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
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