transfering large amount $$$$ to DR w/out an audit

[Rick Snyder]

Donrael,

I am moving your thread to the "Living" forum for more exposure.

I am leaving a re-direct in the "Dominicans Abroad" forum for 30 days.

Rick

 

[zak023]

If you want to avoid the transfer fees and the money is from a clean source as you claim then take a teller's check with you and deposit in your bank..The only problem is it takes 30-45 days to clear...If you have that kind of time this is the best way to transfer a large ammount of money..Just be able to prove where it came from and what it is being used for..But again you need to have 4-6 weeks of time on your side..But it's the only way to avoid transfer fees or look like you are laundering money...

 

[johne]

Questions

If you want to avoid the transfer fees and the money is from a clean source as you claim then take a teller's check with you and deposit in your bank..The only problem is it takes 30-45 days to clear...If you have that kind of time this is the best way to transfer a large ammount of money..Just be able to prove where it came from and what it is being used for..But again you need to have 4-6 weeks of time on your side..But it's the only way to avoid transfer fees or look like you are laundering money...

1) why would it take 45 days to clear when you are using a tellers check? Is that the norm? Have you had this experience and could you elaborate on it?
2) "..to be able to prove.." to whom? where you are making the deposit or the receiver? Why would you wait 45 days and then when it clears justify wheree it came from. Now, I have had this experience many times, but only when I was receiving funds from a lender, (to buy a building) regarding my down payment.
Please expand on this.

 

[GringoCArlos]

Move your money in one lump sum, at one time, to one place. It will generate one report which will get lost in the shuffle.

Banks are on the lookout these days for people breaking up deposits, withdrawals or transfers in multiple small amounts, over several time periods. It's called "structuring", and they have decided that they don't like it.

The government has turned your own bank into a government snoop, and the Homeland Security nazis will attempt to grab anyone's money who is doing this, under the pretense of "the war on terror" or the "war on drugs", and you will spend a lot of time and money trying to get your own money back if you, and they, do this.

And for those "know-it-alls" responding, ask your banker in the US about SARs. According to my own friendly banker, who is just as opposed to all of these new crapola regulations, is that now, under the ever-expanding PATRIOT Act the limits for reporting transactions are now $2500, not $10,000. Any Postal money orders or wire transfers for amounts over $700 are also supposed to generate additional paperwork that will be handed over to the US government.

 

[donrael]

Donrael,

I am moving your thread to the "Living" forum for more exposure.

I am leaving a re-direct in the "Dominicans Abroad" forum for 30 days.

Rick

thanks Rick

I wanted to re-post somewherre else, but didnt want people giving me fire for introducing the topic again...lol

 

[Bear]

Money Transfer

Look, as you said you obtained a loan outside the DR and are transfering
the money. If you have a Dollar account with a bank in the DR just wire
transfer the funds at a minimal fee. You may have to show effidence for
the source of the money if it is more than $ 10,000.
We sold a house in the USA and transfered the money to the DR to pay
for the house we purchased here. I showed the DR bank a copy of the
real estate transaction in the USA and that was it.Nothing further required.
This was in April of this year, so I do not think anything has changed.
Bear

 

[zak023]

Johne

1) why would it take 45 days to clear when you are using a tellers check? Is that the norm? Have you had this experience and could you elaborate on it?
2) "..to be able to prove.." to whom? where you are making the deposit or the receiver? Why would you wait 45 days and then when it clears justify wheree it came from. Now, I have had this experience many times, but only when I was receiving funds from a lender, (to buy a building) regarding my down payment.
Please expand on this.

I am speaking only about my Bank's policy which is Banco Popular I should have stated that in my original reply..lo siento....As far as prove to whom? I am a US citizen and It is the IRS you need to answer to..Things are not the way they use to be..Don't assume that because the the deposit is $9,990 that it wont raise a red flag..And the original post was about transfering funds ..And yes I had this experience in April of this year..I brought a tellers check down for deposit in that ammount and was told that it would take that long and it did..Something to do with Homeland Security..But again I am speaking about Popular..Mabye it is less at another bank....But that is a big Mabye...Also note I was trying to tell how to avoid transfer fees...

 

[johne]

There is one part

I am speaking only about my Bank's policy which is Banco Popular I should have stated that in my original reply..lo siento....As far as prove to whom? I am a US citizen and It is the IRS you need to answer to..Things are not the way they use to be..Don't assume that because the the deposit is $9,990 that it wont raise a red flag..And the original post was about transfering funds ..And yes I had this experience in April of this year..I brought a tellers check down for deposit in that ammount and was told that it would take that long and it did..Something to do with Homeland Security..But again I am speaking about Popular..Mabye it is less at another bank....But that is a big Mabye...Also note I was trying to tell how to avoid transfer fees...

of your reply that is still unclear to me. Forgive me for being hard headed on this and I appreciate your replies as you understand it and your bank's policies.I follow you on your point re Banco policy but really don't follow the answer regarding "answering "to the IRS. Yes, things are different since 9/11, but when would you need to answer to the IRS that you sent/brought a tellers check drawn on your account at Banco Popular?
Of course you would need to "answer" as far as the income side, receiving the funds, but at what point of the transaction do you need to provide info to the IRS with a disbursement?

Further to the point of Banco Popular and "somethin g to do with Homeland Security".Of course its' their policy--but you know,I'm sure, it has nothing to do with HLS, it is mearly a way for the bank to have your funds available for free for the 45 day period.

JOHN

 

[El Diego]

of your reply that is still unclear to me. Forgive me for being hard headed on this and I appreciate your replies as you understand it and your bank's policies.I follow you on your point re Banco policy but really don't follow the answer regarding "answering "to the IRS. Yes, things are different since 9/11, but when would you need to answer to the IRS that you sent/brought a tellers check drawn on your account at Banco Popular?
Of course you would need to "answer" as far as the income side, receiving the funds, but at what point of the transaction do you need to provide info to the IRS with a disbursement?

Further to the point of Banco Popular and "somethin g to do with Homeland Security".Of course its' their policy--but you know,I'm sure, it has nothing to do with HLS, it is mearly a way for the bank to have your funds available for free for the 45 day period.

JOHN

IRS is more interested in knowing about funds coming INTO usa.. not going OUT of usa. Yes, they (irs) would probably get notified of money going out but they won't tax you on that money. They will (or will try) to tax you if you bring a lot of money INTO the usa.

 

[Tamborista]

US DEPARTMENT of HOMELAND SECURITY wants to know where the money originated from and where it is going regardless of which direction it is going!
This is less of an IRS concern.

Dominican banks are cooperating and have the right to ask.

Wake up this is 2006.

 

[cobraboy]

If the money is clean, why is it any Big Deal to just do a wire transfer? I've done it, no problem. My bank, who I have done business with for quite a while, cooperates fully.

It's no problem at all.

BTW-when the large $$$ went INTO the account you're transferring FROM, it raised a red flag to the Feds, too, for both the sender and you. YOU just didn't have to fill out any forms or anything else. The bank has a legal obligation to open that transaction to the Feds.

IMO, if you anticipate doing several transactions between the US (I don't know about other countries and their banking laws) and the DR (as I will), I suggest you develop a solid working relationship with a US bank that has a good working relationship with a "correspondent" bank in the DR. It will make your life a lot easier.

Sneaking $$$ in and out of the DR (or any country) will raise many more suspicions-in a major way-if you get caught. THEN you'd wish you just followed the rules.

IF, of course, the $$$ came from a legitimate source, and you paid all the appropriate taxes and fees.

(Do NOT confuse for a nanosecond I LIKE the rules. I just understand the downside of NOT following the rules laid down.)

 

[johne]

I tried

If the money is clean, why is it any Big Deal to just do a wire transfer? I've done it, no problem. My bank, who I have done business with for quite a while, cooperates fully.

It's no problem at all.

BTW-when the large $$$ went INTO the account you're transferring FROM, it raised a red flag to the Feds, too, for both the sender and you. YOU just didn't have to fill out any forms or anything else. The bank has a legal obligation to open that transaction to the Feds.

IMO, if you anticipate doing several transactions between the US (I don't know about other countries and their banking laws) and the DR (as I will), I suggest you develop a solid working relationship with a US bank that has a good working relationship with a "correspondent" bank in the DR. It will make your life a lot easier.

Sneaking $$$ in and out of the DR (or any country) will raise many more suspicions-in a major way-if you get caught. THEN you'd wish you just followed the rules.

IF, of course, the $$$ came from a legitimate source, and you paid all the appropriate taxes and fees.

(Do NOT confuse for a nanosecond I LIKE the rules. I just understand the downside of NOT following the rules laid down.)

working out A " solid working relationship" with a bank on both ends to no avail. I worked with my personal banker in NYC at Citibank and Citibank in SD.Don't ask why--because it would seem to be very logical --but it didn't work for me. It was exactly like going to 2 diff. banks.

JOHN
P.S. I mean to say it was not SOLID like the feeling you get when you work with your normal bank in your home city.

 

[cobraboy]

working out A " solid working relationship" with a bank on both ends to no avail. I worked with my personal banker in NYC at Citibank and Citibank in SD.Don't ask why--because it would seem to be very logical --but it didn't work for me. It was exactly like going to 2 diff. banks.

JOHN
P.S. I mean to say it was not SOLID like the feeling you get when you work with your normal bank in your home city.

Understood.

My bank has a full-time employee in the DR. His specific role is to have strong personal relationships with the several correspondent banks in the DR. I have not contacted this person yet (but intend to), but I am told by my Personal Banker he is the one that will open doors for their clients in the DR.

We'll see how well it works.

 

[zak023]

Johne

US DEPARTMENT of HOMELAND SECURITY wants to know where the money originated from and where it is going regardless of which direction it is going!
This is less of an IRS concern.

Dominican banks are cooperating and have the right to ask.

Wake up this is 2006.

This is the correct answer..Is it clear now ? Tamborista is on the money about the money..He worded it better that I did...I said IRS but I was wrong ..You will be red flagged by Homeland Security...And who knows like Tamborista said this is 2006 almost 2007 so mabye both.....Try it and let us know how it worked out for you.......Good Luck............

 

[donrael]

Call Banco Popular Dominicano. They have a branch near Wall Street in New York City.
I'm sure there are ways to open an account in DR and trasfer the money, etc.

GOOD IDEA

i recently found out that they have an office here, dont know much but i am going to call or visit them this tomorrow and find out if its relatively simple to make a transfer using them.

I dont see why not

 

[Ricardo900]

The US Department of Treasury has in the past placed a GTO (Geographic Targeting Order) on the Dominican Republic for transfers over $750.

 

[donrael]

banco popular thinks they are slick

I called BPD here in NYC and asked them about transfering money to BPD in DR; they told me it could be done online FREE!

I said really?

but then I checked out their xchange rate and while yesterday yahoo had 1 us dollar @ 33.75, BPD wanted to shave off $1.75 DP and xchange the money at 32.00.

so in essence I would be paying some $500 US to BPD.

when I asked the woman if its free cause of the rate, she gave me this run around and avoided my question.


so how can I transfer this money without paying $400-$500 USD?

all wire agencies are charging about the same.


1. the only one way I see, other than taking it in person, is to pay citibank about $40 and transfering it to a Dollar account in DR; does this seem to be a correct accumption?????

2. I dont know if there are tough or high requirements to opening a DOllar account in DR, does anyone know?????

thanks

 

[Rick Snyder]

Dollar account here usually requires at least a US$300 or 500 deposit to start I don't remember which it.

 

[Chris]

OK, here is what a few of us have and this works. But it is probably too much hassle for a one-time transaction.
Peso Account at Banco Popular
Dollar Account locally in the DR at Banco Popular. This account is 'linked' to a Dollar Account at Banco Popular at the NY Branch. Transfers are on-line, easy, small transfer fee and the exchange rate is at the rate of the day. There is a minimum but I do not remember what it is .. between 300 and 500 dollars.

Again, for a one time transaction, simply do a bank transfer from your US bank to your DR bank and pay your transfer fee.

 

[cruzan]

could you not just put some of the money into one of your credit card accounts? If you use a DR credit account or a debit card, why not write a check or transfer some money into one of thoses accounts. It seems to me that way if you use a stateside credit card nothing would 'leave' the country.[you just charge everything to the card]. If you transfered money from a stateside credit card to a local one, or wrote a check to a debit [DR] card you might not notify the IRS.