Taking Cash To The DR

suarezn

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Feb 3, 2002
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OK guys I need some advice...
I have a friend who has some money he wants to take down to the DR and deposit in a bank account (More than $10,000 USD). The issue is that with the current devaluation of the peso, he does not want to wire the money down, because he's afraid that the exchange rate the bank will give him is going to be the "official" rate of 19 pesos per 1 USD or whatever that is now, while if he takes it as cash he could get 22 pesos per 1 USD or higher. The difference could represent a nice chunk of money. In other words wiring the money could prevent him from getting quite a few extra thousands of pesos. He asked me whether I thought that he should just take the cash with him. I didn't think this was a good idea...because (and here's where I'm not sure), I didn't think you could take more than 10,000 USD in cash with you without declaring it. My questions are: What happens if you take it with you and declare it? Do you have to declare it just as you come into the DR or do you need to do it as you leave the US too? Can you guys think of any other way to transfer the money in USD to the DR without having to physically carry it with you? The only way I know is through Western Union, but they charge an exorbitant amount to send cash down to The DR. Any input would be greatly appreciated.
 

suarezn

Gold
Feb 3, 2002
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A certified check? Would they give you USD in the DR when you cash it? The USD account in the DR, sounds like a good idea...Anybody has any insight on this?
 

Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
Put the cash in his pocket and come on down!

I can meet him at the airport ! (Just Kidding) If he is worried just bring $9,999.00,that is legal.I only saw the signs in Puerto Rico about carrying more that $10,00.00 US.I got 23.2 about 15 minutes ago!Cris
 

JOHNNY HONDA

Motorcycle MANIAC
Sep 25, 2002
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Travelers checks I really would not worry about bringing in more than $10000,you actually get a higher exchange on t checks than cash.:cool:
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Customs Declaration

jazzcom said:
It is actually legal to bring in any amount anywhere in cash. Some places just make you declare it. I have no problem negotiating checks in the dr and not even certified.

If you connect from a 3rd country like Canada or from Europe through the USA you have to declare ANY form of payment, certified cheques, cash ,etc., over $10,00 US to US Customs - there is a form but it is not prohibited or illegal etc.

The DR customs form filled out by all arrivals asks this same question with the same limit and the same ultiamte legality doing so. For a non-resident they would first have to actually look at it to form the basis of asking you about it. But they might, there is always a first time.

I'd have to say for a LOT more than $10K open a US$ account at Citibank or BNS etc., wire the funds to it in US - no declaration required unless the sending bank asks for source of funds under anti money laundering laws - the wire is a legitimate method since customs expects the KYC rules to have determined it is legit before sending.
 
S

SDecatur

Guest
Investing in Pesos now???

It doesn?t matter whether it is cash, traveler?s checks, certified checks, bearer bonds etc, any negotiable instruments totaling Ten thousand ($10,000.00) dollars of above must be declared for treasury purposes. The amount you may take is not limited, just required that you declare it. Failing to declare the money or checks could result in loss of those funds.

Why in God?s name would you buy Peso?s with the devaluation now going on? I think I would buy UAL shares before I invested in Pesos right now.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Custom Form - on scheduled not on charters

arturo said:
DR customs form? Surely you jest.

When I made the mistake of flying on Transat they didn't give out the forms and when all 3 million people got off the Air America era L-1011 they didn't get asked.

That said AA gives them out and the dweeb at the customs "gate " in the stanchion/belt thing has his hand out for it. Not that he has ever looked as I noted when I wrote the name Knute Rockney and just answered no to all the questions.
 

GNYC

New member
Oct 8, 2002
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Where is the best place to exchange AMEX travelers checks for Pesos? I know the bank will accept them although they will give the current bank rate which should be the same as US dollars.

I have converted USD to Pesos in those exchange houses ( do not know what they are called) and in a Western Union office and received a higher rate than the bank. Do those places usually accept travelers checks as well and offer the same rate as cash?

The Western Union office I went to would not accept them.

GNYC
 

BushBaby

Silver
Jan 1, 2002
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The "Western Union" site you refer to has a section called Tele Vimenca attached & they DO exchange US $ at a higher rate than the banks. I would NOT suggest bringing down a Post Office certified check as I have had GREAT problems in getting those cashed in the past. Personal US $ checks will be cashed with the correct identification, Traveller's checks get better rate than US $ cash (generally 0.1 or 0.15 per dollar). The organisations I invest with all have US $ accounts & will gladly accept transfers into their US $ accounts if your friend prefers to do it that way.
First question, where is your friend going to? I do not know the places to invest US $'s in Santo Domingo (most likely Golo will help on this) but I DO know the best places up here in Puerto Plata. I get 14% on my US $ investments & those with US $100,000 to invest, get a little bit more. This beats the hell out of 18/29/24% for pesos when you consider the 30% + devaluation so far this year!!!! ONLY invest into pesos if you are going to be USING pesos each month for living expenses - & even THEN I question whether it might not be more sensible to invest in US & draw US as a monthly income!!!
If your friend is ccoming to the North Coast & wants more info, get him to drop me an e-mail. - Grahame.
 

NewtoDR

New member
Nov 23, 2002
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I bank with citibank which has branches globally. When you debit your account at any ATM you get the average exchange rate of the day without any fees. (minus atm fees)

If you are from the US or Canada I suggest you open a Citibank Account as it does not appear the DR banks are looking very healthy.
 

suarezn

Gold
Feb 3, 2002
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Thanks all for your suggestions. It seems that opening a USD account in the DR and then transferring the cash electronically to that account is probably the best choice.
Bushbaby: What kind of investment are you referring to when you say you get 14%/year in USD? 'Cause if that's a guaranteed return then I could probably get a loan for half that here in the US, which would make sense to take out and invets down there. In that case you could get 7% using someone else's money...not toot shabby.
 

Escott

Gold
Jan 14, 2002
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www.escottinsosua.blogspot.com
Suarezn, in the DR there are NO guaranteed returns and today that is especially true in the banks. In the US the funds are guaranteed by the FDIC but that doesn't mean that they will guarantee the interest. I get over 15% compounded on US DOLLARS in the DR but not Guaranteed in principle but it is Guaranteed on the Rate.