Exactly. If they accept money, then it becomes a savings or checking account with a host of other regulations. It just doesn't make sense.
I deal with a large amount of small business people and almost all of them accept and even prefer transfers to their accounts.
I have both Banca Santa Cruz Visa card and a Scotiabank Mastercard. I can put credit on both. I have been doing this for 25 years and all banks have allowed me to do this so I am very surprised to hear that you can't, I thought that this was possible everywhere.
I rarely use cash anymore here in the DR. Of course if you go to smaller businesses such as colmados etc. then you are limited but the OP is talking about purchasing furniture, and unless he is buying furniture from the guys that sell on the side of the streets then there is a high chance that wherever he buys will accept credit cards. I have lived in Cabarete for 20 years and most stores and restaurants take credit cards....would not be surprised if some of lovely ladies of the night have their own credit card machine, haha. Actually, when I was in the UK last year I was shocked to see that street buskers and even some homeless people on the street had tap to pay systems in front of them! I was thinking OMG, the women of Sosua would love this, cashless system meaning their clients didn't have to go to a cashpoint that they don't know how to use with the lady friend next to them waiting to get paid! The amount of times I have been in a queue at the cashpoint waiting for a weekend warrior to try and take out cash to pay the lady standing waiting to get paid for 'services rendered' is ridiculous.
I do transfer money to people this way, but haven't done it in a business sense. Your method does save them the fees they incur when customers use credit cards, and debit cards too I think, That's why so many offer a cash discount. How do you handle the time delay in them receiving the funds you transfer (generally a few hours with BPD, I know) or the small charge you incur for an "instant" transfer?
Never had a complaint. BPD to BPD is instant, other banks can take a few hours longer.
This assumes that I have a DR bank account, which I don't. In fact, that's exactly what the guy offered at my car repair. But it would have required an international transfer and I don't want to do that. To expensive and cumbersome.
If it is a large amount, it can take 24 hours or so. Just did this several weeks ago, transferred 2 million pesos from my acct at BHD to an account in Bank Reservas.
Hello (simps) Cash App 😅I rarely use cash anymore here in the DR. Of course if you go to smaller businesses such as colmados etc. then you are limited but the OP is talking about purchasing furniture, and unless he is buying furniture from the guys that sell on the side of the streets then there is a high chance that wherever he buys will accept credit cards. I have lived in Cabarete for 20 years and most stores and restaurants take credit cards....would not be surprised if some of lovely ladies of the night have their own credit card machine, haha. Actually, when I was in the UK last year I was shocked to see that street buskers and even some homeless people on the street had tap to pay systems in front of them! I was thinking OMG, the women of Sosua would love this, cashless system meaning their clients didn't have to go to a cashpoint that they don't know how to use with the lady friend next to them waiting to get paid! The amount of times I have been in a queue at the cashpoint waiting for a weekend warrior to try and take out cash to pay the lady standing waiting to get paid for 'services rendered' is ridiculous.
So the credit limit on one of my cards is 100,000 pesos. If I go away and I know that I am going to be spending more than 100,000 then I simply make a payment to my credit card which brings you amount available to over your credit limit. As I said in my earlier post, I have been doing this for years and it is so easy. Look at the image, you can see my limit is 100,000 pesos but you can see that the credit available to me is 105,188 pesos. I do the same with my US account on my credit card when I go abroad, top it up over your limit and you can enjoy your trip knowing that you have more than enough funds without exceeding your credit limit. Now someone could say, why not just use your debit card? But as I have free points on my credit card then I use it all time instead of my debit cards..at the end of the year I usually have about 50,000 pesos in points which I then tell them to credit my credit card!!!
Did you check mark "instant transfer"? When transferring from one BHD account to another, it is automatically an instant transfer.
I can't either, other than adding a small amount when I pay off my balance each month.
The only time I have been able to have a credit balance is when I paid off my card and then returned an item which gave me a credit balance. I just went on to my Citi and Chase accounts. There is no balance due, but I tried to pay $500.00 on either card and they would not let me. I just wanted to see again if this was possible but for me it clearly is not possible.
My cards are with Dominican banks....but I could do the same 25 years ago with my Canadian visa card, guess you can't do it in the USA...they want to make money from your debts!!!
not when it is over 500,000 pesos, my transfer was to a different BHD acct , it was to a Banco Reservas acct.
So, it wasn't from one BHD acct to another. It was to a Banco Reservas account(?).
