Can a check with us funds (bank of america) be accepted as a payment for car, tv, home, ect.. with no problem in DR. I need to send someone money but it will cost to much to use western union .
- Thread starter tilinmarte
- Start date
check deposit in DR?
Beware! US cheques take forever to clear when paid into a DR US$ account. Banco de Reservas say 90 working days or something ridiculous. Banco Leon say about a month (or 30 working days).
It has to be a BS excuse to sit on our money and rake in the interest - they could probably verify the cheques in a matter of minutes. I would understand it taking a few working days, but they insist it is not enough.
It has to be a BS excuse to sit on our money and rake in the interest - they could probably verify the cheques in a matter of minutes. I would understand it taking a few working days, but they insist it is not enough.
What's the best way to pay a person over there I need some work done on the house I need to give them approximate US3000 but i do not want to carry cash around in my pocket.
That would be couple of days
I would suggest a free Washington Mutual checking account and a debit card (w/ free withdrawals, no ATM fees) but WAMU has been in a deep $hit lately to keep more than few dollars in it.
You can still use it though, if you have a Wamu branch nearby, you open up the account, get a debit card, activate it, fedex the debit card to the DR, and phone them the PIN. Then when you want to make the transfer, deposit the money in Wamu, phone in the people in the DR, and they go to ATM and withdraw it.
It's basically a free wire transfer, because even with a 1% foreign transaction fee, the final exchange rate is better than banks' and very close to Caribe Express' rate.
With a gold card they can withdraw US$500 daily (17,250 pesos) and with platinum one they can withdraw US$1,000 (34.500 pesos) every day. Just keep an eye on the finance news. Though, shares are up 85% since Monday.
Bank of America account, with a debit card, free withdrawals in Scotiabank may be the way to go. But I have heard the exchnage rate sucked.
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As far as Wamu exchange rate is concerned, including the 1% foreign exchange fee they assess, my final rate today was
withdrawing 5000 pesos
account debited US$ 143.37
+ 1% fee US$ 1.43
for a total of US$ 144.80
final exchange rate 1US$ = 34.53 pesos
A Progreso bank today: 1 : 34.20
A Leon bank today: 1 : 34.30
Caribe Express: 1 : 34.75
withdrawing 5000 pesos
account debited US$ 143.37
+ 1% fee US$ 1.43
for a total of US$ 144.80
final exchange rate 1US$ = 34.53 pesos
A Progreso bank today: 1 : 34.20
A Leon bank today: 1 : 34.30
Caribe Express: 1 : 34.75
I've used my WaMu card at Progreso, in Sosua, and had no problems. I'll be on the lookout for Banco Leon and BHD.
Thanks for the information.
:glasses:
yes you can!
I made a payment by check to someone in the Dom. Rep. from my US account on Sept 16 and it has cleared on Sept 19th.
The electronic copy of the check is online and I cannot make out the bank stamp. It says MLD-MOCA..it has cleared.
I made a payment by check to someone in the Dom. Rep. from my US account on Sept 16 and it has cleared on Sept 19th.
The electronic copy of the check is online and I cannot make out the bank stamp. It says MLD-MOCA..it has cleared.
I pay my rent by check each month. The landlord takes the check to the cambio where I have an established relationship and gets cash immediately. No bank is involved until the cambio deposits my check in its account.
check
It was Scotia Bank and it was paid at the exchange rate of $34.70.
My friend says the actual rate that day was $34.75
It was Scotia Bank and it was paid at the exchange rate of $34.70.
My friend says the actual rate that day was $34.75