And what exactly am I doing here, that is so obvious? Who is to say I am not drawing bi-weekly instalments of 8K of my annual 200,000 salary? Stupid or not, I know these people are super lazy and generally won't do a yota above what's absolutely required and in 99.999% of cases they will pass through anything below 10K and hold anything above 10K.
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Bank to bank transfer limit.
And what exactly am I doing here, that is so obvious? Who is to say I am not drawing bi-weekly instalments of 8K of my annual 200,000 salary? Stupid or not, I know these people are super lazy and generally won't do a yota above what's absolutely required and in 99.999% of cases they will pass through anything below 10K and hold anything above 10K.
at 8K you will probably be OK, anything ABOVE $9500 and you will have to begin doing explanations after some time, paperwork, etc, UNTIL, the that gets to be usual for the bank you use, if you get an official managing your accounts on the bank it will also be easier...as I say, bellow 10K check rules that changes a lot based on the bank you use here.
They bank normally just ask for proof of source, you can use your money whatever way you want after received, meaning not need to inform that.
A computer just follows a set of instructions, like 'flag all transactions above a certain amount' and as such in no way different from a human watch, except speed of processing. And I am not presuming anything, just observing that wires below 10K arrive in 10 minutes, and wires above 10K are held up by BanReservas.
It $10000us a month max how ever you want to do ! $5000 and $5000 in a month will work... $5000 and $5001 gets your $501 frozen till you prove... $10000 a month how ever you wish to do it...
I would get a letter from the party outlining the compensation to you and the amount totalling over 10,000 or have them send two wires of $5000 each. Of course there will be a service charge deducted from the transfers, most likely by both banks
And so? Let's see, the 2 alternatives here:
1. Transfer 17k -> raise red flags and not have the money on the destination account
2. Transfer 8K and 9K -> raise red flags (supposedly) and have the money on the destination account
I know which one I'll go for.
Just show them your invoice or your client's payment.....
that should do it.
What they look for is a legitimate source of the funds.
Or use my route -
send it to your lawyer, he'll give it to you.
that should do it.
What they look for is a legitimate source of the funds.
Or use my route -
send it to your lawyer, he'll give it to you.
It entirely depends on the person you are dealing with at DR bank: if they don't know you/decide that they don't like you, no amount of documentation will be good enough. Been there, done that, don't care to spend time and gas to do it ever again.
It's easiest just to have proof of where the money comes from in a transfer. That should not be that difficult.
Multiple transfers of large sub-10k amounts can create downstream problems. And at some point, with enough transfers, will create problems. It'd be hell having a transfer just sequestered for weeks until you prove the funds *did not* come from shenanigans under their suspicious eyes---and they do their investigation. This happened to a friend of mine who tried to get cute with money transfers to the DR while trying to build a house. He couldn't touch a $9000 transfer for three months, and could not make other transfers, while tying to prove he wasn't involved in money laundering. Bureaucracy---in the DR as well as the states---can move at a snails pace if they choose.
Besides, it's the bank also under pressure. You are not just proving to the bank where the money comes from. The banks have to provide documented proof where the money came from to LE should transfers raise red flags. The DR is under a microscope for money laundering shenanigans by numerous international agencies including the DEA and IRS. Don't blame banks. Blame politicians in the states and international bureaucrats, all in the name of the War on Drugs. Folks like you are mere collateral damage they couldn't care less about.
Ask any banker in the DR and let them tell you themselves.
Just play it straight and avoid problems. Yes, you may not have access to the money for a few days. That's almost routine and a small speed bump to plan for.
Trust me: you won't win trying to game the system, and you'll gain credibility by playing it straight..
CB is right......
I am verifying my address/residency (yet again) for an investment firm...
they are under the gun to report.
and this firm will not allow US citizens or residents as clients - too much oversight by Uncle Sam
so the inquisition in my case is from non-US agencies.
When I was building, I regularly sent large sums , nothing less than $50k, to my lawyer for distribution to my builder.
This solved the transfer issue and served as a receipt for monies rec'd.
Double duty
I am verifying my address/residency (yet again) for an investment firm...
they are under the gun to report.
and this firm will not allow US citizens or residents as clients - too much oversight by Uncle Sam
so the inquisition in my case is from non-US agencies.
When I was building, I regularly sent large sums , nothing less than $50k, to my lawyer for distribution to my builder.
This solved the transfer issue and served as a receipt for monies rec'd.
Double duty
This is all good, and is the best route to follow, at least when we are talking about 'house money' amounts. Don't send a 9K transfer every day for 2 months and expect there won't be any problems. But if you just want to wire down a quick 17K and want to avoid dealing with morons at DR bank, split the amount into two. I like how you guys keep repeating "It's easiest just to have proof of where the money comes from in a transfer. That should not be that difficult." Say, I own a source account (business) and a destination account (personal) and want to make a transfer. Feel free to take a stab at what you think 'the proof of where the money comes from' might be for your average bank CS rep in a quaint town of Sosua. Because I had to give up quickly.
Trust me: no amount of following rules can guide you through every situation in the land of idiots.
Transactions purposely made under the $10K limit is illegal in the USA and may be also illegal in the DR. In the US its a violation of title 31, USC Section 5324 and commonly referred to as "structuring".
Yup, structuring....
I was in the check cashing business.... we had to report regularly.
VJS,
you need to make a relationship within your bank.
That's how I survive at Banco Progreso.....
They welcome me by name.....offer any amount of help.
Bankning relationships are personal.
My Cdn bank (Scotia) wiill wire me money based on e-mail instructions.
Again, after establishing a relationship.
Give it a try
Surely somebody you know is related to somebody in your bank.
RD works that way.........IMO
I was in the check cashing business.... we had to report regularly.
VJS,
you need to make a relationship within your bank.
That's how I survive at Banco Progreso.....
They welcome me by name.....offer any amount of help.
Bankning relationships are personal.
My Cdn bank (Scotia) wiill wire me money based on e-mail instructions.
Again, after establishing a relationship.
Give it a try
Surely somebody you know is related to somebody in your bank.
RD works that way.........IMO
First of all, your first mistake is dealing with a CS rep.
Never in my life did I go into a bank and NOT ask for the Branch Manager to start a relationship at the top. Never.
In the DR it's even more important.
Go to the Top Dog and ~ASK~ what he/she/xe require for proof of source for future transfers, and get some agreement and maybe a timetable for the $$$ hitting your account. Don't guess and don't ask a CS for their opinion.
It's not that difficult.
Sure thing but if I am on NC, I am not going to drive 2 hours to Santiago to my main branch just to resolve an annoying minor problem.