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Send money to the Dominican Republic
Take advantage of low fees and competitive exchange rates.
If you need to send money to the Dominican Republic, see if you can get a better deal than what’s offered by your local bank. We’ve put together this guide which explains step-by-step how to do it, what to watch out for and helps compare the services.
Compare money transfer services to the Dominican Republic
What's in this guide?
- Compare money transfer services to the Dominican Republic
- How to transfer money to the Dominican Republic
- How to compare transfer companies
- Ways to send money to the Dominican Republic
- Are money transfers safe?
- Same-day money transfers to the Dominican Republic
- Cash pickup locations in Dominican Republic
How to transfer money to the Dominican Republic
- Choose a provider. Look at fees, rates and delivery speed to fit your needs using our comparison table for Dominican Republic money transfers.
- Register with provider. Provide your name, address, contact information and date of birth. Valid photo ID will also be required.
- Provide recipient information. You’ll need their name, address, contact details and possibly their bank account information.
- Enter transfer amount. Initiate transfer and complete your transaction.
- Save your tracking or receipt number. These are required to follow up on the progress of your transfer.
Let’s crunch the numbers: Sending $1,000 to the Dominican Republic
To put this into perspective, let’s see what a transfer with each of these options looks like. The figures shown below are representative of fees and rates offered by real money transfer providers as of April 12, 2020.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||$50 + additional correspondent bank fees||$7||$4.99|
|Exchange rate||1 CAD = 36.8766 DOP||1 CAD = 37.9550 DOP||1 CAD = 37.3160 DOP|
|Transfer speed||2-4 days||Minutes||1-2 days|
|Amount received||DOP 35,032.77||DOP 37,689.32||DOP 37,129.73|
In this case, the bank option ends up being slower and results in your recipient getting the least amount of money. If you go with the specialist cash transfer service, your recipient ends up with DOP 2,656 more than the bank offers. However, these rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.
How to compare transfer companies
- Exchange rates. Exchange rates are an important factor in the cost of transferring money overseas, so look for a provider that offers the best rates. However, make sure to also take a provider’s fees into account when comparing its rates.
- Pickup methods. Cash pickup can be sent to an agent location or in some cases to a home address. If money is sent to a bank account in a foreign currency it can save costs but create delays in sending time.
- Fees. Fees range between variables like time, method and minimum or maximum amounts. Remember that low fees aren’t everything if it means sacrificing time, beneficial exchange rates and customer service.
- Turnaround time. Turnaround times for the available services range from minutes to days. Cash pickup is your best bet when it comes to emergency transfers.
- Transfer methods. If you don’t have a lot of flexibility in time, agent or phone options will be difficult. Look for companies that allow you to not only book on the phone or through an agent, but also online with a personal account.
- Transfer options. Regular payments, once-off payments, market orders and forward contracts.
- Customer service. How much help will be available if you hit a snag or have a question? Are the support hours convenient?
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. The Dominican Republic’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
You can check out how the Dominican peso has been trading against the Canadian dollar in this historical rate chart or find out more in the link below.
Ways to send money to the Dominican Republic
- Bank transfers. Most major banks offer wire transfers to the Dominican Republic.
- Money transfer providers. Online providers like Wise and WorldRemit can help you transfer money quickly and easily. You may even be able to score a special deal on your next transfer by sending through one of the providers that have partnered with Finder.com (see the table above).
- Transfer companies with cash pickup. Providers like Western Union and MoneyGram offer this service — your recipient can sometimes pick up the cast within minutes.
- PayPal. You can send money abroad using your PayPal account.
Are money transfers safe?
When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient. It’s industry standard for international money services to use 128-bit SSL encryption systems at a minimum. Many also are licensed with Canadian financial regulators.
Additionally, money transfer providers are subject to rules and regulations set out by the Financial Transactions Analysis Centre of Canada (FINTRAC). Transfers of $10,000 or more CAD must be reported and are monitored as part of governmental anti-fraud measures.
Organizations such as your provincial or territorial consumer protection agency and the Better Business Bureau can give you some insight into how trustworthy a money transfer provider is by providing ratings, records of complaint and customer reviews.
Same-day money transfers to the Dominican Republic
If you ever need to send an emergency cash transfer to the Dominican Republic, remember that urgent transfers can be more expensive that standard ones. Fees rise and exchange rates often fall when you send an immediate transfer. Be sure to examine the full cost of your transfer before you send it, and read up more on emergency money transfers if you have the time.
Tips for picking up cash in the Dominican Republic
Keep the following safety tips in mind if you ever pick up a cash transfer from an agent in the Dominican Republic:
- Make sure your wallet and bag are secure.
- Never leave your bag or wallet unattended in a public place.
- Don’t carry around large sums of cash – deposit the funds with a bank as soon as you can.
- Ask a friend to accompany you and act as a deterrent to thieves.
- Don’t publicize your cash in front of strangers.
Cash pickup locations in Dominican Republic
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