Can anyone tell me how much banks in the DR charge to make a money transfer to an account abroad?
Anyone done it?
Thanks
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.
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.
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.
Yes you can do this but you will be paying out the nose for the ATM fee.
I have my business in the US and have a BoA acoount and use the ATM card here but the local banks charge around US11. It is a lot cheaper to do a wire transfer from the US to here and that will cost US30.
The absolute best way is to set up an account with Citibank and then you can do international wire transfers, online for $15. The only reason I haven't done it is they require a ton of info to identify you and they rejected my application twice. However there was no branch where I live in Orlando and that would have made the difference because the main problem they had was establishing my identity.
$11 -$15, that's a very high transaction fee! When I use an ATM in the DR (or anywhere else) my bank charges me I think ?2,50 per transaction.
Anyway, the future is in international money transfers per mobile phone, extremely cheap, simple, to be tested by the GSMA and MasterCard, and already in use in the Philippines.