Register with the 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.
Crunching the numbers: Sending £1,000 to the Dominican Republic
To put this into perspective, let’s see how a bank, cash transfer and money transfer service looks like looks like. This table uses real fees and exchange rates that are current as of 14 April 2020.
Money transfer service
£20 + additional correspondent bank fees
1 GBP = 65.13 DOP
1 GBP = 66.47 DOP
1 GBP = 68.099 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 money transfer service, your recipient ends up with DOP 2,829 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.
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 pound sterling in this historical rate chart or find out more in the link below.
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 publicise your cash in front of strangers.
Cash pickup locations in the 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.
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