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  1. #1
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    Default transfering money

    I would like to deposit some money in a bank in the DR,drawn from an American bank.Will a bank in the DR accept a check from an American bank for deposit?One bank in the capital will accept a wire transfer of 10,000 us dollars at a time,I hope there is another option. thanks,cherokee

  2. #2
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    If you open a US dollar account, checks will be accepted for deposit. However, at least at Banco Popular, the funds will not be available for a while. The last I heard was 45 days.

  3. #3
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    We also had to show where the money came from i.e. other investments, sale of home car etc....

  4. #4
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    AT BanReservas the hold is 90 days. To the day. Also any reputable casa de cambio will have to report the transfer of anything over 10k..... without at least reporting it...

  5. #5
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    yes Even Sending money from over Here Anything over $2600 usd Using LaNacional They Require To show Where The money is coming From, Ur Social Security, And A Pay Stub. What The hell Is that all about???????????

  6. #6
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    Trying to keep out the dirty money... which is silly really since all the really big dirty money just buys a casino.

  7. #7
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    Unless it is essential that you have U$D &/or RD Pesos in a bank here, don't do it! Use your debit card to withdraw Pesos as & when you need them. Once you have built up a relationship with a Cambio, they will change U$D cheques for you - might take a few months though!! ~ Grahame.

  8. #8
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    I have done many wire tranfers over US10k and it has not been a problem. The normal waiting time for the first one will be 1 week or so but after that 2 to 3 days was the norm. I used Bank of America in the States and Banreservas here in the DR where I live.

    This will be standard for all of the major banks here in the DR.

    As far as drawing funds out of an ATM here in the DR from an American bank, this is no problem, however please be aware that you will be charged US10-12 per transaction.

    However, if you have a BOA account in the States, you can draw cash out of the Scotiabank ATM's here free of charge, to a maximum of RD20,000 per day.

  9. #9
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    Thanks so much for the help, will look into Banreservas.




    cherokee

  10. #10
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    Quote Originally Posted by Chip View Post
    As far as drawing funds out of an ATM here in the DR from an American bank, this is no problem, however please be aware that you will be charged US10-12 per transaction.

    However, if you have a BOA account in the States, you can draw cash out of the Scotiabank ATM's here free of charge, to a maximum of RD20,000 per day.
    I have a BOA account myself in NY, and also use Scotiabank's ATH's FEE FREE, just be aware it does cost you 3% in the tasa (exchange rate), it's kinda buried in the transaction!

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