Send money to the Dominican Republic from Canada in fast and affordable ways.
The Dominican Republic has seen well over the 5% margin in its year on year growth over the past few years and the latest GDP hit almost US$70 billion.
Many Canadians do business in the country and each year thousands of Canadians flock to the Dominican Republic for vacations. With import export businesses, immigration and a flourishing tourism industry, there is a need for affordable and quick ways to send money between Canada and the Dominican Republic.
Luckily for Canadians, some banks will allow you to send money to the Dominican Republic as well as many specialist money transfer companies. Providing better exchange rates and lower fees, there are a few different specialist money transfer companies to choose from as you can see below.
Compare Money Transfer Services
Banks versus money transfer companies
Jerry and his wife Amanda own a successful supplier company in the mining sector. After doing some research on expanding operations overseas, the couple has decided that the Dominican Republic will be the next setup area for a distribution channel.
Amanda had the responsibility to look at emergency cash transfer options and pickup points in the capital city Santo Domingo, and some other main cities throughout the country which are listed below. Amanda used CAD$1,000 for her comparisons and her findings can be seen below. It’s clear that the money transfer company offers advantages over using a bank.
|Money transfer company A||Bank|
|Exchange rate||$1 CAD = 36.88 DOP||$1 CAD = 34.90 DOP|
|Amount of DOP received in the Dominican Republic for 1,000 CAD||DOP34,900.00|
|Transfer time||2 days||Minutes|
|Transfer options||Online||In person, online or by phone|
|Difference in DOP||+1984.00||-1984.00|
How do I compare transfer companies when transferring money between the Dominican Republic and Canada?
- Exchange rates. When comparing exchange rates, take note that the rates are subject to change in a short amount of time. Therefore, compare your options at the last possible moment in order to secure the exchange rate that you want.
- Pickup methods. Cash pickups 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.
- Bank to bank benefits. You may be able to send money directly from your Canadian bank to a bank in the Dominican Republic.
- Turnaround time. Turnaround times for the available services range from minutes to days. Cash pickups are your best bet when it comes to emergency transfers.
- Transfer methods. Companies may let you make transfers in person at an agent location, over the phone, online or using their mobile phone app.
- Transfer options. The companies below range between the following options: regular payments, one time payments, market orders and forward contracts.
- Minimum/maximum transfer amounts. Most minimum amounts for the companies listed are around CAD$250 or less. Although a company can have a CAD$0 minimum, keep in mind that it might also have a lower maximum and a limit on what you can send per day.
- Customer service. The companies below have a track record of supportive customer service and making the process of sending money very user-friendly. It is advised to call or visit an agent location when you are extremely uncomfortable with the process and let customer service help you through it.
How will Jerry and Amanda send money to the Dominican Republic?
- Money transfer service – Jerry and Amanda can use MoneyGram, Western Union and Xpress to send money to an agent for cash pickup or to a bank account in the Dominican Republic. World First Foreign Exchange may also send money from Canada to the Dominican Republic, but the money will likely arrive in USD and not the local currency.
- 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.
- Paypal – This service can be used to send money to the Dominican Republic in supported currencies like the USD that will need to be taken to a local exchange bureau to be exchanged for the local DOP, since USD are not accepted everywhere in the Dominican Republic.
How can you receive money from the Dominican Republic in Canada?
Jerry and Amanda can send capital gains or excess money back to Canada using Paypal and the money transfer services mentioned above. They will either need to take cash to one of the agent locations listed below or do an online transaction with an online account and pay with a credit card, like a MasterCard or Visa card.
What are the options for emergency cash transfers in the Dominican Republic?
Urgent cash transfers can be important in the Dominican Republic, especially if you are travelling and have an emergency. Whether you need to conduct business in the country, help out a friend or family member or receive emergency funds after losing your wallet or purse, there are a few options.
To cover potential emergency situations, MoneyGram, Western Union and Xpress Money can receive cash transfers in Santo Domingo and other main cities in the Dominican Republic in just minutes. Below are the locations for picking up cash at agent locations from these companies.
Cash pickup locations in the Dominican Republic if you’re using MoneyGram, Western Union and Xpress Money
- Banco Multiple Vimenca C Por
Av Abraham Lincoln Esq J F Ke
Agora Mall, Santo Domingo, Dn
Monday to Friday 9am to 9pm
Saturday 9am to 6pm, Sunday 9am to 2pm
- Banco Multiple Vimenca Sa
Ave. Lope De Vega Esq. Rafael
Ens. Naco, Distrito Nacional, Santo Domingo
Monday to Friday 8am to 6pm
Saturday 9am to 1pm, closed on Sundays
- Repuestos Roan Srl
Calle Juan Brito Esq. Tomasa C
Bayahibe, La Romana
Monday to Saturday 8am to 8pm, closed on Sundays
- Banco Popular Domincano, Santo Domingo
KM 8 1/2 Carretera Mella, Santo Domingo
Sunday to Friday 9am to 5pm, Saturday 9am to 1pm
- Banco Del Progreso, Santo Domingo
Av George Washington No 500 Santo Domingo
Monday to Friday 8am to 5pm, Saturday 8am to 2pm
- Banco Del Progreso, La RomanaFidelite
Marina Chavn Casa De Campo La Romana 22000 8095237070 Monday to Friday 7:30am to 5pm Monday to Sunday, 9am to 5pm, Sunday 9am to 1pm
- BanReservas-Isabel La Catolica Br
Calle Isabel la Catolica Num 201 Isabel La Catolica
Santo Domingo, Distrito Nacional, Dominican Republic
Monday to Friday 8am to 5pm, Saturday 9am to 1pm,
- BanReservas – Centro de Caja Plaza Lama La Romana Br
Calle Francisco Richiez esq. Fray Juan Utrera, La Romana
Distrito Nacional, Dominican Republic
Monday to Friday 8am to 5pm, Saturday 9am to 1pm
Helpful tips for picking up cash in the Dominican Republic
Reported crime is classified as high in the Dominican Republic and it’s advised to never travel alone when collecting cash from an agent location. Crime and violence take place almost anywhere, and there are reports of outbursts in popular areas. The Canadian Government recommends that you exercise a high degree of caution when travelling in the Dominican Republic due to high crime rates.
It will be important that Amanda doesn’t travel alone as reports show female travellers and foreigners to be pestered by small petty crimes and are occasionally seriously hurt. When picking up cash, stick to populated and professional areas and choose private transport over public buses where possible. Ensure tthat here is more than one person going to pick up the cash and engage in the activity discreetly.
How to send and receive money between the Dominican Republic and Canada
When you are going to pick up cash at an agent location, you will 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. A copy or original of the receipt of the transaction will also come in handy. If you are going to send the money to a bank account, you’ll need the following:
- Bank details, which includes the SWIFT/BIC details (or transit number for Canada), branch, and address of the bank
- The recipient’s bank account number and basic details
- The supported currency and amount you want to send
If you would like to send money to an individual that will do a cash pickup, you’ll need the following with you:
- Details of the recipient’s personal information (name, address, etc.) in the form of identification
- Address of the agent location
- Correct amount and currency that you would like to send
- A copy of the receipt to send to the recipient