Wiring funds from european bank account

[domenico]

Im going to be wiring funds into a Savings account in DR, i heard about the 10,000 usd+ problem what about euro? is it a issue if you can get documentation and statements proving the origin of the funds?

[whirleybird]

Originally Posted by domenico

Im going to be wiring funds into a Savings account in DR, i heard about the 10,000 usd+ problem what about euro? is it a issue if you can get documentation and statements proving the origin of the funds?

As long as you can provide proof that the funds come from a legitimate source, there should be no problem.

[Chip]

As far as the over US10k "problem", I've done it about 5 times now(to my bank account in Santiago) and have not had a problem, other than they requested some additional information and the first time I did it took 3-4 days instead of the normal 2 for the times afterword.

BTW, the banks I used were Banreservas and Banco Popular.

[J D Sauser]

This is a Dollar-economy... so the <10K figure is USD based.
You have two recommendations not to worry about that red flag limit... in my opinion thou, the cost of splitting wires is less costly than the potential work load afterwards... they can ask for officially translated copies of all sorts of documents after the hold your funds back... it quickly adds up and can make your Caribbean experience a less relaxed one for a while.

If in doubt, check with your receiving bank, clear all paper work with them BEFORE you send any money... but that's just my personal advice based on a not so lucky experience I went thru and the advice from an other bank.

... J-D.

[domenico]

Which of these banks do you guys recommend

This is an incomplete list of some of the major banks operating in the Dominican Republic as of April 2006.

* Banco Hipotecario Dominicano (BHD)
* Banco Central de la República Dominicana
* Banco Continental de Desarrollo, S.A.
* Banco León (formerly Bancredito)
* Banco Popular Dominicano (BPD)
* Banco de Reservas
* Banco Progreso
* Banco Altas Cumbres
* Cardnet (formerly ATH Dominicana) Electronic payments processor.
* Banco BDI
Obviouslly theres a few more i think Scotia is there which is Canadian

From the european bank account i can supply statement and a letter of good standing with clearance that all the funds are legit, i can have these letters translated. I can also supply letter of good standing from the branch here in NY for my regular bank and i can get personal references and good conduct as well. If anyone is from santiago and wants to recommend a bank (even the branch) let me know and also what documentation you guys have given in. I will be getting a account as a foreigner but am soliciting my cedula via my dominican mother. Will that affect anything?????

[moviemouth]

Breaking your transfer into pieces is not a good idea. I am a retired banker and know the rules. The bank's money laundering systems now have filters specifically designed to spot multiple transfers adding up to more than $10,000. Yes, you can try to get away with it, but if caught, you will already be guilty of a crime (at worst) and of acting suspiciously at best.

I suggest you notify your bank of your intention in advance and provide source of funds documentation if requested. If you don't clear it with your bank in advance, there is a very good chance that your transfer will be kicked back (I've had this experience). Requests for docs should be reasonable i.e. a statement or confirmation from your bank or broker - asking for your tax return would not be reasonable.

Finally, I reccommend BHD bank as the least bureaucratic and also having the best online banking system. Good luck.

[domenico]

The letter from the bank stating my relationship with them and stuff is not a problem at all. So if i want to transfer the money to the bank account the transfer would get kicked back from the bank in europe or in dr?

[moviemouth]

Originally Posted by domenico

The letter from the bank stating my relationship with them and stuff is not a problem at all. So if i want to transfer the money to the bank account the transfer would get kicked back from the bank in europe or in dr?

A letter confirming your bank relationship in good standing is a requirement for opening an account here. I am talking about documentation specifically to show the origin of funds you are transferring. This could be a copy of your bank statement showing sufficient balance there for the transfer and the confirmation you received for your transfer instruction. Your bank in DR will tell you what they need. If you just send the money w/o notice, the bank in DR will likely kick it back to the sending bank in Europe.

I should say that the whole requirement is ridiculous because the originating bank has the first obligation -and is in the best position - to assure that the funds are from a proper source, but the DR banks insist on having their own proof and I see no option other than to comply.

[domenico]

yeah it kind of doesnt make sense but i will be communicating with BHD on recommedation of the fellow DR1 member (the former banker) to see if i can establish some sort of rhetoric with one of the employees there about this.

[Chip]

Originally Posted by sunchasers

I was under the assumption, that once the transaction hits the $10,000 mark, paperwork is automatically sent to the government, so they can have a closer look at it, to prevent fraudulent money laundering.
At least in North America.
Brad

The first time I did it the amount was around US25k and the bank (Banco de Reservas/Banreservas) asked me for some information why I needed the money. I told them it was for a house and put them in contact with the bank where I had the loan. It added two days to the process.

The last transfer I did was by means of a Visa cash advance for 15k, it went through in about 10 min. at a local Banco Popular and they didn't require any info other than my ID.