Take advantage of low fees and competitive exchange rates when sending money to the Dominican Republic.
If you want to send money to family or friends in the Dominican Republic, you don’t want to waste time and money on a complicated process. Sending money from the United States to Santo Domingo or anywhere else in the Dominican Republic can be simple and affordable when you compare the transfer fees and exchange rates of several options to find the best deal.
XE Money Transfer
XE specializes in a wide range of foreign currency solutions and offers an affordable solution when you need to send money overseas.
- Send money to 170+ countries.
- Competitive exchange rates that are often better than banks.
- Transfer up to $500,000 online.
- See exchange rates in real-time.
Compare money transfer services to the Dominican
Case StudyJerry 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?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. In January 2018, the US dollar was worth approximately 48.56 Dominican pesos. Like most countries, 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.
Currency exchange rate for the Dominican Republic
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. 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.
Steps to send money to the Dominican Republic
- Choose a provider with the fees, rates and delivery speed you need.
- Register with the provider providing your name, address, contact information and date of birth. A valid photo ID will also be required.
- Provide your recipient’s name, address, contact details and bank account information if required.
- Enter the amount you want to transfer and complete your transaction. Save your tracking or receipt number to follow up on the progress of your transfer.
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.
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.Back to top
Tips for picking up cash in the Dominican RepublicKeep 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.