Bank Transfers from overseas

[Russell]

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.

True, When I opened a Scotiabank account here I had to give them a letter of introduction from my Scotiabank Manager in Canada.
Also I was able to e mail my CDN Scotiabank and have funds under $10000. sent same day for $49.oo CDN fee.
It was all very easy... no hassels... but it all depends upon the local branch and Management. It can also be horrendous .
With me, luck of the draw. For small amounts up to $5000.00 I simply use Western Union... instant and easy. I opened an account with WU and have had no problems. If there is a larger amount to send I call WU first to give them a heads up.
FBI and CIA are all tapped into Western Union.... but I have a clear conscience.
Russell

 

[lifeisgreat]

Just so you guys know... the $10000 threshold is not per transaction...it’s per month.. so if your going to transfer in two transfers $5000 + $5500 you will be flagged... 

 

[william webster]

I have a working background in this type of thing.

Multiple transactions intended to foil the $10,000 rule are called ‘structuring ‘, 
To my knowledge it’s the activity, without measuring the time that raises the flags.

Too frequent is as close as it gets to timing....

In the check cashing business, we were charged with monitoring such activity

 

[lifeisgreat]

As soon as we opened account , manager warned us never transfer above that amount in 30 days with out telling him.. gets held up on corporate level nothing to do with branch level..

 

[Big Friendly]

I am Canadian and bank at TD Bank and BanReservas. I can transfer a maximum of US $10K per time. Within 15 minutes of hitting the button at the TD Bank I receive an email from BanReservas saying the funds have arrived. I have no monthly limit that I am aware of. When I purchased my Condo, I did have to go through an extensive check with lots of documentation required to prove where I obtained the money in Canada. After the 5 weeks of investigation they passed the funds. Guzman Ariza was very helpful in the process.

 

[william webster]

As soon as we opened account , manager warned us never transfer above that amount in 30 days with out telling him.. gets held up on corporate level nothing to do with branch level..

Sounds like a rule the bank has as opposed to a universal rule 

 

[CristoRey]

The more money a bank holds, the more
money they collect in interest. End of story.

 

[Dr_Taylor]

I have a working background in this type of thing.

Multiple transactions intended to foil the $10,000 rule are called ‘structuring ‘, 
To my knowledge it’s the activity, without measuring the time that raises the flags.

Too frequent is as close as it gets to timing....

In the check cashing business, we were charged with monitoring such activity

You are absolutely correct. The bank will automatically report such activity, and has no obligation to let the customer know that it made the report. You will not have an issue if you can rationally explain the source of funds, e.g., you are a senior executive at a Fortune 500 company and earn it; however, the reporting can be a hassle. Hence, folks tend to stay clear of the reporting threshold.

 

[william webster]

Dr T
After many years of banking in a country where I do not live (like 25 yrs), I was recently asked the source of my wealth.

To me, that's a new one --- not just a transaction - my whole account and net worth .....
Where did you get it.??

And of course, you needed to support it with a certification...not easy if those boys are dead!!
Luckily, mine lives.....
I passed the 'sniff test'..

Whew!!

 

[RDKNIGHT]

I am Canadian and bank at TD Bank and BanReservas. I can transfer a maximum of US $10K per time. Within 15 minutes of hitting the button at the TD Bank I receive an email from BanReservas saying the funds have arrived. I have no monthly limit that I am aware of. When I purchased my Condo, I did have to go through an extensive check with lots of documentation required to prove where I obtained the money in Canada. After the 5 weeks of investigation they passed the funds. Guzman Ariza was very helpful in the process.

Agree 100% I do exactly the same but any thing over 10k gets held up....I just wish Banservas would raise it exchange rates....

 

[AlterEgo]

Agree 100% I do exactly the same but any thing over 10k gets held up....I just wish Banservas would raise it exchange rates....

Consider opening a dollar account, transfer in dollars, withdraw and exchange elsewhere.  That’s what we do. 

 

[BigRoco]

Consider opening a dollar account, transfer in dollars, withdraw and exchange elsewhere.  That’s what we do. 

What do you pay for transfer fee from what country? Are you live here in Dominican Republic or on holiday ?

 

[AlterEgo]

What do you pay for transfer fee from what country? Are you live here in Dominican Republic or on holiday ?

We have homes in DR and the USA.  My US bank charges $45 per transfer, regardless of amount, directly into our dollar account in DR.  Once we’re there, I simply write a check from my US bank and deposit it into the DR account as needed, takes a couple of weeks to clear. 

 

[RDKNIGHT]

Consider opening a dollar account, transfer in dollars, withdraw and exchange elsewhere.  That’s what we do. 

I have accounts in dollars and pesos It's just a pain the but to go the exchange house than back to the bank to put in money in the peso account....

 

[RDKNIGHT]

What do you pay for transfer fee from what country? Are you live here in Dominican Republic or on holiday ?

Citibank $35 up to1- 50k

 

[AlterEgo]

I have accounts in dollars and pesos It's just a pain the but to go the exchange house than back to the bank to put in money in the peso account....

Ah, I see.  We usually only withdraw $1,000 at a time, and it goes quickly because we do not use credit cards in DR.  By the time we buy groceries, gasoline, propane, dog food, pay for electricity and the help, most of it is gone

We used to have a peso account, but closed it years ago.  

 

[Dr_Taylor]

What do you pay for transfer fee from what country? Are you live here in Dominican Republic or on holiday ?

BanReservas charges USD $7 for each incoming international transfer, the amount notwithstanding. This is far less that what my U.S. financial institution charges to send the funds. I have found the BanReservas online customer service folk to be outstanding as I learned to navigate the process. BanResevas even created an international bank account number (IBAN) for me, which it ordinarily does not require for international transfers, because my U.S. financial institution insisted upon having one.

 

[Joe Boots]

With Banco Popular if I provide the information accurately and completely, with additional information such as my cedula number and the type of account I have, it gets processed in two to three business days. If there is any kind of mistake it will hang up without a notification to you. I have had to contact BP over a wire two times each time the bank was helpful and made it happen. But it took more time.

 

[TropicalPaul]

I have accounts in dollars and pesos It's just a pain the but to go the exchange house than back to the bank to put in money in the peso account....

Surely it's easier to have a dollar and a peso account with the same bank. I have this with Popular and can switch money between accounts online in seconds. Their rate is always very good as well.

 

[william webster]

Live Report

Last week I sent money to Progreso on Wednesday morning.
It arrived Thursday.

This US$$ to a US$$ account

I notice transactions flowing faster recently.

The amount was more than $10,000 and no questions were asked at either end.