Money Transfers

Gringonazo

New member
Sep 27, 2014
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Yes, just recently I had a look.
Use their online calculator and then compare with your bank's rate for transfers and fees.
In my case 'transferwise' came out as 'transferbad'.... :rolleyes:

donP
I didn't see the DOP listed as one of the supported currencies. What would be some of the hidden charges (e.g. Fees charged by the receiving institution) to look out for?
 

donP

New member
Dec 14, 2008
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Transfer Fees

I didn't see the DOP listed as one of the supported currencies.
Hmm, I think (only) PICHARDO would find that unusual... :laugh:

I for one entered $ and Euro.

What would be some of the hidden charges (e.g. Fees charged by the receiving institution) to look out for?
I suspect that their 'fees' are somewhat hidden in the applied exchange rate, which you can probably negotiate with your bank guy.
Just get a quote from your (2) banks involved for the exchange rate used and the fees on both ends and compare with the 'transferwise' transaction.


donP
 

Buffness

Member
Oct 9, 2014
122
1
18
Yes, I've been using them for a year now . They are excellent ( compared to banks ) if you use them to transfer from the UK to the US or Europe ( i.e GBP to USD or EUR) - for me they are definitely worth it . I think they use mid-market rates and they match you with people sending in the other direction.That's propably why they are cheaper than most.

For transfers from the to the DR , I use xoom .
 

Mauricio

Active member
Nov 18, 2002
5,606
5
38
Yes, I've been using them for a year now . They are excellent ( compared to banks ) if you use them to transfer from the UK to the US or Europe ( i.e GBP to USD or EUR) - for me they are definitely worth it . I think they use mid-market rates and they match you with people sending in the other direction.That's propably why they are cheaper than most.

For transfers from the to the DR , I use xoom .
Xoom is horrible compared to a normal bank wire from the US to the DR. It's only worth it for wires below USD1500
 

Criss Colon

New member
Jan 2, 2002
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yahoomail.com
BUT, XOOM takes only 30 minutes!!!!!!
And you don't have to leave your house.
If you use their CODE, as published each month on DR1, it costs about $5 US.
CCCCCCCCCCCCCCCCCCCCCCCC
 

Mauricio

Active member
Nov 18, 2002
5,606
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BUT, XOOM takes only 30 minutes!!!!!!
And you don't have to leave your house.
If you use their CODE, as published each month on DR1, it costs about $5 US.
CCCCCCCCCCCCCCCCCCCCCCCC
a wire from BofA to Banco Popular also takes about 30 minutes. Cost USD60 + 300 pesos but the rate is so much better than Xoom, that above USD1500 a wire is better.
 

ohmmmm

Well-known member
Jun 11, 2010
615
33
48
I am confused with this. If you want to send US dollars from a US account to a US dollar account in the Dominican Republic, can you do it?
 

Mauricio

Active member
Nov 18, 2002
5,606
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38
I am confused with this. If you want to send US dollars from a US account to a US dollar account in the Dominican Republic, can you do it?
Not with this system of course. They make money with the exchange rate. If they start sending usd all over the world for usd5 per transaction they would go bankrupt fast.
 

barker1964

New member
Apr 1, 2009
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Xoom does it....For example if you use your checking account it's $4.99 to send $2999.00 if you use credit or debit it's $94.00
also if you need to send more than $2999.00 daily you need to upgrade to level 2 and that will allow $6000.00 per day. Advantage with Xoom is you can do it while in the DR.
 

ROLLOUT

Active member
Jan 30, 2012
2,163
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With Xoom, you have the option for the recipient to obtain the $$ in Pesos, or USD, so, if you send it USD, the rate of exchange falls to them.
 

Mauricio

Active member
Nov 18, 2002
5,606
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with transferwise? or xoom? or a normal bank wire?
edit:
ok, just checked, with Xoom it can be done, but not for USD4.99. If you wire 2999 you pay usd55.

With transferwise it seems it can't be done. Only from one currency to another. I stay with bank wires. No limit, fast delivery, relatively high fee, but much better exchange rate (or wire in USD), so for higher amounts the best option.
 

barker1964

New member
Apr 1, 2009
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edit:
ok, just checked, with Xoom it can be done, but not for USD4.99. If you wire 2999 you pay usd55.

With transferwise it seems it can't be done. Only from one currency to another. I stay with bank wires. No limit, fast delivery, relatively high fee, but much better exchange rate (or wire in USD), so for higher amounts the best option.

With Xoom it can be done for $4.99 it's just a 1-4 day wait. Unless you have done that amount several times....Been there done that.
 

Mauricio

Active member
Nov 18, 2002
5,606
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With Xoom it can be done for $4.99 it's just a 1-4 day wait. Unless you have done that amount several times....Been there done that.
USD to USD with XOOM changes on their website right away the fee from 4.99 to a higher amount (unless you wire USD100 or less). I never wire USD100 or less, if I need USD100 I use an ATM which costs 3%, starting USD101 it goes up to 6.99 and will keep going up to 54.99 if you wire 2999.
 

Mauricio

Active member
Nov 18, 2002
5,606
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That's not usd to usd! They're getting you on the exchange rate.
When I'm sending 2999 through a normal wire I receive 2999x43.35 minus usd60 minus 300 pesos = rd$127,105. You are getting 126,000 for usd3003,99