Banking... Help!

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drSix

Silver
Oct 13, 2013
1,323
0
36
We moved here in September, and without getting too specific, I have calculated that I have spent just over US$1,000 in wire transfer fees, ATM fees, international processing fees, and low exchange rates.

I get a monthly wire transfer into a US Bank account from my job. I then use xoom.com to send DOP. At times we use are ATM card, but now only when needed. I need to keep a US Bank account to pay US bills, and am not able to have my employer deposit into two separate account, i.e. half to the US and half to a DR bank. I am in the process of opening a DR bank account, but will still have wire transfer fees.

How do you guys deal with this? Is this just the cost of living in paradise, or is there a better way to bank internationally without having all these charges.

I have spent the equivalent of 400 bottles of Presidente in 135 days on banking fees and low exchange rates. That is 2.9 bottles of beer per day I am missing out on.
 
M

Mauricio

Gold
Nov 18, 2002
5,607
7
38
I think (after Scotiabank / BofA alliance is no longer worthwhile) about usd100/month.

I have to plan well to reach that.
Usd15 per receiving wire transfer (2 per
Month) usd45 per outgoing wire transfer (trying to make that one, needs to be two sometimes. Another USD12 by receiving bank here. Totals 87. Plus another 300 pesos at BPD. Almost usd95. Some small fees for when I need to use the us bank card for ATM withdrawals.
 
V

VJS

Bronze
Sep 19, 2010
846
0
36
I don't think you can avoid wire charges but you can minimize them by wiring large amounts (e.g. ~10K) less frequently -> then you waste less per dollars received. Have a USD bank account in DR and wire it there, then withdraw as you need and convert to DOP at the best rate. Don't use any cards, just plain cash.
 
W

windeguy

Platinum
Jul 10, 2004
42,211
5,969
113
Have your money deposited in the US. Cash US dollar checks either at a cambio or deposit them in a US dollar account here, withdraw as needed and change the money at Western Union or Caribe Express. No fees this way.
 
D

drSix

Silver
Oct 13, 2013
1,323
0
36
I can cash US Dollar checks at a Cambio? Personal check, bank issued check?
 
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windeguy

Platinum
Jul 10, 2004
42,211
5,969
113
drSix said:
I can cash US Dollar checks at a Cambio? Personal check, bank issued check?
Click to expand...

Once you have established a relationship with that Cambio, yes you can. Many do that.

If you want to have an ATM card as a back up, setting up a US based Schwab account is supposed to work well by refunding your ATM fees. But it has to be set up in the US.
 
D

drSix

Silver
Oct 13, 2013
1,323
0
36
Derfish said:
But that doesn't cover his central question of how to make US payments.
Click to expand...

I think so. I still have my money in a US account, I can use online banking. I didn't know I could cash a US Based check here.
 
W

windeguy

Platinum
Jul 10, 2004
42,211
5,969
113
Derfish said:
But that doesn't cover his central question of how to make US payments.
Click to expand...

As I read the questions he is looking on how to save with money sent from the US to the DR. My responses cover that, but if I missed something let me know.
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Check cashing at the cambio or the wiring of larger amounts less frequently to a US account in RD are the two best and perhaps only solutions.

It cost money to move money..... no way around it.

As Windy says - your US account in the US stands alone to accept deposits and pay bills.

Have friends bring you money and repay them with a US check...... that's another 'outside the box' answer.
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
38
drSix said:
We moved here in September, and without getting too specific, I have calculated that I have spent just over US$1,000 in wire transfer fees, ATM fees, international processing fees, and low exchange rates.

I get a monthly wire transfer into a US Bank account from my job. I then use xoom.com to send DOP. At times we use are ATM card, but now only when needed. I need to keep a US Bank account to pay US bills, and am not able to have my employer deposit into two separate account, i.e. half to the US and half to a DR bank. I am in the process of opening a DR bank account, but will still have wire transfer fees.

How do you guys deal with this? Is this just the cost of living in paradise, or is there a better way to bank internationally without having all these charges.

I have spent the equivalent of 400 bottles of Presidente in 135 days on banking fees and low exchange rates. That is 2.9 bottles of beer per day I am missing out on.
Click to expand...

To be on the safe side continue to have your money deposited in your US bank. Use a US debit/credit card at the ATM to access pesos in the DR. Open up an account in the DR. Get a DR debit card for the account you open. I would assume you are paying your US bills with an auto pay. If not, do it. It will make things a lot simpler.

LTSTeve
 
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