Best method for euro transfer

L

linker71

Newbie
Mar 12, 2015
7
0
0
Hi,

I need to transfer euros from a German bank to a local bank here in the D.R. and would like to know what is the best way to do so. I have heard that by using a corresponding dominican bank account in europe you can use the IBAN number, and avoid international transaction fees, since it would be like making a european transaction. Does anyone know about this?

I used to do this with Banco Santa Cruz, they would only charge me 10 euros whatever amount, but now they changed their system and dont allow anymore people to use their iban number in europe.

I heard Banreservas does this, but after calling many times they told me they dont.

What would be the cheapest way of transferring euros to a local bank account?
Does anyone use iban numbers to make international transactions from europe?

Thanks
 
W

wrecksum

Bronze
Sep 27, 2010
2,063
96
48
I do this regularly.

Use the full address of the receiving bank.
Account number and name of account holder.

IBAN number and/or SWIFT reference which is supplied by the receiving bank in the DR. (Yes they do have both)

Add message if required.

Certain banks pass by different intermediary banks in the US or partnered banks and the receiving bank in DR will give you the exact
reference when you ask.

There will be fees all the way through but should not exceed around € 10 plus international transfer charges at your bank in Europe.
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
38
linker71 said:
Hi,

I need to transfer euros from a German bank to a local bank here in the D.R. and would like to know what is the best way to do so. I have heard that by using a corresponding dominican bank account in europe you can use the IBAN number, and avoid international transaction fees, since it would be like making a european transaction. Does anyone know about this?

I used to do this with Banco Santa Cruz, they would only charge me 10 euros whatever amount, but now they changed their system and dont allow anymore people to use their iban number in europe.

I heard Banreservas does this, but after calling many times they told me they dont.

What would be the cheapest way of transferring euros to a local bank account?
Does anyone use iban numbers to make international transactions from europe?

Thanks
Click to expand...

If the banks are telling you that they don't use this method than pay the fee and be done with it.
 
L

linker71

Newbie
Mar 12, 2015
7
0
0
Thanks for replying,

My main concern is to find the cheapest way to transfer money. If I understand correctly you pay 10 euros locally and an additional amount for the international transfer? How much do you pay in total?

When I used the iban system from banco santa cruz, I only payed 10 euros in total, no international transfer charges, because it was like a european transaction since I just make a transfer from my bank in germany to a corresponding bank of santa cruz in germany, it took 2-3 days until it was reflected at my local bank.

I am sure this is still possible, just need the right information.
 
L

linker71

Newbie
Mar 12, 2015
7
0
0
wrecksum said:
I do this regularly.

Use the full address of the receiving bank.
Account number and name of account holder.

IBAN number and/or SWIFT reference which is supplied by the receiving bank in the DR. (Yes they do have both)

Add message if required.

Certain banks pass by different intermediary banks in the US or partnered banks and the receiving bank in DR will give you the exact
reference when you ask.

There will be fees all the way through but should not exceed around € 10 plus international transfer charges at your bank in Europe.
Click to expand...

I was referring to you in my comment above
 
G

granca

Bronze
Aug 20, 2007
1,418
48
0
87
Every quarter day I transfer pounds sterling from my bank in the UK to my bank in the RD and it takes me 5 minutes on the computer. I do this using HiFx.com and it does not cost me a penny until it gets to Banco Popular who deduct a very small amount, I don't know what for however HiFx offered to reimburse me but it is such a small sum I don't bother. I do not know if there is a minimum amount to get this free service, you will have to check with HiFx. HiFx make their money on the difference between the buy and sell rates but they openly quote the rates. I have dealt with these brokers for over 10 years and the only problem I ever had was when the New York transiting bank had weather caused flooding problems on one occasion. Once upon a time they used to give me a free bottle of wine for an introduction but that's no longer very practical to ship a bottle of wine fron the UK to the RD. Have a look at them you've nothing to loose except possible 5 minutes.
 
L

linker71

Newbie
Mar 12, 2015
7
0
0
granca said:
Every quarter day I transfer pounds sterling from my bank in the UK to my bank in the RD and it takes me 5 minutes on the computer. I do this using HiFx.com and it does not cost me a penny until it gets to Banco Popular who deduct a very small amount, I don't know what for however HiFx offered to reimburse me but it is such a small sum I don't bother. I do not know if there is a minimum amount to get this free service, you will have to check with HiFx. HiFx make their money on the difference between the buy and sell rates but they openly quote the rates. I have dealt with these brokers for over 10 years and the only problem I ever had was when the New York transiting bank had weather caused flooding problems on one occasion. Once upon a time they used to give me a free bottle of wine for an introduction but that's no longer very practical to ship a bottle of wine fron the UK to the RD. Have a look at them you've nothing to loose except possible 5 minutes.
Click to expand...

The disadvantage with them, is that I have to change the currency while transferring. In the end you end up with higher costs through the exchange rates, than if you would transfer euros directly to a local euro account, and exchange it locally for dominican pesos.
 
D

donP

Newbie
Dec 14, 2008
6,942
178
0
Exchanging Cheques

linker71 said:
Can only transfer dollars, not euros...
Click to expand...

.... which is not bad at all.
I transfer Euros to my US bank and use their $-cheques to exchange at my 'cambero'.
Thus I get a better rate in the end.

donP
 
F

fuchs4d

Active member
Mar 7, 2004
355
191
43
linker71 said:
Hi,

What would be the cheapest way of transferring euros to a local bank account?
Does anyone use iban numbers to make international transactions from europe?

Thanks
Click to expand...

Cheep, fast and good online banking:
postbank.de

All institution publish their conditions on their websites.
With the above, you are on the save side.

I assume you have an EUR account at your dominican bank.
No idea about transfer to a peso account.

With higher amounts, the dominican bank may ask you where the funds come from before the transaction appears on your account, because they may be required to do so.

Never had a problem with Banco Popular.
BP also has good online banking including for EUR account.

*******************
Western Union:
Online transaction:
Fees to transfer 1000 EUR is EUR 16,- (1.6%).
From your account, paid out in cash.
You have to register at Western Union and go thru the identification process.


Alexander
 
MikeFisher

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,771
2,206
113
Punta Cana/DR
www.mikefisher.fun
every transaction over 10KUS$ the bank is obliged to ask those questions about where that money comes from.
they also do requests for such questions by the european financial authorities when you do frequent transactions lower than $10K each but passing a certain monthly total.
i had such over the years twice with my paypal account, both times the european authorities ordered my account to be frozen for withdrawls(still could receive customers payments) and i had to provide business papers proving that i pay taxes on that money. i provided the papers online and the account been reopened right away.
if you transfer sums higher than 10K at a time from a european union bank account, your bank in europe provides you with the necessary paper for proof that it is clean money arriving here. for the banks in europe it is standard procedure to produce such paper.

Mike
 
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