Most cost effective method for accessing/transferring funds from US banks into the DR

Matem?tico

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Mar 25, 2014
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How do you guys transfer funds from US bank accounts ( hopefully avoiding the expensive bank transfer fees) into DR banks?
 

ExDR

Member
Jul 31, 2014
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How do you guys transfer funds from US bank accounts ( hopefully avoiding the expensive bank transfer fees) into DR banks?

Zoom is by far the cheapest and they will call the recipient before you even have a chance to tell them that you sent it. It's great to have a choice after all those years of paying an outgageous amount with Western Union.
 

Mauricio

Gold
Nov 18, 2002
5,607
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Zoom is by far the cheapest and they will call the recipient before you even have a chance to tell them that you sent it. It's great to have a choice after all those years of paying an outgageous amount with Western Union.

That's not entirely true. Xoom is the cheapest only if you send not too big amounts (up to USD1800 more or less). Above that wiring by bank is cheaper. Wiring from Bank of American to Popular cost USD60 + 300 pesos, but at a decent exchange rate. Sending by xoom dollars to pesos is something like USD5 but at a bad exchange rate (currently 43.06 against 44.50 at banco popular, difference 1.44, if you send 1800 dollars you 'lose' 2600 pesos which is about USD60, above USD1800 it will progressively be cheaper to do a bank wire). Sending dollars to dollars with xoom is more expensive (USD55 for sending USD2999). So yes, that's a little cheaper than a bank wire, but if you need to wire more than USD2999 you will have to pay the cost twice, for example USD2999+USD1001 will cost you almost USD80).
 

Golfer

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Apr 7, 2002
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Western Union or MoneyGram. $8 per 1,000 and they will send dollars for dollars
 

AlterEgo

Administrator
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Jan 9, 2009
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I just write a check and deposit it into our DR account. Clears in a week or so, so we plan ahead.
 
Aug 6, 2006
8,775
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I sent $5000 via a bank to bank arrangement, and it took exactly six days, during which there was only the information that the money was not in the US or in the DR. This was between my credit union and the Banco de Reservas. This was a dollar toi peso exchange, but I was unable to find out what the exchange rate was going to be. It turned out to be a pooerer rate that was quoted by xoom, and the fee was $35 US rather than xoom's fee of $4.99.
xoom will deliver cash directly to the recipient's address for no additional charge, and within several hours at most. xoom uses Caribe Express as its agent in the DR, and they are is not open on Sundays after 1:00 PM.

Perhaps the problem was with the Banco de Reservas. But in the event I need to send such a sum again, I think I will use xoom.

I have no personal experience with Ria Envia. I know people who have used them and they like the service.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
I sent $5000 via a bank to bank arrangement, and it took exactly six days, during which there was only the information that the money was not in the US or in the DR. This was between my credit union and the Banco de Reservas. This was a dollar toi peso exchange, but I was unable to find out what the exchange rate was going to be. It turned out to be a pooerer rate that was quoted by xoom, and the fee was $35 US rather than xoom's fee of $4.99.
xoom will deliver cash directly to the recipient's address for no additional charge, and within several hours at most. xoom uses Caribe Express as its agent in the DR, and they are is not open on Sundays after 1:00 PM.

Perhaps the problem was with the Banco de Reservas. But in the event I need to send such a sum again, I think I will use xoom.

I have no personal experience with Ria Envia. I know people who have used them and they like the service.
Banco Popular - below 10,000 it takes about one hour max. Often instantly.
 
Aug 6, 2006
8,775
12
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I will keep this in mind, thanks. The problem is that I was sending it to a Banco de Reservas account. I won't be doing that again.
 

Irie

New member
Aug 15, 2014
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I'm not sure if this is the most cost effective (or what the OP had in mind), but I know Charles Schwab charges no ATM transaction fees. Well in reality they do, but they are refunded to the account at months end. You can transfer from your bank account to it wireless and then simply withdraw here in the DR to use or deposit in a DR account.
 

Drro

Bronze
Mar 22, 2006
1,407
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I also deposit checks into my accounts here in Banco Santa Cruz and Banco Leon, clears the states in 2 days, here it still is 'pending' so I expect 30 days possible. So long as you don't need the money right away, it's the cheapest. Of course they examine the check from corner to corner, top to bottom and front to back - in that they're consistent.
 
Aug 6, 2006
8,775
12
38
I'm not sure if this is the most cost effective (or what the OP had in mind), but I know Charles Schwab charges no ATM transaction fees. Well in reality they do, but they are refunded to the account at months end. You can transfer from your bank account to it wireless and then simply withdraw here in the DR to use or deposit in a DR account.

Both Chas. Schwab and Fidelity have Debit cards that refund ATM fees. They do not, however refund any possible disparity in exchange rates.
Schwab and Fidelity are excellent companies. They have terrific customer service. So do most investment companies, at least all those I have done business with.

The Fidelity Debit Card is through American Express. The Fidelity AMEX CREDIT card gives you 2% back on all purchases.
Two percent is not a lot, but it does add up, and is certainly better than nothing.