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
Register with provider. Provide your name, address, contact information and date of birth. A 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. This table uses real fees and exchange rates that are current as of 11 May 2020.
Money transfer service
$20 + additional correspondent bank fees
1 EUR = 49.341 DOP
1 EUR = 57.67DOP
1 EUR = 55.3437 DOP
Slowest and most expensive
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.
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.
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.
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
BANCO BHD LEON Address: Av. John F. Kennedy, Santo Domingo, Dominican Republic Hours: 9:00 AM – 9:00 PM Phone: +1 809-243-3232
BANCO PROMERICA Address: Av Ing Roberto Pastoriza 420, Santo Domingo, Dominican Republic Hours: 9:00 AM – 5:00 PM Phone: +1 809-732-6006
BANCO DE RESERVAS Address: Calle Porfirio Herrera, Santo Domingo, Dominican Republic Hours: 8:00 AM – 5:00 PM Phone: +1 809-960-4000
BANCO DEL PROGRESO Address: Bella Vista Mall Loc 44A Santo Domingo Hours: 8:00 AM – 5:00 PM Phone: +1-809-5667171
BANCO POPULAR DOMINICANO Address: Plaza Comercial Mega Centro Ave San Vicente De Paul ESQ CARR Santo Domingo Hours: 9:00 AM – 5:00 PM Phone: +1-809-5448974
BANCO POPULAR DOMINICANO Address: C Juan Pablo Duarte Frente Al Banco Reservas Santo Domingo Hours: 8:00 AM – 3:00 PM Phone: +1-809-2405252
BANCO MULTIPLE VIMENCA C POR Address: Av Abraham Lincoln Esq J F Ke Agora Mall Santo Domingo, Dn Hours: 9:00 AM – 9:00 PM Phone: +1-809-2007380
FARMACIA METROPOLITANA S R L Address: Plaza Metropolitana, Local 110 Av. Jfk – Esq. Ortega Y Gasset Distrito Nacional, Santo Domingo Hours: 8:00 AM – 6:30 PM Phone: +1-809-2007380
FARMACIA ROSANNA I R AND S Address: Carretera Sanchez No 105 Centro Comercia El Portal Atala Santo Domingo, Distrito Nacional 10115 Hours: 7:00 AM – 10:00 PM Phone: +1-809-2007380
BANCO BHD LEON Address: La Vega 41000, Dominican Republic Hours: 8:00 AM – 4:00 PM Phone: +1 809-896-7000
BANCO DEL PROGRESO Address: La Vega 41000, Dominican Republic Hours: 800 AM – 5:00 PM Phone: +1 809-573-2922
BANCO UNION – #O1006 – LA VEGA – CARIOC Address: Calle Padre Aadolfo ESQ. Juana Saltitopa NO. 202 La Vega Hours: 8:00AM – 5:00 PM Phone: +1-809-2421242
BANRESERVAS – #050 – LA VEGA Address: C/Padre Adolfo No. 24 Centro De La Ciudad/. La Vega, 41000 Hours: 8:00 AM – 10:00 PM Phone: +1-809-5732989
BANCO BHD LEON – FERRE. JOSELITO #212 Address: Av. Rivas ESQ. Chefito Batista La Vega, 41000 Hours: 8:00 AM – 5:00 PM Phone: +1-809-4762000
ALAVER Address: Ave. Rivas No.105 La Vega, La Vega Hours: 8:00 AM – 5:00 PM Phone: +1-809-2007380
AGENTE DE REMESAS Y CAMBIO VIMENCA SA Address: Avenida Gregorio Rivas 183 La Vega Multicentro Sirena La Vega La Vega, La Vega 41000 Hours: 8:00 AM – 9:00 PM Phone: +1-809-2007380
LEONEL FERNANDEZ Y ASOCIADOS Address: Calle Padre Adolfo Esq Manuel Ubaldo G 34 La Vega, La Vega Hours: 8:00 AM – 6:00 PM Phone: +1-809-2007380
BANCO BHD SAN CRISTÓBAL Address: Av Constitución, San Cristóbal 91000, Dominican Republic Hours: 9:00 AM – 5:00 PM Phone: +1 809-528-6262
BANCO DE RESERVAS Address: Av Constitución, San Cristóbal 91000, Dominican Republic Hours: 9:00 AM – 5:00 PM Phone: +1 849-854-4612
BANCO DEL PROGRESO Address: Av Constitución, San Cristóbal 91000, Dominican Republic Hours: 8:30AM – 4:00 PM Phone: +1 809-528-5984
BANCO POPULAR DOMINICANO Address: C.M. Trinidad Sanchez 17 San Cristobal Hours: 8:00 AM – 3:00 PM Phone: +1-809-5445798
BANCO POPULAR DOMINICANO Address: Ave Constitucion # 179 San Cristobal San Cristobal Hours: 8:30 AM – 3:00 PM Phone: +1-809-5284430
BANRESERVAS – #083 – MULTIC LA SIRENA SA Address: Carr Sanchez KM 1 Madre Vieja Sur Aantigua San Cristobal, 91000 Hours: 8:00 AM – 10:00 PM Phone: +1-809-5283772
CARMELO GONZALEZ Y ASOC Address: Padre Ayala Esquina Ayala San Cristobal, San Cristobal Hours: 8:00 AM – 6:00 PM Phone: +1-809-2007380
CARMELO GONZALEZ Y ASOC Address: Carretera Sanchez Madre Vieja Multicentro La Sirena San Cristobal, San Cristobal Hours: 9:00 AM – 9:00 PM Phone: +1-809-2007380
CARMELO GONZALEZ AND ASOCIADOS Address: Carretera Sanchez #13 Supermercado Soamy San Cristobal, San Cristobal Hours: 9:00 AM – 6:00 PM Phone: +1-809-2007380
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.