- Thread starter sayanora
- Start date
How can I get my money?
Is your US bank ATM card also a VISA debit card? If so, you can do an over the counter bank withdrawal of up to 100,000 pesos per transaction. I have successfully done that at Bancos Popular, Progresso and BHD with my cedula or passport.
Open a Dominican peso account at one of those banks, deposit the 100,000RD and use that as your local spending fund with a debit card they will give you.
Open a Dominican peso account at one of those banks, deposit the 100,000RD and use that as your local spending fund with a debit card they will give you.
i do not know. we had accountants both here and stateside. the money was transferred on the dot, arriving on payday. and sorry, now i read my post i see i wrote monthly but of course i mean twice a month.
I agree also on the check cashing at casa de cambio. You need to have a good relationship, and/or good references for you but that was always the easiest way for me to do it and I would cash checks up to $3,000 at a time.....when I was lucky enough to have that amount in my account, which wasn't often while living there.
Many have suggested BoA but they keep in mind they still charge ATM fees if you don't use Scotia Bank. I recommend Charles Schwab. I was able to setup a new joint account with them from here in the DR. There are no minimum balance requirements and zero fees. ALL ATM fees are refunded at the end of each month. Their customer service is excellent. I can't say enough good things about them.
Obviously I don't know your bank's policies (or your bank), but many banks these days offer internet banking, which itself typically offers some types of money transfers...Of course there are limitations...usually transferring money to another bank's customer is very easy...transferring outside the bank, and outside the country are more challenging.
However, if the account receiving the transfer is also on YOUR name, it may be easier (than if you were transferring money to someone else's account)...you may inquire about that...you may have to go through some manual set up process, through a person, so that eventually your DR account is recognised by the bank system as an approved receiving internet-banking account...Then you might even set up a regular transfer (every month, x amount).
Another scheme that many people don't know is through PAYPAL...You can associate several bank accounts with your (free) paypal account...You can use these accounts to load your paypal account, but also you may withdraw money from your paypal account into one of the recognised accounts...It is possible that there are country limitations, of course, but there is a good chance that at least an account with a DR branch of an international bank (like Scotia), but possibly also with certain Dominican banks, be accepted by paypal to receive funds (after some reasonable verification steps)...
P.S. In certain European countries (e.g. Germany) transferring money to any account inside the country is extremely easy, normally free to all parties, and very popular even for VERY small amounts...Transferring outside the country could be more or less challenging depending on the countries and banks involved.
Open a us $ bank account anywhere in DR.
Deposit a check.
After 30 days depends You can withdraw US$ and change it where you get the best rate.
Cost US$0
You deposit 1000 you have 1000 on your account, no fees.
On the other side (US) no fees becuse your Dominican Bank has an account in US and your check is considered as domestic.
Deposit a check.
After 30 days depends You can withdraw US$ and change it where you get the best rate.
Cost US$0
You deposit 1000 you have 1000 on your account, no fees.
On the other side (US) no fees becuse your Dominican Bank has an account in US and your check is considered as domestic.
I wrote a post about banking in the D.R. while being a Gringo with our accounts in the U.S. and what a pain it was. The post was joking but had alot of truth.
We DO NOT have an account in the D.R. PERIOD.
We have a very good relationship with a local money exchanger that took some time to build up. He charges a fraction more the the banks.
He takes our U.S. checks and yes we make them out to CASH.
We call him when we need LARGE amounts.. via our U.S. check... he has the cash that we need.
We have never had a counterfit bill from him.
Counting the money two or three times is not a problem... we talk and laugh.
I don't have to wait in a line.
I can send my "friends" with... so and so sent me... and they get the service that I do.
Rate is good. NO waiting 90 days for it to clear. Cash available as I need. No stupid bank charges. No questions and no problems.
We can even send out main worker to do the deal and .... we have no problems.
We DO NOT have an account in the D.R. PERIOD.
We have a very good relationship with a local money exchanger that took some time to build up. He charges a fraction more the the banks.
He takes our U.S. checks and yes we make them out to CASH.
We call him when we need LARGE amounts.. via our U.S. check... he has the cash that we need.
We have never had a counterfit bill from him.
Counting the money two or three times is not a problem... we talk and laugh.
I don't have to wait in a line.
I can send my "friends" with... so and so sent me... and they get the service that I do.
Rate is good. NO waiting 90 days for it to clear. Cash available as I need. No stupid bank charges. No questions and no problems.
We can even send out main worker to do the deal and .... we have no problems.
I have exactly the same situation and the Bank of America / Scotiabank connection works for me. I can take out 20,000 pesos per day in 2 batches of 10,000. No additional cost. Bank of America recommend me a cash advance by the visa debit card but that's just as costly as a wire transfer.
and I can give a two hour notice and cash my personal U.S. check for... $20,000. U.S. for D.R. pesos. That's the most the we have requested at one time. NO PROBLEM with the cash waiting for us. You guys got it yet?
Really? My e-transfers from my Canadian bank to my BHD account cost me $13:50 each time.
Problem with XOOM is the exchange provided is way lower than any local bank, also the max that can be sent through XOOM tops off at 3K to 4K's. Besides if the OP is planning on using it to send a considerable amount, he better be ready to have paperwork to support it.
The fee's are low, but so is the max amount that one can sent at one time.
OP, set wire transfer with a USA bank and send a big chunk to a local USD account (that will assist to save in wire transfer fee's), once the big chunk arrives then time yourself and cash USD checks (knowing that it'd take sometime to clear) to continue to replenish the account w/o incurring in wire transfers fee's.
Rinse and repeat as needed.