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  1. #1
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    Cool Bank to bank transfer limit.

    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?

  2. #2
    Moderator - Ladies Only & North West
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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

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  4. #3
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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.

  5. #4
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    Great replies, thank you.

  6. #5
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    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.

  7. #6
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    Repeatedly sending transfers of just under 10K US will normally raise red flags.

  8. #7
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    Default

    I didn't have to show anything, just explain what the money was for.

  9. #8
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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)?

  10. #9
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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.

  11. #10
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    Quote Originally Posted by windeguy View Post
    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

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