Wire Transfers becoming problematic

[chico bill]

In mid-Dec I tried to do a wire transfer from my Chase Private Client account and it was stated they would not do wire transfers in US dollars to this international location.
I have had this account and been doing wires since 2011. And it was fast (1 or 2 days and free)
Today after multiple calls I finally got a wire specialist to tell me yes that is Chase Bank's new policy.
Of course I can select Euros on the Chase app and send it which uses my dollars to convert to Euros but I have to pay $5 (instead of free) and I loose 4% on a Euro exchange.
So I will transfer funds to a Schwab checking /brokerage but the fee becomes $15. And hope they do not block it.
I heard there is a US banking audit on funds hoing to the DR because of drugs and money laundering and this could be the cause that some banks prefer to just not be bothered.
Has anyone else experienced this from any bank and does anyone have good luck with inexpensive wire transfer fees and from whom and how fast is it?

 

[Gringopean]

Hi Chico,

I strongly recommend you to look into www.remitly.com. I have been using them for over a year and I can transfer funds from my Chase account same day or within 24 hours for $4.99, bank to bank, dollar to dollar and dollar to peso accounts. Works great here in DR, Peru and Colombia.

Asociacion Barahona De Ahorros Y Prestamos

 

[malko]

My european--high street-- bank wants nothing to do with the DR.
I have to jump through hoops if I want them to transfer my money here ( which I don't, I use other means ).
They also warned me they would never ever accept funds originating from the DR.

When I did my initial residency they even phoned me to double check if I really wanted to transfer 100€ or so to the DR embassy.

I also have to let them know when I am in the DR to be sure my cards are not blocked ( which I don't, I use other means and cards in the DR ).

 

[josh2203]

My european--high street-- bank wants nothing to do with the DR.

They also warned me they would never ever accept funds originating from the DR.

That's good to know.... I made several outgoing SWIFT transfers from Banreservas directly to a European bank very many years ago - without any issues... If this has changed, that's definitely good to know... I don't doubt it at all regarding things getting more strict...

 

[malko]

That's good to know.... I made several outgoing SWIFT transfers from Banreservas directly to a European bank very many years ago - without any issues... If this has changed, that's definitely good to know... I don't doubt it at all regarding things getting more strict...

I think it depends on banks ( but don't quote me on that ), but it does depends on countries---- my above post is about my french high street bank, whereas fintechs, ie pure internet banks, don't mind transfers, and my swiss bank is also OK with DR transactions ( last time I checked )

 

[TropicalPaul]

I use Torfx.com .in the UK. You transfer to them in your currency. They convert into USD and send to Banco Popular and it arrives usually within a couple of hours.

 

[chico bill]

And now certain Chinese pay apps are being banned in the US.
There may be movement in the US because of DR cozying up to China to punish the island for becoming chummy with the Chicoms? Make money flow harder.

https://www.newsmax.com/t/newsmax/article/1004403/1

The DR can embrace China but there will be a price to pay.

 

[twoinsosua]

I posted this in another thread you're in chico bill. It fits here as well.
Interesting you bring this up. In advance of my trip to the DR, I wired an amount to my BHD USD account.
In times past it has always arrived in my BHD acct within a week max. So this one took 1 month and was only credited to me when I
complained to customer service,supplied the wire info,then waited another 2 days. I dunno what to make of it.
Also an interesting development, they are allowing all clients to load a max $500USD per week to our Visa debit cards .
Before this lockdown was implemented we were allowed unlimited and I had at times loaded thousands in days of each other.
Are they implementing these controls as part of a shut down? I don't have the answers but these developments with BHD are something I have never experienced in eight years.

 

[cavok]

I just posted this in the other thread:

• #37

I have wired money down here many times to my BSC account. It has never taken more than two working days. Just recently I wired money here last week. It arrived the next day. It makes no sense for the government to block money coming into the country - especially now.

 

[twoinsosua]

I don' t think they are blocking USD coming into the country. They want the dollars, they just do not want you taking it out.
I'm now limited to $500USD per week at BHD. In the past, a long time ago, before paranoia set in, I could with draw thousands several times a week. You can not do it at BHD any longer.
Somethings up.

 

[chico bill]

And those with large deposits in US dollars in DR dollar bank accounts need to be aware of a possible "Corralito".

 

[chico bill]

I just posted this in the other thread:

• #37

I have wired money down here many times to my BSC account. It has never taken more than two working days. Just recently I wired money here last week. It arrived the next day. It makes no sense for the government to block money coming into the country - especially now.

How did you wire it? Chase was becoming next day and charged me nothing.
But that changed in December. I don't mind a reasonable fee for fast service but I won't loose 5% on each transfer by having to deal in Euros rather than dollars.
And why is the spread on buy and sale at the banks so large on Euros in DR ? Do they not trust the Euro?

 

[cavok]

How did you wire it? Chase was becoming next day and charged me nothing.
But that changed in December. I don't mind a reasonable fee for fast service but I won't loose 5% on each transfer by having to deal in Euros rather than dollars.
And why is the spread on buy and sale at the banks so large on Euros in DR ? Do they not trust the Euro?

I wired it from my Ameritrade account - $35 wire fee.

 

[twoinsosua]

And those with large deposits in US dollars in DR dollar bank accounts need to be aware of a possible "Corralito".

I understand teatro . Can you explain what Corralito means Dominican style - I get the English word but I'm sure its meaning is different.

 

[JD Jones]

I don' t think they are blocking USD coming into the country. They want the dollars, they just do not want you taking it out.
I'm now limited to $500USD per week at BHD. In the past, a long time ago, before paranoia set in, I could with draw thousands several times a week. You can not do it at BHD any longer.
Somethings up.

Are you referring to ATH withdrawals?

 

[johne]

Then why does Chase have "Global Transfers" on their web site as an advantage to be with Chase?

 

[william webster]

Dec 29th

My transfer went thru normally - same day - to ScotiaBank
less than $10kUS

 

[malko]

Somehow I think if something fishy is going on, it is US side and not DR side...... Maybe something to do with the $ leaking out like some cheap DR plumbing ? 😄😄. Over the weekend I had an order filled ( that I forgot I had even placed) at 0.7902€ to the $.

 

[william webster]

Possibly - my transfer was not from a US bank

 

[jinty05]

Wonderful UK based service Azimo.....transfer is in your account within an hour.....low fixed fee and great exchange rates