FREE...REMESAS/MONEY transfer idea.

donrael · #1 02-06-2006, 03:28 PM

Hollaaaaaa que taaallll!

this is just to share something I did recently. I've been looking for ways to avoid the fees of sending Remesas to DR. so, this past December I decided toopen a cheking account here in NYC w/ citibank (citibank has one or two branches in SDQ), I then took the card w/ me to DR adn left it w/ my family. then I went to payroll at work and had them trasfer a certain fixed amount of money each month that my family can w/draw each month.

If I need to send extra, i just stop bby any citibank and deposit a check, which is available the same day.

if they w/draw from a citibank branch in DR they dont pay any fees. but if out of convinience they w/draw it from a bank close by, then they only pay that minimum fee for using another banks ATM. i figured this is a better trade off than what I pay here to send it there.

Also, before i go to DR i transfer the money I plan to spend there from my personal account here in NYC to that citi account, then once there I just withdraw as I need. it gives me SOME security if it ever gets stolen. I also avoid paying ATM fees because i use the citi ATM in DR.

hope this is helpful to someone.

HOWMAR · #2 02-06-2006, 03:41 PM

You can also use a Bank of America card at any Scotia Bank ATM without any fees. Many more Scotia Banks here than CitiBanks.

donrael · #3 02-06-2006, 03:54 PM

Quote:

Originally Posted by HOWMAR

You can also use a Bank of America card at any Scotia Bank ATM without any fees. Many more Scotia Banks here than CitiBanks.

see the problem is that is has to be a bank thats in your home country. if you're in europe then yes you can use scotia bank. here in NYC, the only bank that I have access to is Bank of america and citi.

unless you meant, that it doenst matter who your bank is you will not be charged a fee when you use scotia and bank of america.

WAS THAT IT?

even so, your bank WILL charge youa fee of rusing another banks ATM even if that bank does not charge youa fee.

thanks anyways

HOWMAR · #4 02-06-2006, 03:56 PM

Quote:

Originally Posted by donrael

see the problem is that is has to be a bank thats in your home country. if you're in europe then yes you can use scotia bank. here in NYC, the only bank that I have access to is Bank of america and citi.

unless you meant, that it doenst matter who your bank is you will not be charged a fee when you use scotia and bank of america.

WAS THAT IT?

even so, your bank WILL charge youa fee of rusing another banks ATM even if that bank does not charge youa fee.

thanks anyways

Excuse me if I wasn't clear. Use a Bank of America Bank in the US. Use a Scotia Bank (Dominicano) in the DR. Scotia Bank branches are in most cities in the DR.

chiquittabanana · #5 02-06-2006, 04:47 PM

When you get your account set up,, you pay monthly fees,,, those fees should include (at least is that way here in Canada) few free transactions,,, so, when I go to the DR I don't bother exchanging Canadian $ to US$,,, I just go to any Popular Bank and insert my card and there is my money in local RD currency,,, at the end of the month if I did not have more than 5 transactionsI will not have another charge,, if I used it more than 5 times,, it will be a buck per extra transaction.

You can set up a transfer date with your family,,, and have one transaction to avoid extra charges if your account does not have any free ones.

It is a great idea....The only problem is that in Canada you are allow to have ONLY one card per person,, you can link your card to multiple accounts,, but just ONE card..... so if you leave your ONLY card in the DR,, you will not be able to do machine transactions here.

Thank for sharing!!!

donrael · #6 02-07-2006, 12:08 AM

Quote:

Originally Posted by chiquittabanana

You can set up a transfer date with your family,,, and have one transaction to avoid extra charges if your account does not have any free ones.

It is a great idea....The only problem is that in Canada you are allow to have ONLY one card per person,, you can link your card to multiple accounts,, but just ONE card..... so if you leave your ONLY card in the DR,, you will not be able to do machine transactions here.

Thank for sharing!!!

well, w/ citi I opened their most basic checking account (no checks issued. no monthly fee, no minimum to keep, etc) that way I dont get screwed another way. i also opened this account purposely to leave the card in DR. I registered it online and can control it from here in the U.S. and I have money go into it automatically every month through payroll.

rellosk · #7 02-07-2006, 12:16 AM

Quote:

Originally Posted by donrael

so, this past December I decided toopen a cheking account here in NYC w/ citibank (citibank has one or two branches in SDQ), I then took the card w/ me to DR adn left it w/ my family. then I went to payroll at work and had them trasfer a certain fixed amount of money each month that my family can w/draw each month.

Good idea. How are they on the exchange rate?

BTW, Citibank has four branches in Santo Domingo

bigbird · #8 02-07-2006, 12:17 AM

What worked for me on my last trip was using a PayPal Debit card. You are only charged a $1 USD for each ATM withdrawl. The PayPal acount pays 4.5% interest.

donrael · #9 02-07-2006, 02:28 AM

Quote:

Originally Posted by rellosk

Good idea. How are they on the exchange rate?

BTW, Citibank has four branches in Santo Domingo

thanks for the link. I could've used it when I was there in Dec.

as per the rate, I am not sure

Willie · #10 02-07-2006, 12:09 PM

Paypal is the way to go. Transfer from your checking acct to your paypal acct and then use the paypal debit card at the ATM.

You can give the card to that special someone for their use.

The nice thing about the paypal debit card is that your loss is limited to the funds you have in your paypal acct. You cannot access your checking acct using the card.

Willie