Banco Santa Cruz sticking it too me

[chico bill]

Transferred $5K to my bank (Banco Santa Cruz) dollar account
And they charged me $25 US for the privilege' of my deposit transfer ?
I was not happy with the $15 they charged a few months ago
$25 is just too much

Anyone else getting the same harpoon ?

 

[SKY]

I dumped this bank 15 years ago. One more transfer like this and you will meet Dick Tracy before they even allow it..............

 

[tee]

This is not just BSC, they all do. We receive transfers on a daily basis where I work and the receiving bank charges up to U$50 just to receive the money! It is crazy when you think that you have to pay to send the money and the receiving bank charges you too! Here it is getting harder and harder to make larger transfers such as real estate transactions. Many banks now require the last 6 months bank statements (from the account that is sending the funds), the previous years tax return and a letter of proof from where the funds originated (return on investment, retirement fund, inheritance, sale of property, lottery winnings etc.).

 

[AlaPlaya]

Transferred $5K to my bank (Banco Santa Cruz) dollar account
And they charged me $25 US for the privilege' of my deposit transfer ?
I was not happy with the $15 they charged a few months ago
$25 is just too much

Anyone else getting the same harpoon ?

I never get charged to transfer money to my account with them. But I use a third-party intermediary to make the transfer to a peso account. Maybe it was the wire charge you paid?

 

[william webster]

ScotiaBank - $6,000 in....$5 fee---- y'day

 

[chico bill]

I never get charged to transfer money to my account with them. But I use a third-party intermediary to make the transfer to a peso account. Maybe it was the wire charge you paid?

No I paid $15 to Schwab for that . Which intermediary do you use and what do they charge ?

 

[chico bill]

ScotiaBank - $6,000 in....$5 fee---- y'day

For a wire William ?

 

[JLSawmam]

I started using XE.com for transferring from my US account to my pesos account with Banco Popular. Very good exchange rate and the fee with BPD is the same as their normal nominal transfer fee within the DR. I used to do wire transfers to my USD account here, and the fee from my bank plus a $7 fee from BPD just got to be too much. I know there are other companies that do similar. If this will work for what you need, check out those options.

 

[william webster]

Yes, Chico - I wired $6k in .....

 

[chico bill]

Yes, Chico - I wired $6k in .....

Maybe they charge more for US residents because of our draconian banking laws and the reporting requirements ?

 

[AlaPlaya]

No I paid $15 to Schwab for that . Which intermediary do you use and what do they charge ?

I use XE.com. Have used them for the last ~6 years. Only "fee" per se is the exchange rate, which is only marginally higher than the posted live market rates. It's also the best rate I've ever found for a third-party intermediary. Banco Santa Cruz doesn't charge me to receive money from them.

 

[william webster]

Maybe they charge more for US residents because of our draconian banking laws and the reporting requirements ?

My asset manager will not accept US taxpaying clients.... too much oversight.

 

[bob saunders]

BHD charges me $7 each transfer plus the government tax of .O15 %

 

[CristoRey]

Maybe they charge more for US residents because of our draconian banking laws and the reporting requirements ?

Exactamente.

 

[NALs]

This is not just BSC, they all do. We receive transfers on a daily basis where I work and the receiving bank charges up to U$50 just to receive the money! It is crazy when you think that you have to pay to send the money and the receiving bank charges you too! Here it is getting harder and harder to make larger transfers such as real estate transactions. Many banks now require the last 6 months bank statements (from the account that is sending the funds), the previous years tax return and a letter of proof from where the funds originated (return on investment, retirement fund, inheritance, sale of property, lottery winnings etc.).

Blame it on money launderers and the anti-money laundering initiatives from the government. That small group of people are ruining banking for most non-criminal types. The days of appearing with lots of money and having banks do business with you as if it was a purchase of morning coffee without figuring much the origin are long gone.

 

[zoomzx11]

And you thought they were above board and you get burned.

Its a service but not one I want part of again.
I want service, not to be serviced.

 

[cavok]

Transferred $5K to my bank (Banco Santa Cruz) dollar account
And they charged me $25 US for the privilege' of my deposit transfer ?
I was not happy with the $15 they charged a few months ago
$25 is just too much

Anyone else getting the same harpoon ?

Yes. I am. Just checked. Wired $5K to BSC and was charged $25 to receive the transfer. Used to be $15. Thanks for the heads up!

 

[D'Arcy (Apostropheman)]

Is there another service that's cheaper, better, faster? XE.com? Xoom? WU? I suspect not so why is it a shock that banks might want to catch up to the pricing these other options get?

 

[cavok]

Is there another service that's cheaper, better, faster? XE.com? Xoom? WU? I suspect not so why is it a shock that banks might want to catch up to the pricing these other options get?

Those companies charge you a fee for their service in transferring your money. On the other hand, BSC is charging you a fee for the privilege of putting your money in their bank.

A lot of people claim these other companies are "cheap", but they never post an actual transfer with all fees involved. I've checked many of them and none of them looked "cheap" to me.

 

[D'Arcy (Apostropheman)]

Those companies charge you a fee for their service in transferring your money. On the other hand, BSC is charging you a fee for the privilege of putting your money in their bank.

A lot of people claim these other companies are "cheap", but they never post an actual transfer with all fees involved. I've checked many of them and none of them looked "cheap" to me.

For larger amounts, even $5000, paying a flat rate at your receiving bank is probably cheaper. One way to be sure though...

Anytime new fees appear or when fees are increased it's a hit to the wallet, but that's part of the cost of living abroad. I do not keep much money directly in Dominican banks since I don't trust them, and it's easy enough and cheap enough, to me, to transfer funds when needed. I bet we save money, even with the fees vs leaving money in a DR account and having fees for letting it sit in the accounts eat away at it. There's really nothing I need or require from a DR bank on a regular basis so I take the safe route. I don't like the fees either but I'd rather have the relative safety and pay the fees.