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Send money to the Dominican Republic

Take advantage of low fees and competitive exchange rates.

Updated . What changed?

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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

Data indicated here is updated regularly
Name Product Minimum Transfer Transfer Time Transfer Fee
TransferWise - Ireland
EUR 1
1-2 days
Varies
Azimo - Ireland
GBP 10
Instant
Varies
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
XE Money Transfers - Ireland
EUR 1
Same day
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
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Compare up to 4 providers

How to transfer money to the Dominican Republic

  1. Choose a provider. Look at fees, rates and delivery speed to fit your needs using our comparison table for Dominican Republic money transfers.
  2. Register with provider. Provide your name, address, contact information and date of birth. A valid photo ID will also be required.
  3. Provide recipient information. You’ll need their name, address, contact details and possibly their bank account information.
  4. Enter transfer amount. Initiate transfer and complete your transaction.
  5. 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. This table uses real fees and exchange rates that are current as of 11 May 2020.

Bank transfer Money transfer service Cash transfer
Fee $20 + additional correspondent bank fees €3.99 €1.90
Exchange rate 1 EUR = 49.341 DOP 1 EUR = 57.67DOP 1 EUR = 55.3437 DOP
Transfer speed 2-4 days 1-2 days Minutes
Amount received DOP 48,354 DOP 57,439 DOP 55,238
Overall
  • Slowest and most expensive
  • Best value
  • Fastest transfer

The bank option ends up being both slow and getting the least amount of money to your recipient. If you go with the specialist cash transfer service, your recipient ends up with DOP 6.800 more than the bank offers. However, using the money transfer service offers the best exchange rate and therefore the most DOP for your recipient – a hefty DOP 9,000 more than the bank. Just remember that these rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.

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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, one-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 euro in this historical rate chart below.

    1
    0
    Updated: 24 Nov 2020 04:03:45 UTC

    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 TransferWise and WorldRemit can help you transfer money quickly and easily.
    • 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.
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      How safe is a money transfer?

      When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient.

      International money services typically use encryption systems and may often be authorised by a country’s financial authority.

      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 than 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 publicise your cash in front of strangers.

      Cash pickup locations in Dominican Republic

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