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  1. #1
    Newbie
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    Apr 2004
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    Question How to transfer money to DR

    How to transfer money to DR safe and cheap?
    Need to transfer a larger sum from Europe to finance my apartement here.
    I know there's a limit on about 10 000 USD to take in personally by plane, so how do I transfer?
    I have opened an account in dollars at Citibank, but they will charge a lot for only "receiving" the money from my bank, 0,004 i.e 40 USD per 10 000 USD sent. Are transferring money with Western Union safe, and would it be cheaper? Any other alternatives? I will go home to "send the money". If I get some kind of cheque from my bank, I guess the banks here needs some days to process it, or? We are short of time.

  2. #2
    Dominisueca
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    Default in my limited experience

    western union works the best. it's cheap, quick and effective. i've also used moneygram. where in europe are you living?

  3. #3
    Platinum
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    Default

    Check Western Union's price before making a decision. They are expensive. The bank might be cheaper.

  4. #4
    Regular
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    Default

    I've never heard of the bank charging a "receiving" fee. When I transferred money from my US account to an account in DR I was charged a flat fee of twenty dollars.Western Union charges a percentage based on the amount of money you are sending.Granted, Western Union maybe less of a hassle but it definitely is not the most economical way to send money.Also the larger the amount the longer it takes for the DR based bank to credit your account when wiring money. I guess they want to give you the lowest exchange rate as possible.

  5. #5
    Regular
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    Default

    Quote Originally Posted by Linda de Suecia
    I know there's a limit on about 10 000 USD to take in personally by plane, so how do I transfer?


    There is not a limit, all the law says is you have to declare it to make sure it is not being used for illicit purposes.

    If your bank gives you a certified cheque, then I don t see a problem.

  6. #6
    Gold
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    Listen! I have done this many times. DO NOT use Western Union. They are very expensive and you can't send large amounts with them anyway. Your best bet is to have a USD or EURO account in a Dominican bank (Banco Popular is the only one I trust) then wire the money. Wire it in amounts of 9900 or less and don't do more than a wire transfer a day. If you do wire more than 10,000 then it will be a pain in the behind. It will delay the crediting of the funds to your account until you can provide evidence of where the money originated. If you perform more than wire transfer in a day, they will be added up and count towards the 10,000 limit, thus again delaying the crediting of the funds to your account (while they use your funds). You will have to pay a fee to both the bank you're sending it from and to Banco Popular. Also beware that there's a new law in the DR, that if you may not withdraw the funds from your account in less than one month from the time you deposit them. If you desire to do so, then you wil be assessed a fee equal to 0.66% of the amount withdrawn (for USD accounts). You other choice is to try and bring the money with you, but that is a risk I would not take.

  7. #7
    I didn't last long...
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    Jul 2003
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    Default Listen!!

    Quote Originally Posted by Linda de Suecia
    How to transfer money to DR safe and cheap?
    Need to transfer a larger sum from Europe to finance my apartement here.
    I know there's a limit on about 10 000 USD to take in personally by plane, so how do I transfer?
    I have opened an account in dollars at Citibank, but they will charge a lot for only "receiving" the money from my bank, 0,004 i.e 40 USD per 10 000 USD sent. Are transferring money with Western Union safe, and would it be cheaper? Any other alternatives? I will go home to "send the money". If I get some kind of cheque from my bank, I guess the banks here needs some days to process it, or? We are short of time.
    If the bank is only charging you US 40.00, by all means, send it thu the bank. Western Union will be much more expensive. Are you sure that the bank will only charge you US 40.00 per every US 10,000. Boy, that is a bargain since I just sent US 700. 00 to my business partner from RiaEnvia (to be delivered in dollars) and they charged me US 61.00.

  8. #8
    Moderator
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    Default Wire transfer is the cheapest

    Businesses here use wire transfer all the time. The Sending bank has a fixed fee of arond $30 dollars and the receiving bank has a like fee.

    Do not hurry to make a purchase...

    HB

  9. #9
    Bronze
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    Jul 2002
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    Default Ok,

    I'll share one of my secrets from working online: use ikobo.com.

    I use it to pay my guys in eastern europe all the time. It has trouble from time to time, particularly with mastercards. But it generally works pretty well.

    The receipient gets an ATM card to withdraw money. You make payments with a credit card. And they charge about 4%. Its the cheapest way to send multiple payments I've found.

    Edited to add:
    I didn't read the original post properly. Do a wire transfer. BHD bank does not charge for incoming wire transfers, although they do hold your money for 8 business days. Be careful, some banks here will charge an amount based on how much you are sending. BHD is the only one I found that is free for inbound wires.
    Last edited by Adrian Bye; 04-13-2004 at 07:44 PM.

  10. #10
    Silver
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    Default

    If you have not as yet closed, talk to your Notary. I'm sure he has an "Escro" account in the USA where you can send the money. He can then pay off the seller from his account. Maybe, just maybe the seller would prefer his $$ outside the DR. In such case, why bring it to the DR in the first place.

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