Could someone explain to me the process of opening a bank account in the DR that could be linked to a US bank account for easy money transfers?? Thank you for any insight you could provide.
Could someone explain to me the process of opening a bank account in the DR that could be linked to a US bank account for easy money transfers?? Thank you for any insight you could provide.
"The Brinks Truck Never Follows The Hearse"
You don't. We've gone over this before.
I'm sure it can be done, but I've given up trying. I withdraw money when I need it from my US account, and deposit it in my DR account. In my case, I was trying to do it without leaving the island. My stateside bank will not transfer to my account if I am not there personally to initiate the transfer.
Most major banks here have accounts in the states set up for this type of transfer. So, if I were in the states and want to transfer money to my account in the DR, I would do a transfer to the banks account in the states with the pertinent information, and they would credit my account here.
If you're looking to fund a chica here, just have an account in the states and give her the ATH card. That way you control how much she takes out.
Since I am by no means an expert on US banking, maybe somebody here will be happy to expand on the procedure.
Last edited by MrHappy; 07-21-2014 at 10:23 AM.
If you think it's love try not paying in the morning..
"Do not regret growing older. It is a privilege denied to many."
With most of the major, international banks in the US you can initiate an international wire transfer from that bank to a bank in another country. You need an account in that bank and you can do it on-line in many cases as long as you have the routing numbers and account numbers necessary. I used to use HSBC in the states and I could do all that on-line. I could even set up a repeating, monthly wire transfer.
The problem is the fees involved as it can cost you $50 for each transfer.
The best option is to go on-line and open a Charles Schwab checking account. With the Schwab debit card you can withdraw money anywhere in the world with NO FEES. Now I do what Happy does. Every month I withdraw money from my Schwab account at an ATM here in the DR and then deposit it in my bank here. It costs me nothing to do this.
I used the card recently in Kenya with no issues at all and, again, no fees. Perfect.
Enjoy it while you can.
What I need it for is a one shot deal for now, I want to buy a vehicle in the DR, It will be for a family member who lives there. Probably like a 2010ish Toyota Tacoma King Cab or something like that. I'm not comfortable with carrying that type of cash on an airplane.
Some banks you can take out 40,000 pesos per day. So carry half the cash and take the rest out using ATM over the course of 7 days.
I could open an account in say Banco Popular when I am there, then when I come back to the states I could bank wire the money to that account and when I go back just take it out of Banco in a one shot deal correct?? I might get shot pulling out of the parking lot but I think this might be the easiest way
That's why I pay Jimmy my subscription fee's so I have access to smarter brains than me. Thank you for the good ideas
Maybe I am wrong, but there may be a problem. I am not sure if you actually can travel with a cheque over 10K in USD. Then, it may still take 3-4 weeks to clear. Also, if you loose a banking cheque it may take you years to get it refunded.
I would verify if you can wire money directly to a dealer or your attorney's account in trust.
You can open a USD account with $500 deposit, banking letters of reference and 2 pieces of ID. Then make a SWIFT transfer. Dominican bank won't like it if you tell them it is for one time transfer. They won't open it in this case.
Forbear to judge, for we are sinners all
I got questioned for a Roll of QUARTERS once, cuz it set off the xray for my carry on..
First and ONLY time. so i cant imagine what Cavities they would search if you brought 100K in cash in your carry on...
The punchline though with the quarters was
She (tsa) really asked this question
" how much $ is that in that Roll of quarters" ?
it took all my restraint to not laugh in her face & say something sarcastic....
They dont seem to mind wads of CASH in your pocket though, in fact I think they expect it
, wether its $100 bills or whatever ..
I hightly doubt they can do the math in their heads..based in my above example alone..
you can test it by putting a couple $100 bills over like 100 or more Singles with a rubber band.. ( if you wanna you know , make it rain )
I dont think they would say anything
Im not sure that would be safe at all. Can you imagine the hassle a person would have to deal with if the wrong people found out you had that much money in an account there ?
It all depends where are you located in the States. Banco Popular has branches in New York and you should be able to open an account there. This way there are no transfer fees in the Dominican Republic. Go to there site and look for their locator for the branch nears you.
Live & Let Live! And Always Remember To Drink & Fuck Wisely
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