International Money Transfer

daydream

Bronze
Sep 19, 2004
718
4
0
Can anyone tell me how much banks in the DR charge to make a money transfer to an account abroad?

Anyone done it?

Thanks
 

Ken

Platinum
Jan 1, 2002
13,565
212
63
If you are talking about a wire transfer, it is not just the sending bank that makes a charge, there will also be one or more intermediate banks that will charge.

Where I live receives a lot of money from abroad. It used to be by wire transfer, but now we encourage using PayPal as it is faster, there are better records, and either a small or no charge.
 

Bryanell

Bronze
Aug 9, 2005
670
66
48
Western Union Vimenca

Can anyone tell me how much banks in the DR charge to make a money transfer to an account abroad?

Anyone done it?

Thanks
I got so fed up with hanging around banks for hours waiting for someone to find out and tell me the likely costs, charges, commissions and timeframes that I went down to WU paid a total of RD$5000 costs, charges taxes and all to transfer 1500 euros to France!! But the procedure took 5 minutes and my correspondent was able to pick up the cash the same day in the local Post Office in the village
 

MrMike

Silver
Mar 2, 2003
2,586
100
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www.azconatechnologies.com
At banco del progresso they charge me US$50 for a wire transfer abroad, I have to show them an invoice if the amount is significant, and it takes up to 4 days for the recipient to get the money.
 

Monte

New member
Jan 17, 2007
19
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0
Try XOOM... it is fast, effecient, simple and much lower cost than WU. It works all over the DR.
 
C

Chip00

Guest
If you are talking about a wire transfer, it is not just the sending bank that makes a charge, there will also be one or more intermediate banks that will charge.

Where I live receives a lot of money from abroad. It used to be by wire transfer, but now we encourage using PayPal as it is faster, there are better records, and either a small or no charge.
Ken - if I'm not mistaken both parties need to have a Paypal account correct?
 

leromero

Bronze
May 30, 2004
613
4
0
web.mac.com
A couple of companies in the DR purchase spare parts from me. We have found that the best thing to do is just to DHL or Fedex a check. Of course we have a very good relationship and relatively low credit lines so thats not an issue. Not sure how they got a bank account in US dollars though.
 

qgrande

Bronze
Jul 27, 2005
805
4
0
I don't have personalexperience with this, but in a general sense I'm interested in the topic of international remittances and ways to get the cost down; why not open a bank account for this purpose in North America or Europe or wherever you're sending from, get two debit cards, give one to the person receiving the money, and they'll be able to get money directly from an ATM, only paying for the ATM transaction costs. Of course you've got to sort out credit facilities on the bank account and make sure you only deposit money on it you want to transfer, but the cost will be much less than with any money wiring system.
 

leromero

Bronze
May 30, 2004
613
4
0
web.mac.com
I don't have personalexperience with this, but in a general sense I'm interested in the topic of international remittances and ways to get the cost down; why not open a bank account for this purpose in North America or Europe or wherever you're sending from, get two debit cards, give one to the person receiving the money, and they'll be able to get money directly from an ATM, only paying for the ATM transaction costs. Of course you've got to sort out credit facilities on the bank account and make sure you only deposit money on it you want to transfer, but the cost will be much less than with any money wiring system.
Along these same lines...... you can open a savings account with Bank of America and get an ATM card that is only tied to that account. You can then transfer money to that account as needed and still keep visibility on the transactions. Works best when you don't use it a lot since BofA charges for more then 3 wthdrawls a month from a savings account. Good for traveling purposes too since you don't have to worry about getting your card stolen if you control the amount of money in the account.
 
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Chip00

Guest
I don't have personalexperience with this, but in a general sense I'm interested in the topic of international remittances and ways to get the cost down; why not open a bank account for this purpose in North America or Europe or wherever you're sending from, get two debit cards, give one to the person receiving the money, and they'll be able to get money directly from an ATM, only paying for the ATM transaction costs. Of course you've got to sort out credit facilities on the bank account and make sure you only deposit money on it you want to transfer, but the cost will be much less than with any money wiring system.
Yes you can do this but you will be paying out the nose for the ATM fee.

I have my business in the US and have a BoA acoount and use the ATM card here but the local banks charge around US11. It is a lot cheaper to do a wire transfer from the US to here and that will cost US30.

The absolute best way is to set up an account with Citibank and then you can do international wire transfers, online for $15. The only reason I haven't done it is they require a ton of info to identify you and they rejected my application twice. However there was no branch where I live in Orlando and that would have made the difference because the main problem they had was establishing my identity.
 

qgrande

Bronze
Jul 27, 2005
805
4
0
Yes you can do this but you will be paying out the nose for the ATM fee.

I have my business in the US and have a BoA acoount and use the ATM card here but the local banks charge around US11. It is a lot cheaper to do a wire transfer from the US to here and that will cost US30.

The absolute best way is to set up an account with Citibank and then you can do international wire transfers, online for $15. The only reason I haven't done it is they require a ton of info to identify you and they rejected my application twice. However there was no branch where I live in Orlando and that would have made the difference because the main problem they had was establishing my identity.
$11 -$15, that's a very high transaction fee! When I use an ATM in the DR (or anywhere else) my bank charges me I think ?2,50 per transaction.
Anyway, the future is in international money transfers per mobile phone, extremely cheap, simple, to be tested by the GSMA and MasterCard, and already in use in the Philippines.
 
C

Chip00

Guest
$11 -$15, that's a very high transaction fee! When I use an ATM in the DR (or anywhere else) my bank charges me I think ?2,50 per transaction.
Anyway, the future is in international money transfers per mobile phone, extremely cheap, simple, to be tested by the GSMA and MasterCard, and already in use in the Philippines.
My bank BoA doesn't charge me a dime - it's the banks here in the DR that charge that own the ATM's.