this way I suggest you do the same. When it gets deposited you wont get the best exchange rate if turning it to pesos. But you wont have to deal with a big transfer fee or have to open a foreign bank account for one transaction. If you decide you do want to transfer via international wire I would go Banco Popular. I tried banco Leon and Reservas and they were a hassle. Dont go to the Santo Domingo branch they are a bit stiff lipped. Open the account in a small branch. I have my Cedula and residency and they did copy it. I dont think they would have openned it without it. It may be possible but I think it will take a long waiting period or something like that.

william webster · Apr 24, 2012

I think this whole procedure gets blown out of proportion a bit.

If you open an account here and are transfering legitimate funds, there is no problem.

Carrying it in is OK too -- same rules - Legit money.

The US customs told me not be afraid to declare incoming money on your person as long as you can substantiaite where it came from.
That was when when being given my NEXUS card.... they just want to know where it came ffrom.

Its all anti-laundering stuff. Show the bank withdrawal and it s done == or should be

belmont · Apr 24, 2012

william webster said:
I think this whole procedure gets blown out of proportion a bit.

If you open an account here and are transfering legitimate funds, there is no problem.

Carrying it in is OK too -- same rules - Legit money.

The US customs told me not be afraid to declare incoming money on your person as long as you can substantiaite where it came from.
That was when when being given my NEXUS card.... they just want to know where it came ffrom.

Its all anti-laundering stuff. Show the bank withdrawal and it s done == or should be

I think people are more concerned with Dominican Customs rather than US Customs.

Webbum · Apr 24, 2012

bob saunders said:
I have a $us Account at BHD and do online transfer from Royal Bank in Canada. They let you do up to $2500 PER DAY AND IT'S IN YOUR ACCOUNT IN ABOUT 2-3 DAYS.

I have a RBC account in Canada. Did you open a RBC bank account with U.S. funds? What's BHD stand for? Scotia Bank would be an option as well.

rubio_higuey · Apr 25, 2012

Joe Boots said:
The 10K limit is for negotciables ie Cash or Blank Bank checks. If you bring a bank check made out to a person or a corporation no problem with customs. I did this and wrote it right on the customs card and didnt have a problem. I did homework on it before hand and had the regulation printed in my pocket. If you do it this way I suggest you do the same. When it gets deposited you wont get the best exchange rate if turning it to pesos. But you wont have to deal with a big transfer fee or have to open a foreign bank account for one transaction. If you decide you do want to transfer via international wire I would go Banco Popular. I tried banco Leon and Reservas and they were a hassle. Dont go to the Santo Domingo branch they are a bit stiff lipped. Open the account in a small branch. I have my Cedula and residency and they did copy it. I dont think they would have openned it without it. It may be possible but I think it will take a long waiting period or something like that.

Joe, what exactly is considered a "blank check"? A checkbook? Because I don't think it's prohibited to carry cross-border your US or Dominican checkbook with blank checks in it .... or is it? That would be ridiculous, what if my account has only 10 dollars on it, my "blank checks" would be then worth no more than that .... ???

La Mariposa · Apr 25, 2012

Joe Boots said:
The 10K limit is for negotciables ie Cash or Blank Bank checks. If you bring a bank check made out to a person or a corporation no problem with customs. I did this and wrote it right on the customs card and didnt have a problem. I did homework on it before hand and had the regulation printed in my pocket. If you do it this way I suggest you do the same. When it gets deposited you wont get the best exchange rate if turning it to pesos. But you wont have to deal with a big transfer fee or have to open a foreign bank account for one transaction. If you decide you do want to transfer via international wire I would go Banco Popular. I tried banco Leon and Reservas and they were a hassle. Dont go to the Santo Domingo branch they are a bit stiff lipped. Open the account in a small branch. I have my Cedula and residency and they did copy it. I dont think they would have openned it without it. It may be possible but I think it will take a long waiting period or something like that.

There is no 10K limit. If you enter the D.R. with 10K and more (or more than 10K) cash or check or money order or whatever..you have to declare it.
It's the same in U.S., Canada and many other countries.

bob saunders · Apr 25, 2012

Webbum said:
I have a RBC account in Canada. Did you open a RBC bank account with U.S. funds? What's BHD stand for? Scotia Bank would be an option as well.

Yes I have an us$ dollars account, and you could use Scotia bank as well. Cost is about $ 50 to wire $12000.

william webster · Apr 25, 2012

The advantage to RBC is that you can actually go to a physical bank in the US if you need to.... PNC.
They are divesting themselves of PNC but if you are an RBC client in their Wealth Mnagement dept, you can stay.
A small investment account keeps you w/ PNC after the sale.

Scotia RD and Canada are separate corporate entities but I found it useful to be introduced by my Cdn manager to a branch in RD. Bettr than walking in off the street, so to speak.

Bob's right, about $40-50 to wire money from either.
Scotia ATM's are free here using the Cdn card.

My choice has always been to wire money.... I carry up to $5k with me sometimes... usually wire that amount and it arrives in 2-3 days.

pi2 · Apr 25, 2012

william webster said:
The advantage to RBC is that you can actually go to a physical bank in the US if you need to.... PNC.
They are divesting themselves of PNC but if you are an RBC client in their Wealth Mnagement dept, you can stay.
A small investment account keeps you w/ PNC after the sale.

Scotia RD and Canada are separate corporate entities but I found it useful to be introduced by my Cdn manager to a branch in RD. Bettr than walking in off the street, so to speak.

Bob's right, about $40-50 to wire money from either.
Scotia ATM's are free here using the Cdn card.

My choice has always been to wire money.... I carry up to $5k with me sometimes... usually wire that amount and it arrives in 2-3 days.

With tdameritrade its free to wire money to the DR. With Bank Popular dollar account in the DR its free to receive money subject to conditions.

With td ameritrade yu can get interest by investing in bonds etc. Its virtually no overhead to wire every month or so. With tdameritrade there is a chequebook to pay US bills, vendors etc. again no charge.

If you open an account you get free trades - for example for bond purchase.

Living costs are very low in the DR so few transfers are necessary.

pi2.

frank recktenwald · Apr 25, 2012

pi2 said:
With tdameritrade its free to wire money to the DR. With Bank Popular dollar account in the DR its free to receive money subject to conditions.

With td ameritrade yu can get interest by investing in bonds etc. Its virtually no overhead to wire every month or so. With tdameritrade there is a chequebook to pay US bills, vendors etc. again no charge.

If you open an account you get free trades - for example for bond purchase.

Living costs are very low in the DR so few transfers are necessary.

pi2.

You haven't been to many other places have you?

pi2 · Apr 25, 2012

frank recktenwald said:
You haven't been to many other places have you?

UK, France, Thailand,Greece, Germany, Switzerland etc. A quite simple restaurant meal in the UK for two with wine can easily run to 180$. Gasoleine is twice the price of the DR or more. Rent for a single bedroom appt in a modern block with swimming pool is maybe $200 a month in the DR, 750$ in UK, $600 in Florida. Plus there are small utility bills.

pi2

william webster · Apr 25, 2012

pi2 said:
With tdameritrade its free to wire money to the DR. With Bank Popular dollar account in the DR its free to receive money subject to conditions.

With td ameritrade yu can get interest by investing in bonds etc. Its virtually no overhead to wire every month or so. With tdameritrade there is a chequebook to pay US bills, vendors etc. again no charge.

If you open an account you get free trades - for example for bond purchase.

Living costs are very low in the DR so few transfers are necessary.

pi2.

The largest online trader in the world ... Toronto Dominion Bank owned = Canadian

Many are unaware of that

Best way to bring money to the DR?

New member

Administrator

Platinum

Silver

New member

Silver

Platinum

Platinum

Member

Platinum

Bronze

New member

Gold

Bronze

Platinum

Platinum

Banned

Platinum

Banned

Platinum