Receiving international bank transfers to my bank in DR

Always is honey... nothing here is simple.....but we love it.

Hi Bob, stop trying transfer money. The banks in this country charge all kinds of fees. just use your bank card of origin country and take up to $500.00 a day out from Scotia Bank for just a $2.00 fee.

Army 101  !  Did you mean use any bank card or ATM at the ATM machines from Scotiabank there in Dominican Republic ??  What other bank in DP has ATM machines that could be use to take out money from USA bank accounts ?? Thanks

Most banks have ATMS that you can use. But remember you most likely will incur fees on both ends.

I find it easier just to deposit an old fashioned paper check every few months or when I travel I bring cash back with me

Bob K

All I have to do is notify my bank ( CHASE ) I'm traveling to DR and the time I will be staying there !!  My bank take note of that !!  I can use my ATM at Scotiabank in DR and yes there will be a surcharge at both ends plus the fee for the conversion !!

We do have Scotia in DR and also in Canada and they do not communicate together So you have to wire the money the same way as to any other bank. As Canadians, we cannot have US dollar account at Scotia in DR, not sure why but that is their policy. Even though we do have US funds account in Canadian Scotia, it does not help. If you need US funds account in DR, you have to open it at a different bank, not Scotia.

Bank of America in the US is an affiliate of Scotiabank !! I don't need to bank in DR !! All I need is to use an ATM machine to retrieve funds/money !!

You can draw money from an ATM in DR no matter what bank you use in USA or Canada, or elsewhere in the world. As long as you bank knows that you will be in DR using your card, you will get cash.
Denise

Correct !!

rio do note however that even though BOA is a affiliated with Scotia here it is not part of their world alliance anymore (last 3  years or so) so transactions at the ATM are no longer free of charges.  Scotia here will charge  you a fee for the transaction.

Bob K

Bob !! Yes that's what I was told !! I don't ha a BOA account !! My bank is CHASE !! I can use any ATM to check out funds with surcharge at both ends plus conversion charges ! I can also use it as My card as Debit/Credit in case paying at established businesses in DR !! I suppose !!

What is the maximum you can take out of the atm per day? To make it easy please state the amount  in peso because I will be converting from £s not US $

That will depend on your UK bank and the ATM.  Normal is about 10000 pesos, but you might be able to make 2 withdrawals.  Also, it's per card.

You can take as much out as your daily bank limit is. The ATMs will give you only pesos and the maximum at most bank machines is 10,000 pesos per draw.You can do as many draws per day as your bank limit allows you. Don't forget, you will be charged by your bank for each draw. Some ATMs close to resorts or at the resorts might give you only 2,000 - 5,000 per withdraw.

A lot of banks change 195 pesos fee per withdrawal. That's 2% right there. Plus currency conversion fee for another 3%. So around 5% each time which doesn't include what your other bank charges you for withdrawals. Charles Schwab refunds their ATM fees back so that's nice but most banks don't do that.

This is how the banks skim your money on both ends.

Thanks  guys. Much appreciated ☺

You are welcome.

This thread certainly has gotten a bit confusing, but the information is pretty good.

Bob K

You have to read the whole thread to wade through it all.   

my cousin works at Banco Popular

dreamtime wrote:

A lot of banks change 195 pesos fee per withdrawal. That's 2% right there. Plus currency conversion fee for another 3%. So around 5% each time which doesn't include what your other bank charges you for withdrawals. Charles Schwab refunds their ATM fees back so that's nice but most banks don't do that.

This is how the banks skim your money on both ends.

its a business, they have to make money

Oh no do not go defending the banks.  They  make WAY too much money in this country - ridiculous fees and crappy service!  All banks,  all branches,  all  lines of business - except for your cousin (of course LOL)

We went to Banco Popular in Sosua ATM and could not get any money out!  It kept spitting our card out.  This was on a weekend, and we had no cash to do anything,  most businesses around here would not take our credit cards either.  We are learning to carry cash now.  LOL!

Sounds like you needed to have gone to another machine to try it out.  Yup,  cash is king here still unfortunately!

if you are in DR, check with your bank

Yep only deal with cash or US credit card that has no international fees

Bob K