Money transfer from abroad

kurdela

New member
Jan 23, 2009
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Hiya. I'm still in the UK but soon coming to DR. I've asked my bank - Lloyds TSB if I can transfer money by internet banking to my future dominican account and they said that I can't. I know that many of you have transferred money from outside DR. How can you do it?
My bank told me I have to fax them my authorisation or something and then they can transfer the money (how?).
I'll be grateful for any info.
 

dos amigos

New member
Oct 18, 2008
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Hi when we transfer money to our Dominican Bank we use Currencies Direct. You can make a transfer from your bank to Currencies Direct if you have internet banking with Lloyds I am sure this will not be a problem. Our money is usually in the bank account here within 2 days of currencies direct. It sent through a clearing bank in US before it goes into our dollar account. We are with Banco Santa Cruz and pay a small commission. Hope that helps.
 

Bayx-**

New member
May 30, 2008
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I send from my bank in the US. You need your bank information in DR, the Switch number, the bank account, bank address, and bank they do business outside DR. My bank in DR is Banco Popular. Your bank in DR should give all the information.
 

Matilda

RIP Lindsay
Sep 13, 2006
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I transfer from HSBC in UK with no problems at all to Banco Popular. If it is over 10000us$ you need proof as to where the money came from. Takes 5 working days.

Matilda
 

kurdela

New member
Jan 23, 2009
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But how do you do it, Matilda? Did you need to send any authorisation? Or do you do it online? I used to be with HSBC but switched to Lloyds, don't know if it was a good idea.:eek:
 

TOOBER_SDQ

Bronze
Nov 19, 2008
708
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I send from my bank in the US. You need your bank information in DR, the Switch number, the bank account, bank address, and bank they do business outside DR. My bank in DR is Banco Popular. Your bank in DR should give all the information.

I am pretty sure you mean SWIFT code.
 

Alan Read

Member
Jun 11, 2007
33
6
8
We use XE.com - get exchange rates very close to official banking rates + cheap fees for transfers.

You do Uk bank to UK bank transfer - set up your DR account as recipient and they transfer funds. Takes approx 5 days.
 

Matilda

RIP Lindsay
Sep 13, 2006
5,485
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But how do you do it, Matilda? Did you need to send any authorisation? Or do you do it online? I used to be with HSBC but switched to Lloyds, don't know if it was a good idea.:eek:

I just phone the bank and ask them to transfer x to y account here giving them the account number and swift code. You can also do it online.
 

kurdela

New member
Jan 23, 2009
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Alan Read, how much do they usually charge you for a transfer from UK account to XE and how much for transfer to DR account of, let's say ?1.000?

Matilda, how much do you pay for a transfer from HSBC to DR bank account?

Thanks a lot for your info.
 

kurdela

New member
Jan 23, 2009
53
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0
Hi when we transfer money to our Dominican Bank we use Currencies Direct. You can make a transfer from your bank to Currencies Direct if you have internet banking with Lloyds I am sure this will not be a problem. Our money is usually in the bank account here within 2 days of currencies direct. It sent through a clearing bank in US before it goes into our dollar account. We are with Banco Santa Cruz and pay a small commission. Hope that helps.

How much commission? Could you give an example? How much for a transfer of, ie. ?1.000?
 

TOOBER_SDQ

Bronze
Nov 19, 2008
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How much commission? Could you give an example? How much for a transfer of, ie. ?1.000?


I use Banco Popular. Each time I SWIFT USD in, they charge 50 USD. I am not sure if the sender also charges.

The best thing you can do is call your bank and ask.

:bored:
 

Alan Read

Member
Jun 11, 2007
33
6
8
Hi Kurdela,
Cannot give you exact details as I am in DR at present and most of our transactions are held on our UK computer. What I can say is that transfers from TSB to XE UK bank account by BACS transfer is free - they convert to required currency(for DR US$) at seriosly favourable rates and then they undertake transfer to your DR or other country account. From memory it was about ?7 to transfer US $7500 to our account here in Sosua and only about ?15 when we transferred US $20000.

Best thing to do is go to their site and set up an account - then go into the "Basic Trade" area and have a play - you do not have to accept any transactions and if you do not accept bid within certain time it will expire.
As previously stated we use this method for company and personal payments all over the world and have not found a more cost effective way to transfer ------------

But -- if anybody knows different --- I am all ears !!
 

Alan Read

Member
Jun 11, 2007
33
6
8
One other thing - don't know about other banks, but Scotiabank charge US $15 to receive transfer.


But you have to look and see - the difference in exchange rates from what your bank will give will normally more than pay the fees which are way cheaper than SWIFT transfers.
 

linmagic

New member
Sep 20, 2009
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Anyone in the UK will understand the pain you feel when you say the name "Lloyds TSB" !! And I don't think anyone in the UK hates them as much as I do and that is guaranteed.

I'm with Barclays but found that there is not much difference between any of them, outrageous charges for anything and everything. We will be looking into XE as I use them all the time for currency conversions and this sounds like a good option.

Lin
:bunny: