Bank transfer VS Western Union

[Sonny]

August 29 I transfered $150.00 from a large bank in Canada to Banco Reservas in Samana and the transfer cost for this was $22.50 and to this date the money is not in the hands of my wife in Samana.Called my own bank and asked whats happening and they tell me it's there in the DR,my wife talks to Banco Reservas and it's not there.My own bank then tells me that it will take up 30 days to trace and refund this money!
This morning after receiving another call form my wife(long distance phone call fees from August 29 to date = about $30.00) telling me the money has not arrived.This morning found a Western Union office and handed over another $150.00 plus $24.00 transfer fee,estimated time of arrival for this money to reach my wife in Samana....15 minutes!
Never again will the bank send money for me.

 

[Helen]

Sonny, if you are going to send money often to the DR, ask Western Union for a preferred customer card/#. Will save you money on the fees. Sending about $200 Cdn should cost you about $19 in fees.

 

[ChicacagoChris]

Re: Bank transfer VS Western Union *DC*

 

[ChicacagoChris]

Western Union has always been highly reliable for me however, charges are $12.00 per hundred United States Currency. The money gets there though and fast. If you instist on using banks (which should be cheaper) read previous posts from other people about bank cards.

 

[Tom F.]

I used to just cash my personal check at a Casa de Cambio in US dollars and get pesos, no charge and the good rate. If I wanted dollars I got a lower rate. They have to know you at the Casa de Cambio.

 

[Laura]

Well why don't you give her a card there to access your account here. That would save a lot of problens. Trust is the key word here! A atm card on a US OR Canada bank will cost you very little and money as she needs it.

 

[Sarah]

The ONLY charge I've ever incurred by using my ATM card in the DR was from my bank at home, $1.25US per transaction.

 

[Sonny]

It's not a matter of trust but only that the bank that we have in Samana does not have an ATM.....or I would have done that.

 

[Sarah]

Almost ALL banks have them these days. I'd change banks, if it's not too much trouble!

 

[Richard]

I had to send down considerable amounts of money to the DR on a regular basis so I investigated into the matter of Western Union versus Bank Wire Transfer. After speaking to my banker I was advised that once your money leaves the Federal Reserve System the USA bank is no longer responsible if mishaps occur. Once the money is out of the USA it is the DR banking system and it is their responsibilty. It does not take a genius to figure out the negative exposure under these circumstances. My banker told me a lot of money is lost on wire transfers to foreign banks. Even though Western Union is more expensive you are covered from all angles. Go Western Union so you can sleep in peace.

 

[Another Gringo in Pto.Pta.]

You just need a second card for your wife (almost free) from your cardcompany and she can use it, at all ATM's.....doesn't matter what bank she use here....
But for the europeans here on the board. The ATM money is very expencive (specialy/double on Mastercard) They charge you a cash fee and additional a foreign country fee........
cu/charly

 

[Sarah]

Let me make it more clear...

You give your wife an ATM card for a bank account in Canada or the US or wherever. You put the money in your bank account here, in North America, just like any other deposit. She can use the ATM card in the DR at ANY bank ATM at ANY time ANYWHERE in the entire country of DR. As I mentioned, the only charge I ever incur if from my bank in the US, $1.25US per transaction. Will that work for you?

 

[Bob]

Euro tourist bank charges & Bachateros

Thanx (Danke) Charly for warning european tourists. They read all this (great) news on the DR1 (p.e. US$ 1,25 per ATM-transaction) but forget, that's not for them. European banks suck you dry for using ATM's and with the Euro so unfairly low against the dollar, it's become a crime to travel. Whenever I send money to friends in the RD, Western Union is the way I go. Reliable and fast. When I'm in there, I use Traveller cheques, which are accepted at all banks I visit. Creditcards are for shopping, restaurants & emergencies. As I feel most advise given on this board relates to US/Canadians,Anybody got suggestions how to go about handling financial matters, when moving to DR, from Europe ? Any reliable site ? Gracias por su ayudo.
And, ehhh...... All true merengueros and bachateros here in Holland are celebrating Juan Luis Guerras Latin Grammies !!

 

[John Thomas]

As Sarah said you can use the ATM card "ANYWHERE", like banks, shopping centers, resorts, airports, worldwide. In Puerto Rico, Banco Popular will open ATM accounts, they call it ATH, for FREE. I got three, one for my son studying in the D.R., one for my in-laws and one for emergencies. All are in separate accounts. You can deposit any ammount, no limits, in any one of them and pay a fee of only $3.00. Check with your bank because many banks in New York and Florida also have them but are seldom adverticed. Hope this helps.

 

[Another Gringo in Pto.Pta.]

Re: Euro tourist bank charges & Bachateros

Yeah Bob, you are right. Shopping with Creditcards is not that bad than cash, but only in "case of emergency"*LOL.
And for germans (I post all the rates on some german boards, even on mine - see the Link)another good advise to use Western Union.
Because all german Postoffice do WU but do not go fast (they are not commend with their own service-have to send the order by Fax first).
There is in many cities the "REISE BANK" in Airports/Railwaystation etc. they do it cheaper and faster with Western Union.
cu/charly

 

[Sonny]

Thanks people for all your response's,I will definately send out a bank card to my wife in the near future.
Sarah,maybe you could send us your's with the password too...just to see if it works

Sonny

 

[Sarah]

Sure Sonny...I'll be more than happy to send you a card with the password! He, he, he