Best way to wire money from the US to the DR

CarpeDReam

New member
Feb 17, 2006
362
0
0
Hi All,

I will be moving to the DR soon. My job is allowing me to work from home and so I will still be making a US income and have my salary deposited to a US account. I will for sure have tons of questions. The one I have now is: what is the best way to wire money each month to a DR account from the US? I asked my bank, Citibank if they have any affiliation with any bank in the DR where they can do this and they said no but they can wire for free...if you have $50K in your account--I have a loooong way to go before I get there. I asked Popular Community Bank (Aka Banco Popular) and they said the charge is $40. I'm thinking my best best is do Xoom.com but I was wondering if there is a way to do this that I may not know of since I think the max I can wire myself is $1K (not sure if it's $1K a month or not or per transaction). How do you guys do it?
 

bronzeallspice

Live everyday like it's your last
Mar 26, 2012
11,009
2
38
I'm quite sure you will be getting some response. But let me say Congrats CarpeDReam
on your move to the DR(soon) and that you found employment to work from home and will be
getting paid in dollars! You and your family will do just fine.:)
 

CarpeDReam

New member
Feb 17, 2006
362
0
0
I'm quite sure you will be getting some response. But let me say Congrats CarpeDReam
on your move to the DR(soon) and that you found employment to work from home and will be
getting paid in dollars! You and your family will do just fine.:)

Thank you bronze. We are really excited about it. Just can't wait to get past this whole moving phase though. I'm sure it'll all be worth it though!
 

drSix

Silver
Oct 13, 2013
1,323
0
36
I am in the same situation. Xoom is what I use. You can either send the money in USD or DOP to bank or Caribe Express(A money exchange place, they are all over this island). The exchange rate on DOP is horrible, so I recommend USD. Someone here on DR1 posts a monthly code for free transfers, get the code, enter it, send in USD, and then change the money locally at the best rate. Or, deposit the USD into a local account you've opened up. I'd recommend just having cash until you get a feel for the island and banking.

As far as amounts go, you start at $2,999 a month as a max. There is also a yearly max, and every three months max. I don't know what they are. Once you break that limit, they will contact you and request additional information such as ID, passport, a US utility or medical bill (something that ties you to the US). They will also ask you what you are sending money for. And your answer will be, living expenses like food, clothing, transportation. You are not allowed to send money for 'services', paying rent is a service. You can tell them you spend $3,000 a month on rum, but not that you spend $1,000 a month on rent or a car payment (I may not be correct on the car payment).
 

Deyvi

*** I love DR1 ***
Dec 23, 2009
579
2
0
The bank you do business with now would have the best info on this. There are laws related to money laundering. If you already have a banking relationship they will be able to navigate you through this. If you deal with a community bank, they should be able to channel you to a larger bank to handle your affairs. Under an ongoing employment situation the fees should be minimal.
If you have an account with Charles Schawb their ATM fees are free worldwide and I forget the wire transfer fees. I think it was 1 free a month and $12 after. But I'm senile.
Best to initiate your banking relationship in the US rather than the DR. Bank of America may still have a relationship with Scotia.
 
Aug 6, 2006
8,775
12
38
I have heard, from a Swiss guy who has lived in Barahona for over a year, that Scotiabank has the best rates. There is no Scotiabank in Barahona, he drives to Azua every month. Scotiabank has a connection to another bank where he has his pension deposited.

I discovered that wiring money through my credit union took way longer and got me a poorer exchange rate in pesos than using xoom, and a $40 fee as well.

Xoom has an exchange rate of $1.00 US = RD$ 41.5 or thereabouts, plus a $4.99 fee if they take the money from your checking account. They are fast, nearly instantaneous, and you can pick up your money at Caribetours offices.

Bank to bank transfers may be the best way to go, but not the sort of transfer that I used.
 

Deyvi

*** I love DR1 ***
Dec 23, 2009
579
2
0
I think Xoom is the same group as Envios Universal and others. They have a limit of 4K a month.
Your query is SO IMPORTANT.
What part of the DR are you moving to, where are you from. There are DR1's to help.
You may have to do a couple wire transfers and then just then get hooked up with a Casa Cambio to cash your American bank checks.
 

CarpeDReam

New member
Feb 17, 2006
362
0
0
This is all really good advice. thank you all. Deyvi, I will be moving to jarabacoa and live in NY currently.

So far the best options seem to be: Charles Schwab, Scotia-BoA, or cash in american bank checks. Xoom is cheap but didn't know their exchange rate was lower. Is this the same idea for the others? just want to get the most for each dollar that I can.

thank you all once again.
 
Aug 6, 2006
8,775
12
38
I would call to verify exchange rates, and compare it with the rates listed daily on this site.
I have found Schwab to provide excellent service, as do Scottrade, Fidelity and TRowe Price. But they will not be setting the exchange rates.
 

morganstern

New member
Jun 4, 2014
62
0
0
Scotiabank HAD a good deal with Bank of America in the U.S.....but really...no more. Using a BofA account you are not charged the flat free of $5.00 to withdraw money from you account via a debit card....but you will pay 3% of the amount withdrawn. 3% is your working number on withdrawals. You will see using Xoom to Caribe Tours...you will receive pesos with a 3% haircut....again back to the 3% rate that seems to prevail. I did not know that I could Xoom to Caribe Tours and receive dollars(not according to the Xoom software...and I doubt it.) Also....do NOT depend on local banks for knowledgeable info on transfers because they are just not very sophisticated (neither am I) (Bancreserv?) in Sosua with tell you you need a swift number for a U.S. Social Security direct deposit.....totally not true....The Treasury Dept does NOT use Swift numbers) There is no really GOOD way to transfer money that I know of....just the lessor of evils. Again...the hardest thing is to get information that should be routine and uncomplicated. That is why I use Zoom now.
 

morganstern

New member
Jun 4, 2014
62
0
0
Another thought....yes you can use a Schwab card to get money....but the machines usually limit the money you can get in a single transaction and this MIGHT be an problem so to get $2000.00 MIGHT get to be a pain....just a thought.
 

jeanchris

Bronze
Feb 27, 2012
627
0
0
What about just doing a wire to your bank in the usa to a bank in dr?

Sent from my Nexus 5 using Tapatalk
 

JuanDolioLiving

New member
Sep 7, 2010
215
1
0
Look into Remesas Dominicana, I know some American that are working with that service and only paying 5.00USD per transaction but you can only transfer 1000.00USD each time and can only transfer up to 12,000USD each month. So if you only need a few thousands every month that is the best way. You will receive your money here through BHD bank, so it is better if you get the system set up with your bank there before you get here.
 

Viajero

Bronze
Dec 16, 2011
1,593
1
36
Good thread. I have to look into this stuff myself. I had just planned on making ATM withdrawals.
 

mountainannie

Platinum
Dec 11, 2003
16,350
1,358
113
elizabetheames.blogspot.com
wells fargo has this interesting program but you have to start it in the USA and you cannot send it to yourself.. (it looks like)

I have a casa de cambio which I was lucky to get, and they cash my personal checks, no charge for a transfer into pesos, and a small charge.. ok maybe not so small, like 5%?, for a transfer into dollars.
 

TP666

New member
Sep 6, 2005
271
0
0
84
Caribe Express they cash my personal checks for me in any amount up to 8,000us
 

La Profe_1

Moderator: Daily Headline News, Travel & Tourism
Oct 15, 2003
2,293
869
113
But how does the USA check get to you in the DR and how long does that take?

You get the funds direct deposited into a US checking account and cash checks on that account!
 

MiamiDRGuy

Bronze
May 19, 2013
1,373
449
83
Other advice: open up a bank account in DR then open a free account with XE.com trade and you can send as much you want, no limit and better than XOOM.
 
Feb 7, 2007
8,005
625
113
Get Capital One 360 account (former ING direct) and/or Fidelity SmartCash account. If you have SSN and established banking history in USA you can open both online. You get VISA/Mastercard debit card. Both accounts are free, have no monthly minimums, you have check writing and bill pay privileges, direct deposit capability, remote check deposit (scan/photo), free debit card, etc. The account can be linked to Paypal, Popmoney and other services.

Neither entity charges you any foreign ATM withdrawal fee, nor currency conversion fee, and in addition to that Fidelity will reimburse you if the DR ATM charges a fee (more widespread now).
 

Astucia

Papa de Negrita
Oct 19, 2013
667
345
63
Why bother even opening a DR bank account, at least initially? We did when first here, and was a waste of time. Just use a BOA account in the US, and/or a Scotiabank in Canada. Have funds deposited in either. Then use your debit card to retrieve cash here, as needed. No fees when withdrawing from Scotiabank ATM. After you're here for a while - then figure out if you even need a DR bank account. 7+ years here and both DR bank accounts are pretty much dormant. You will figure out how to get large sums ( ie a car purchase, perhaps thru a money-changer ) but seriously - you may not even need a DR bank account. At least for day-to-day living.
 
Last edited: