Bank to bank transfer limit.

potus

Active member
Dec 27, 2015
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Good evening Everyone,
I have a quick question regarding the permitable amount for Bank to Bank money transfers to the DR. My Bank (Banco Santa Cruz) informed me that over 10K I must show "Evidencia de uso" (Evidence lof usage). Banco Popular told me something similar. I asked what that means and I was told that if I am about to buy a house that i must show them a contract. But, I am not buying a house, I am receiving a 6 figure compensation for services outside the DR. So, if I u8nderstand it correctly and I just wish to receive my finds here it has to be below 10K, unless I have a purchase contract of some sort?
 

Matilda

RIP Lindsay
Sep 13, 2006
5,485
338
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No, you just need to prove what it is for. I transferred a six figure sum in pounds from the UK which was cashing in of a pension and just gave the bank here the document from the pension company. That was to Banco Popular and I had the money in 3 working days. just show them the invoice and payment record from the company working for you.

Matilda
 
Feb 7, 2007
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625
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It's to prove the origin of funds, not so much the use for the funds. If the requirement was to prove a "usage" of money here, then anybody could just wire illegal money in for legal purchases of properties / businesses / land etc.

If you have a work/service contract, show it. Best of the contract for services can be notarized and apostilled and shown to the bank in the DR. Also maybe request your sender, that they write a letter to the bank (if it is recognizable international institution / company) and send this letter to you, addressed to the bank. Also you may want to ask them to instruct their bank to contact your bank prior to the transfer using SWIFT message and that the sending bank will certify that the funds are "clean, clear and of non-criminal origin". Standard banking procedure.
 

VJS

Bronze
Sep 19, 2010
846
0
36
An alternative can be to send the full amount to your bank account outside of DR and then send to DR in 9K-ish transactions. I recently had a not so pleasant experience of trying to wire a larger than 10k wire from one of my business bank accounts to a personal account in BanReservas. After 2 weeks of waiting for the money to appear I went to the bank to inquire and they told me that "its stuck because they need to verify what the money is for" - the muppets didn't think to contact me of course. I asked what they need and they weren't really sure but "the more the better". So I brought some docs, and then they decided they wanted more: "we need the papers that the sending party showed to their bank as the justification for payment". I thought of telling them that I just go online, make a few clicks and the wire goes out, but my life experience of dealing with idiots convinced me this wouldn't help my case anyhow.

So I told them to just send the money back and now I am careful to not exceed 10K in one wire.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
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Repeatedly sending transfers of just under 10K US will normally raise red flags.
 

Drro

Bronze
Mar 22, 2006
1,407
102
63
Is there or are there banks in the US that transfer funds more easily into DR banks, specifically Banco Santa Cruz or Banco Leon (bhd)?
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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I send large amounts to my lawyer's account and pick it up from him.

When building the house.... Big numbers to the lawyer who released the funds to the builder on my instructions.

Never had a bank issue
BTW, I had no account at the time - it was the only way Icould do it other than direct to the builder.
 

jinty05

Bronze
Feb 11, 2005
925
38
48
Repeatedly sending transfers of just under 10K US will normally raise red flags.

I have been wire transferring $6,000 per month for several years. Never once been asked to provide documentati.Money coming from UK to Banco Pipular
 

SKY

Gold
Apr 11, 2004
13,470
3,604
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Is there or are there banks in the US that transfer funds more easily into DR banks, specifically Banco Santa Cruz or Banco Leon (bhd)?

Get a bank check made out to yourself and have it sent Fedex to you here. Then just deposit it in a Dollar account. There is no
limit on depositing a check here in Dollars. Or even get a personal check in Dollars.
 

Jaime809

Bronze
Aug 23, 2012
1,152
0
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Is there or are there banks in the US that transfer funds more easily into DR banks, specifically Banco Santa Cruz or Banco Leon (bhd)?

I believe this is a US FINRA issue, which all US banks need to comply with, as well as (to a degree) all foreign banks with presence in the USA.

Regulating this and holding banks accountable is why Drumpf's financial relationship with Deutsche Bank is problematic; how can he effectively hold their feet to the fire with regulators when he owes them money, and they can decide whether or not to lower his interest rates on the outstanding loans?
 

Drro

Bronze
Mar 22, 2006
1,407
102
63
Sky, I deposit personal checks into my DR US$ accounts here often, and it takes 3-4 weeks to clear. Sometimes it doesn't matter, but I would think wire transfers would be more effective and shorten the time.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
Sky, I deposit personal checks into my DR US$ accounts here often, and it takes 3-4 weeks to clear. Sometimes it doesn't matter, but I would think wire transfers would be more effective and shorten the time.

They would be if you did not have the Nazis in the US government to deal with and all their "rules". You wire money and you never
can be sure it will get there with no hassles.
 

MpJuly

Member
Apr 30, 2009
467
1
18
3-4 week very long time, with BDH-Leon 10-12 business days (+/- 2 weeks)

Sky, I deposit personal checks into my DR US$ accounts here often, and it takes 3-4 weeks to clear. Sometimes it doesn't matter, but I would think wire transfers would be more effective and shorten the time.
 

VJS

Bronze
Sep 19, 2010
846
0
36
Repeatedly sending transfers of just under 10K US will normally raise red flags.

Sure, if one is to send 10 wires of 9,999 each in 10 days, that would probably raise red flags. But sending a weekly or bi-weekly wire of random amount between 8 and 10K - that won't attract any attention.
 

airgordo

Bronze
Jun 24, 2015
750
0
0
Sure, if one is to send 10 wires of 9,999 each in 10 days, that would probably raise red flags. But sending a weekly or bi-weekly wire of random amount between 8 and 10K - that won't attract any attention.

They are not stupid, even if you think so, it is pretty darn obvious what you are doing by having transactions like that, if you go for that I would recommend at least 3 weeks between them, still over some months that will raise all the flags, there are banks like Banco Leon that actually will stop the wire for $9,500 so it is in fact bellow the limit, the LAW forces then to comply with anything above $10,000 which is the same amount that you have to declare both on the US and DR and virtually any country in the world while going through customs, the law does not say anything as far as I know that forbids them from moving funds bellow that amount...
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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it WILL raise flags everywhere, the USA does the same thing is called anti-money laundering

Actually, for multiple transfers the anti laundering group calls that 'Structuring'

and yes, they are well versed in watching for suspicious activity

Better to declare the source of the funds and send in the normal manner.Very simple - declare the source
 

potus

Active member
Dec 27, 2015
549
90
28
Actually, for multiple transfers the anti laundering group calls that 'Structuring'

and yes, they are well versed in watching for suspicious activity

Better to declare the source of the funds and send in the normal manner.Very simple - declare the source

Declaring the source is not an issue of course. Providing evidence of usage however is an issue.....