transfering large amount $$$$ to DR w/out an audit

donrael

New member
Sep 26, 2005
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Hi all

I took out a loan here in the US to do some home fixing in DR, however i did some research and found out that the gov now requires banks to issue a SAR (security alert report) i think that's what it means.

anyways, w/ this loan i will be trasfering money out of my usual transactional behavior and for a larger amount. also, the gov now is very strict about using lent money outside of the US.

taking the money myself is out, since i dont plan to go for a few months.

can I get a few suggestions on how i can transfer the money without having to get audit, give explanations, or pay a % to transfer it. I am already paying enough in interest on the loan, the last ting i need is to have western union charge me 3 or 4 % for every $1000 i send, or whatever it is they charge.

any suggestions would be appreciated.
 

moviemouth

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Jul 12, 2005
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I borrowed on a coop in New York for the purchase of my home in DR and wired the funds to my DR lawyer (Guzman-Ariza) for the closing w/o triggering an audit or any sort of question.
 

donrael

New member
Sep 26, 2005
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Try splitting it up among a few trusted friends and family and let them take it down for you. bit by bit.

takes too long I need to transfer the money soon, and besides, i don't have that many people going soon

thanks for your suggestion
 

Ricardo900

Silver
Jul 12, 2004
3,269
37
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Hi all

I took out a loan here in the US to do some home fixing in DR, however i did some research and found out that the gov now requires banks to issue a SAR (security alert report) i think that's what it means.

anyways, w/ this loan i will be trasfering money out of my usual transactional behavior and for a larger amount. also, the gov now is very strict about using lent money outside of the US.

taking the money myself is out, since i dont plan to go for a few months.

can I get a few suggestions on how i can transfer the money without having to get audit, give explanations, or pay a % to transfer it. I am already paying enough in interest on the loan, the last ting i need is to have western union charge me 3 or 4 % for every $1000 i send, or whatever it is they charge.

any suggestions would be appreciated.

It's called a Suspicious Activity Report, if you are wiring funds received from legitimate sources, you don't have to worry. If you took out a loan, then wire the amount from your bank to the source, if they call just tell them truth, no big deal. If you try to structure the wires to circumvent the BSA (Bank Secrecy Act), then you'll have the bank and Uncle Sam up your assss. I assume since you are asking "How to?" on this board, that you don't know how to launder the money, so don't try it. Do it clean and the right way.

Ricardo
 

perlanegra

New member
Feb 4, 2005
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Dolex

Hi all

I took out a loan here in the US to do some home fixing in DR, however i did some research and found out that the gov now requires banks to issue a SAR (security alert report) i think that's what it means.

anyways, w/ this loan i will be trasfering money out of my usual transactional behavior and for a larger amount. also, the gov now is very strict about using lent money outside of the US.

taking the money myself is out, since i dont plan to go for a few months.

can I get a few suggestions on how i can transfer the money without having to get audit, give explanations, or pay a % to transfer it. I am already paying enough in interest on the loan, the last ting i need is to have western union charge me 3 or 4 % for every $1000 i send, or whatever it is they charge.

any suggestions would be appreciated.

As of lately I have been using a company called Dolex to send money to the Dominican Republicand it's been a great experience. Money is there the same day if sent bejore 3:00 p.m. and 8:00 a.m. the next day if sent after 3:00 p.m. and no charge for delivery.

The best part about it is that they charge $8.00 for up to $1,000 dollars; and they tell you right there how much they will exchange it for and what to be expected on the other side.

They have little booths in small supermarkets and they will give you a card so the next time you have to send money you don't have to go and fill up a form. Once you give them your telephone number; all your information will come out and they will ask you if any changes are to be made.

The most I've sent at once was $850.00; I don't know if there is a diferent way once you go above the thousands.

Their general phone # is 1-888-246-2527 if you want to find out the closest location to you. For that price I'll be willing to go to the market everyday and put 1,000 each day!

Hope it helps!


My 2 cents
 

bob saunders

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Jan 1, 2002
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I don't know how much you are sending but my wife sent $10,000 from her account at Scotia Bank here in Canada to her BHD Account in the DR and it cost under $50 dollars. The money was actually not in her account-useable for about a week, but there were no problems.
 

suzannel

New member
Jun 7, 2006
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There should not be a problem transferring $$$ whatever amount from a bank to another bank in DR. We have been doing that to purchase property and have had no problem... The money gets there within a couple of hours and there is no charge from our bank here in Canada.
Unless your transfer is not that clear...????
 

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
405
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Cash or not?

If you have ca$h, simply send a global bank draft and keep it under the magical $10,000.00 level. That will cost you a fin. If you need to send more than 10 grand, just go to another bank and do it again and again. You could send $49995.00 and the total cost would be 25 bucks.
If you are not using cash, there is an easier paper trail but you STILL need stay under the 10 grand radar to avoid the red flags.
Good luck!
Steve;)
 

Ricardo900

Silver
Jul 12, 2004
3,269
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48
Bad Advice!

If you have ca$h, simply send a global bank draft and keep it under the magical $10,000.00 level. That will cost you a fin. If you need to send more than 10 grand, just go to another bank and do it again and again. You could send $49995.00 and the total cost would be 25 bucks.
If you are not using cash, there is an easier paper trail but you STILL need stay under the 10 grand radar to avoid the red flags.
Good luck!
Steve;)

That's bad advice, trying to structure multiple transactions below $10,000, to duck federal law, will get you caught, bank's have systems in place for people who try schemes like that one.
 
G

gary short

Guest
Stick thousand dollar denomination travellers cheques in the soles of your stinky sneakers when travelling to the DR..........you won't make any friends during your flight.......good luck!!!!!!!
 

rellosk

Silver
Mar 18, 2002
4,169
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It's called a Suspicious Activity Report, if you are wiring funds received from legitimate sources, you don't have to worry. If you took out a loan, then wire the amount from your bank to the source, if they call just tell them truth, no big deal. If you try to structure the wires to circumvent the BSA (Bank Secrecy Act), then you'll have the bank and Uncle Sam up your assss. I assume since you are asking "How to?" on this board, that you don't know how to launder the money, so don't try it. Do it clean and the right way.
Good advice .
 

A.Hidalgo

Silver
Apr 28, 2006
3,268
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Stick thousand dollar denomination travellers cheques in the soles of your stinky sneakers when travelling to the DR..........you won't make any friends during your flight.......good luck!!!!!!!

Just make sure no matches in sight.
 

donrael

New member
Sep 26, 2005
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nice ideas

Thanks all, I see some nice advice, exactly what i need it.

keep em coming, the more the better.

se le aprecia
 

Stodgord

Bronze
Nov 19, 2004
668
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In December of 04, I transferred $55k via bank wire without a glitch. I had to transfer the money to a dollar bank account in the DR. The transfer only cost me $25.
 
Oct 29, 2006
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Call Banco Popular Dominicano. They have a branch near Wall Street in New York City.
I'm sure there are ways to open an account in DR and trasfer the money, etc.
 

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
405
0
36
Caught? For What???

That's bad advice, trying to structure multiple transactions below $10,000, to duck federal law, will get you caught, bank's have systems in place for people who try schemes like that one.

There's nothing illegal about sending money and keeping the amounts under $10,000.00! These things happen every day all over the world. They must make record of it when it passes ten grand unlike when it is below. The higher the amount, the more attention it will receive. Remember, the post asked how to avoid an audit.
Steve
 

Ricardo900

Silver
Jul 12, 2004
3,269
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There's nothing illegal about sending money and keeping the amounts under $10,000.00! These things happen every day all over the world. They must make record of it when it passes ten grand unlike when it is below. The higher the amount, the more attention it will receive. Remember, the post asked how to avoid an audit.
Steve

Listen, if the OP wants to wire funds over $10,000, it is not a big deal if its for legitimate purposes, but if he wires $90,000 and breaks it down into consistent $6,900 wires through 13 transactions to avoid the reporting requirements under the Bank Secrecy Act, a RED FLAG could and possibly would pop up. It looks like money-laundering, period and end of story. They will wonder why he is structuring wires in that manner and file a SAR. The same will happen if you want to deposit $90,000 at your local bank and decide to get bright and walk-in 13 times. It's dumb and a cheap and stupid way to save a couple of dollars, just wire the funds you need and be done with it, don't try to be slick, because poeple before you tried it and got caught, every financial institution has a surveillance team looking for money-launderers.

To the OP, if you are wiring $15,000 and do it in two transaction, you'll probably will get away with it, but the more, the higher your chances at getting investigated.
 

El Diego

New member
Apr 24, 2006
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In December of 04, I transferred $55k via bank wire without a glitch. I had to transfer the money to a dollar bank account in the DR. The transfer only cost me $25.

and vice versa i would imagine to be similar, correct?
wire money from DR dollar acct to US dollar acct.

would the transfer cost similar from DR to US (~$25-50)?
 

johne

Silver
Jun 28, 2003
7,090
2,963
113
Horrible Idea

If you have ca$h, simply send a global bank draft and keep it under the magical $10,000.00 level. That will cost you a fin. If you need to send more than 10 grand, just go to another bank and do it again and again. You could send $49995.00 and the total cost would be 25 bucks.
If you are not using cash, there is an easier paper trail but you STILL need stay under the 10 grand radar to avoid the red flags.
Good luck!
Steve;)

This used to work prior to 9/11 . Those days are over and today if they match up the payments its money laundering. And there is always that "slight" chance something goes wrong.

Kinda like "The letter killeth but the spirit giveth life"--thats the way I think they now look at this.

JOHN