A comparison of XE and PayPal money transfer providers. Which offers better fees and exchange rates? Find out here. Read more…
Send money to the Dominican Republic
Compare fees and exchange rates to get the best deal on your next money transfer to the Dominican Republic.
If you’re looking to send money to the Dominican Republic, but aren’t sure where to start, we’ve compiled this handy guide to help you find the best possible deal on sending money overseas. Discover your money transfer options from the comfort of your own home and if you feel so inclined, click [Go to Site] on our comparison table to register for an account with your chosen provider.
WorldRemit International Money Transfers
WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.
Use promo code FINDERCA on your first transfer and pay zero fees. T&Cs apply.
- Transfers to 150+ countries
- Send to bank account, cash pickup, mobile money, airtime top up
- Pay with card, Interac or Apple/Android Pay
Compare international money transfers to the Dominican Republic
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
Many people trust their banks to carry out international money transfers but banks typically offer less competitive exchange rates and fees than dedicated money transfer services.
- Banks. If you break it down to the bare bones, banks don’t carry out nearly as many money transfers as dedicated services (they’re often too busy carrying out other transactions like selling insurance and brokering home loans!). This means that they need to charge more for each transfer to keep their services profitable which affects your bottom line.
- Money transfer services. International money transfer providers, on the other hand, don’t monopolize the industry and have to compete with each other for customers, which means they’re going to try to offer the lowest fees and the most competitive exchange rates. It’s a simple formula: lower prices = more customers = more transfers = more money = everyone is happy!
Banks versus money transfer companies
Jerry and his wife Amanda own a successful supply company in the mining sector in Canada. After doing some research on expanding operations overseas, the couple decides that the Dominican Republic might be a profitable (and luxurious) location to set up a distribution channel. Jerry asks Amanda to look into the cost of sending money overseas. She decides to compare the services of her bank and a money transfer option using $1,000 as a starting point.
|Canadian Bank||Money Transfer Service|
|Exchange rates||CAD$1 = DOP 35|| CAD$1 = DOP 37|
|Amount received (for $1,000)||DOP 35,000||DOP 37,000|
|Transfer speed||2 – 5 days||1 – 2 days|
|Options available||Bank-to-bank transfer||Bank-to-bank tranfer|
or cash pick-up
Amanda is pleased to discover that she can save DOP 2,000 (approximately $52) in the exchange rate by using the money transfer option, with an additional $20 in fees. This amounts to a savings of $240 per year in fees and an additional DOP 24,000 (around $631) in exchange rates.
How do I compare transfer companies when transferring money between the Dominican Republic and Canada?
If you’re looking to transfer money to the Dominican Republic, you can save a lot of money by looking for a service that offers some combination of the following features.
- Competitive exchange rates. More competitive exchange rates can save you money, especially if you’re transferring large amounts.
- Minimal fees. Fees range between $0 and $80 depending on factors like speed, method of transfer and minimum or maximum amounts. The best way to make sure that you’re getting the best deal possible on fees is to compare 3-4 services.
- Various transfer methods. Money transfer services can transfer money to your bank or a mobile wallet, or in some cases make cash available for pickup at an agent location.
- Bonus features. Some companies offer bonus features like market orders and forward contracts so that you can lock in preferential exchange rates in advance of your transfer.
- Fast transfer times. Money transfer services can typically get your money to your recipient in a matter of minutes, while banks typically take between 2 – 5 business days.
- Reliable customer service. Some companies set the bar high when it comes to customer service, so make sure to settle on a service that will make sure your transfer ends up in the right place at the right time, no questions asked.
When you’re looking to send money to the Dominican Republic, consider the following options:
- Banks – Canadian banks like RBC, TD, BMO, CIBC and Scotiabank may be able to send money to the Dominican Republic. Contact your bank to find out more information.
- Cash transfer providers. Cash transfer providers like MoneyGram and WorldRemit allow you to transfer cash to multiple agent locations across the Dominican Republic within minutes.
- Online money transfer companies. Online transfer services like XE Money Transfer and World First offer competitive exchange rates and minimal fees on international money transfers.
- International bank drafts. Some banks may be able to cut an international money draft that you can then send through the mail.
If you find yourself needing to send cash to a friend or loved one in a matter of minutes, you can book a cash transfer to the Dominican Republic with a service like Western Union, MoneyGram, Xpress Money or WorldRemit. These companies can be a lifesaver in case of an emergency, but they can also be pricey. If you have a more flexible timeline, you can typically find a much better deal if you’re willing to wait a little bit longer for your transfer to process.
If you’re aiming to head to the Dominican Republic in the near future (lucky you!), the Government of Canada recommends that you exercise a high degree of caution (as of 17 August 2018). Petty crimes such as pickpocketing and purse snatching are prevalent throughout the country. Theft also occurs from all-inclusive hotel rooms and from hotel room safes, as well as from cars, particularly rentals. If you need to pick up cash at an agent location, be sure to visit daylight hours in the company of a trusted friend and secure your cash in a safe place – like a purse or money belt – before leaving the office. When you are going to pick up cash at an agent location, you’ll need to take along your government issued photo ID, like a passport or valid driver’s licence, as well as the tracking or reference number.
You may also be interested in
Read our complete guide to dropshipping to discover how it works, how to find a reliable supplier and the pros and cons of this popular fulfilment method. Read more…
Check out this side-by-side comparison of XE and OFX to find out which provider offers the best value on international money transfers. Read more…
Ask an Expert
You must be logged in to post a comment.