Bank Transfers from overseas

[JD Jones]

That's why you need to make sure your friend at the bank is not in the "most" category

Most people I have dealt with at Banco Popular on Churchill are light years ahead of a food cart vendor.

I deal with the folks at the Itabo branch, and they bend over backwards to keep me happy.

They have also won the "Best Customer Service Award of the Year" of all of the BPD branches more than a couple of years.

 

[VJS]

I bank with Banco Popular and have been for many years . I am well known to them and for many years my transfers from England and Australia , where I have bank accounts, have gone smoothly and quite quickly . However my last four transfers were held up by Banco Popular for between 8 to 10 days. No reason is ever given although the bank has my tax details abroad and know the source of my money.
I am wondering if others have been experiencing these delays. I do not know if Banco Popular are just using my money or if they have some other reason . Maybe someone knows if Scotia Bank, which is an international bank,processes these transfers quicker. Also,is there any risk with Banco Popular somehow trying to appropriate my funds ?? I might add that my transfers to various family members living elsewhere in the world are processed within 12 hours.

Your $10K+ transfers are held for longer time while supposedly the bank people are checking if the money is legit. The interest earned is a nice side benefit (to the bank). Its been debated before, there is no magic solution. If you need to deal with this hassle on a regular basis, I'd find a reliable counterparty, like a lawyer firm, with offices in both your country and DR, - then you can replace 1 international transfer with 2 local ones. As to the risk of appropriating your funds during the SWIFT transfer, I think it's negligible: in the worst case your funds are automatically returned to your origin account after 30 days if there is a problem with the transfer or the destination bank can't confirm the transaction. 

 

[Mauricio]

Once it happened to me that the account manager mailed my wife about an incoming transfer above 10k. The email arrived in soambox and it took me a while to realize that. Normally my wires are below 10k , last wire was last Friday afternoon at 3 pm (from BofA) and was in my account at BPD Saturday morning at 8.00 am. 

 

[william webster]

Wired money yesterday and it arrived 
at Progreso today....

The past two times it has arrived next day instead of two days.

 

[Kipling333]

Can you please tell me if the amount was under $10,000 . I have a further problem now in that the bank refuses to issue Certificates of Deposit to two of my caddies because they are not paid wages by a company . I am gradually giving money before I die to various low income people who have helped me in my life here .Banco Popular says they will only issue certificates to people with a wage or salary. I think this is a total misinterpretation of the new law which that with capital purchases. the buyer must show where the money comes from.. In this case is easy ,from me .

 

[william webster]

Yes it was under $10,000- five to be precise.

There must be a way around that problem.... could a lawyer help.... hold the money ? In trust for them

 

[Kipling333]

I have a meeting with Scotia Bank tomorrow afternoon ; then I will see if Banco Popular is going over the top or if Scotia Bank will be more sensible . When the money trail clearly shows that I am gifting the money to various people from my dividends gained abroad, then it clearly is not money laundering

 

[william webster]

You might be able to set it up in another country - if you wish.

Payable when you choose... to whom you choose....

All part of your estate - I assume.... direct the lawyer....
or establish a trust to fund quarterly/annual payments to the beneficiaries until your death or date of your choice

 

[TropicalPaul]

I had exactly this problem today. I sent over US$ 20,000 from the UK to my Popular dollar account, my account manager knew about it before it was sent and I had the evidence with her before it arrived. Popular received the money on September 20th and only after calling 9 times today and finally going to the bank was the money cleared, 8 days later. I went to Progreso today and they said that if I send money from the UK, my account manager will clear it the same day or the day after it is received in the country. So I think this is all to do with Banco Popular. I'm going to send another transfer soon, so I will send it via Progreso to see how quickly it arrives.

 

[Neargale]

Related to the wire transfer but not how long it takes...
If I send $ from a Scotia Canadian Bank account via Toronto to my RD SB account in Cabarete... Is there any way to find out what exchange rate is used in Toronto and/or what tax is charged when it arrives in RD? I understand I can guess it .. how much I send VS how much I receive but I am curious who is making the most money here?

 

[Kipling333]

To W webster..the reason why I want to do it here is that the certificates of deposit here pay 9.5 % ..Can not get half of that elsewhere. Simply want some low income people to have a certificate of deposit so they can have interest everyyear but not be able to spend the lot in one big hit . and to T Paul..yes I am coming to that conclusion but will know more tomorrow after my meeting with ScotiaBank .then I will write thanks to both

 

[Derfish]

Although Scotiabank in DR is not connected to Canada although part of the global corporation, you can withdraw from your Canadian Scotiabank account at a Scotiabank DR atm without a fee. That part is good.

ANother thing I just recently learned about Scotia bank is that when I do the ATM withdrawal my bank Wells FArgo only charges me $2.50 instead of the $5.00 that I am charged when I use any other bank's ATM. I realize this a different issue but it made me happy when I found it out.
Der Fish

 

[william webster]

Related to the wire transfer but not how long it takes...
If I send $ from a Scotia Canadian Bank account via Toronto to my RD SB account in Cabarete... Is there any way to find out what exchange rate is used in Toronto and/or what tax is charged when it arrives in RD? I understand I can guess it .. how much I send VS how much I receive but I am curious who is making the most money here?

I think that's calculated in Toronto - at the sending end - they should be able to tell you.

On receiving, look at your statement - mine at Progreso was a $10US rec'ving fee.

 

[william webster]

To W webster..the reason why I want to do it here is that the certificates of deposit here pay 9.5 % ..Can not get half of that elsewhere. Simply want some low income people to have a certificate of deposit so they can have interest everyyear but not be able to spend the lot in one big hit . and to T Paul..yes I am coming to that conclusion but will know more tomorrow after my meeting with ScotiaBank .then I will write thanks to both

The lawyer idea still works
Establish the money in the lawyer's name/firm and designate the distribution ..
Lawyer will disburse the funds as instructed & the CD is in place in his name.

If you are looking for an easy fix !!.............this should work

 

[Kipling333]

I have been to Scotia Bank and explained the situation to them regarding bank transfers and certificates of deposits for people without a fixed salary . Their response was that for amounts over $10,000 there will need to be an investigation of the transfer every time and they need to be satisfied that tax laws have been followed in the country of origin and also they want to see the generation of the money ,in my case from dividends. The bank could not understand the practice of carried forward losses in my fully owned company overseas . They said that regardless whether the money was from an account in my name to an account also in my name, the process time is about a week .
In relation to the certificates of deposit , they would require a detailed letter from the employers of each person giving details of the salary . They would not issue me with a certificate of deposit as I have no employer .I have been retired for many years. I pointed out that none of these precautions were in the law but they said that this was their method of control .
To say it is quite crazy is an understatement ..in England I can buy a bank bond in the name of each of my grandchildren within 30 minutes and although I do not own any bonds , they are a normal negotiable instrument.
In relation to using a lawyer here , I have no qualms while I am still alive but definitely would not trust them with anything on trust after my death.
I can still open some form of account for each of the people I want to give money but that will pay only 6 % ..that can be done relatively quickly . Yes , I can see how ridiculous it is that a bank is happy to open an account and pay 6 % and do that immediately but will not permit a certificate of deposit ..seems it has very little to do with controlling money laundering except that a certificate of deposit is negotiable and I suppose a money launderer could sell it , even at a small loss and be happy with the then clean money .

 

[SKY]

Scotia bank thinks they are a detective agency. Avoid......................

 

[william webster]

Odd, to say the least Kipling.... very peculiar.

Your intentions are good and we hope the mechanics fall into place.

No other instruments available, huh?
There must be a way....

 

[Kipling333]

Thank you W Webster but I do not see how they can ..you see I do not want the beneficiaries to spend everything in one hit so I plumbed for a 7 year certificate ..that being ruled out I can open special bank accounts for them at a much lower interest rate and that is all . What is most annoying is that is demonstrable , 100% , that the funds come from investment income and that tax returns have been lodged and accepted by tax offices overseas . I might also say that my bank in London and also in Sydney are most alarmed at the situation and reluctant to give more private information to a third party .
It is all so silly as we see money laundering in property continuing in the east unabated .

 

[Neargale]

I think that's calculated in Toronto - at the sending end - they should be able to tell you.

On receiving, look at your statement - mine at Progreso was a $10US rec'ving fee.

It seems SB at both ends like to keep the mystery. My branch in Ottawa cannot seem to find out the rate of conversion used in Toronto... and they can't be bothered to call. On the receiving end the money is just deposited in my bank account, no statement no nothing, just being told there is a tax from the government on top of a fixed amount. Cannot get the exact amount. I will try again to get specifics at the next transfer.

 

[william webster]

If there is a forwarding bank/agency (middleman of sorts) , they do the conversion.

I had that problem wiring Cdn funds to my SB account in London ON from a US account.
Suddenly, the money began to arrive in Cdn $$ (after years of troublefree)
Neither bank accepted responsibility.... it was the forwarding bank in NYC that was doing it.

Now, I mark on the wire- DO NOT CONVERT - and have no issues.

THe conversion rate changes at least daily... perhaps SB truly cannot tell you.
Many over the counter exchanges are based on yesterday's rate.