Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to the Dominican Republic
Take advantage of low fees and competitive exchange rates on your transfer to the Dominican Republic.
Updated . What changed?
The best way to send money to the Dominican Republic depends on your transfer needs and payment methods. With competitive rates, WorldRemit is our pick for small transfers and cash pickups, while CurrencyTransfer is our pick for large transfers. For speed, we pick Remitly, though Western Union and MoneyGram are worth considering over your local bank.
Compare money transfer services to the Dominican Republic
Sending money to the Dominican Republic doesn’t have to be expensive. Enter the amount you want to send and click Calculate to see how much your transfer could cost. Once you find the right provider for your transfer to the Dominican Republic, click Go to site to send money.
What's in this guide?
What’s the best way to send money to the Dominican Republic?
Online money transfer providers typically offer the lowest fees and strongest exchange rates on money transfers to the Dominican Republic. Some allow you to transfer money straight to a bank account in the Dominican Republic, while others allow transfers to be picked up in Dominican pesos. PayPal, banks and similar options typically have higher fees and longer turnaround times. Some of the best ways to send money to the Dominican Republic include:
- Digital money transfer services. Companies like WorldRemit, TransferWise, CurrencyTransfer, Remitly and XE all specialist in foreign currencies, making them some of the most cost-effective ways to turn your dollars into pesos.
- Cash transfers. Look to Ria, Western Union, MoneyGram and similar services to send cash to the Dominican Republic— often in 15 minutes or less. While this method is faster, you’ll typically pay extra for the convenience.
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 January 14, 2020.
|Bank transfer||Cash transfer||Money transfer service|
|Fee||$30 + additional correspondent bank fees||$3.99||$0|
|Exchange rate||1 USD = 48.199 DOP||1 USD = 52.944 DOP||1 USD = 52.143 DOP|
|Transfer speed||2-4 days||Minutes||1-2 days|
|Amount received||DOP 46,753||DOP 52,733||DOP 52,143|
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 5,980 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 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. 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.
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 US dollar in this historical rate chart or find out more in the link below.
Is Cash App available in the Dominican Republic?
No. Cash App, Venmo, Zelle and similar services are all primarily used for domestic transfers within the US. You can’t use Cash App or Venmo to send money from the US to the Dominican Republic. Instead, compare a few money transfer companies to find the best deal and send money now.Back to top
Are money transfers safe?
When processed through a reputable provider, your funds are safely tracked until they are in the hands of your recipient. Federal protections require the following:
- All banks, credit unions and money transfer companies must disclose all fees upfront, including international taxes.
- Users must have 30 minutes to cancel a transfer that hasn’t been picked up or deposited.
- Companies must list what to do in case of error and how to submit a complaint.
- Companies must investigate when a consumer reports a problem.
- Companies that provide remittance transfers must accept responsibility for the mistakes made by certain people who work for them.
These protections apply to transfers for more than $15 that are made by a consumer in the US and are sent to a person or company in a foreign country.
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.
Turning your hard earned dollars into Dominican pesos shouldn’t cost a fortune in fees. Compare transfer companies that specialize in sending money abroad to find the lowest fee option with the strongest exchange rate. There are many money transfer companies available, so take the time to find the one that best fits your needs.Back to top
More guides on Finder
Think twice before applying for a store credit card this holiday season
Store cards sound appealing, but aren’t often your best choice.
How do international money orders work?
Using international money orders to send money overseas? Learn about better options.
New digital bank for teens focuses on education
This forthcoming online bank account from Copper will reward your teen for developing good saving and spending habits.
How do we pick the top money transfer services?
Our top picks are our selection of the best money transfer services, based on our extensive research and market experience. Here’s how we choose them.
Justice Federal Credit Union Young Savers account review
Those under age 18 enjoy no monthly fees or minimum balance requirements on their savings.
Money Metals Exchange review
Pros and cons of buying and selling through this Idaho-based bullion provider.
How to sell on eBay
A beginner’s guide to selling on the “world’s largest marketplace” — setting up a store, fees, shipping and money-saving tips.
SoFi Money review
The SoFi Money account is a checking and savings account rolled into one. It features 0.10% APY, $1.5 million in FDIC-insurance and ATM reimbursements.
Revolut digital bank accounts now available in the US
The popular money management and money transfer app Revolut is now available to American customers.
TransferWise joins trend to send money to Chinese smartphones
It’s the latest Western money transmitter to partner with Alipay, the world’s largest mobile payment provider.
Ask an Expert