Wiring funds from european bank account

[J D Sauser]

Originally Posted by domenico

the big iffy means its in euro so that means at 10,000 usd just like u said would be around 6250 but i want to keep my euro so if i wanted to send 70,000 euro i would have to break them up in about 11 transfers to be safe????

Originally Posted by J D Sauser

• No, you do not HAVE to break your wires up, but in some cases it seems easier ...
• IF you do brake up your wires, it would have to be in chunks of a value of less than USD 10K. If you are sending Euros, that would currently be around less than Eur 6250.oo.
• ....

... J-D.

Yes, if that's the amount you are looking to send, that calculation would be about right... about 11 to 12 wires.

I understand your frustration and thus I would think that I could serve your interest(s) to try to settle all the documentary requisites with the receiving bank's main office Int'l wire dept BEFORE you send any monies, so to be able to send the whole amount in one wire (still, keeping in mind that they are not perfectionists here and may ask for more docs at the end anyway). Such documents are usually only accepted in Spanish and sometimes in English, others may be required to be translated by a certified translator into Spanish. You can do the translations either at the DR consulate accredited to your home (or current legal residence) country or by a certified translator (most lawyer office will be able to point you to one) here in the DR.


... J-D.

[MikeFisher]

JD,
agree on your descriptions.
but that banking system here is not that different to the ones w know from home.
receiving a big amount of money on my german bank account means that it automatically get's investigated by europol's financing/black money investigators, i had that myself spring 2007 for a wire of just 38.000.-US$, been frozen for 3 days before they accepted it as clean money. it has been money out of the sales of a boat and i wanted it on my german bank account to use it during my vaca in europe. been not really aproblem, went fast and smooth when i provided the requested papers about where the money came from.
if somebody at home(US or Europe or somewhere else) usually moves a $3.000.- per month with his salaries, usual bills to pay and then one day to an other he receives $50.000.- on that account from an foreign bank account wire i think that money will get investigated right away.
our country has those regulations because to practice them is part of the deal to be with the dominican banking system accepted on the international market.
a world bank would not give any credit to this country without rules/laws to prevent money laundering, and that's what all those rules are about, preventing money laundering. somebody who is not a long time resident with a steadily high monthly income will be asked where he has a big sum of money from, otherwise everybody could bring in his drug money from everywhere and it would be cleaned up perfectly.
i think(i do not know todays rules/laws because my US bank connections are old and work since a long time) if i enter a branch of the Bank of America with my German passport and 500.-US in my hands to open a US$ bank account and want to receive the next day or next week without any account history in the US a wire of $100.000.- i will sure get asked some stuff about that money, in case i can open that account on the first place.
so i do not see the rules for dominican bank accounts that different than the usual worldwide practices/rules.
the good thing over here is that you can get it easier after some time, when the receiving bank knows you well and you constantly move money over here.
but there's no rule or law which hinders you to bring big amounts of money, in US$ or Euros or what ever currency, you can bring millions of dollars in one single transaction, you just have to prearrange that and provide the requested papers to prove the legal source of the money, and it will arrive on a ny account of yours, including Euro accounts.
Mike

[domenico]

well like i said my goal is to move approx this much into a dr euro account/ i have the backing of my bank i can prove where the funds came from easily by showing statements and liquidation of obbligations in european stock options that i just recently did.the funds were my fathers but due to unfortunate circumstances i have been put on the account soley to manage the assets and i want to diversify the investments but in any case i wont wire anything til i have settled to buy a house in the dominican rep. at least i will have the paperwork to prove that i am planning to buy a home here and not stash the money illegal.

[J D Sauser]

Yes, banks around the world have rules and regulations of their own or to abide by. Yet, a major difference you may encounter is the accuracy of information and requisites you may have to deal with here. So, be very selective of your source(s) of information(s) when dealing with the banks here.

Not that it was the subject here nor that it is my business, but since you brought it up here, I hope your father is fully aware of the risks involved with seeing his assets being "diversified" into the DR. The term "volatility" comes to mind (... the big iffy revised?).


Good luck! ... J-D.

[domenico]

what are you trying to imply by volatility?

[J D Sauser]

Originally Posted by domenico

what are you trying to imply by volatility?

Since you are hinting that you plan to be "investing" someone else's money (your father's), and after reading your other posts which lead me to suspect you may have a yet quite romantic view of this country and it's business environment and that you may also have limited experience as an investor, I felt compelled to remind you, in a friendly way, that there are considerable risks here which may affect your father's interests adversely if he depends on these funds.
Many are those who have come or come back to this island to "invest", some successfully and many either frustrated with low returns, loosing part or even all of the money they brought in. Which is the majority, I don't want to debate here, but by doing some research on this forum you may find some warning signs.

Thus again, good luck! ... J-D.

[domenico]

yeah i respect your opinion im asking the question, and this is a future plan and a plan that expects me to have the capital to invest here in the usa first then dr, which is what i plan to do, i plan to do what i have to do to be stabile here before i throw anything there. and about my fathers money its what you call a inheritance (it was left to be as a beneficiary to the account) so i have nobody behind me to decide on this. but its good that you have a third eye for things there. i knew it was going to be a issue so i come and ask anyways. but i will be opening a account and do a small investment in something (land, bank) u know but i know in the usa it will start picking up again so im not worried

[granca]

I bank with BancoPopular and have absolutely no problems with my transfers from the UK every about 6 weeks. Before I started I went in and talked with them to ask what documents they wanted to see. I only ever transfer PDS 5000 at a time which only ever actually breached the US$10,000 rule once when the pound was $2.00. I use HIFX for the transfers, they give a very good exchange rate with no charges, no commission on PDS5000. The money gets here by the third working day. So split it as you want, it won´t cost you any more and talk to HIFX about your plans, they would probably give you an even better rate. Good luck.

[moviemouth]

There is a very big difference in transferring amounts just under US$10,000 every 6 weeks or so to cover monthly expenses and, say, needing US$100,000 to buy land and sending similar amounts everyday for 10 days. This is what the money laundering police call "structuring", it is illegal (and not just in the U.S.), and one runs the risk of some very uncomfortable scrutiny by the authorities if you try it. Just ask the former governor of New York State, Elliot Spitzer. He got caught out in his sexual pecadillos by trying to disguise his large payments to a prostitution ring by splitting them into smaller pieces.