confused about bank stuff

pol73

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May 21, 2006
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I will be moving to DR in August and working in a school in La Romana. My salary will be paid half in pesos- cash-locally and half in Dollars in a US bank account... however (stick with it, it gets complicated!) I have a house (and a mortgage) in the UK. I will be renting out the house but will not have sufficient income from the rental to cover the mortgage and insurances/management fees etc so I will need to regularly transfer money from the US account back to the UK account....How easy is this? Does anybody have any information on what is the bast way to do it/how much it will cost/how long it will take. The US Bank account will be in Miami (I don't know whether that makes any difference?) This is obviously something I lose sleep over and as it appears to be a unique situation, can't really get any answers on! Please help to put my mind at rest!
 

franberu

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Apr 5, 2002
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Banco Popular

When you talk about international banking transactions Banco Popular is where you get the best services. Ask for informations to the closest one,
 

pol73

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May 21, 2006
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Thank you. It's a private school that i will be working for and the salary is quite generous. (or so I am told!) They reckon I might need to transfer a couple of hundred dollars of the US salary a month to have a "very good" standard of living but that the Peso salary alone can be "lived on" quite easily. If I didn't have the UK house to worry about, I would actually be able to save a substantial amount, but the regular payments (and charges for making them?) will cut into this. It's difficult because the school set up the bank account for them to pay the salary in and I won't -obviously! get paid til I am out there, but I have to be careful to make sure things are covered here-or I will incur late charges. I did try to sell the house, but things are not moving quickly enough in the time-scale I have. I am also told (over and over again!) NOT to step off the property ladder here as prices are just getting more and more extortionate and to keep the house at all costs. The amount I need to send back each month is not huge- it's more inconvenient than anything- i get paid over 10 months and the payments need to be made over 12- so I also need to allow for that :-S The not knowing and not being able to organise anything is so frustrating. I suppoise I'm trying to get ahead of myself-and not doing very well!!
 

johne

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Jun 28, 2003
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Suggestion

I don'y know much about banking in your country but it would seem to me with an international bank such as Citibank this problem of yours might be easier to handle. Check with your employer if this is possible (Citibank in Fla?) I'm almost certain there is one--then check your country.

Is your mortgage at a bank? If it is perhaps you can arrange for direct deposit from the "other" banks to pay your monthly mortgage? Or perhaps the bank you have your mortgage with would be interested in receiving both the peso and dollar accounts.

Just curious--does your contract protect the peso amount you will be paid over the one year period?
JOHN
 

Chris

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Oct 21, 2002
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I've seen this kind of payment where some is paid in pesos and some in Dollars in the US.

Solution 1 : Call the bank in Miami once you know where and how this account is set up. Tell them that you are going to do a regular monthly transfer to your UK bank or mortgage holder. Arrange with them to do this either by fax, i.e., you fax the bank transfer instruction through to them, or on-line, if they have good online capababilities.

This is not hard but it may be somewhat of an expensive way to do it.

Solution 2: If you have a check book from the bank in Miami, simply write a check and send this via Business Mail to the UK bank or mortgage holder. This is probably the cheapest transaction.

Before you leave the UK, pay one or two payments in advance and this should give you sufficient time to handle the situation once you are down here.
 

KateP

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What I don't get is why they would deposit your dollars in a US based bank... Isn't there any way you can get it deposited in a US$ account here in the DR? That way you'd probably save some hassle with the transfers and all.
 

MrMike

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Chances are there may be Dominican income tax and payroll tax implications and this is why they want to make a portion of the payments offshore.

Chris' suggestion is the best with the checkbook, and the one or two payment advance is important because international checks take forever to clear.
 

Hillbilly

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Jan 1, 2002
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This is the wayAbraham Lincoln School in Casa de Campo (La Romana Corporation School) works. This iswhy their graduates are top noch folks. Hire good people.

That said, do what an earlier poster told you. Go talk to Banco Popular in La Romana. Chances are the la Romana Corporation is depositin your funds inthe Banco Popular Branch in Miami...

This will not be a problem......


HB :D:D
 

pol73

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May 21, 2006
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Just curious--does your contract protect the peso amount you will be paid over the one year period?

I presume so- my contract states the Peso ammount- andd the dollar ammount. I will be working for the Central Romana Corporation at the Abraham Lincoln school. My salary is less than half what it is in the UK but accommodation and health care is provided- I am assured I WILL have more than enough to live on! :-S
 

mountainfrog

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Dec 8, 2003
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Remitting funds from Germany to the US usually takes two working days.
I don't see why this should take much longer vice versa.
I am sure it can be done online with ABA routing (as I do it), fees depend on the amount sent, but they never charge me more than 18.10 Euro.

m'frog
 
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pol73

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May 21, 2006
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What I don't get is why they would deposit your dollars in a US based bank... Isn't there any way you can get it deposited in a US$ account here in the DR? That way you'd probably save some hassle with the transfers and all

It's not up to me! That's how the corporation do it! I will be given a peso salary in the DR as well. I am told that many people don't even touch their US bank account and just let it accumulate- and then use it to travel in the summer (we get 2 and a half months off then but the salary is only paid over the 10 months that we are working) I know it's complicated.... it's the US to Uk bit that concerns me, not the US to DR...

mmm... I appear to have opened a can of worms! ;-S
 

pol73

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Hillbilly said:
This is the wayAbraham Lincoln School in Casa de Campo (La Romana Corporation School) works. This iswhy their graduates are top noch folks. Hire good people.

That said, do what an earlier poster told you. Go talk to Banco Popular in La Romana. Chances are the la Romana Corporation is depositin your funds inthe Banco Popular Branch in Miami...

This will not be a problem......


HB :D:D
Thank you- that helps! (and is also very flattering- thanks!)
 

bob saunders

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Jan 1, 2002
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pol73 said:
What I don't get is why they would deposit your dollars in a US based bank... Isn't there any way you can get it deposited in a US$ account here in the DR? That way you'd probably save some hassle with the transfers and all

It's not up to me! That's how the corporation do it! I will be given a peso salary in the DR as well. I am told that many people don't even touch their US bank account and just let it accumulate- and then use it to travel in the summer (we get 2 and a half months off then but the salary is only paid over the 10 months that we are working) I know it's complicated.... it's the US to Uk bit that concerns me, not the US to DR...

mmm... I appear to have opened a can of worms! ;-S

That's how the corporation does it: are you going to teach English?
 

pol73

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May 21, 2006
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Kind of- yes. Language and learning support for pupils learning English. I am a special needs specialist, currently working in a school in the UK for kids with physical and medical disabilities, including communication difficulties and dyslexia. I work with a real range of abilities from profoundly disabled children to really bright kids that will go on to uni- as long as they are provided with the means to communicate their knowledge. Feeling a little burnt out at the moment- hoping the change will do me good and am certainly looking forward to a new challenge!