USA bank transfers to the Dominican

I have never had a problem wiring to my lawyer.
Admittedly - 2008/9......

I am buying a house in DR. I need to transfer 90k US to DR. What is the least expensive way?

Wire Transfer?

Carry cash on the plane?

Is there any issues if I wire transfer that large of an amount?

What way would you transfer the money for the purchase of the property?

Best regards,

Martin

Read above Martin....
your worries are over

Martin - I think you're missing all the responses you've received! Make sure you look at the first page of the thread.

Yes, like me😣

The fees are piling up and I have been here for several months.  I went to open a bank account and they turned me away since I have been here more than 30 days.  I have to reset my visa, and open an account in the first 30 days of being here.

Live and learn!!

Yes that is exactly what needs to be done now

[b]I am buying a house in the DR. I need to transfer 90k US to DR. What is the least expensive way? [/b]... every transfer is expensive, be it bank or remittances and more Wester Union.

Bank transfer? ... Dominican banks are all governed by the Central Bank. whatever the bank. and they have their cro card almost the same, all transfers, whether national or international, vary from bank to bank.

Do you have cash on the plane? ... I do not recommend it and if you do, you must declare the amount and the purpose of entering that cash into the DR. otherwise you run the risk of losing it or seized until your reason for why you carry so much cash is proven. I do not recommend you if you do not have a trusted person in the DR, do not send it unless you can from the DR have access to your account in your country from the DR he will transfer it in person to the bank you are or you already have your account ... in money it is about

Any problem if I transfer such a large amount? ... No problem, you can try up to millions but you must declare the origin of that money and everything has its laws and requirements, regardless of the country.

How would you transfer the money for the purchase of the property? ... from bank to bank, remittances but maybe 1-2 before you go to the DR and you go to the main office and you send it yourself to your name and withdraw By Wester Union you yourself do not have a trusted person there I will withdraw it and send it to your name (only you know) is the only thing I can advise you ..

Sincerely,

Arelis

Wire transfer to your lawyer. We did it and had no problems

and this has been asked and answered various  times.  Most of us agree on what should be done.   

Thanks everyone.

Hi. I opened a Wise account. I will also open an account in DR (Scotiabank). I feels that there would be no issues transferring money from the Wise account to Scotiabank. I still need to try this, but has anybody experience with this already. This is also for the purchase of a property.

Hi. I also have a Wise account and use it to transfer from multiple banks in amerixa and the Caribbean to accounts in Dominican Republic. It takes about 48 hours to reflect on your account in Dominican Republic,  and their processing fees is $30

Hi
What is a wise account?
Thanks

freeperson wrote:

Hi
What is a wise account?
Thanks

It's a money transfer service. It doesn't work for US expats unless they want their money in the DR in Euros! The service doesn't allow USD to USD transfers or USD to DOP.

https://wise.com/ (not an endorsement - as I mention above, it doesn't work if you are moving money from the US)

ddmcghee wrote:

freeperson wrote:

Hi
What is a wise account?
Thanks

It's a money transfer service. It doesn't work for US expats unless they want their money in the DR in Euros! The service doesn't allow USD to USD transfers or USD to DOP.

https://wise.com/ (not an endorsement - as I mention above, it doesn't work if you are moving money from the US)

I move money from the US to the DR regularly with Wise, and it most definitely allows US to US transfers.  It will allow US to DOP transfers too.  I have not had any issues transfering with them at all, it's quite easy and much cheaper than PayPal or Xoom.  The last transfer for around $2,000 US cost $30 with Wise, but would have been $80 with PayPal.  The nice thing about Wise is you can have multiple currencies in the same place, and the exchange rate is better than any other platform.

The key with moving money to the DR with Wise is to skip the Intermediary bank info, and just input your DR bank info as the destination.  I put the intermediary bank info in the "Reference" spot, and it has worked flawlessly for over a year and dozens of transfers.

jmiller0017 wrote:

Citibank is a USA Bank with a location here in Santo Domingo also.. It's the only one I know of that has a location here and USA... I don't know if that's what you are asking...

Any bank can do international wires and currency conversion..

Hope this helps..

CitiBank here only work with big comapnies, so personals accts they do not handle here.

Exactly Riva,  citbank location here is NOT an actual bank. Its a service location for corporations.

Have had lots of problems with Banco Popular wiring money. First they sat on the deposit for two weeks before crediting account...and it was a wire transfer of US dollars from my Canadian bank to US dollars in Banco popular.. Had to postpone closing my condo until money cleared.

Actually, I have a question and a request.

If I have a US dollar account can. I take out US dollars at Banco Popular.

Second and maybe more important I. Coming down this week Feb6 and staying till March 6. My place is in Juan Dolio. Would anyone in the area want to get together for coffee and a chat?

Hi good luck with everything  I asked that question to BH de Leon and she told me if you deposit dollars you can take out dollars.maybe all banks are different not sure.
I am also in process of buying g a house in La Romana  coming down March 7 for the closing. The seller is actually Canadian and I am just wiring the money from my bank (bank of America) to his Canadian bank  so makes it much easier.
I am also trying to get a group of people to get together would love to meet up  let’s exchange contact info .


My email is ***
BTW I am from Boston



Sincerely
Rich

I too have had problems getting money from Canada to my Banco Popular account.  It seems to get stuck in Santo Domingo and doesn't get credited to my account.  It seems so stupid to me but I have to get a Manager to investigate and then I call my Canadian bank and they have to get me some special "unique" number that I give to the Manager in Popular and then I get my money.  If I just leave the process alone, the money gets returned to my Canadian account after about a month...

A couple of observations for you all.

First please do NOT  post  personal  emails and phone numbers.  Invite others to connect via the private message and then exchange personal contact info please.

Second - if the amount is  10,000 US or more  they must have  documentation of the source of the money otherwise the banks WILL hold it up as long as they feel like! 

Sometimes even smaller amounts will get help up until they get used to your pattern. For example  a regular pension transfer after a time or two should be smooth sailing. IF you receive an out of the blue  transfer  they may hold it up.  Some banks are going to ridiculous lengths to make sure they are not caught up in the money laundering rules.

As stated above if you are sending more than 10k be prepared for many questions especially if it is not you personal bank that you do not deal with ie property closing. If you are preparing for property close and sending money, you are better off sending to your own personal account first in DR and allow plenty of time because they will hold it up for documentation.

Send it to your lawyer..... easiest way

The $10,000 rule is American , as far as I know

WillieWeb wrote:

Send it to your lawyer..... easiest way

The $10,000 rule is American , as far as I know

No, the 10,000.00 rule apply globaly for transfers, deposits, or travelers.

I just had a $5k transfer through Remitly that took 10 days. I bank with Banco Santo Cruz, but BHD Leon is the intermediary and they sent me three different forms to complete to document where the money had come from, and they also wanted me to explain my relationship to myself! Unbelievable!

Money laundering is serious and the banks are going overboard