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  1. #1
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    Question International Money Transfer

    Can anyone tell me how much banks in the DR charge to make a money transfer to an account abroad?

    Anyone done it?

    Thanks

  2. #2
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    If you are talking about a wire transfer, it is not just the sending bank that makes a charge, there will also be one or more intermediate banks that will charge.

    Where I live receives a lot of money from abroad. It used to be by wire transfer, but now we encourage using PayPal as it is faster, there are better records, and either a small or no charge.

  3. #3
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    Default Western Union Vimenca

    Quote Originally Posted by daydream View Post
    Can anyone tell me how much banks in the DR charge to make a money transfer to an account abroad?

    Anyone done it?

    Thanks
    I got so fed up with hanging around banks for hours waiting for someone to find out and tell me the likely costs, charges, commissions and timeframes that I went down to WU paid a total of RD$5000 costs, charges taxes and all to transfer 1500 euros to France!! But the procedure took 5 minutes and my correspondent was able to pick up the cash the same day in the local Post Office in the village

  4. #4
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    At banco del progresso they charge me US$50 for a wire transfer abroad, I have to show them an invoice if the amount is significant, and it takes up to 4 days for the recipient to get the money.

  5. #5
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    We use western union on the phone with a credit card 100.00 with charges=117.00, if you go to wu with cash its 114.00 the more you send the cheaper it gets Western Union - Send Money - Money Transfer - Transfer Money Online - Find Location

  6. #6
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    Try XOOM... it is fast, effecient, simple and much lower cost than WU. It works all over the DR.

  7. #7
    Chip00
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    Quote Originally Posted by Ken View Post
    If you are talking about a wire transfer, it is not just the sending bank that makes a charge, there will also be one or more intermediate banks that will charge.

    Where I live receives a lot of money from abroad. It used to be by wire transfer, but now we encourage using PayPal as it is faster, there are better records, and either a small or no charge.
    Ken - if I'm not mistaken both parties need to have a Paypal account correct?

  8. #8
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    A couple of companies in the DR purchase spare parts from me. We have found that the best thing to do is just to DHL or Fedex a check. Of course we have a very good relationship and relatively low credit lines so thats not an issue. Not sure how they got a bank account in US dollars though.

  9. #9
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    I don't have personalexperience with this, but in a general sense I'm interested in the topic of international remittances and ways to get the cost down; why not open a bank account for this purpose in North America or Europe or wherever you're sending from, get two debit cards, give one to the person receiving the money, and they'll be able to get money directly from an ATM, only paying for the ATM transaction costs. Of course you've got to sort out credit facilities on the bank account and make sure you only deposit money on it you want to transfer, but the cost will be much less than with any money wiring system.

  10. #10
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    Quote Originally Posted by qgrande View Post
    I don't have personalexperience with this, but in a general sense I'm interested in the topic of international remittances and ways to get the cost down; why not open a bank account for this purpose in North America or Europe or wherever you're sending from, get two debit cards, give one to the person receiving the money, and they'll be able to get money directly from an ATM, only paying for the ATM transaction costs. Of course you've got to sort out credit facilities on the bank account and make sure you only deposit money on it you want to transfer, but the cost will be much less than with any money wiring system.
    Along these same lines...... you can open a savings account with Bank of America and get an ATM card that is only tied to that account. You can then transfer money to that account as needed and still keep visibility on the transactions. Works best when you don't use it a lot since BofA charges for more then 3 wthdrawls a month from a savings account. Good for traveling purposes too since you don't have to worry about getting your card stolen if you control the amount of money in the account.

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