Take advantage of low fees and competitive exchange rates when sending money to the Dominican Republic.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Dominican Republic is easy. But do your research and shop around for the best available deal.
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Jerry and his wife, Amanda, own a successful supplier company in the mining sector. After some research on expanding operations overseas, the couple has decided that the Caribbean will be the next setup area for a distribution channel.
Amanda had the responsibility of comparing the services of two money transfer providers. She used $1,000 USD for her comparisons. Her findings can be seen below.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 32.95091 DOP||1 USD = 31.62453 DOP|
|Transfer fee||10 USD||50 USD|
|Amount of DOP received for 1,000 USD||32,950.91 DOP||31,624.53 DOP|
|Transfer time||2 days||Minutes|
|Transfer options||Online, Phone||Agent|
|Difference in DOP||+1326.38 DOP||-1326.38 DOP|
How do I compare transfer companies when transferring money between the Dominican Republic and the United States?
- Exchange rates. When comparing exchange rates, take note that the rates are subject to change in a short amount of time. Therefore, compare the narrowed down list of companies at the last possible moment that you are deciding which to choose for the final step.
- 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.
- Minimum/maximum transfer amounts. Typical minimum amounts are around $250 USD or less. Although a company can have a $0 USD minimum, keep in mind that it might also have a lower maximum and a limit on what you can send per day.
- Customer service. How much help will be available if you hit a snag or have a question? Are the support hours convenient?
How will Jerry and Amanda 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. World First and OFX are both trusted partners of Finder.com and are offering Finder readers an exclusive deal of $0 in fees.
- 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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Are money transfers safe?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Follow the money to the Dominican Republic
Whichever method you use, keep a record of the transaction reference number and other details so you can track the transfer and follow up if your recipient has any issues.
For a more comprehensive look at sending money overseas, see our guide to sending money overseas.