Accessing Funds In American Banks

I made an arrangement with my US  bank to accept transfers, checks, credit cards etc as normal transactions. No red flags, just normal business.  No added fees. A wire transfer would take up to 3 days, just a small fee, not a percentage.My bank here is Banco Santa Cruz, US is W.F..   Good luck. You should receive many replies to you question.

Super newbie here and this thread is very timely as I woke up much earlier than normal this morning, here in the US, worrying about this - I was having banking nightmares LOL! I'm in California and use Wells Fargo for my local banking. Then I have a financial advisor in Houston, TX that handles my investments.

Current plan is for North Coast area for early retirement...I'm currently 49 years old. GAH! Keep WF account in the US, financial advisor wires money to that account at my request, set up a local banking account in DR, and I then transfer money to that account online myself from my WF account stateside? Is that how this works?

What happens if I get in to a fraud situation and WF needs to mail me a new debit card that I would need to use when I go back to the US? Just a few months ago, WF mailed me a new debit card unannounced because of "potential" fraud. Maintain a PO Box in the US? Have that sent to a relatives address in US, etc.?

Greg

When we were wiring funds for draws due on new construction condo, the realtor office would always ask for $50 fee to be added to complete transaction (plus my own bank already charged $60). I thought the brokers $50 fee must be normal, until our unit was finished and we were dealing with property manager at condo and each time I had to wire money to him for HOA fees, cleaning fees etc he only said to add $7 to the wire for his fee, And our condo was directly across the street from our realtor office. I asked the Broker why she charged so much and and the answer I got was.......well it never really was answered. In her email back to me she skated around the question so bad it was embrassing (for her). I guess its all what people try to get away with. I still appreciate the property managers honesty and he is someone I will deal with in the future.  A $250 fee for a 5k wire is really crazy, I would start asking questions!

This might be old fashioned but in nearly 13 years here I have wired money once.  Otherwise I bring cash back with me whenever I am in the states (up till recently less than once a year).  Secondly I have a USD account here and every 3 months or so I write a check on my US bank account and deposit it here.  They do hold my money for 3 - 4 weeks but if you time it right you will always have cash here.

Bob K

Hi Bob, we plan to do that when I live there too,  but we were in US trying to get money to DR for construction draws so didn't have much choice. And your not old fashioned we still go to the bank and get $ out when needed...have never used an ATM! 😂And don't do any banking online.  They say everything is safe and then a month later there is another huge privacy breach with banks, home depot, Target, Expierian etc.  Is it safe to have Ssocial Security payments sent directly to DR bank account from U.S.?

Okay. International banking laws and money laundering rules have made things more and more difficult. Fees are charged all over the damn place.

I often receive wire transfers.  The first time always takes longer. After that it's easier.

You can transfer under US 10,000 fairly easily. Over that you must show source of funds. And fees are relatively smaller for larger amounts.

Options to move money :

Wire transfer - fees.
Write a cheque here and deposit to your account - hold your money
Write a cheque to a money changer and pay a fee - relationship needed.
Connect US account to PayPal and connect PayPal to Banco Popular account here
Use ATM card on US  account -  withdraw here -  fees each time
Use western union - send yourself money - fees
Use Xoom - fees

Did I miss anything? I am not recommending just listing as this question keeps coming up.

Add to the list!

Not sure you can have social security deposited offshore. Bob may know!

S.S. can be sent to almost every country in the world. Usually only one bank is authorized to set up the account. It used to be Banco Popular here, don't know if it still is. Call to find out.  Normally no fees for the account.

Thanks tinker!