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

[donrael]

Thanks

ok so I finally made a decision and talked to my bank about the requirements of a bank to bank wire transfer. it was the best choice of all the options, in terms of cost (only a flat fee of $30) and in terms of flexibility (the wire was in dollar, allowing me to find the best rate there)

Had to get clearance from the banks security team to make sure it was me, who it was going to, where, etc.... but nothing detrimental.

it went through, and got there the next day (i sent it in the afternoon)

thanks for all the suggestions, they helped me compare and chose the most appropriate one.

 

[SantiagoDR]

Glad you got it worked out about the transfer.

Just a couple things for the future.

Cash or negotiable instuments are the same for declaring the money if over $10,000 US Dolloars.

For me, I just write checks on my U.S. bank account and cash them in the DR at the Exchange houses.

Credit card use should be used as little as possible. For one thing, your U.S. credit card company will give you a lower rate then you can get at the exchange houses, and some of the credit card companies also charge you a "monthly gross foreign exchange fee". With debit cards you avoid the "monthly gross foreign exchange fee", but still get a lousey exchange rate.

That has been my experiences here with money.......

 

[Riu]

From Citibank

ok so I finally made a decision and talked to my bank about the requirements of a bank to bank wire transfer. it was the best choice of all the options, in terms of cost (only a flat fee of $30) and in terms of flexibility (the wire was in dollar, allowing me to find the best rate there)

Had to get clearance from the banks security team to make sure it was me, who it was going to, where, etc.... but nothing detrimental.

it went through, and got there the next day (i sent it in the afternoon)

thanks for all the suggestions, they helped me compare and chose the most appropriate one.

According to my banker in Citibank U.S. office, you can transfer the money at a minimal cause no matter the amount. As long as you money is proven, that is loan proceeds, sale of a house etc. you are OK. Just do a lump sum transfer and avoid the headaches, if they ask tell the truth, is for th epurchase of a house in DR or whatever. DR bank should ask minimal proof since the source (U.S. bank) has stricter proving requirements than that of a DR bank. If the case was reverse, then the US will ask a lot of questions and probably audited.

Just my 2 cents

 

[moviemouth]

As a retired correspondent banker (i.e. providing services for other banks such as wire transfers and check clearing), as well as a recent home buyer in DR who has moved large sums for closing and for investment, I can tell you wire transfers from your bank account will never be questioned regardless of amount.

The front line on money laundering (in fact the definition of it) exists where cash money obtained through illegal activities is deposited to a bank account. The bank of first deposit has the primary responsibility and legal obligation to report and question large cash deposits. Money tranferred by wire has by definition come from an account at another bank and therefore will not be questioned by the receiving bank except in the rare case where the receiving bank has reason to believe that the funds are tainted.