U can bill pay in Xoom also. Directly to the merchant.
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- Thread starter affald
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Sending money usa to DR monthly, best way
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Come on you got 1500 to send to a puta and you are trying ti save a buck on sending it. Man people are destroying this place now she tells her frends and thy think all gringos can send that king of money.
When we're in US, we xoom our monthly bills into brothers peso account. $4.95 for your to $2,999 if you send it from your checking account, much higher if you use a credit card. Very fast, very easy, but at about a peso less per dollar that will cost you 1500 pesos, not small change.
"Quote Originally Posted by arturo View Post
The cheapest way I see is to establish a US account and get your
friend a debit/ATM card linked to it. You can then deposit the $1,500 monthly and he or she can withdraw it from ATMs or teller windows. The only cost would be the prevailing exchange rate and U.S. bank account fees. I can't imagine those costs would approach the $35 to $50 cost per wire transfer."
I agree I use a debit card from my US bank account my last transaction at Banco Popular was an exchange rate of about 46 pesos to the dollar Bank fees were U$10.53 (out of bank transaction plus exchange fee) for 10,000 peso cost $215.42
Try World Remit - takes a little time to set up but once your account is live you get rapid transfers and good exchange rates, choose from collecting cash from a selection of banks in DR or lying into a DR bank account. My transfers from the UK typically take 2-3 hours, exchange rate RD$1 behind mid market exchange rates and with transaction charge of GBP 2.99. Can transfer up to RD$ 64000 per transaction and pay in your banks currency or with credit card.
I have several accounts that refund ATM fees. As you mentioned, it is not difficult to find accounts that don't charge international withdrawal fees. I would never recommend using an ATM to withdraw sums approaching $1,500. You should use a teller window to do that. Using a teller window also reduces the transaction fees since you would not be subject to as many of them as you would trying to get $1,500 from ATMs.
In the end, it boils down to how complicated a life one chooses to live.
In the end, it boils down to how complicated a life one chooses to live.
Again, I recommended using a teller window instead of an ATM. The reasons are security, transaction fees, and higher withdrawal limits. Western Union, xoom, etc. profitability is depends on lower income people who don't have access to bank accounts and other private financial services. Have a look at where most of their U.S. locations are to see what I mean. You will find them in mostly marginal neighborhoods near liquor stores and bail bondsmen, often sharing space with check cashing and payday loan outfits.
If your friend has a good relationship with a Dominican Exchange House and also has US Residency have he/she open up a US checking account next time they are in the USA. Deposit the money in that account each month and then they can cash a check monthly with the exchange house. They will have to fill out forms at the Exchange House stating where the money comes from (that is is clean, etc.). This is the least expensive and most convenient way if you meet the two qualifiers above.
I have done a lot of research into this as I send money several times a month to The DR and so far I have not been able to find a more convenient and cheaper way than Xoom. The check option is the cheapest, but then you'd have to physically go to some place that would accept them and your money would take a while to be available. Xoom would change you 35 USD to send and deliver 1500 USD. If you're willing to receive pesos you'd only pay about 5 bucks as already mentioned, but financially that makes no sense as you'd lose out on the exchange rate.
Western Union is not expensive if you send the money from a Western Union LOCATION. It only costs $15 USD to send $1500 USD to the Dominican Republic. It is considerably more expensive if you send money online. At a W.U. location you can pay with either cash or a debit card.
Western Union is not expensive if you send the money from a Western Union LOCATION. It only costs $15 USD to send $1500 USD to the Dominican Republic. It is considerably more expensive if you send money online. At a W.U. location you can pay with either cash or a debit card.
Then they've gotten a lot cheaper than I remember them to be. Is that paying out in pesos though? If that's the case again Xoom only charges 5 USD.
It is a lot cheaper than it was years ago - at least at locations. The price for the $1500 is the same whether you send pesos or USD. The difference is the receiver is much better off getting USD - you take a hit on the exchange rate in pesos. 43.40 today - highway robbery!
A friend of mine just sent me $800 USD from a W.U. location - cost him $8 USD. I think it would have been about $35 like you said if he had sent it online(?).
That's there rate for a transfer received in pesos at 1 USD = 45.3444 DOP. For a reception in dollars it is $19.99 for $1000, $34.99 for $1500. The dollar transfer is more cost efficient. Caribe Tours delivers it or pick it up at one of their offices.
Is that supposed to be a good price to pay? The current rate of exchange here is 46.8 at Caribe Express.