Money transfer from US to DR........

Caribee · #1 03-24-2003, 09:15 PM

I recently visited DR and was very favorably impressed with the Island and it's people. So much so that I now wish to purchase a home in DR. What is the safest and most common way for a US citizen to transfer perhaps $150,000 to DR with which to purchase a home?

rasilm · #2 03-25-2003, 06:27 AM

First you need to open a US$ Dollars account in a DR Bank, after that you talk to your Bank in US and tell them you want to wire that money to your account in DR, they will tell you what to do and what information they need. The transaction takes about 2-3 working days.

Ken · #3 03-25-2003, 09:11 AM

Have you selected the house yet?

My own recommendation is not to transfer the money until you are ready to close, then transfer it to the escrow account of your lawyer.

For example, I use Fabio Guzman, the lawyer who answers questions in this section. He maintains an escrow account in a bank in Miami as well as in the DR. Clients in the US can transfer the money to the Miami account if they prefer.

But personally I wouldn't just send a large sum of money to a bank in DR in anticipation of the possible purchase of a property.

Chris · #4 03-25-2003, 06:31 PM

Depending on your timing for purchase, you may also invest the amount in the DR so that the money is put to work while you look for property. If this is an idea that you want to explore BushBaby could give you a lot of help. Look for one of his posts and send him an e-mail.

Caribee · #5 03-25-2003, 09:53 PM

Thanks ......Everyone......for the very thoughtful response.
You have been more help than you know.........
and it's ......VERY MUCH APPRECIATED !!

BushBaby · #6 04-07-2003, 01:30 AM

My advice would be NOT to buy until you have lived here at least 6 months!! Get to know the area you are thinking of buying in before you buy, learn about the things you need the house to have to be content in it, get to know the safest lawyers to deal with, find out how things work down here (there are NUMEROUS frustrations you will come up against!!) plus many more "CULTURAL differences" you will need to understand before buying safely!!

When you have all these sorted out in your mind THEN you can start looking around for a good deal for yourself. In US $'s you will be able to negotiate the price down much better too!! - Grahame.