Transferring money via bank transfer

Yes that is usually the number they want. It's whatever ID was used to open the bank account

If I opened the Dominican bank account with my U.S. Passport than my ID number is my passport number?

correct

Do you have to be a legal Resident  to open up a Bank Account in the Dominican Republic?

Banks will open accounts for you if you are within the legal period of your  tourist visa. So 30 days as long as you have all the needed documents

@jscott94

         They asked me for my passport ..social security card  , and birth certificate  , and they want to know where the money is coming from

if a bank , they want the last 3 months of bank statements , if you tell them social security they want to see the letter that they sent you saying you’re entitled to it , if your pension, again a letter stating you are entitled to said pension

Lets not cover this AGAIN. There are several threads talking about what is needed to open bank accounts.   Using the search function you will find them easily! 

I transferred money from my citi bank account to Banesco Banco on November 28, 2022. The money was sent through ACH services but never reached my Banesco Bank account even though I received confirmation from Banesco that the money was transferred to my account in Santo Domingo. I notified Banesco Bank with all the confirmation notificationson December 11, 2022. Banseco Bank has done nothing for me to locate the transfer. So on I December 18, 2022, I filed a IC3 investigation claim with the FBI/ US Embassy. I am now awaiting the FBI investigation results.

To everyone, Banseco Bank can not be trusted. 

That was not very smart.

@jscott94 How was the money sent? Through a money transfer service like Remitly? You should have recourse through whatever service you used to move the money.

If the money was transferred out  of citi bank and directly  to the transfer ( ACH ) company they they might and should want to make sure the money was received in a prompt and timely fashion…that said there would be a conformation # .. a lot of times the banks in the US would and have asked me if the transaction was satisfactory ….. there’s always a paper trail…start at citi…. They have the resources to dig

I attempted to use Remitly after some recommendations found on this forum.  Long story short, it didn’t work.  Eventually Remitly refunded the money to my US acct.

i believe the issue was caused by the names format used here vs the US.  First last name, second last name, etc. One name in the wrong place and it won’t take.

I had set up a wire transfer account previously that works well but was trying to save a bit on smaller transfers. 

my suggestion is to work with your DR bank to ascertain the proper format. 

Exactly correct..... You need to go back and edit ....switch the names

Every little piece has to be exactly the same  as how it was set up in the bank!

I use XOOM to send dollars and Pesos deposits to my account with Banco Popular and it works very smoothly. The Dollars take a few days because it has to go through their compliance protocol but converting to pesos is like same day, Also the amount you are sending is important also,

@Tripp789 how long was it before the money was re-deposited

Dollars about 3 or 4 days. Converting to pesos about one day!

You have the choice of depositing into dollar account or pesos account. Or you can have someone pick up the cash at a few different outlets like Caribe Express etc or have it delivered to their house in pesos or Dollars

@jhgoodwin

Hola

Hi

I recomend you and all from this post

Using worldremit

Is easy cheap

And only charges 4 usd for transfer

No matter if is 1000 or 6000 usd

I recomend to all of you here using worldremit

They charge only 4 usd for transfer

No matter how much you transfer 1000 or 6000 usd

I use this from years

From Poland to DR

and they have a promotion on now..... 1st 3 transfers free !!

@Tippj took a few weeks, mostly because I waited a week or more to see if it would finally show up.

Once I finally cancelled it, it took about a week to be refunded.

Hi all-

I successfully opened a personal bank acct at BanReservas. I’m trying to send a wire transfer from my Bank of America acct to my BanReservas acct.

It’s asking for my cédula. I don’t have a cédula, I opened my acct with my passport. I entered my passport #, didn’t work.. then SSN.. didn’t work.

does this mean I can’t send a wire transfer bank to bank without a cédula?

You can send money back in DR by using an app called xoom

Thanks.. yeah I’ve used money transferring services like Remitly or Western Union in the past, but my whole point for opening up a bank acct here was to be able to do direct wire transfers.

Your Dominican bank should be able to give you a printout or PDF with all the correct information.  Should be a simple request and immediate response, and no, Dominican banks don't require a cedula for a wire transfer.  It is difficult getting wires here, but once you do a couple, everything is "normal" to the banks, and should go without a delay, unless of course, you are sending more than $7,000 US for one particular bank (I forget which one just changed to this amount. BHD???) or $9,500 US for most other banks. You can send over $10,000, but this requires verification of source, ownership and a few more hoops to jump through.

@Gylla you can do a transfer  with Citibank or with Ria transfer but max $3000  a month

@Gylla NO. Who is asking? Bank of America or BanReservas?

Also, you are better off using SWIFT and also learning about the IBAN code for your own account at BanReservas.  Many of the on-line transfer apps ONLY work with SWIFT and by providing an IBAN number.  In such a case, the instructions are VERY easy.  Your name, Your IBAN number (which includes your bank account number at the Dominican Bank and the Bank's SWIFT code as part of that) and the SWIFT sort code (which is redundant as it is part of the IBAN anyway).

Go on-line and find out how to calculate your personal IBAN number for your account.  The girls at the bank won't know so don't even bother asking them.

Regards,

John

When trying to open a bank account down here in the DR use extreme caution...I had a friend whose account was hacked here in the DR it's been 3 months of investigation and still counting. They continue to say they're working on it.

I transfer to Scotia all the time , sometimes more than $10,000

Never a problem

@WillieWeb

They must like you.  I had an American client open an account a few years back, he sent a wire of US$3,000 and they treated him as if he was Pablo Escobar's right hand man   Needless to say he closed the account after that and never went back.

Regards,

John

I'm Canadian

@john-schroder Bank of America is asking. They require that I enter the cédula associated with my BanReservas account.

@UncleBuck thank you so much!

@Gylla try Wise and Scotiabank

This has been beat to death!