ACH to a Dominican Bank

[reilleyp]

Is it possible to transfer dollars via ACH to the Dominican Republic? Not a wire transfer. An ACH where you just need a routing number and the bank account number, and you send the money via ACH and the receiver has it at no cost in about two days.
I saw a video which showed Banreservas' routing number on Youtube, but I am not sure if that was for a dollar account or just peso. Their website only shows wiring instructions with the SWIFT code, etc.
I found BancoPopular's routing number, but I have the same questions regarding that. Is that just for internal transfers in pesos, or can it handle larger amounts from overseas.

 

[johne]

I'm confused about what you are trying to do. ACH generally is about paying debt you have and paying in agreement to that debt.

 

[reilleyp]

I'm confused about what you are trying to do. ACH generally is about paying debt you have and paying in agreement to that debt.

It can be used to pay a monthly bill, but also to move money from one person to another. Basically, it is the same as writing a check, (cheque) but without the paper part, just the numbers on the lower left.
From the internet;

An ACH transfer is any movement of money from one bank account to another over the Automated Clearing House (ACH) network. This includes everything from person-to-person transfers and bill payments, to direct deposits from employers or the government. The ACH network spans roughly 11,000 financial institutions across the United States.

There are two kinds of ACH transfers:

1. ACH debits are requests for the ACH network to "pull" money from an account that the requestor doesn't control, such as an auto-bill payment.

2. ACH credits are requests to “push” money from the requestor’s account. This is the case for payroll or government benefit programs (often referred to as “direct deposits”).

ACH transfers were created to counter the hassles of the paper check, offering an easy and inexpensive way to move money with just a few pieces of information (name, bank account number, and bank routing number). Today, roughly 94% of American workers receive their pay via the ACH network.

 

[johne]

It can be used to pay a monthly bill, but also to move money from one person to another. Basically, it is the same as writing a check, (cheque) but without the paper part, just the numbers on the lower left.
From the internet;

An ACH transfer is any movement of money from one bank account to another over the Automated Clearing House (ACH) network. This includes everything from person-to-person transfers and bill payments, to direct deposits from employers or the government. The ACH network spans roughly 11,000 financial institutions across the United States.

There are two kinds of ACH transfers:

1. ACH debits are requests for the ACH network to "pull" money from an account that the requestor doesn't control, such as an auto-bill payment.

2. ACH credits are requests to “push” money from the requestor’s account. This is the case for payroll or government benefit programs (often referred to as “direct deposits”).

ACH transfers were created to counter the hassles of the paper check, offering an easy and inexpensive way to move money with just a few pieces of information (name, bank account number, and bank routing number). Today, roughly 94% of American workers receive their pay via the ACH network.

OK. I sent a large sum of money from an account in the states to a bank in SDQ last week with no more than a phone call and a photo copy of a hand written note with my signature. No fees. In dollars both ends. Thanks why I asked. It would seem thats what you want. But that's a wire. I carry with me when I travel a information sheet having the routing # for ing with to or from.

 

[reilleyp]

OK. I sent a large sum of money from an account in the states to a bank in SDQ last week with no more than a phone call and a photo copy of a hand written note with my signature. No fees. In dollars both ends. Thanks why I asked. It would seem thats what you want. But that's a wire. I carry with me when I travel a information sheet having the routing # for ing with to or from.

I am not sure exactly what you did. What is just a routing number and an account number or was there also a SWIFT code in letters involved in the transaction?

 

[windeguy]

Is it possible to transfer dollars via ACH to the Dominican Republic? Not a wire transfer. An ACH where you just need a routing number and the bank account number, and you send the money via ACH and the receiver has it at no cost in about two days.
I saw a video which showed Banreservas' routing number on Youtube, but I am not sure if that was for a dollar account or just peso. Their website only shows wiring instructions with the SWIFT code, etc.
I found BancoPopular's routing number, but I have the same questions regarding that. Is that just for internal transfers in pesos, or can it handle larger amounts from overseas.

If you are asking if you can an ACH to or from a Dominican bank from another country, I have never heard of this being possible.
No idea if anything like that is possible between banks within the DR.

Wire transfers should work and PayPal works with Banco Popular. Both for a fee.

 

[Administration]

ACH is run by the USG. https://fiscal.treasury.gov/ach/ and only works with USA banks. It's how all money is transferred from one bank to another bank and even paypal and zelle and everyone else *has* to use it. Back in olden times (before Check 21) they literally drove semi trucks full of people's checks across the country to "clearing houses". With ACH it's electronic, and originally there was a 3 day option and a next day option that had a small fee. But in the second half of 2023 the USG introduced an "instant" option, with transfers that happen instantly without any fee. Last I read 5 major banks in the US were using instant ACH but not everyone yet. But by now maybe it's used in the entire USA.

On the question about Banreservas I also wonder - one cannot use ACH with a foreign bank - however I saw an ad about Banreservas opening up a bank in Miami - it seems likely they can accept ACH transfers there, but I'm not sure if they will transfer to a Dominican based account.

By the way, WISE has super cheap transfers between international banks, supposedly can send to Banreservas. I am going to test it soon and can let you know.

 

[tht]

WISE has super cheap transfers between international banks, supposedly can send to Banreservas. I am going to test it soon and can let you know.

Wise works well to Dominican banks I've used Wise for quite some time, it's just a regular SWIFT transfer but cheaper than most banks. I am, however, going to try Remitly soon. See how that works.

 

[JLSawmam]

Maybe it's just a case of them using the same terminology, but when I transfer money from my pesos account with BPD to another pesos account (same or different bank), an "ACH" transfer takes a few hours and an "instant" one is indeed more or less instant, but comes with a 100 peso fee.

 

[Administration]

Wise works well to Dominican banks I've used Wise for quite some time, it's just a regular SWIFT transfer but cheaper than most banks. I am, however, going to try Remitly soon. See how that works.

i think Wise lists the bank code incorrect for Banreservas (although it is just an example page i guess). The show BAGR which is Banco Agricola i think. Banreservas should be BRRD. Do you send Euros or USD (or?) to the Dominican bank? I don't see an option for DOP.

 

[cavok]

I have never heard of being able to send an ACH to a foreign bank. ACH's are for domestic transfer only. It has to be a wire transfer or use one of the many services like Remitly, Ria, etc.

 

[Administration]

Maybe it's just a case of them using the same terminology, but when I transfer money from my pesos account with BPD to another pesos account (same or different bank), an "ACH" transfer takes a few hours and an "instant" one is indeed more or less instant, but comes with a 100 peso fee.

I believe it's terminology and not the same network.

 

[cavok]

Maybe it's just a case of them using the same terminology, but when I transfer money from my pesos account with BPD to another pesos account (same or different bank), an "ACH" transfer takes a few hours and an "instant" one is indeed more or less instant, but comes with a 100 peso fee.

It's the same with BHD. It can take a couple hours to another Dominican bank. After 4pm, it won't get there until the next business day. You have to pay 100 pesos for an instant transfer.

 

[tht]

Do you send Euros or USD (or?) to the Dominican bank? I don't see an option for DOP.

USD never done Euro.

 

[Administration]

USD never done Euro.

thanks!

 

[windeguy]

I have never heard of being able to send an ACH to a foreign bank. ACH's are for domestic transfer only. It has to be a wire transfer or use one of the many services like Remitly, Ria, etc.

Correct.

 

[chico bill]

Then of course if you have a Schwab ATM card you can withdraw money worldwide with no ATM fee

 

[cavok]

Then of course if you have a Schwab ATM card you can withdraw money worldwide with no ATM fee

I just got my Schwab card two weeks ago. The only ATM I've tried so far is BSC and it would only give me 4000 pesos at a time - 20K total. I just went inside and withdrew the 20K instead. 58.30 exchange rate and no fee.

 

[NanSanPedro]

I’ve been using Fidelity for years. Never an ATM fee and almost exact same rares as my bank.

 

[cavok]

I’ve been using Fidelity for years. Never an ATM fee and almost exact same rares as my bank.

If your bank is BPD or BHD, not a very good rate.