Just realize that when you send a wire to an account in your own name, it creates a trail from your sending bank there in the U.S. Recent reg changes per the 2010 HIRE ACT are going to make it difficult for U.S. Citizens and Residents going forward. Also, look at the bottom of Schedule B on your 1040 for pesty dictatorial 'we own you' questions as a result of a tax system based on citizenship vs. residency. Another option is to try the Xoom transfer and pick up in cash while in DR or send to someone you feel confident that will get you your money and is not a U.S. Citizen or Resident. Anything over $10K sent to your name or another, no matter the citizenship, does trigger reporting by the DR Banks to the Banking Supervisor. Something to also keep in mind. Ask the bank representative in DR whether they think the sending back would hold monies without due diligence to its origin. Really this is absurd and is a form of capital controls.
- Thread starter quest123
- Start date
banking from the US to the DR
Just realize that when you send a wire to an account in your own name, it creates a trail from your sending bank there in the U.S. Recent reg changes per the 2010 HIRE ACT are going to make it difficult for U.S. Citizens and Residents going forward. Also, look at the bottom of Schedule B on your 1040 for pesty dictatorial 'we own you' questions as a result of a tax system based on citizenship vs. residency. Another option is to try the Xoom transfer and pick up in cash while in DR or send to someone you feel confident that will get you your money and is not a U.S. Citizen or Resident. Anything over $10K sent to your name or another, no matter the citizenship, does trigger reporting by the DR Banks to the Banking Supervisor. Something to also keep in mind. Ask the bank representative in DR whether they think the sending back would hold monies without due diligence to its origin. Really this is absurd and is a form of capital controls.
Should Read...
Ask the bank representative in DR whether they think the sending bank would hold monies without due diligence to its origin. Really this is absurd and is a form of capital control.
Ask the bank representative in DR whether they think the sending bank would hold monies without due diligence to its origin. Really this is absurd and is a form of capital control.
Exchange rate
Just rec'd my wire transfer y'day.... ScotiaBank exchanged for 36.61 and a 30 peso fee.
US $$$ to pesos
WW
Just rec'd my wire transfer y'day.... ScotiaBank exchanged for 36.61 and a 30 peso fee.
US $$$ to pesos
WW
Or 36.9 at Caribe Express. Which to me consistently has the best rate or very close to it all over the DR.
Anybody know what the max withdrawal that is available at ATM's in DR at banks such as Popular, Progreso, BHD, Banreservas....I am thinking RD$20,000 pesos....Are there some ATM's that go up to $RD35,000 for one transaction?
That's a paltry sum....Guess you could do multiple withdrawals over days to get to where you want to be. Looks like Visa is using a conversion rate of around RD$36.5462. Probably taking a fee in there on the conversion 'cause I can get RD$36.80 in Santo.
Scotia Bank ATM max withdrawal is 10,000 pesos and the machines don't always have sufficient cash to dispense especially around paydays, weekends and holidays.
Depends on your home bank. I use PNC and they allow me $1500.00 US daily. What I usually do is withdraw in 15000RD increments, often one behind the other. Never had a problem. We try to stick with BHD ATMs.
I worked at a bank in the USA up until last year. The reporting requirement is that Any transaction or cumulative transactions over $10,000 in a one month period must be reported. So, someone could to three transactions for $4,000 in one month and think they avoided being reported but that is not the case. Also, even smaller transactions are reportable if they are going to certain locations. If for some reason the government suspects that there is illegal drug laundering going on in the Dominican Republic or if one happens to use the wrong bank suspected of this activity or if someone is wiring money to themselves, then these may be red flags that the banks are told to look for and report. Banks get notifications and have computer programs with names and other info about who and what is suspicious. These notifications change monthly.
That being said, I am also going to buy a business in the Dominican Republic and I'm also looking for an on-line merchant that is non-us based and will transfer money to my Dominican Republic bank account that I will open. I will need to know there will be not hastle in getting money so I can pay bills and etc. Also hoping to find the lowest cost. I know a lot of this was discussed earlier in the thread in 2009 and just wondering if there are any new companies/banks with on-line merchant services and etc. I will be running a small hotel with other services... Primary need is for on-line booking and running a credit card when a guest checks out if they run out of cash... Of course I will push guests to pay in cash, but I can only do so much as many people want to pay via credit card and I may be able to sell them additional equipment and stuff if I have credit card capabilities...
Thank you!
That being said, I am also going to buy a business in the Dominican Republic and I'm also looking for an on-line merchant that is non-us based and will transfer money to my Dominican Republic bank account that I will open. I will need to know there will be not hastle in getting money so I can pay bills and etc. Also hoping to find the lowest cost. I know a lot of this was discussed earlier in the thread in 2009 and just wondering if there are any new companies/banks with on-line merchant services and etc. I will be running a small hotel with other services... Primary need is for on-line booking and running a credit card when a guest checks out if they run out of cash... Of course I will push guests to pay in cash, but I can only do so much as many people want to pay via credit card and I may be able to sell them additional equipment and stuff if I have credit card capabilities...
Thank you!
ScotiaDR dollar account is worthless. It has no debit card, you can not make purchases online, you can not use ATM's. The ONLY thing you can do with it is physically withdraw dollars in the bank (when they have them!) & even then you can't exchange them for Pesos because their exchange rate is a such a rip off that you have to drive (traffic, time, gas) to a casa de cambio. Forget ScotiaDR, I tried to use them as well because of my Scotiabank accounts in other countries but just forget it. Your best bet is to open an account with Banco Popular. Then, next time in Canada, just stop by the Scotiabank & explain you'll be out of the country & will want to make transfers to yourself. You'll sign a document that allows Scotiabank Canada to transfer money from that account to you Dominican account whenever you like, without having to physically be there.
The problem there is the withdrawal fees (My experience was about $5 per) so for every $1500 you're looking at $20 or more. I never had the good fortune of being able to withdraw $15,000RD, my max was always $10,000RD which meant even higher withdrawal fees.
The idea is at only RD$10,000 per transaction & each transaction costing US$5 they can get you for $30 to withdraw RD$1500.
If you have a line of credit with Scotia Bank in Canada, and maybe even Bank of America in US? You can use your card to access funds directly at any SB branch in DR. I've done it when I was down there. You can also use online banking to transfer funds from your line of credit into another account and then allow your other party to withdraw it from an ATM if you have given them an access card ...
I forgot about the issues I had when I withdrew funds from my Canadian SB line of credit at the branch. The teller there advised me that their fees and exchange rate were pretty crappy compared to the currency exchanges or western union. I'd have been better off going there to withdraw funds from my card, and they were only able to give me RD no US $. I was in a rush and it was more convenient so I went ahead and took the money there... :ermm: