How can I get my money?

sayanora

Silver
Feb 22, 2012
1,621
36
48
I make money in USD and it gets sent to my US bank account, until now I have been withdrawing money from ATMs in 10k RD batches but after doing the math it costs me almost 10$ each time I withdraw 10k pesos.. Is there any way for me to get my money here without having to physically be in the US? I know I would need to go to a branch in the US to initiate a wire transfer to a Dominican bank, please help me guys.
 

NYerinDR

Member
Jan 9, 2004
134
13
18
If you have a Bank Of America account in US, get a debit card, then you can withdraw peso in Scotia Bank in DR free of any fee!
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
I have a Wells Fargo account and cash my checks at a local casa de cambio. They give me a better rate than any bank and there are no ATM fees.
 

dv8

Gold
Sep 27, 2006
31,266
363
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i used to work for an american company and earn in dollars. they did monthly transfer to my dollar account in a dominican bank. easy peasy.
 

sayanora

Silver
Feb 22, 2012
1,621
36
48
I have a Wells Fargo account and cash my checks at a local casa de cambio. They give me a better rate than any bank and there are no ATM fees.

So I should just get a checkbook and write myself checks?
 

NYerinDR

Member
Jan 9, 2004
134
13
18
My money exchanger wants me to make the checks out to myself, and I get just a little less (1 to 2 peso/dollar) then the bank rate here is Sosua.
 

pdmlynek

Member
Sep 27, 2012
119
0
16
Could you just not do an electronic transfer from your account in a US bank to your account in a DR bank?
 

sayanora

Silver
Feb 22, 2012
1,621
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Could you just not do an electronic transfer from your account in a US bank to your account in a DR bank?

Unfortunately my bank does not allow that whatsoever, I need to physically go into a US branch to initiate a wire transfer.
 
Sep 4, 2012
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Generally the check will be made out to the owner of the casa de cambio or left blank. You will probably need a reference for the first couple of checks.

Also good to keep on mind is that USD checks deposited into local DR bank USD accounts would take anywhere from 10 to 30 business days to clear. Although the money will be gone from your USA bank account within three to five days at the most.

Get it?

Yet another "Dominicanismo" technique, AKA, being "vivos" with our own money, freaking crooks!
 
Feb 7, 2007
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Couple of options here besides the ones mentioned:

1) Open an account with Fidelity, mySmartCash (kind of a virtual checking account). (Still) free ATM withdrawals worldwide and exchange rate is great (39.25 at the moment). ***I think it's now called Fidelity cash management Account***
https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview
comes with free ATM withdrawals, free Visa check card, free check writing, mobile check deposit, free billpay, etc.
The only disadvantage (well there has to be one with all those freebies) is a 5-day clearance hold on all deposits/incoming wires/electronic transfers.
Also deposits on cash mgmt account are FDIC insured and are held by Fidelity on your behalf in FDIC insured banks using Deposit Sweep program.

2) You can do a cash-advance (if your checking account permits that) from your Visa debit card at Banco de Reservas.

3) You can open Chase checking/savings account and you will be able to do worldwide wire transfers through Internet Banking.
 
Last edited:
Sep 4, 2012
5,931
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Unfortunately my bank does not allow that whatsoever, I need to physically go into a US branch to initiate a wire transfer.

Been there done that...

Why would you not switch the direct deposit (assuming this is how you get money deposited into your USA account) to a bank that would allow international wire transfers?

That's how I get my money deposited into my DR bank USD account, whenever I need a significant amount to be available. For regular day-to-day living expenses I just use CC's or cash from ATM.
 
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bermyboy

Bronze
Dec 13, 2007
775
1
0
Quick fix use BHD ATM I think you can withdraw up to 30,000 pesos at a time per transaction for fee of 195 pesos. I know Banco Popular only allows up to 10,000 pesos per transaction. Ive been using BHD for years to get my money out of my account there is one at Coastal Gas Station and at the Bank in Cabarete., The only other way is open a dollars account and then wire your money but sometimes that can tale 3-5 days depending on the amount.
Off subject I went to depositr my rent last month at Ban Resevas and was asked for ID to deposit money in my lamd lords account wierd never been asked that to male a deposit in any bank.
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
Also good to keep on mind is that USD checks deposited into local DR bank USD accounts would take anywhere from 10 to 30 business days to clear. Although the money will be gone from your USA bank account within three to five days at the most.

Get it?

Yet another "Dominicanismo" technique, AKA, being "vivos" with our own money, freaking crooks!

As far as I understand the owner of the casa de cambio has a friend stateside that the checks are made out to who then cashes them. I'm sure nothing illegal is being done. My checks usually clear in a week.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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THats been my experience - those checks get there quickly.

AS far as wiring costs - when you start running out options, paying that wire transfer fee is bulletproof.

Change banks, change your DDep method to an RD bank or pay the fee,
 
Aug 21, 2007
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Ask about different types of accounts at your US back. I have a PNC account that reimburses me all international ATM fees. I must keep a balance in the account of $2,500 in order to be reimbursed and not accrue monthly fees. If you can do that, it is the way to go.

Lindsey
 

Matilda

RIP Lindsay
Sep 13, 2006
5,485
338
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If you go inside the bank you can withdraw the maximum daily limit your US bank imposes in one go without the ATM fees. I do that for my UK bank and maxi s RD$60,000 a day. Just walk in with ID and they swipe your switch card in their machine.

Matilda
 

Celt202

Gold
May 22, 2004
9,099
944
113
I make money in USD and it gets sent to my US bank account, until now I have been withdrawing money from ATMs in 10k RD batches but after doing the math it costs me almost 10$ each time I withdraw 10k pesos.. Is there any way for me to get my money here without having to physically be in the US? I know I would need to go to a branch in the US to initiate a wire transfer to a Dominican bank, please help me guys.

If you have a Bank Of America account in US, get a debit card, then you can withdraw peso in Scotia Bank in DR free of any fee!

This is what I do. I have a bank of America account in Massachusetts and I withdraw from Scotia bank ATM's here in Santo Trafficjam and there is NO FEE. If I go to a teller there is a fee.

If I go to an ATM at other DR banks I get whacked with fees.

Bank of America and Scotiabank belong to the Global ATM Alliance.

Bank of America is a member of the Global ATM Alliance. The Global ATM Alliance is a group of financial institutions that have created the world's first international ATM Alliance.

Use your debit card or ATM card within the Global ATM Alliance in the countries shown with no ATM operator fees or Non-Bank of America International ATM Fee. International Transaction Fees of 1% for converting your currency may apply. Some members may have locations in countries other than the country listed in the coverage area. Only ATMs in the country listed are considered part of the Alliance.


Bank Name Coverage Area
Bank of America North America
Barclays United Kingdom
BNP Paribas France
BNL D'Italia Italy
Deutsche Bank Germany
Scotiabank Canada and the Caribbean. Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St Maarten), St Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands
Westpac Bank Australia and New Zealand



In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM Operator Fees or Non-Bank of America International ATM fee. International Transaction Fee of 1% for converting your currency may apply.