How do you guys transfer funds from US bank accounts ( hopefully avoiding the expensive bank transfer fees) into DR banks?
How do you guys transfer funds from US bank accounts ( hopefully avoiding the expensive bank transfer fees) into DR banks?
Zoom is by far the cheapest and they will call the recipient before you even have a chance to tell them that you sent it. It's great to have a choice after all those years of paying an outgageous amount with Western Union.
There was a new company that was advertising dirt cheap funds transfers a few months ago. They had a write up in the local papers too.
For the life of me, I can't remember who they are, but I remember all of us saying they would be a game changer.
Does anybody remember who they are?
Western Union or MoneyGram. $8 per 1,000 and they will send dollars for dollars
Banco Popular - below 10,000 it takes about one hour max. Often instantly.I sent $5000 via a bank to bank arrangement, and it took exactly six days, during which there was only the information that the money was not in the US or in the DR. This was between my credit union and the Banco de Reservas. This was a dollar toi peso exchange, but I was unable to find out what the exchange rate was going to be. It turned out to be a pooerer rate that was quoted by xoom, and the fee was $35 US rather than xoom's fee of $4.99.
xoom will deliver cash directly to the recipient's address for no additional charge, and within several hours at most. xoom uses Caribe Express as its agent in the DR, and they are is not open on Sundays after 1:00 PM.
Perhaps the problem was with the Banco de Reservas. But in the event I need to send such a sum again, I think I will use xoom.
I have no personal experience with Ria Envia. I know people who have used them and they like the service.
When I need money, I have my bank, Wells Fargo, wire it to me. Thru a friend. Costs $7000us.
I'm not sure if this is the most cost effective (or what the OP had in mind), but I know Charles Schwab charges no ATM transaction fees. Well in reality they do, but they are refunded to the account at months end. You can transfer from your bank account to it wireless and then simply withdraw here in the DR to use or deposit in a DR account.