Wire Transfers becoming problematic

[johne]

WW
If you were selling a car with a value of $20-30,000 here in the DR with funds coming from the U.S. would you accept a money "transfer" over wired funds from the buyer's bank. (where-by there is a bank to bank relationship?

 

[william webster]

Yes, I would.
Once the money is safely in the seller's account.... the sale proceeds

In fact, I bought a car that way..... while I was off island
did the deal over the phone (had Gorgon check it out) and wired the dealer the money

All I did was arrive and sign the papers.... and drive away

 

[johne]

Yes, I would.
Once the money is safely in the seller's account.... the sale proceeds

In fact, I bought a car that way..... while I was off island
did the deal over the phone (had Gorgon check it out) and wired the dealer the money

All I did was arrive and sign the papers.... and drive away

How did you "wire" the money? Was that from your bank to buyer's bank?

 

[william webster]

Yes... my bank to the seller's bank.....

Caveat- not a US bank

 

[johne]

Yes... my bank to the seller's bank.....

Caveat- not a US bank

AH, this is where I might be going down one path of understanding vs. the other side of confusion. The US has in place financial agreements and laws with the DR. The U.S. wants to know where the money is coming from and going to hence the difficulty with opening an account in the DR without showing two years of income tax returns.

 

[william webster]

That may be right but the wiring part is easy

Purpose of funds - buying a car...
Source of funds - this account.....

But yes, the DR account opening has gotten much more difficult for Americans

 

[Goldenruler]

I didn't go thru all the posts to see if this has been mentioned. But I have used Xoom.com to transfer money from the US to here.

 

[AlterEgo]

I didn't go thru all the posts to see if this has been mentioned. But I have used Xoom.com to transfer money from the US to here.

I used Xoom today. The exchange rate was a pitiful 54.something plus $2.99 transaction fee. It was in DR bank in about an hour.

Not doable for larger amounts, I think max is $2,999

 

[Xavier_Onassis]

And then you go to caribe and pick
Up in pesos??

yes, in pesos. at a rate about two pesos per USD more. still using Remitly. 3-4 days from checking acct withdrawal to caribe express pickup in pesos.

And then you go to caribe and pick
Up in pesos??

 

[Yourmaninvegas]

I used Xoom today. The exchange rate was a pitiful 54.something plus $2.99 transaction fee. It was in DR bank in about an hour.

Not doable for larger amounts, I think max is $2,999

Limits: 50,000 USD in 24 hours, 60,000 USD 30 Day, 100,000 USD for 180 days.
Residents of the United States of America

https://help.xoom.com/s/article/what-is-required-to-send-higher-amounts-of-money?language=en_US

Now, I shall wait for the comparisons to C2PO to be made.

 

[Radical]

B of A won't do them either

I tried again this morning from B of A and while it lets you chose your recipient (myself) and enter the amount, when it gets to the bottom line for sending the "continue button" is greyed out and you are not able to proceed to the complete transaction page as before.

Spoke to B of A on the phone yesterday morning. They are the ones that explained it was the result of the newest implementation of Dodd-Frank, signed way back when Obama was president. I guess this was a ticking bomb that just went off.

Whoever gets a US bank to do a wire transfer since mid-December please speak up. Maybe some banks have a way around?

All of the above = miss-information.

BoA does wire money to the DR w/o any hoops to jump over

It can be done w/o the need for a representative and straight from the BoA web site

No such thing as Dodd-Frank implementation blocking any wire transfers to the DR

I just did from BoA this week, money available here almost immediately

 

[Luperon]

On January 14th I used my Charles Schwab atm card in the DR for the first time. I wanted a place where I felt safe, went to a Scotiabank atm at hodelpa garden hotel near sti.

Limit of 10,000 pesos per transaction. I did it five times for 50,000 total. Each time I agreed to a 200 peso fee.

They deducted $175.51 for each transaction from my account. ASSUMING they reimburse me about $3.41 for each transaction at the end of the month, imo, I think it was a good exchange rate of 58.12

10,000/172.07=58.12

Confirmed Schwab refunded all atm fees, $3.45 x 10 transactions I did for January. Charles Schwab is the way to go for "WIRE TRANSFERS" ....

 

[SantiagoDR]

All of the above = miss-information.

BoA does wire money to the DR w/o any hoops to jump over

It can be done w/o the need for a representative and straight from the BoA web site

No such thing as Dodd-Frank implementation blocking any wire transfers to the DR

I just did from BoA this week, money available here almost immediately

What was the total cost to complete the transaction (BoA charge and your D.R. bank charge)?

Was the transfer to the D.R. bank in pesos or dollars?

If in pesos, what was the exchange rate?


Details are important!

 

[william webster]

Confirmed Schwab refunded all atm fees, $3.45 x 10 transactions I did for January. Charles Schwab is the way to go for "WIRE TRANSFERS" ....

for ATM withdrawals ----- try $10,000US at that ATM

 

[Yourmaninvegas]

Confirmed Schwab refunded all atm fees, $3.45 x 10 transactions I did for January. Charles Schwab is the way to go for "WIRE TRANSFERS" ....

Well a quick review of the posts in this thread have taken issue with that.

for ATM withdrawals ----- try $10,000US at that ATM

Fee for Charles Schwab international wire transfer in United States Dollars is 15 USD.

Besides what kind of transaction are you doing in the street that require 10,000 USD cash?
Most interesting...

 

[william webster]

$10,000US.... my household payroll, ATM withdrawals

I maintain a US and a DOP account at Scotiabank.....
my money comes in chunks.... not day to day amounts

Car insurance..... I can think of several reasons to maintain RD bank accounts
But then , I live here.

 

[william webster]

I can do the wires online myself...... $20

 

[JD Jones]

$10,000US.... my household payroll, ATM withdrawals

I maintain a US and a DOP account at Scotiabank.....
my money comes in chunks.... not day to day amounts

Car insurance..... I can think of several reasons to maintain RD bank accounts
But then , I live here.

Household payroll? Per year? You're paying too much WW. My household payroll is only $160 a month and that's for two every two weeks.

 

[william webster]

No Nooo

My point is I do not live from ATM withdrawals.....
I'm not visiting
Plus, I liquidate annually.... that's a number for me !!

I only pay 500-600 daily..... but I have a few of them.... on 2 acres
secondly, I have another property.....2 cars....

I wire it in $5-10K at a time.... effortlessly.....

I should put this in my 'Life is Easy' thread

But there'sd always somebody who thinks they have a better widget.

I'm happy.... don't bug me...... not you JD.....
2 people..... easy......5 here. full & part time
4 dogs, 1 wife, ....... drinking habit........
It adds up my friend...

Life in the old boys lane !!!

 

[JD Jones]

No Nooo

My point is I do not live from ATM withdrawals.....
I'm not visiting
Plus, I liquidate annually.... that's a number for me !!

I only pay 500-600 daily..... but I have a few of them.... on 2 acres
secondly, I have another property.....2 cars....

I wire it in $5-10K at a time.... effortlessly.....

I should put this in my 'Life is Easy' thread

But there'sd always somebody who thinks they have a better widget.

I'm happy.... don't bug me...... not you JD.....
2 people..... easy......5 here. full & part time
4 dogs, 1 wife, ....... drinking habit........
It adds up my friend...

Life in the old boys lane !!!

LOL... Just bustin' your chops, Big Guy.

Actually, I'm lucky enough to have income in the states and here so I don't have to do transfers. Everyone should be so lucky.