Same here. It's makes it easy to pay US CC bills, and I can withdraw from my US account at ATH's all over the island.
- Thread starter ando1991
- Start date
International wire transfer.
Update. I called my U.S. bank again and found someone that really looked into the situation. The U.S bank said BHD said it was an invalid account and rejected the wire transfer. I used the same information from the previous successful wire, a week before. Go figure.
I called Bhd, and was told the account was fine and the info was correct.
Welcome to the Dominican Republic!
I called Bhd, and was told the account was fine and the info was correct.
Welcome to the Dominican Republic!
Moolah is going back to my account in a few days. Lucky I was able to get someone on the phone from the U.S. bank that investigated the transaction much further. Too many phone calls to both banks. Bhd rejected the wire but had no clue about it.
I will not wire to them again. I will probably get a Scotia account.
I am told that transfers of $4,000 or less require no confirmation as to source of the funds by Banco Popular, and that is consistent with my experience. Funds arriving the next day if made by ACH wire.
Anything above $4,000 is held by Banco Popular for a few days until I contact them and confirm the source of the funds.
The $4,000 figure is, near as I can tell, an arbitrary sum pulled from the ether by BPO, and not a requirement imposed on the international banking system by the US government, like the requirement to report any transaction more than $10,000.
Anything above $4,000 is held by Banco Popular for a few days until I contact them and confirm the source of the funds.
The $4,000 figure is, near as I can tell, an arbitrary sum pulled from the ether by BPO, and not a requirement imposed on the international banking system by the US government, like the requirement to report any transaction more than $10,000.
I never wire $4 or lkess to Scotia and am never asked questions or have money held..
Mine are not NoAmerican wires and are in my account in 24hrs or less
Mine are not NoAmerican wires and are in my account in 24hrs or less
We have managed very well with having using NO Dominican bank account here for almost 15 years ( we had one when first moved here but decided to let it go after a number of transfer fiascos ). We have Scotiabank account in Canada - and get direct deposits there. Use our Scotiabank debit card to withdraw money here at Scotiabank ATM's. No ATM fees. If we need a large transfer we do use Popular using VISA or Mastercard, but the transfer fees are not much ( and we don't do that very often. ) Works for us and a number of others here. Of course we're not buying a house or such, but for month to month living it's just fine.
Granted this is Canada cards but BOA has the same arrangement with Scotiabank DR ( or at least they did in the past ).
We have a dollar account at BHD. We deposit personal checks from our USA bank into that account, takes about 10-14 days to clear (although the money comes out of our account within a day or two). It works for us, we deposit what we’ll need for the next month in advance.
I have used Remitly. If I use my debit card, it normally takes under an hour. If I transfer from my bank account, it is 4 days, with a slightly better exchange rate. There is no fee if the amount is over $1000 USD, under that, it is $4.99. Service is good, rarely have I been put on hold. I have found Banco Progreso a bit less problematical in requesting documents they already have than Caribe Express. Caribe Express is open on Sunday, Banco Progreso is not.
Normally it takes 4 days,however having said that ,the banks are aware of the numerous instances of fraud going on in the DR and will not be held responsible for any monies lost due to fraud. Due diligence will definitely be done by the bank to protect both the bank and their client.They will guarantee the monies during the transfers but that guarantee ends once the end bank receives the money.. Also make sure all information of the transfer is correct including the Bank name, address and Swift Number. This time of year (Christmas) there are lots of expats sending money home, so the system does get bogged down and may take up to two weeks to complete the transfer.