Our (current) Favorite Funds Transfer Service

I use Remitly for our monthly pension transfers - definitely the cheapest option for that.

With MoneyCorp, can you transfer USD to USD, or do you have to transfer to a DOP account? I know the exchange rate is where a lot of the services make their money.

What is the general timeframe of activity needed to keep it active? Same with all the banks?

DD:  I've not tried that particular money movement, so I'm not certain. 

However, I have used Remitly within the last 90 days to 1) move dollars to the DR AND 2) also moving DR Pesos (automatically converting to Pesos at Moneycorp, and transmitting as Pesos) as we keep both dollar and peso accounts in our DR bank

I'll try to check my moneycorp account to see if that optiomis available.

Jim

ddmcghee wrote:

I use Remitly for our monthly pension transfers - definitely the cheapest option for that.

With MoneyCorp, can you transfer USD to USD, or do you have to transfer to a DOP account? I know the exchange rate is where a lot of the services make their money.

DRVisitor:  I was told at the bank it was every six month, or it goes to inactive status.  However, i have no independent verification of that.   

My plan is to transmit a couple hundred dollars worth to each of my DR accounts (Dollars and Pesos) about every FOUR months. 
>> That gives me a little bit of margin timewise if I'm traveling or preoccupied, so I can be sure of completeing transactions with the six month limit I was advised of. 

Now, we're in a slightly different position than many expats -- now that we have received our Residency, we plan to spend 7-8 months per year in Idaho, then 4-5 months annually in some combination of the DR, Panama and perhaps Thailand. 
>> Thailand is simply a target of opportunity that arose when one of our sons was selected to serve in   AmEmbassy Bangkok for 4 years. 

The point is, I'm willing to pay the time and money overhead to ENSURE I have LOCAL accounts ready to access via ATM the minute I step off the plane.
>> In past international travels, I've made the mistake of relying on stateside-based ATM cards.  The problem arises when some computer program flags your foreign ATM activity as "suspicious" and freeze your account until you call and prove you're you.
>> I still have the Stateside ATM cards, but we just experience fewer problems using local Accounts with local ATM cards.  It's worth the hassle,  at least for us.

However, if I was a permanent, year-round expat in the DR, I would probably keep one Stateside Bank for when I visited the kids/grandchildren, but send the majority of my pension payments to my DR Bank via direct Deposit, in dollars.
>> When needed, I would transfer USD to DOP at my local bank, as BHD Leon offers very reasonable exchange rates with NO additional fees. 

Every person's situation is different.  Tailor things to YOUR preference.

If i could add one HUGE bit of advice -- when choosing a DR bank, if you don't speak Spanish fairly well, make sure to select a bank that:
a) offers language-switchable websites, and
b) has a couple of reasonably proficient English-speakers on staff. 

That would be my STRONG advice, anyway.  (I got the same advice, but discounted it, to my regret.)

I now like BHD Leon, and we've learned to manage the language issues...but if I were starting from scratch, I'd definitely choose a more English-friendly Bank.   

Best to you,

Jim
ExpatRusher

DRVisitor wrote:

What is the general timeframe of activity needed to keep it active? Same with all the banks?

Excellent advice, thank you.

"but if I were starting from scratch, I'd definitely choose a more English-friendly Bank.   " - are there any?

I also use remitly and find them very good.  As for english speaking banks we have not had a problem with Banco Santa Cruz.

We use the Banco Santa Cruz in Las Terrenas, where the manager and several others speak English.

DRVisitor:

I have heard, as in these posts above, many good things about Banco Santa Cruz and its propensity to employ English-speaking employees. 

However, we haven't moved ahead with a bank change and done the research, so we're not the expert to cite.  Hilda1959 and ddmcghee, above, who can speak with first-person authority as to Banco Santa Cruz, are such experts.

Certainly, should my wife and I ever desire to switch to a bank with better English skills -- we will make Banco Santa Cruz our first bank to examine...but not the only one to examine.

Perhaps the most important question is, "What would drive us to switch banks, now that we've learned to cope with an English-limited Bank??"
>> More complicated banking needs, such as house mortgage, business loans or car loans.  Essentially, anything requiring us to deal with lengthy, complicated contracts written in Spanish!! 
>> It is, however, unlikely we'll experience many of these increased needs given our situation as snow birding expats, visiting for 3-5 months per winter.
>> Sustained poor service stemming from the lack of English speakers on our bank's staff could, eventually, drive us to another bank.  But, we're not seeing this, or seeing it rarely.  Rather, when we show up at a BHD LEON branch, we usually are greeted with warmth and "extra-mile" service, in order to meet our needs despite the language barriers. 
>> What has also really helped is our discovery and increasing skill at using various English-to-Spanish near-real-time translation apps.  Spanish-Dict, Google Translate and even Duolingo (which is primarily a language teaching app), all have been helpful to make things work. 

But, the reality is that a very small part of our net worth is held in our DR bank.  I suspect that if we ever move there permanently, bringing the majority of our savings with us, we would require a bit more comfort in dealing with details.  That would require a greater English-speaking capability at our bank's staff, and in spite of our no doubt improved Spanish-skills.  Each trip, we improve just a bit more; but at some level of complication, I'd need to read contracts and laws in my own language, at least for the first few run-throughs.

But, please, don't allow my opinions to over-complicate your own decisions.  Evaluate your options and then choose what is best for YOU and YOURS. 

Best to you,

Jim
ExpatRusher

I tried using Remitly for a transfer over 1000USD.  After several attempts with their customer service, trying various methods they were unable to complete the transfer.  Not acceptable to the Dominican banks...  I wasted a week of my time and now have to wait for the money to be returned to my original account so that I can try again.

Cash transactions in this country without having a local income are really a pain in the butt! 

Mike: 

I believe every word you've written. 

Which is eyebrow-raising, as remitly is the only service I've used that I haven't had a problem with.
>> Okay, Western Union has also worked w/o issues, BUT they require in-store visits for transfers to the DR, and filling out WU paperwork with the assistance of an agent store clerk or cashier -- is a lengthy and painful process. 
>> I've grown to detest WU. 

There is an element of randomness to transfers from the USA to the DR that I can perceive...but have no clue how to overcome. 

Best of luck getting your transfer done, Mike. 

Jim

I transfer about $2k of my pension payment here every month using Remitly. It's going from my account at Wells Fargo (US) to my account at Banco Santa Cruz. The only time I had a problem was when I initiated a transfer from my laptop without realizing VPN was on. I had to verify with them by phone to complete the transfer.