Wire of different currrency

Great question.  I'd like to know that, too


Jim

I think your best bet is to see which service gives you the better exchange.  The wire service? (Not my bet).  Or your bank?  (Probably better).  But some wire services don't deal with DOP, so that may solve your dilemma right away.

From experience wire to the US dollar account. Notify the bank you will be withdrawing US dollars if it's a large amount. Then take your money to a good exchange house!  It can be a serious amount of difference on large amounts.

Some exchange houses will come to you or to an office if needed. Always good to have a relationship with an exchange house!

You know my answer...it depends.  Firstly, you didn't specify what type of account that it is coming from.  I assume since you are Canadian you are starting with Canadian dollars.  If you wire money to your US account in the DR, you are converting to US dollars (one exchange fee) and I believe it then goes to the central bank in DR where they convert it to pesos (another exchange fee) and then since you want to put it in your US account in the DR they convert it back to US dollars and another exchange fee.  7.5-9% by the time you are done and even more in some cases.  Its pretty confusing I know but I believe your best bet is Canadian dollars to pesos into your peso account.  If you are spending it within a short window of time then it doesn't really matter if you put dollars or pesos in the account.  You will only have 1 exchange fee to pay plus your transfer cost.

It's the same with the credit card, always ask for pesos.  If you are dealing with western union, then you can send in US dollars, receive US dollars, deposit US dollars, change US dollars to pesos when you have to.  western union rates are not bad and if it's a lot of cash, much safer than the roadside exchange house.

In this case it would be US $ account sending.

I was told like you mentioned if sent US dollars to DOP they have it convert it and charge like you mentioned high %.

What does a bank generally charge if you have both accounts and want to convert either way with money already in.

The rate depends on the bank. 

Banco popular offers . 5 less than many other banks!

Scotia has competitive exchange rates

I wire US$ to my US account and transfer to DOP as needed

Bancamerica does as well.  Popular sucks!

Banco Santa Cruz had the best internal exchange rate at one time - based on folks in a Facebook group reporting their bank’s rates.

One thing to be careful of - some banks will charge you a fee if the dollars don’t remain in the account for 30 days.

We move money from USD to USD and then move to the peso account only as needed.

I just posted this link on another thread, but it’s relevant here as well.

https://www.monito.com/send-money/unite … ic/usd/usd