Sending money

MarkDR

Member
Feb 18, 2016
264
9
18
What are your preferred ways of sending money to DR?
Maybe you could explain what has worked best and why?
TIA
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
If you live near a Latino neighborhood, you may have access to stores who wire the money. It's cheap, the person picks it up in dollars, and then they exchange it for pesos. I think we pay about $6.

I've also sent money via xoom, cost is $4.95 if you use your bank account [as opposed to a credit card], but the exchange rate isn't great. It gets delivered directly into the recipient's bank account, so that is a requirement. To my knowledge, it cannot be picked up anywhere.
 

RV429

Bronze
Apr 3, 2011
1,574
1
36
Western Union is the most common I would suppose.


OP ASKING BEST METHOD!!!
 
Last edited by a moderator:

texan

Member
Apr 1, 2014
442
2
18
I do western union. Just send in dollars and let them exchange into pesos. Much better rate to send in dollars and not send in pesos.
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
If you live near a Latino neighborhood, you may have access to stores who wire the money. It's cheap, the person picks it up in dollars, and then they exchange it for pesos. I think we pay about $6.

I've also sent money via xoom, cost is $4.95 if you use your bank account [as opposed to a credit card], but the exchange rate isn't great. It gets delivered directly into the recipient's bank account, so that is a requirement. To my knowledge, it cannot be picked up anywhere.

Yes, sorry AE, but I sent money from my account to be picked up at Caribe Express just last week. I had checked my online account and saw a charge for $29.73. I wrote to the bank online and told them about it, so they cancelled my card! By xoom I have always used my bank account number to send money, because as she says it is $4.95 instead of $6.95 SO I sent myself the money that was in my account and they sent out a ne card. They said they would send it to my Dominican address, but sent it to Tennessee instead, so my brother has sent it on to meby Jetpack. If it doesn't get here before my social security deposit is made I'll just do it again.
Their exchange rate was 44.24 instead of 45.5 or better. The bank said the charge was for an adult dating site, the of which I haven't even visited since last September, say nothing about paying them anything.
Der Fish
 

Uzin

Bronze
Oct 26, 2005
1,386
20
38
I read on US MoneyGram website that it is very easy/cheap to send money ($USD cash delivered not pesos) from US to DR, you need a US bank account and US driving license. Up to $3000 they charge only $5.

I am unable to do this, the European MoneyGram sites charge a hell of a lot. And I don't have US driving license.

They deliver to various places in DR, like WU (they have a list on their website). I wondered if anyone has done this, no mention of it much on the board normally, but could be very useful...
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
I read on US MoneyGram website that it is very easy/cheap to send money ($USD cash delivered not pesos) from US to DR, you need a US bank account and US driving license. Up to $3000 they charge only $5.

I am unable to do this, the European MoneyGram sites charge a hell of a lot. And I don't have US driving license.

They deliver to various places in DR, like WU (they have a list on their website). I wondered if anyone has done this, no mention of it much on the board normally, but could be very useful...

Moneygram charges $8.00 minimum from a physical location, such as a truck stop or Walmart. I have used them probably 100 times but never by internet. Banco Popular is where one can pick up Moneygram in the DR, but they will not pay out in Dollars, just pesos.
 

MarkDR

Member
Feb 18, 2016
264
9
18
Banco Popular is where one can pick up Moneygram in the DR, but they will not pay out in Dollars, just pesos.

Yes, therein lies the rub.
From all the research I have done so far I have learned that these companies make their money two ways most of the time.

The fee they charge + the exchange rate you are forced to pay (in most cases).

No one has mentioned PayPal yet.
They use a deceptive method. They charge their fee and then say it is up to the bank where you receive your money to
charge their exchange rate.
When you send your money you don't get a quote on the exchange rate (nor can you lock it in).
Perhaps PayPal gets a cut from the bank with their 'exchange rate'?
 

bigwhiskey

New member
Aug 29, 2010
383
4
0
I use XOOM it's cheap fast send dollars and get dollars or pesos if you want. It also has a mobile app
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
Yes, therein lies the rub.
From all the research I have done so far I have learned that these companies make their money two ways most of the time.

The fee they charge + the exchange rate you are forced to pay (in most cases).

No one has mentioned PayPal yet.
They use a deceptive method. They charge their fee and then say it is up to the bank where you receive your money to
charge their exchange rate.
When you send your money you don't get a quote on the exchange rate (nor can you lock it in).
Perhaps PayPal gets a cut from the bank with their 'exchange rate'?

Xoom.com is now a "service of Paypal" They still lock in the exchange rate. It comes up before finishing the transaction.
Der Fish
 

MarkDR

Member
Feb 18, 2016
264
9
18
Yes I realize that PayPal owns Xoom, but PayPal is still playing a game.
They have yet to adopt Xoom's methods of operation.

I just called both companies the past few days to find out information.

Get this, Xoom will not allow you to pay for your transactions using PayPal !!!
Huh ???

And when you use PayPal, as I mentioned above, you do not know the exchange rate you will be charged until days after the transaction.
The rate will be up to the bank's discretion where the money will be picked up.
The rate won't be PayPal's (at least not officially).
 
Aug 6, 2006
8,775
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And when you use PayPal, as I mentioned above, you do not know the exchange rate you will be charged until days after the transaction.
The rate will be up to the bank's discretion where the money will be picked up.
The rate won't be PayPal's (at least not officially).

From this, I guess you think that xoom is a better deal. Am I right?
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
Has anyone ever sent money internally with Caribe Tours? Caribe Express? Sending to a recipient inside the country?

Yes I have. Go to Caribe express office usually near a caribe tours bus station and have your recipient's cedula number and all 3 or 4 of her names. Doesn't cost much, I don't remember how much, but it surprised me that it was that low.
 

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
Two ways to get screwed. One is charges for sending Second is getting beat on the rate charged for change into pesos. Consider both. Cheapest deal is local Latin market, usually
 

RobFenton

New member
Dec 14, 2015
94
0
0
My current favourite service is Revolut (https://revolut.com/).

It's a fantastic way to spend your US$, EU€, GB?, etc. in foreign countries without getting ripped off by exorbitant fees and unfair exchange rates. The rates are calculated every second. You can make purchases in anywhere in over 90 currencies.

Also very easy to send money to others via their app or even via SMS, Email, WhatsApp and Social Media. The recipient doesn't even need to have a Revolut account.

Basically you can exchange, send and spend money from anywhere to anywhere without the need for a bank.