best way to get money to santo domingo from the US

thomas901

New member
May 4, 2008
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ok.. most of us know western union is a rip off and moneygram has MUCH better rates when it comes to sending money here. but what about the exchange rate? everything exchanges about a peso or more less than the actual exchange rate....i looked at a wire transfer from bank to bank and its still not a good exchange rate...is my only option creating a bank account in US dollars and then having it wired to that???? please say it ain't so. if that is my only option...i would be able to get the money out in US dollars and then take it to vimenca or somewhere else to get that better exchange rate correct?
 

FernieBee

Bronze
Feb 20, 2008
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Try PayPal. You can get up to 2 ATM/debit cards. Keep one for yourself, and give one to the person whom you're trying to pay. Don't put more money into the account than you're willing to have the other person withdraw.

ATM withdrawals, in the DR, will cost 1% plus 1$ (USD).

www.paypal.com
 

Yachtguy1

New member
Sep 30, 2008
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Western Union

Aside from the RIDICULOUS fee for the sender, last time I received WU finds in the DR, the exchange rate was 35.2... I thought that was pretty good, considering that the bank rate was 35.5

XOOM I will have to check. What I am doing now is using a Bank of America ATM card and using the machine at to the affiliate bank in the DR...I pay NO FEE at all. Good for small transactions.
 

rellosk

Silver
Mar 18, 2002
4,169
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...What I am doing now is using a Bank of America ATM card and using the machine at to the affiliate bank in the DR...I pay NO FEE at all. Good for small transactions.
Which bank in the DR is affiliated with BA? And how much do they take of the exchange rate?
 

Yachtguy1

New member
Sep 30, 2008
78
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Scotia

I have seen other posts about BHD, but I have never used them... Tamborista is correct... Scotia Bank is the ONLY DR bank that is TOTALLY FREE for Bank of America ATM users, though in some locations there is a daily withdrawal limit (500.00$ US, I think)

BUT one branch in Sto Domingo gave me $2,000.00 in one 24 hour period without a problem... Go figure.

As for the rate, it fluctuates daily, though I have never been offended. Better than ANY veminca or wired source
 

thomas901

New member
May 4, 2008
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ok i know plenty of ways to get money to the dominican republic...the problem is that none of them give a decent exchange rate..especially when sending thousands at a time. is there a way to send money from the US and pick it up in US dollars? or a service that gives the actual current exchange rate which is 35.5 western union xoom and moneygram are giving 34 right now.
 

Tamborista

hasta la tambora
Apr 4, 2005
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a. Wire it in to a USD based Dominican Bank account from a US bank!
b. Cash a USD check @ the current rate @ a Cambio that knows you.

If you are bringing in "thousands", then you should already have a USD account in the D.R. and/or a relationship with a cambista.