Money Transfers

barker1964

Silver
Apr 1, 2009
3,413
2
38
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

About a $20.00 difference more or less .......I concede. Question can the service you use be done while in the DR?
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
About a $20.00 difference more or less .......I concede. Question can the service you use be done while in the DR?

Yes, Internet banking of my us bank. Same day delivery (often half an hour). No limit. And the higher the wire the higher the difference. It's a simple calculation , fees by wire are roughly usd62 higher. Being 2700 pesos. Difference in exchange rate is 1.28 pesos/dollar, so below 2100 wire xoom is better, above 2100 bank wire is better. That's an improvement for xoom though, a while ago the switch point was at usd1800
 

drSix

Silver
Oct 13, 2013
1,323
0
36
need to upgrade to level 2 and that will allow $6000.00 per day.

I'm level 2, and the daily limit is the same, $2,999. My monthly and quarterly limits are higher. I do not believe the daily amount changes not matter how high a level you are. Unless I am mistaken. I cannot sent more than $2,999 at a time.
 

barker1964

Silver
Apr 1, 2009
3,413
2
38
I'm level 2, and the daily limit is the same, $2,999. My monthly and quarterly limits are higher. I do not believe the daily amount changes not matter how high a level you are. Unless I am mistaken. I cannot sent more than $2,999 at a time.

As per Xoom at level 2 you can send $2999.00 back to back in the same day........Rules do change.
 

drSix

Silver
Oct 13, 2013
1,323
0
36
SOMEONE send me $3,000 USD by XOOM, and I'll tell you how much the exchange rate was!!!!!!!!!!!!!!!!!!!!!!!
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Makes no difference to me. I can either send it to you, or my wife, either way I wont see any of it.
 

Rbh44

Active member
Mar 28, 2007
269
26
28
If you are American you can open a Charles Schwab on-line checking account. You can then use your Schwab debit card in any country to withdraw up to $1000 per day at an ATM. They rebate all ATM fees and there is no foreign transaction fee. Completely free. I have been using it for two years.
 

Rbh44

Active member
Mar 28, 2007
269
26
28
What is the exchange rate you get?

The rate is set daily and I get whatever the current exchange rate is that day. It is not like those other services where they screw you on the exchange rate. It is a simple ATM transaction with no fees of any kind.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
The limit per withdrawal is determined by the bank of the atm and is often 10,000 pesos, the withdrawal limit per day depends on the bank your account is at, I set mine at usd1000, so I can withdrawal 43,350 per day if I want at today's rate of 43.35. The exchange rate used by the bank of the arm is the rate they buy dollars at and often extra charges apply, scotia bank for example charges 3% per withdrawal and no extra fee, others charge a % and a flat fee or only a flat fee.

At scotiabnk I noticed the rate they give you on Monday morning (and probably the weekend) at the atm is worse than the Friday before or the rest of the Monday, I guess to anticipate any abrupt rate change over the weekend. I'm not 100% sure if that gets fixed retroactively later during the day.
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
39
yahoomail.com
Just picked up the $3,000.
Lousy rate of exchange, 42 to 1.
Don't send any more money by XOOM!!!!
CCCCCCCCCCCCCCCCC


ps, that was Soooooooooooooooo EASY!!!
I'm moving to Nigeria!!!!!!
New career opportunities await me !!!
 

Rbh44

Active member
Mar 28, 2007
269
26
28
The limit per withdrawal is determined by the bank of the atm and is often 10,000 pesos, the withdrawal limit per day depends on the bank your account is at, I set mine at usd1000, so I can withdrawal 43,350 per day if I want at today's rate of 43.35. The exchange rate used by the bank of the arm is the rate they buy dollars at and often extra charges apply, scotia bank for example charges 3% per withdrawal and no extra fee, others charge a % and a flat fee or only a flat fee.

At scotiabnk I noticed the rate they give you on Monday morning (and probably the weekend) at the atm is worse than the Friday before or the rest of the Monday, I guess to anticipate any abrupt rate change over the weekend. I'm not 100% sure if that gets fixed retroactively later during the day.

That's why I use Schwab. There are no fees. No ATM fees. No foreign transaction fees. Nada.
 

mountainannie

Platinum
Dec 11, 2003
16,350
1,358
113
elizabetheames.blogspot.com
If you are American you can open a Charles Schwab on-line checking account. You can then use your Schwab debit card in any country to withdraw up to $1000 per day at an ATM. They rebate all ATM fees and there is no foreign transaction fee. Completely free. I have been using it for two years.

have to have a brokerage account with them as well

"Do I need to open a Schwab One brokerage account with my Schwab Bank High Yield Investor Checking account?
Yes. The Schwab Bank High Yield Investor Checking account is only available when linked to a Schwab One brokerage account. The two accounts may be opened at the same time. The two accounts will be linked, so you can easily transfer funds between them to meet both your investing and checking needs. While you're under no obligation to use the Schwab One brokerage account, you may find it very convenient. And, you can enjoy the benefits of investing with Schwab brokerage at no additional cost.
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
39
yahoomail.com
MA, I wouldn't let that info out!!!
You may be stripped of your LIB/PROG ID card!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
I used to donate to the Florence Krittenden Foundation, but it got out so I stopped!!!