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  1. #1
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    Default Wire Transfer question

    I need to send several thousand dollars to the Dominican and I was wondering if I wiring it from my bank to bank is a good deal. My bank charges $35 to wire the money but I was wondering how much profit the receiving bank makes by converting the dollars to pesos. By the way the receiving bank is Banco Popular.

  2. #2
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    What u should do is open a bank account in dollars instead of pesos so you will transfer dollars and receive dollars then u can take your money and exchange it wherever u want.

    Banco Popular wont give you the best rate u can find so be ready for it.

  3. #3
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    Quote Originally Posted by santiago2008 View Post
    What u should do is open a bank account in dollars instead of pesos so you will transfer dollars and receive dollars then u can take your money and exchange it wherever u want.

    Banco Popular wont give you the best rate u can find so be ready for it.
    The person that I'm sending the money to has an account in dollars. Is there anything in particular that I need to do in order for her to get the money in dollars?

  4. #4
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    Quote Originally Posted by AimHigh View Post
    The person that I'm sending the money to has an account in dollars. Is there anything in particular that I need to do in order for her to get the money in dollars?
    nope...if she already has the bank account in dollars open all you have to do is to go to your bank and do the transfer.......your bank will ask you the details of the bank(popular in your case) ,make sure to tell your bank its in dollars.

  5. #5
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    Quote Originally Posted by AimHigh View Post
    I need to send several thousand dollars to the Dominican and I was wondering if I wiring it from my bank to bank is a good deal. My bank charges $35 to wire the money but I was wondering how much profit the receiving bank makes by converting the dollars to pesos. By the way the receiving bank is Banco Popular.
    Be careful about sending too much at one time. It is not uncommon for a bank to take several days, once it was 30 days, to release a large amount of funds wired into a DR account. The banks are very cautious about money laundering and the like so they tend to wait a long time before releasing a large chunk of funds.

    Myself, I never wire more than USD $10,000 at any one time. Seems to work. (of course I'm not laundering money ;-))

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