Sending Money To The D/R

DOMINCAN JOE · #1 04-27-2009, 04:41 PM

Wanting to send money to buy a Finka
in the D/R
Have any body used this firm
XEtrade - Benefits
or are there
any risks,
any other suggestions to
send a money transfer,
or would it be better to send it from
Barclay's Bank in the UK
to the Ban Reserves in the D/R

suarezn · #2 04-27-2009, 04:55 PM

Do a wire transfer...cheap and it works fine. Do not send more than 9900 at a time otherwise your money will be held up in the bank until an investigation as to the source of the money occurs. If the amount is greater than 10k this also means don't try to send it in chunks of less than 10k at the same time (in other words don't have more than 10k in transit at one time) as this will also delay it (even more actually).

Alyonka · #3 04-28-2009, 12:15 AM

Quote:

Originally Posted by suarezn

Do a wire transfer...cheap and it works fine. Do not send more than 9900 at a time otherwise your money will be held up in the bank until an investigation as to the source of the money occurs. If the amount is greater than 10k this also means don't try to send it in chunks of less than 10k at the same time (in other words don't have more than 10k in transit at one time) as this will also delay it (even more actually).

So, it looks like delays in money transfers is a normal occurrence? I am trying to do some repairs on my property back home, and used MoneyGram to wire several thousand to my sister. In the MoneyGram office in the US they said money will be there in 10 minutes. My sister went to pick it up from the bank, but was told that they don't have cash until the end of the month.

Does this mean that someone put this money into some kind of financial transaction to make some interest on it to put into their pocket, or what? Has this ever happened to anyone here?

MikeFisher · #4 04-28-2009, 12:17 AM

exactly,
always keep the total amount/if different wires which is on transfer under a total of $9.900.-.
in case you plan to pay the Finca in RD$/Dominican Pesos you may consider to send your home currency on a dominican pesos account, such usually provides better exchange rates than changig british currency here on the Isle in pesos. but such exchange rates please check with your homebank on the day you want to transfer the money, so you see what brings you the best value for your money.
hey Joe,
where do you plan to buy that Finca?
i am a country fan myself here.
congrats
Mike

MikeFisher · #5 04-28-2009, 12:19 AM

Quote:

Originally Posted by Alyonka

So, it looks like delays in money transfers is a normal occurrence? I am trying to do some repairs on my property back home, and used Money Gram to wire several thousand to my sister. In the Money Gram office in the US they said money will be there in 10 minutes. My sister went to pick it up from the bank, but was told that they don't have cash until the end of the month.

Does this mean that someone put this money into some kind of financial transaction to make some interest on it to put into their pocket, or what? Has this ever happened to anyone here?

we posted the same time,
my prior post been towards Joe and Suarez.
it has nothing to do with sending money from here to the US, b/c that way i have no experience in sending larger amounts.
somebody else will bring you the info
Mike

Alyonka · #6 04-28-2009, 12:53 AM

Mike, thanks! My main question is what can be done to get third world country authorities to release the cash that was sent from the US to the actual intended recipients? Does anyone have any experience with the delays in money transfers, and how long they can possibly last?

MikeFisher · #7 04-28-2009, 01:18 AM

ooh,
o.k., sorry that i understood it the wrong wiredirection.
from the US over here wires to my BHD bank dollar account usually take around 4 business days. should be the same good with the above mentioned Ban Reservas. same by Suarez mentioned not to exceed in-transit-limit of $9.900.- at a time.
Mike

Tamborista · #8 04-28-2009, 01:21 AM

MoneyGram is not a bank wire, and I have a feeling we are not talking about a "Third World" country here!

t'

Alyonka · #9 04-28-2009, 01:26 AM

MoneyGram locations can be at the banks as well. Ukraine is kind of a third world country. 4 business days is not so bad. I hope it does not last longer than that.

suarezn · #10 04-28-2009, 01:27 AM

Alyonka: I don't know about Moneygram's service as I've never used them. If you're just going to send up to a couple of thousand dollars and you need it fast I think Xoom is the best option right now. If on the other hand you need to send a larger amount of money then a wire transfer is your best option as the charge is a fixed amount and it can be there even the same day (depending on your foreign bank). Delays in money transfer is NOT a common occurrence IMO, unless as has already been mentioned you are sending more than 9900 USD at a time. You may want to call your bank...

On an unrelated note my cab driver here in The US this morning is from The Ukraine and we had a long discussion this morning about how this country is different from The Ukraine on the way from the airport...

Tambo: What are you doing writing on a forum at this time of the night? Only reason I'm writing is because I'm currently a couple of hours behind The DR...I need a break from work and wish I could go down to The DR soon. Maybe I'll just do it this week...