Receiving bank wire transfers to the Dominican Repblic

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ginux1

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Aug 21, 2014
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I am having difficulty finding proper information from Banco BHD. Each time I enter the bank i am told a different story as the rules in receiving international wires .

I am attempting to receive an international USD wire.

1. But the bank told me my USD account must be active for over 6 months (which it is not) in order to receive the transfer.

2. Another time the teller told me there is no time limit but the SENDER must provide a copy of passport + bank reference. (which is impossible as the sender is a corporation)

Has anyone had any experience in receiving USD wires from an international bank?
 
Xavier_Onassis

Xavier_Onassis

Gold
Aug 6, 2006
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I suggest WU, xoom or XE.
Bank transfers in my experience, have been slow, involved nasty fees and poor exchange rates that are not known until the actual money in peso form arrives.

I have had experience. It perhaps was atypical, but it sucked, for the reasons revealed above.
 
G

gibbs

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May 31, 2005
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XOOM works best for me. Fast and inexpensive. Last transaction arrived in my DR account in 15 minutes
 
G

ginux1

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Aug 21, 2014
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Xavier_Onassis said:
I suggest WU, xoom or XE.
Bank transfers in my experience, have been slow, involved nasty fees and poor exchange rates that are not known until the actual money in peso form arrives.

I have had experience. It perhaps was atypical, but it sucked, for the reasons revealed above.
Click to expand...

I may try WU or XOOM or Moneygram, problem with western union they seem to never have enough cash on hand in the office to clear an amount. It could just be the specific one I am going to.

I am wondering if with XE it is a wire transfer if i would run the same problems as my original post considering i am not able to receive wire transfers at this time for a minimum of 6 months.
 
Xavier_Onassis

Xavier_Onassis

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Aug 6, 2006
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Xoom will charge you $4.99 if they take the money from a US bank account, and deliver the money personally within a day. The exchange rate is around 41.40 lately, as opposed to the 43.35 that you can get if you change US dollars.

There may be a promotional rate that will eliminate the $4.99 for your first transaction. Xoom will pay $15.00 to those recommending a new customer.
 
M

Mauricio

Gold
Nov 18, 2002
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Xavier_Onassis said:
I suggest WU, xoom or XE.
Bank transfers in my experience, have been slow, involved nasty fees and poor exchange rates that are not known until the actual money in peso form arrives.

I have had experience. It perhaps was atypical, but it sucked, for the reasons revealed above.
Click to expand...
Bank of America to banco popular. Way better exchange rate than Xoom, 43.1 right now. Same day delivery in my account. Fees 45 at BofA end and 15 + 300 pesos at popular end. Wires of 1000 or more are better by bank.
 
Wishing you well

Wishing you well

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Sep 4, 2012
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This is simple. BHD should give you their SWIFT and intermediate bank SWIFT. You provide this info along with bank account number to the corporation which would originate the transfer and they will pass it up to the bank which will execute the electronic bank transfer.

Money should show up in your account within 3 to 5 days and available to you after 10 businesses days.

You've mentioned you USD is inactive?

If so, make a small deposit to reactivate prior to the transfer and everything should be fine.

How much is involved anyways?

If small amount, rather use XOOM.
 
Xavier_Onassis

Xavier_Onassis

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Aug 6, 2006
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I do not have a Bank of America account. I have a credit union account.
I do not have a Banco popular account, either.

I thought the bank transfer would be cheaper as well, but it took several days and cost more than xoom would have.
If I were doing a lot of transfers, I would look into opening accounts in the banks mentioned.

A Swiss guy who is retired in Barahona tells me that Scotiabank has the best deals on transfers, but I have no particulars on this.,
 
S

SugarMorena

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Mar 24, 2013
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I used Banesco to receive a wire from my US Account and no problem. Just had to provide information on the source of the funds.
 
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JuanDolioLiving

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Sep 7, 2010
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I have an account with BHD, POPULAR and Reservas in USA and I have never had any problem receiving wire transfer. The longer it takes is like 5 business days and that is when it comes from Europe. Depending on the Western Union office that you go they have different amount on their location because they worry about getting Robb so sometimes when a large amount is to be pay they call in for more money to pay out.
 
G

ginux1

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Aug 21, 2014
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Wishing you well said:
This is simple. BHD should give you their SWIFT and intermediate bank SWIFT. You provide this info along with bank account number to the corporation which would originate the transfer and they will pass it up to the bank which will execute the electronic bank transfer.

Money should show up in your account within 3 to 5 days and available to you after 10 businesses days.

You've mentioned you USD is inactive?

If so, make a small deposit to reactivate prior to the transfer and everything should be fine.

How much is involved anyways?

If small amount, rather use XOOM.
Click to expand...

I was told by Banco Bhd that in order to receive a wire transfer to my account in USD that my account at Banco BHD must be 6 months old. And considering it is not. At this time i am not abke to receive USD wire transfers from an international bank. And to add that this is now a standard law.
 
V

VJS

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Sep 19, 2010
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Never heard of this 6 months rule, sounds too stupid even for DR. Ask in a different branch to make sure, or inquire in a different bank altogether. I have a BanReservas account and international wires hit it in 2 days.
 
G

ginux1

New member
Aug 21, 2014
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VJS said:
Never heard of this 6 months rule, sounds too stupid even for DR. Ask in a different branch to make sure, or inquire in a different bank altogether. I have a BanReservas account and international wires hit it in 2 days.
Click to expand...

When i was told this my brain basically had to hit a reset button. A bank telling you for 6 months they are not interested with foreign money. Im going to do just this try a 3rd branch (maybe getting a 3rd completely different story) or trying another bank altogether.

this was dealing with usd only. Usd transfer to usd savings/chequing
 
M

Mauricio

Gold
Nov 18, 2002
5,607
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I calculated this with a bunch of scenarios. Sending dollar to dollar, dollar to pesos, dollar to euro, from us to DR , us to Europe, above usd1000, wire to banco popular is cheaper than Xoom and it's fast (half an hour most of the time).

Scotiabank may have better rates, but it won't be more than 0.10 pesos/usd.

Xoom's rate is 2 pesos off per dollar. So 2000 pesos per usd1,000
 
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morganstern

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Jun 4, 2014
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Xoom charges usually are .....for a peso transfer the discount upon payment is about 3%. Xoom will do the transfer dollars to dollars for a fixed fee that depends on the amount transferred. You get your money at Caribe Tours in minutes and I hate dealing with my bank(Reserva) (and by the way....the bank itself has NO IDEA how to accomplish direct deposit of Social Security payments-at least in Sosua...and when I called Santo Domingo I was given a bunch of BS. Sometime I will change the direct deposit to Popular I think...I think) If your U.S. bank is BofA you can use Scotia ATM here and yes....3% is the payout discount with no ATM fee charged...just 3% deducted from your BofA account.
 
Xavier_Onassis

Xavier_Onassis

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Aug 6, 2006
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It is not Caribetur, that is the bus company it is Caribe Express. They will bring your money to you by motoconcho if you ask.

Caribe Express will also exchange your dollars & Euros for pesos. Caribetur has a moneychanger with really good rates at their bus depot in SD, by the way.
 
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gandolf50

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Apr 17, 2011
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I have Wells Fargo in the US. They have a "family and friends" option that allows up to $1000U$D a day transfer to one of three banks in the D.R. . The exchange rate is not the best but the money is usually available within a few minutes. I had to call to arrange the first transfer, but after that it can be done on line. The fee for $1000 is $6 if I recall and less if you send less.
 
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