Pension Tranfer

you can write yourself a check and it takes about 30 days  to clear. we tried to do direct deposit but it was a nightmare. Easiest for us is to write a check and have it deposited here in your local acct. plus we can still do bill pay etc from the US bank which just makes things a lot easier.

Thank you

You can also use your  ATM card here and simply withdraw up to your limits daily.

Thank you Planner.  What are those limits if I may ask?  Also, we are planning to buy a house there; how would you advise on funds transfer for that?

The limits depend on your bank and  the ATM you are withdrawing at.

For large purchases many use a lawyer trust services.  They would transfer directly by wire to the law firm accounts.   Discuss this with whoever you are using to make the deal.   Use your own lawyer, not the sellers lawyer.

Or simply write a check to the local cambiosta...
Check cashed....
Walk the money to your bank for deposit

He’ll cash US or pesos

With those you often need an introduction!  Once established it works very very well!

Good info here. I have manage simply by going through Western Union from bank account each month. It takes three transfers but is done. I was wondering just today in fact, about larger amounts (like when I win the Lottery -hahahaha) about how to get larger amounts from Canada to here....safely and legally......

We bank with Fidelity Investments in the US and Banreservas here. So far we write ourselves & deposit a check into our account here. Next time we are in the states we hope to setup an account for wire transfer from the US to here. We could set that up from the DR, but the process would require us to mail a form (with all our info) back to the states. So we will work that out next trip back

Fidelity might do that for you.... wire transfer setup.
Most if not all US banks require your physical presence for a wire transfer.

Planner - check cashing.
An introduction is very helpful - yes... but not entirely necessary.
Providing some valid identification and support information about your bank and account will get you started too.

This is the fastest way to move money.... check cashing

Absolutely agree.   An intro can cut time and "fee" in many cases.  But it is clearly the easiest. Usually fastest and often most cost effective way!  And usually you get a really good exchange rate.  Often the banks screw you royally on the exchange rate!!!

Absolutely agree.   An intro can cut time and "fee" in many cases.  But it is clearly the easiest. Usually fastest and often most cost effective way!  And usually you get a really good exchange rate.  Often the banks screw you royally on the exchange rate!!!

Any way to see exchange rate in DR banks? Any DR bank better than others? Is it better to switch at US bank or use DR bank?

The exchange rates can be on the homepage of most Dominican bank websites.

The exchange rates are better in Dominican banks. Banks may require you to have an active account in order to exchange.

A money exchange house is almost always better then the bank here.