Sending $$$ from DR to USA

[jalencastro]

I have tried doing a search for this on the forum but couldnt come up with good results. Has anyone tried sending money over from the island to the states with Western Union/Vimenca or any other service? Which would be the more reliable and charge the least fee. It seems as of late Vimenca/Western Union is charging ridiculous fees for this kind of transfer/wire to the US.
Any advice would be helpful, gracias
:cheeky:

 

[TOOBER_SDQ]

Moneygram is more chepe

Try Moneygram.

 

[jalencastro]

wow

https://www.paypal.com/worldwide/

so using paypal, someone in DR with a bank account can link their paypal account and wire money to the US? is that how this works?
didnt know paypal had this! thanks for the suggestion!

 

[jalencastro]

thanks for the suggestion TOOBER, will check it out!

 

[jalencastro]

cool

Apparently you can set up an account using a local bank and transfer money via Paypal. The people you would transfer the money to in the US would need a PayPal account in the US. There were three options from Personal to Business levels when I checked on the setup procedure.

I have only used PayPal within the US so I cannot speak directly on how it sets up in the DR, but I imagine it will be similar and use credit card and bank links.

I will look further into this and see what fees they charge. Paypal is so easy to use in the states, I hope it is just as easy to setup with banks in DR!

 

[jalencastro]

will look into it

It will be great to know what you find out regarding what is required for set up and the fees. Especially interested to know if you can link a DR US Dollar account with PayPal in the DR and send the money to the US in Dollars without having to go through a ForEx process.

I also want to know if it is just linking a DR bank account even if it is NON US DOLLARS and then sending money to a US bank account without having to pay the ForEx fees. I cant imagine PayPal not wanting to charge this...
I looked into MONEYGRAM and they are VERY reasonable to send money to the US, fees are MUCH LESS than Vimenca/Western Union! :cheeky:

 

[AlterEgo]

Watch out using Paypal for a couple of reasons. Depending upon the type of Paypal account the person receiving the money has, they may have to pay about 3-4% of the money to Paypal, like a credit card transaction fee. And if they don't have that type of account, they can only withdraw $500 each 30 days from their Paypal account.

I pay for every cent that I get through Paypal, but because I have a business account I have no limit to my withdrawals. It's tricky sometimes - for example, if the person sending the money has it sitting in their Paypal account already it's different than if they send the money using a credit card. The first is free to the recipient of a non-business account, the 2nd may not even go through to them.

Investigate first.

 

[jalencastro]

thank you for the info! will investigate for sure!
for now Moneygram looks real good!

 

[jalencastro]

FYI folks, have decided on using Moneygram, they have more locations near my workplace and home and their service fees are much cheaper than Western Union.
I will still explore the Paypal and see what fees are involved when using this to move money around DR to USA and vice versa!

 

[TOOBER_SDQ]

JC.

You can set up an account on Moneygram's website with a credit/debit card and do your side of the transaction online.

Hope this helps.

 

[El Rey de Mangu]

JC.

You can set up an account on Moneygram's website with a credit/debit card and do your side of the transaction online.

Hope this helps.

This is a good idea with Moneygram.

I also just mailed 2 Banco Leon prepaid international debit cards to NY. I think it all comes out in the wash, however when you factor currency cross, atm fees, etc. Good thing about the prepaid debit cards is you can use them at point-of-sale locations and not get fees assessed.

 

[jalencastro]

wow

JC.

You can set up an account on Moneygram's website with a credit/debit card and do your side of the transaction online.

Hope this helps.

that is helpful! thanks for the info! :cheeky: :bunny:

 

[ExtremeR]

This is a good idea with Moneygram.

I also just mailed 2 Banco Leon prepaid international debit cards to NY. I think it all comes out in the wash, however when you factor currency cross, atm fees, etc. Good thing about the prepaid debit cards is you can use them at point-of-sale locations and not get fees assessed.

Exactly, this is what most of the Dominicans do when they have to move the dough up north.

 

[Tamborista]

This is a good idea with Moneygram.
I also just mailed 2 Banco Leon prepaid international debit cards to NY. I think it all comes out in the wash, however when you factor currency cross, atm fees, etc. Good thing about the prepaid debit cards is you can use them at point-of-sale locations and not get fees assessed.

Exactly, this is what most of the Dominicans do when they have to move the dough up north.

Are these like the gift cards you can buy from AMEX or Visa with no name attached? What a nifty way to "clean" things up!

 

[cbarrin]

Can somebody explain to me more about this pre paid international debit card. How does it work. Where can you get it in the DR?