The cost in a credit card is totally different than a debit card. The bank will charge you a rate they will tell you beforehand.
I was talking about Bank of America VISA debit card withdrawals in a Scotiabank.
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banking from the US to the DR
The cost in a credit card is totally different than a debit card. The bank will charge you a rate they will tell you beforehand.
I was talking about Bank of America VISA debit card withdrawals in a Scotiabank.
Let's see how this works. You go to Walmart in the US and give them
$500 US along with the $9 fee.
You give them an address, say in La Vega. (They deliver all over the DR). Of
course there are no street address's in La Vega, or most other places
in the DR. But you would have to live here to know that.
Then a Moto Concho gets the $500 US to deliver to Jose Matinez, or
whatever his name is. I guess they have people all over the DR to give
money to Moto Concho's. By the way is the Conch bonded?
Then the Conch has to find Jose. No problem, ask around won't take too
long. By the way, does the Concho get paid out of the $9 fee? Guess so,
he has to pay for gas and his time.
Sounds like a piece of cake to me.
SKY
You forgot to say that all of this happens in 2 hours from handing over the $500 at Wal-Mart.
WW
You forgot to say that all of this happens in 2 hours from handing over the $500 at Wal-Mart.
WW
Certainly in the way you state things above you probably can?t happen however I have sent dollars by Western Union and the person on the other end received $us dollars. If the person you are sending money to has a $dollar account in the bank you can send to that account and they will receive dollars. By the way I currently live at number 17 Adamez Canela, and my wifes school is 33 Duverge.
We are talking about Money Gram here, not Western Union or even banks. This is home delivery by Moto Concho.
And are you in La Vega?
This is a bit off topic but how do you PROVE that the money is "clean"? Is it not enough that it is in your existing account? I have never heard of this from the US..
Back to the main topic - I know from a research paper that most of the remesas (remittances) that come into the DR come from people paying in DOLLARS and receiving PESOS - this goes door to door - as AE stated- and there is usually no charge since they make their money on the exchange rate.
I still use a casa de cambio for cashing my checks- since the banks hold the check money for up to 90 days before clearing it. They do not charge for giving me pesos - at a rate better than the banks, usually. But it is a drag to have to go there every month. For getting dollars, they charge 1.5% of the face value.
The BofAmerica Scotia Bank route seems to be the best.
I have one ATM card that charges a WHOPPING fee - for withdrawing here so it is wise to check before you travel.
It is not so easy to exchange dolllar here - if you go to a bank, you have to wait on line and show your passport (and the lines at the end of the month and the middle of the month can mean AN HOUR!)
Somehow - it should be easier, me thinks......
Easy...... open an account in RD...... get an ATM card and checks...... wire money into the account.... they automatically convert US $$ intoPesos.
Then either use the ATM or cash a check at the cambio.
As has been said before... jsu go the cambio w/ your US check and cash it.
Simple as can be........ these other issues arise most of the time from sending to 3rd patries..... that can be trickier
WW
Then either use the ATM or cash a check at the cambio.
As has been said before... jsu go the cambio w/ your US check and cash it.
Simple as can be........ these other issues arise most of the time from sending to 3rd patries..... that can be trickier
WW
in my case the source for my Euros on the private German account been a PayPal business account, so I had to proof that I paid in the past 'somewhere', in my case in the DR, taxes on that "Income".
if the money on your account came from a source/other bank account/Pension/salary etc where taxes been taken from, then that Money is Clean and can be send anywhere.
European and DR authorities can ask you for that "Proof" for all Transactions/received money from 10 years back, that's why it is a good Idea to always keep all Tax Papers stored for a long Time.
in case you Transfer/Wire just a couple K's$ per month it may be too small of a sum to make it worth for the Authorities to follow up on such, but if you move a few K's per Week they get very interested in the activities, and absolutely rightfully of course IMHO.
the Lines at the Banks of course depend in which area a bank is located, here in Bavaro near the Hotels the lines can reach out of the bank over the street, lol, ATM's in such areas are sometimes empty by 10AM on the 30th and 15th.
I use the Mainoffice of BHD at the crossing of Veron, always several Cashiers open even on not-paydays, I seldom need more than 5 minutes from entering the Door til I have the Dollar Bills in my Hand and walk out. I usually avoid the Paydays in general and do my banking business before or after, when the need is given to do so on a payday I never spent more than 15 minutes in that Bank's office.
but I know what you mean, banks in the middle of bavaro are 'overrun' on Paydays, lol.
aside of the Pesos accounts I have with BHD a US$ Savings account, I can send US$ by Online Banking from any of my Foreign account on that savings Account, of course in US$, to withdraw money from there does not even require a Check or such, I just present the account number and my Cedula and tell them how many dollars I want to have, the Cashier checks in her/his computer that the account contains sufficient Funds for the requested amount, and a minute later she/he is counting the Dollar Bills on the Table. I never found a bank in Germany to do such business as easy and fast as it runs with that specific Mainoffice of BHD Bank in Veron/Bavaro.
no conersion Fees/bad exchange rates etc,
and I do not Pay any Fees to BHD Bank for receiving moneywires or to withdraw US$ from that account, the opposite, it is a Savings Account, so the Bank credits me every month Interest on My Savings on that account.
Mike
btw,
good Banks with short waiting Times even on Paydays in the PC Area are:
* BHD Mainoffice, Cruze de Veron
* Banco de Reservas across the street from the Shell Gas Station
* Banco Popular on the Road to the Barcelo Beach Resort, a few hundred meters after you passed the Cruze de Coco Loco, right where AC Delco is located. here you may have on a Payday 8-10 Persons in front of you in line, but they usually have on Paydays 3 cashiers open, so it moves quick, in 15-20 minutes max In and Out.
of course during the Lunch hours 12-2PM at all banks the Cashiers rotate to take their Lunchbreak, while Customers use Their lunchbreak to go to the Bank, so those 2 hrs should be avoided anywhere.
I tried yesterday to handle my own transfer online from Canada to RD.... not possible. I had to go to the bank and sign.
That means i cannot send if I am in RD
This was ScotiBank to ScotiaBank but they are 2 different corporate entities.
I haven't tried my US bank, but I expect the same results.
My non-North American banks will send money based on my e-mail instructions...... so far.
It makes it difficult b/c if the money runs out or low, I can't replensh from No America.
Back to the Cambio:tired:..... always the easiest solution for amounts less tahn $10k
WW
That means i cannot send if I am in RD
This was ScotiBank to ScotiaBank but they are 2 different corporate entities.
I haven't tried my US bank, but I expect the same results.
My non-North American banks will send money based on my e-mail instructions...... so far.
It makes it difficult b/c if the money runs out or low, I can't replensh from No America.
Back to the Cambio:tired:..... always the easiest solution for amounts less tahn $10k
WW
I can transfer $1000 per day from my RBC account to my BHD account and I can do it online $20 PER TRANSACTION.
You're killing me!!!
ScotiaBank will not let me wire online..... from my account to my account.... Canada to RD
MUST go to the branch and sign for it
Scotia to Scotia no less !!:tired:
WW
I am an American woman married to a NY Dominican (DR citizen). My father in law recently moved back home to Nagua and we would like to be able to help him out a little here and there when he needs it. Getting resettled in the DR after almost 30 years in NY is taking some getting used to and there are many things he things he needs to spend his money on. Ours will help out in emergencies.
So, I appreciate all the suggestions on how to do this. We have been using Western Union, but for US$250 I had to spend US$26 and for US$200 it was US$22. That just seemed like a lot of money to me.
I thank everyone for the help. We'll call him in a couple of days and find out which banks are in his town and where he banks. Then we can make our decision from there.
Sheree
"This is a bit off topic but how do you PROVE that the money is "clean"? Is it not enough that it is in your existing account? I have never heard of this from the US.."
Comment: The entire money laundering scam is a complete and utter joke. You don't think the sending bank hasn't already done due diligence to the origin of the funds? Double Duh?! These requirements for documentation over $10,000 USD's by the Banks and the Banking Supervisory are nothing more than attempts to set up currency controls, road blocks, if you will, for outgoing expats at the bequest of their home country (Hint: U.S and Europe). If you know the right people and it is a large enough amount of money, no problem, in ya go with the payoff. Small fries-Need not apply. Even if you did get the tax return and proper documentation to get the money in...Would you really want the Banks and Banking Supervisory to have access to this personal information? Best of Luck!
Comment: The entire money laundering scam is a complete and utter joke. You don't think the sending bank hasn't already done due diligence to the origin of the funds? Double Duh?! These requirements for documentation over $10,000 USD's by the Banks and the Banking Supervisory are nothing more than attempts to set up currency controls, road blocks, if you will, for outgoing expats at the bequest of their home country (Hint: U.S and Europe). If you know the right people and it is a large enough amount of money, no problem, in ya go with the payoff. Small fries-Need not apply. Even if you did get the tax return and proper documentation to get the money in...Would you really want the Banks and Banking Supervisory to have access to this personal information? Best of Luck!
Uncle Timmie Looks to the USA – Part II | EFAM | Escape From America Magazine
You are correct sir, but the brainwashing that goes into these things are enormous.
Forget about Western Union - they are a rip off. Check online with Xoom.com to see what banks you can deposit directly to in the DR and if there is a branch near where your father in law is living - that's all you need, other than a USD bank account to transfer from and money of course.....
Is it difficult to get him a bank account and just wire $$$ into it ?
he can then withdraw it any way he pleases...
Am I missing something here..... traditional routes are easier
No offense intended.
WW
One solution is to do random under $10K wires over dispersed periods of time in conjunction with carrying up to $10K cash in hand on trips back and forth. Only problem now is that new regs of 2010 HIRE ACT make sending money to offshore account in DR for U.S. Citizen not such a good idea. You could send it to somebody else however and then have them give you the money, that's if you trust them. Good luck there. It's funny because a bank I know of in DR recently put a fee on depositing cash to the account-another obstacle! It's a shame that the average person no longer has control over their own monies. Welcome to 10th Century Serfdom!
Until a month ago I had never sent a penny outside the US. I don't know anything about how to do it. I could wire money to an account down there. I could contact my bank and see how to do it. I am learning as I am reading.