Bank Transfers from overseas

Kipling333

Bronze
Jan 12, 2010
2,528
829
113
I bank with Banco Popular and have been for many years . I am well known to them and for many years my transfers from England and Australia , where I have bank accounts, have gone smoothly and quite quickly . However my last four transfers were held up by Banco Popular for between 8 to 10 days. No reason is ever given although the bank has my tax details abroad and know the source of my money.
I am wondering if others have been experiencing these delays. I do not know if Banco Popular are just using my money or if they have some other reason . Maybe someone knows if Scotia Bank, which is an international bank,processes these transfers quicker. Also,is there any risk with Banco Popular somehow trying to appropriate my funds ?? I might add that my transfers to various family members living elsewhere in the world are processed within 12 hours.
 

ljmesg

New member
Aug 6, 2017
526
1
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Most likely clipping off every second of interest they can. As you know, electronic transfers are instantaneous.

8 to 10 days is a fiasco. The problem is that you have zero recourse. Appropriating your funds? Highly dubious but I dont doubt anything anymore.

This most likely tells you what you already know. Sorry, I do not have first hand experience with your issue in the DR.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
My Progreso wire arrivals go through (not from) NYC and are usually in the account the next day... one more at worst

When I used ScotiaBank, it was the same
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
I used Scotia bank years ago for bank wires from overseas. Quit after the second one. They want a blood test to complete the transfer...........................
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
Scotia Bank DR is not connected to Scotia Bank, it is a franchise kind of I was told, so careful.

I am with BPD too and use now PayPal to BPD which takes 4 days every time. I did use wire transfer before but I could never be sure when the mony would arrive at my BPD account. Always between 5 and 8 days...

Fed up with that I opened an account "de nomina" at BHD and international transfers from the US initiated Tuesday evening are in the account the next day at 10 AM latest.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
ScotiaBank...
not a franchise , just a different corporation in the global family.

One of the oldest banks in the Caribbean .....

Same global entity but not connected directly... no overlap facility

TD in the USA is the same... Cdn owned but no overlapping.
No account blending.

With each TD & Scotia - you are a completely new applicant ...
I had my Cdn Scotia reference.... did zip, zero, zilch for me.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
are the wires above 10k equivalent in Usd? 

I do a wire monthly and always have it the same day or if it's a bit late in the afternoon the next day. However once I did a wire over 10k and it took them a week.

On another note, (but off topic) within the context of the new money laundering law, I heard that  starting next year the banking secret in DR will disappear. 
 

Kipling333

Bronze
Jan 12, 2010
2,528
829
113
I will open an account with Scotia Bank and try a smallish transfer and see how it goes and report here.
 

retiree

Bronze
Jan 18, 2008
978
10
0
Although Scotiabank in DR is not connected to Canada although part of the global corporation, you can withdraw from your Canadian Scotiabank account at a Scotiabank DR atm without a fee. That part is good.
 

CG

Bronze
Sep 16, 2004
984
146
63
Agree with SKY... Got the third degree & we had to pull teeth to get the funds... Scotia wanted to know where the $$ came from, how much more was there where it came from (they blatantly asked/unbelievable!), how often there would be wires & how we would use the funds here in country + it took more than 10 days to get the funds.. Super bad experience!
 

Garyexpat

Bronze
Sep 7, 2012
2,105
739
113
I use Banco Banreservas (I wouldn't recommend them but opened the account when I moved here 11 years ago and still have it). I often transfer monies to myself and unlike a few years back usually have the funds available the same day (if done early in the day). I did however have a transfer last month that was held up 4 or 5 days. I called and spoke to someone that had me email them the details. I never got a response but a couple days after my initial inquiry the monies appeared. Another transfer since monies arrived same day.
I guess looking for consistent performance in any business sector here in the D.R. is asking too much.
I hate all banks regardless of which country!
 

beeza

Silver
Nov 2, 2006
3,479
731
113
are the wires above 10k equivalent in Usd? 

I do a wire monthly and always have it the same day or if it's a bit late in the afternoon the next day. However once I did a wire over 10k and it took them a week.

On another note, (but off topic) within the context of the new money laundering law, I heard that  starting next year the banking secret in DR will disappear. 



Yes $10k is the magic number.  Keep it below and the transactions go straight through.  If over, the banks are obliged to investigate where the funds came from and not some money laundering attempt.

We can thank Pablo Escobar for that.  Just watching Narcos series 3, explains a lot!
 

dropshort

Member
May 18, 2008
281
2
18
If you are sending funds from the UK to RD, I suggest you open a UK based OXForex account.
The assumption is you are converting for Sterling to $US or $RD.

Please note unless you are a banking the SWIFT code is always 11 Characters.
If you specify 8 Character SWIFT adds XXX meaning head office/International department

Say what you mean and no one will be confused.

DS
 

Kipling333

Bronze
Jan 12, 2010
2,528
829
113
If you are sending funds from the UK to RD, I suggest you open a UK based OXForex account.
The assumption is you are converting for Sterling to $US or $RD.

Please note unless you are a banking the SWIFT code is always 11 Characters.
If you specify 8 Character SWIFT adds XXX meaning head office/International department

Say what you mean and no one will be confused.

DS

I never attempt to do the mechanics myself : I write to the relevant bank to my contact and they do it all ..and yes , my bank in England and my bank in Australia, my wife was Australian, both use Fourex .There has been no problem with funds arriving at Banco Popular ..the problem is getting them put into my account . It just makes me nervous that they may invent some reason not to put the money into my account for a long time.. I already know it is nothing to do with my branch .
 

Expat13

Silver
Jun 7, 2008
3,255
50
48
I never attempt to do the mechanics myself : I write to the relevant bank to my contact and they do it all ..and yes , my bank in England and my bank in Australia, my wife was Australian, both use Fourex .There has been no problem with funds arriving at Banco Popular ..the problem is getting them put into my account . It just makes me nervous that they may invent some reason not to put the money into my account for a long time.. I already know it is nothing to do with my branch .

Next time your at the bank, take a seat and just watch the staff and managers for awhile. You will be see most are no different than the people behind the desk at Claro, Jumbo, Burger King, or the street food carts. Now ask yourself again why does it take so long and why do they hold it for days.
 

Robert

Stay Frosty!
Jan 2, 1999
20,574
341
83
dr1.com
are the wires above 10k equivalent in Usd? 

I do a wire monthly and always have it the same day or if it's a bit late in the afternoon the next day. However once I did a wire over 10k and it took them a week.

On another note, (but off topic) within the context of the new money laundering law, I heard that  starting next year the banking secret in DR will disappear. 

I'm guessing the 10K is the issue, let's see if the OP responds.

I do regular wires from my Banco Popular account without issue.
If they are sent before 11AM DR time, I get them the same day in my destination account.
They also email me the SWIFT notice confirming the transaction.
 

Robert

Stay Frosty!
Jan 2, 1999
20,574
341
83
dr1.com
Next time your at the bank, take a seat and just watch the staff and managers for awhile. You will be see most are no different than the people behind the desk at Claro, Jumbo, Burger King, or the street food carts. Now ask yourself again why does it take so long and why do they hold it for days.

That's why you need to make sure your friend at the bank is not in the "most" category :)

Most people I have dealt with at Banco Popular on Churchill are light years ahead of a food cart vendor.
 

ju10prd

On Vacation!
Nov 19, 2014
4,210
0
36
Accountkiller
ScotiaBank...
not a franchise , just a different corporation in the global family.

One of the oldest banks in the Caribbean .....

Same global entity but not connected directly... no overlap facility

TD in the USA is the same... Cdn owned but no overlapping.
No account blending.

Exactly.

Have been transferring to my Scotiabank account in DR for 12 years from UK and various Caribbean islands and never had the slightest problem (and opposite way too). Always in the account with 3 working days and the same working day from some of the islands.

The transfer is through an intermediary bank either in Canada or US depending on sending country.

Banking as good as it gets in DR for me.
 

Kipling333

Bronze
Jan 12, 2010
2,528
829
113
That's why you need to make sure your friend at the bank is not in the "most" category :)

Most people I have dealt with at Banco Popular on Churchill are light years ahead of a food cart vendor.
Yes The amount I transferred was over the US$100,000 mark. I need to find a small foundation I have here. The amounts are always over 10,000 dollars.