Best ways to bring money into the country

Adrian Bye

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Jul 7, 2002
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Hi guys,

Recently I've re-examined the two ways I know of to cost effectively bring money into the country. Here is what I found:

1. ATM: You have a US/european bank account and simply withdraw from your ATM card. This assumes a withdrawal from a savings/checking account, not a cash advance.

ATM withdrawal cost: 4.2% (calculated against best exchange rate available in Santiago on day of withdrawal)

2. Wire transfer: I have consistently been able to do this for a $15 fee charged by my outgoing bank, although some may charge up to $40 for international transfers. Additionally some banks in the DR now charge an incoming wire fee (BanReservas for example charges an additional $15 for $1000 incoming, BanInter did not charge anything).

I typically transfer over $1000 each time so my calculations are based on that amount

Wire transfer cost: 1.5% - 5.5%
(1.5% assumes $15 outgoing fee, no incoming fee, 5.5% assumes $40 outgoing fee, $15 incoming fee, amount transferred = $1000.).

An ATM is easier since you don't have to wait in bank lines, call around for exchange rates to change the money.

For any amount under $1000 an ATM card is the best way to go. For larger amounts, a wire transfer to a bank which does not charge incoming fees is probably better. However given the current economic situation, you might not want to leave a large amount of USD in a local bank account.

Does anyone know of any other ways to transfer money into the country?

Adrian
 

Escott

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Jan 14, 2002
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Just opened a free checking account (no minimum and a toaster)at Charter One Bank that allows free International Money wire tranfer and online banking.

He lives in Santiago and doesnt travel back and forth Rick.
 
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ricktoronto

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Jan 9, 2002
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adrianb said:
Does anyone know of any other ways to transfer money into the country?

Adrian

Free, cash in your pocket when you arrive.
1% traveller's cheques, in your pocket when you arrive.

Since you are discussing bringing it just bring it. I would not use a ATM card and pay 4.2% for something as measly as $1000 when you are allowed up to $US 10,000 without declaration both by the DR and the US Customs.
 

Ken

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Jan 1, 2002
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Adrian, if the money is being used to purchase a house or apartment, you may be able to deposit it in the escrow account that your attorney has in the US. In that case, it wouldn't be necessary for you to bring the money into the country.

If the money is for your personal use, you can establish an arrangement with an exchange bank, such as Vimenca, and write personal checks to get pesos. I don't know what the maximum is, but I have written checks for US$1,000 to exchange for pesos. That way I avoid all transfer and ATM fees, plus I get the best rate of exchange available.
 

Hillbilly

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Jan 1, 2002
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Adrian

Go to the Banco Popular on Sol St. Talk to one of the managers: Mrs. Grullon is a good one. Tell her what you want to do. They will change your checks on you account in the States for you. Another option is to do the same thing at the Banco de Santa Cruz on 27 de Febrero. There you can talk to Junior Valdez. Same thing. They will cash your checks.

Net result: You get best rates and no fees. You change a thousand you get a thousand.

HB
 

Adrian Bye

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Jul 7, 2002
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Guys,

I just wanted to respond - this is fantastic advice from all of you.

1. Jazzcom - I will probably open up an account at that bank. That helps a huge amount - no fees on transfers is amazing!

2. Rick, as Jazzcom noted, I tend not to travel much. But you are right, I should be more aware of bringing money in, in cash.

3. Ken, I haven't heard of Vimenca, but I will be sure to check them out - it sounds very interesting!!

4. HB - I have actually cashed checks a few times, but the problem is that they take 40 working days (2+ months) to clear them. You don't need a very high interest rate on $1000 to make it more cost effective to pay a transfer fee and get the money immediately.

Again, thank you everyone for your advice and comments!! :)

Adrian
 

Robert

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Jan 2, 1999
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adrianb said:

4. HB - I have actually cashed checks a few times, but the problem is that they take 40 working days (2+ months) to clear them. You don't need a very high interest rate on $1000 to make it more cost effective to pay a transfer fee and get the money immediately.


My experience with exchange houses is that they will change them their and then. Plus they give you a very good exchange rate if you convert to pesos. Build a relationship with a local house and they will look after you. A referral from an existing customer also helps.

If you are friendly with your bank manager (a necessity here) they will also pre-clear checks or amounts of that check drawn in US$ on other companies.

It's all about the who, not the what...
 

Escott

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Adrian, I knew you love my find. That is the only reason I opened a checking account with them! FREE WIRE TRANSFERS and Free Checking and free Internet banking.

How can you beat it?

Wanna buy my free toaster?:)

Escott
 

Ken

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Jan 1, 2002
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adrianb said:


3. Ken, I haven't heard of Vimenca, but I will be sure to check them out - it sounds very interesting!!

4. HB - I have actually cashed checks a few times, but the problem is that they take 40 working days (2+ months) to clear them. You don't need a very high interest rate on $1000 to make it more cost effective to pay a transfer fee and get the money immediately.

There is a Vimenca in most cities. The rate of exchange they offer is usually a little better than their competition in that area.

Regarding 40 days to clear, etc., I don't follow you. Are you talking about the time it takes the cashed check to get to your bank, or the time it takes to get your money? It can't be the latter. Everyone I know, whether they use Vimenca as I do or one of the other exchange banks, receives their pesos immediately.

In fact, I am going to Vimenca this morning to get Pesos. I'll walk it, hand them my personal check made out to myself, and walk out with the pesos. No more than 5 minutes from start to finish.

As Robert says, if you aren't already known it is often helpful to have someone who is vouch for you.
 

Ken

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Jan 1, 2002
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First floor of Bommarito building. It is also the Western Union office.
 

hborquez

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Jun 6, 2003
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best way to bring in money

Hi - the easiest way is simply to change a cheque at an exchange house. Once they know you and know your credit - most Exchange houses will simply change your dollar check into pesos right away. That way you never even have to go to the bank - and you won't pay the 15 USD charge either. Good luck.
 

kjdrga

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Mar 25, 2002
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jazzcom said:
Just opened a free checking account (no minimum and a toaster)at Charter One Bank that allows free International Money wire tranfer and online banking.

He lives in Santiago and doesnt travel back and forth Rick.

I have a question, lets say I open one of these accounts and order ATM cards in the name of my in-Law so that they can withdraw from there when they need money. Now if I don't want my paycheck going into the account but want to transfer money from one bank account with a different bank into this account, does it cost me anything? Or is this transfer considered a wire transfer from one bank to another and would it depend on what my other banks policies are.

Basically I don't want too much money in the charter one account because they are not financially responsible at the moment and would blow the money are unnessary items.
 

Larry

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Mar 22, 2002
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Scott

Escott said:
Adrian, I knew you love my find. That is the only reason I opened a checking account with them! FREE WIRE TRANSFERS and Free Checking and free Internet banking.

How can you beat it?

Wanna buy my free toaster?:)

Escott
Scott,
Where is the Charter one bank that you opened the account in?

Do they have branches all over the country?

Is there a minimum deposit to open the acct?

Do you have to maintain a minimum balance?

Is there a minimum amt. that you are required for a wire transfer or can you transfer money in as you wish?

After wiring dollars in do they let you withdraw dollars or force you to change to pesos?

Thanks in advance buddy,
Larry
 

kjdrga

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Mar 25, 2002
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Larry,
Look at their website and it will answer most of your question. Type in a search for Charter One Banking. It looks like a great deal. I am also looking into it.
 

Escott

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kjdrga said:
I have a question, lets say I open one of these accounts and order ATM cards in the name of my in-Law so that they can withdraw from there when they need money. Now if I don't want my paycheck going into the account but want to transfer money from one bank account with a different bank into this account, does it cost me anything? Or is this transfer considered a wire transfer from one bank to another and would it depend on what my other banks policies are.

Basically I don't want too much money in the charter one account because they are not financially responsible at the moment and would blow the money are unnessary items.

ATM charges are NIL so they tell me but not sure about in the DR. You gotta ask. I don't know if they would give you cards in his name unless he was on the account. You gotta ask. It will cost you to wire money INTO Charter one. It won't cost you money to wire OUT of Charter One. Got it? The other bank WILL charge you a lot of pesos for this.

See the chaplin about them NOT being responsible.

Regards
Scott
 

Escott

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Jan 14, 2002
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Re: Scott

Larry (ILoveDR) said:
Scott,
Where is the Charter one bank that you opened the account in?

Do they have branches all over the country?

Is there a minimum deposit to open the acct?

Do you have to maintain a minimum balance?

Is there a minimum amt. that you are required for a wire transfer or can you transfer money in as you wish?

After wiring dollars in do they let you withdraw dollars or force you to change to pesos?

Thanks in advance buddy,
Larry

I had opened one in Spring Valley originally. They offered the highest interest rate on Money market accounts. I opened the checking account around the corner from the French restaurant in Kingston where we had dinner. No minimums. Wire it into a US dollar savings account at a bank in the DR and they will give you dollars in small ammounts unless you ask in advance for larger ammounts. No minimum. Cant you read my original post you whoremaster? LOL

Scott