- Thread starter TimeOut
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Monthly transfer from a US bank
Wells Fargo charges $35U$D for a wire transfer and that is for how ever much you want to send. If the person you are sending to has a dollar account in the DR they can collect in dollars. In my experience the receiving bank also charges something, it seems to be around $18 U$D. I am sure this varies from bank to bank. The friends and family option has to be set up by phone or in person for the first time. After that you can do it from your computer. Seven dollars for one thousand dollars and if I recall correctly its four dollars for $500. I guess there is a sliding scale . But this option is only available in pesos Dominican to collect. If the recieving party has no bank account they have a agreement with three or four Dominican banks (Ban reservas being one) where the receiving party can collect with their cedula. This option is limited to $1000 dollars a day.
They usually don't cash checks, you have to deposit them into an account so we had to open a dollars acct. for years now we've had to wait weeks for them to release cash, even though they clear our US bank in about three days
You have to wait each time for the check to clear. (Yes they are using your money during that float time.) So start the process and just put checks in regularly and live with the delay for normal expenses. Much better than dealing with the costs of wire transfers each month unless you have an aversion to entering the bank.
If you need a large deposit in a hurry, then the wire transfer, or other methods that cost money are best.
Two questions:
Will a cambista cash a CDN $ check? if not
Will a cambista cash as US $ check drawn from a US $ bank account held in Canadian Bank?
I am Canadian and have Checks for both my CDN and US $ bank accounts which are both with the same Canadian Bank.
You'll have to ask a cambista or a Canadian, I am fortunately neither!
Webby, help us out here please.
I have my doubts...
The Cdn check (cheque) is a serious problem.... bad rate and not popular.
Even cold Cdn cash takes a whipping - just not attractive to them.
I have never tried the US account in a Cdn bank but I question it.
The Cdn banks will take much longer to clear.....
Why not open an account in RD and Xoom or wire transfer?
Alternatively, I do this sometimes, bring your $10K limit in US funds - stash it or deposit in it a bank until you need it.
Ultimately, if you live here , you'll need a more permanent solution than the Cambista....
Or , have Tambo wire you funds as needed - he'll be glad to keep an account for you in NYC...:bandit:
MJP35
Which Canadian bank do you deal with? We have an account with RBC and they have an account in Georgia USA. This RBC account in Georgia issues us USA cheques which we cash here with no problem. If you have account in Canada in USA dollars you will have problems cashing a cheque on that account.
RBC offered the USA accounts to serve their clients who travelled or did business in the USA. I am sure other major Canadian banks have done the same thing.
We love our canadian dollars but they do not cut it down here.
Which Canadian bank do you deal with? We have an account with RBC and they have an account in Georgia USA. This RBC account in Georgia issues us USA cheques which we cash here with no problem. If you have account in Canada in USA dollars you will have problems cashing a cheque on that account.
RBC offered the USA accounts to serve their clients who travelled or did business in the USA. I am sure other major Canadian banks have done the same thing.
We love our canadian dollars but they do not cut it down here.
We have been using our US Bank account for wire transfers to England and paying too much! Switched to Xoom now, better wire transfer fee and able to access larger sums from in the DR while still keeping our money "safe."
Just curious why expats have DR bank accounts at all, unless they operate a business there. The cambio check cashing makes sense. There are cards like Schwab cash management that don't charge atm or exchange fees. What's the benefit of having a local bank account?
You can get a greendot.com debit card in the US then give to someone in the DR. You can charge it online from your own bank account or with a credit card and then they can use it in the DR.
I met a retired Swiss guy who used to work for Johnson & Johnson in Switzerland. He has lived in Barahona for around a year. He claims that the best deal for getting money sent to the DR is though the Scotiabank, which is headquartered in Nova Scotia, not Scotland, but has branches in the DR. The nearest to Barahona is in Azua. He told me that it is worth it for him to travel to Azua once a month to pick up his money. He says that Scotiabank gives the best exchange rates and has the best service.
I have no personal experience, but I would consider looking into this.
I have no personal experience, but I would consider looking into this.