How do I transfer US dollars from DR to NYC?

[Serac]

1000 pardons folks if I'm in the wrong forum but this is the closest forum I could find here thats related to the financial world or financial institutions. I recently sold some property in the Capital and will receive the payment in US Dollars via check. I live in New York City and was wondering the easiest way to get the money to the US? I foresee a problem trying to deposit a foreign check into my checking account here in the US.

I figured I could open up a Banco Popular account in the Capital and one here in NYC then the transfer funds from there here but then I read here that:

"Banco Popular in the DR and Banco Popular in the US and Puerto Rico are entirely different banks. The only thing they share is the name"

That was confirmed when I called Banco Popular North America and asked if they had a branch in DR and was told no.

Now are there any banks in DR, that have branches here in NYC or vice versa?

Can I even open up an checking account in DR as a non DR citizen?

Couldn't I just open a checking account in any DR bank, deposit the check, wait for it to clear, then provide the DR bank with a swift code, routing/aba number, and account number and do a foreign bank tansfer?

Thanks in advance for your help

[leodabull]

It would be best if you opened an account with Citicorp. They have a branch in the Capital on the avenida Winston Churchill. Go to any branch in the city, explain you would like to open an international account in DR Umay have access to your check via DR. Plus Citicorp (formerly known as Citibank) has been here for quite some time. I know they were here when I was last here in ´89 in the same address. Good luck and please let me know if this helped. If not you can always try the Govmnt Banco de Reserva which I believe has an office in the Wall St. area (not sure though), however you dont really want to intrust them with a check in US dollars you dont plan on depositing with them ya know? Good luck!!!!!!!!!!!!!!Leo

[rubio_higuey]

Originally Posted by Serac

Can I even open up an checking account in DR as a non DR citizen?

Couldn't I just open a checking account in any DR bank, deposit the check, wait for it to clear, then provide the DR bank with a swift code, routing/aba number, and account number and do a foreign bank tansfer?

Thanks in advance for your help

Yes you can do exactly like this. Make sure you provide the bank with the copy of notrized property sale agreement, so your (large) check and/or transfer is not frozen on the way.

[rubio_higuey]

One more thing - is the check in pesos or in Dollars?

If the check is in Dollars, you can deposit it directly in the USA, because such check would most likely (99%) be drawn on a US bank and US account.

[leodabull]

Forgot to mention to find out what applies to you as foreigner. If u choose to open an account here there in DR as a foreigener which is not uncommon there maybe penalties for withdrawing or forwarding to an outside account. Also, checks in the form of US dollars do take some time to clear depending on where the check is comming from. Is it a Dominican account with dollars or an outside account (the US or elsewhere)? Have you a way to verify the account has the balance in it before accepting a check. Why not have the person transfer directly from their account to yours. Its an international transfer that way you dont risk losing your check if it is mailed to you. There is alot of mail theft here you know and a check in the form of US dollars in the wrong hands, well what can I say, it has happened. If you can open an account, checking or wharever with Citi form NY to DR have him/her depoosit the check in your account over here. I deposit money into my moms account here with her acct no. Good luck..

[Serac]

Great help so far guys, thanks for the fast responses! Yes the check will be in US Dollars, I sold the property to a foreign doctor who runs her practice in SD, en Los Cazi Cagos, nice area. Anyway the check will be in US Dollars and I didn't think of it but will find out who is actually issuing the check or I guess where she got the loan from. I'll look into Citigroup first thing in the morning. I have copies of the notarized property sale and all so that isn't a problem. I'm working with a lawyer over there who’s facilitated the sale and paperwork and all. However she's not much help in regards to knowing how to get the funds from SD to NYC.

I don't have a way of verifying if the account has the balance prior to accepting the check.

So as it stands according to your advice, I can either:

Open a "Citicorp" account in NYC and one in SD, deposit the check into the SD account, then wire the funds from my SD account to the NYC account or draw on my SD account from NYC account without a wire transfer.

or

Since the check will be in US Dollars and "chances are it would most likely be drawn on from a US bank", bring the check to NYC and deposit it in my NYC account and wait for it to clear.

or

Have the buyer transfer it directly from her account in SD to my NYC account.

or

Open an account in any SD bank, deposit the check and provide them with my current account number, routing number, swift code, then have them wire the funds to my current NYC account.

And this is obviously finding out what applies to me as a foreigner and what my current NYC bank requires regarding incoming foreign transfers.

Can you explain how you can deposit a check in US funds in a DR account? Won’t the deposit change the currency to Dominican currency automatically?

What do you guys know about Banco BDI? I’m asking about Banco BDI because I used to send my father living in SD at the time US funds, I would wire it to Wachovia here in the US and they would send it to Banco BDI which was listed as a beneficiary bank and he would withdraw it. Can you explain how that “beneficiary bank” works?

Again thanks in advance for your help.

[playacaribe2]

Why not just do a bank to bank wire transfer from the beginning and be done with it? No need to open an account in DR or wait for the check to clear (clearing times are horrendous there).


Respectfully,
Playacaribe2

Originally Posted by Serac

1000 pardons folks if I'm in the wrong forum but this is the closest forum I could find here thats related to the financial world or financial institutions. I recently sold some property in the Capital and will receive the payment in US Dollars via check. I live in New York City and was wondering the easiest way to get the money to the US? I foresee a problem trying to deposit a foreign check into my checking account here in the US.

I figured I could open up a Banco Popular account in the Capital and one here in NYC then the transfer funds from there here but then I read here that:

"Banco Popular in the DR and Banco Popular in the US and Puerto Rico are entirely different banks. The only thing they share is the name"

That was confirmed when I called Banco Popular North America and asked if they had a branch in DR and was told no.

Now are there any banks in DR, that have branches here in NYC or vice versa?

Can I even open up an checking account in DR as a non DR citizen?

Couldn't I just open a checking account in any DR bank, deposit the check, wait for it to clear, then provide the DR bank with a swift code, routing/aba number, and account number and do a foreign bank tansfer?

Thanks in advance for your help

[zak023]

You can always go down with a few friends and each carry back $10,000 USD with nobody knowing about it..A wire transfer will draw the attention of the Teasury Dept. And you will be taxed on capital gains...Since you sold property and made a profit..It will be your burden to prove otherwise until then the money will be held up by the Treasury Dept.. Ask any bank or attorney in USA and they will tell you this...

[Serac]

I don't think the "Treasury Department" is going to hold any funds, that is if your talking about the US Department of Treasury, they aren't a clearing house and the money in no way is beieng routed their way. I have no issues proving the sale and plan on investing that into the purchase of a home-but tha'ts another story. I'm sure that the bank I'm wiring the money to will be required to make a record of it and come tax time I'm going to have to probably document it, but as far as the US Department of Treasury holding it I doubt it-we're not talking hundreds of thousands, millions, billions, or trillions of dollars here. Just a correction, the check is in pesos NOT dollars.

[leodabull]

oh man that reminds me of when my mom did that with me and my bro, we were like 6 and 7 strapped with crazy Benjamins comming from NY to Dr. Wow, hey why not?