Monthly transfer from a US bank

TimeOut

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Nov 4, 2007
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Any Gringos in the DR have regular monthly transfers set up from one of the too big to fails to a DR bank?
US banks allow ACH transfers (as opposed to wire transfers) amongst each other and no wire fees are charged.
Trying to find out if there is any way something like this can be done US banks to DR bank monthly.
 

windeguy

Platinum
Jul 10, 2004
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Any Gringos in the DR have regular monthly transfers set up from one of the too big to fails to a DR bank?
US banks allow ACH transfers (as opposed to wire transfers) amongst each other and no wire fees are charged.
Trying to find out if there is any way something like this can be done US banks to DR bank monthly.
I know of no way to do that kind of transfer without a wire transfer fee.

Depositing a check from a US bank into a US dollar account in the DR might be something you wish to consider. While there are no charges for that it does take a few weeks for each checks funds to clear and to become available.
 

william webster

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Jan 16, 2009
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That will work Windy... once you get past the first 'waiting period', they all come 30 days later.

Suffer once and it's over
 

TimeOut

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Nov 4, 2007
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I know of no way to do that kind of transfer without a wire transfer fee.

Depositing a check from a US bank into a US dollar account in the DR might be something you wish to consider. While there are no charges for that it does take a few weeks for each checks funds to clear and to become available.
OK seems like a good idea. I guess for the money I need in August I must deposit July 1 and always stay 30 days ahead.
Which bank do u recommend? Need online banking, ATM card and possibly add a second person to make deposits and withdrawals at a branch.
 

Tamborista

hasta la tambora
Apr 4, 2005
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Why don't you get an "introduction" to a cambista, and have the luxury of cashing a US drawn check, without the waiting period?
 

windeguy

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Jul 10, 2004
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OK seems like a good idea. I guess for the money I need in August I must deposit July 1 and always stay 30 days ahead.
Which bank do u recommend? Need online banking, ATM card and possibly add a second person to make deposits and withdrawals at a branch.
Exactly, thinking 30 days ahead. Banco Popular is one option.
 

william webster

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Jan 16, 2009
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Popular, Progreso..... just feel your way around until you find a 'friendly' one.

If you have local friends, somebody's relative might work in a bank.
That will ease the process considerably.

Tamborista's cashing at the cambio works too.... personal preference, really....
but not if you want the ATM card and online banking - which all banks offer
 

Tamborista

hasta la tambora
Apr 4, 2005
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Tamborista's cashing at the cambio works too.... personal preference, really....
but not if you want the ATM card and online banking - which all banks offer
Why not do both, cash the US drawn check @ a cambio, and deposit the CASH in the bank for ATM access?
 

TimeOut

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Nov 4, 2007
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Why not do both, cash the US drawn check @ a cambio, and deposit the CASH in the bank for ATM access?
After an introduction is established with a cambio, do they cash a check upon request? How do they know it is good?
Are they doing it strictly on you established reputation? How much is usually the maximum they will cash at one time?
 

Tamborista

hasta la tambora
Apr 4, 2005
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After an introduction is established with a cambio, do they cash a check upon request? How do they know it is good?
Are they doing it strictly on you established reputation? How much is usually the maximum they will cash at one time?
If you bounce a check to a cambio, I do not want to tell you what happens!
A cambista will cash any size check.
 
Jan 17, 2009
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We have an account at BHD and a deposit to our dollar account (savings) clears in a week. In our account with BanTeservas takes six weeks.
 

william webster

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Jan 16, 2009
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Yes, they'll cash it...
Is it good? It had better be... as T says

As I said above, ask a friend for an introduction..... all the locals cash checks
 

andy_089

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Mar 23, 2003
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Sam Wilson

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www.samwilson.com
My company set me up with automatic monthly payments into my US acct here at Banco BDI. My boss went in and 1/2 hour later I was set.. The 1st. came around and the payment was there.. I do not think it cost anything....

My problem here is trying to send money to my US acct.... LOL
 

gandolf50

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Apr 17, 2011
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the wells fargo option works, but with a limit of $1000 a day and you can only receive pesos and you lose about 1 peso on the exchange rate.
 

mountainannie

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Dec 11, 2003
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the wells fargo option works, but with a limit of $1000 a day and you can only receive pesos and you lose about 1 peso on the exchange rate.
That is US$1000 ? Can you send it to yourself? I notice that you have to set it up and send the first remittance in person in the States at a Wells Fargo address. How does this compare with a wire transfer fee?