Sending money from the UK to the Dominican Republic can be easy. However, do you know which method suits you best?
The UK’s ties with the Dominican Republic date back to 1850, when the former became the first nation to recognise the latter as a sovereign state. Since then, the relationship between these two regions has witnessed some ups and downs. In recent times, both countries have worked towards building healthy bilateral relations. The UK has a consulate in Santo Domingo, and the Dominican Republic has an embassy in London.
From 1999 to 2004, bilateral trade between these two regions amounted to around USD360 million. Exports from the UK to the Dominican Republic during this period stood at USD130 million. Exports from the Dominican republic to the UK totalled to around USD230 million.
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Total investment from the UK to the Dominican Republic from 1996 to 2004 registered at over USD203 million. If you wish to send money to the Dominican Republic you get multiple options to choose from. This guide will help you identify the most suitable one.
Lola Reyes moved to the UK because of work. Her mother and younger sister continue living in the Dominican Republic. They depend on Lola financially, so she’ll have to keep sending them some money periodically. She plans on sending GBP750 every month.
Lola has an account with a leading bank in the UK, whose services she can use to send money to her mother. Upon advice from a co-worker, she decides to compare her options first. This is what she finds after running an online comparison.
|UK bank||Money transfer service|
|Exchange rate||GBP1 = DOP60.4643||GBP1 = DOP63.5972|
|Amount received for £750||DOP44,804.04||DOP47,697.92|
|Transfer time||Three to five days||One day|
|Transfer options||Bank account||Bank account|
By choosing the money transfer company over her bank, Lola ends up getting a better deal in terms of the money her mother receives. Besides, her bank would take longer to process the transfer.
How do I compare transfer companies when transferring and receiving money via Dominican Republic?
A number of money transfer companies vie for your attention. In differentiating one from the other, pay attention to these aspects:
- Exchange rate and fees. Both of these can be misleading at times. If a money transfer company is offering an exceptionally competitive exchange rate, it may charge a tidy sum as fees. On the other hand, a company that provides fee-free services might offer an unfavourable rate. An easy way to find out which company offers a better deal is to look at how much money the recipient will receive.
- Ways to send money. Banks that offer international money transfer services can let you transfer funds online, over the phone and in person. Most money transfer companies let you send money online, some have physical stores and kiosks that you can visit to initiate transfers and some let you do so over the phone.
- Ways to receive money. One way to receive funds from overseas is directly into a bank account. Another is to collect money by visiting a cash pickup location.
- Processing time. If you wish to transfer funds into a Dominican Republic bank account the time the process takes depends on the service provider you choose as well as the recipient’s bank. It can be one to 12 business days. If you’re sending money to be collected at a cash pickup location the transfer can happen almost immediately.
- Using a single bank. If you and the recipient has bank accounts with the same financial institution, using its services to transfer funds can work well for you. This can be through reduced fees and quicker processing times.
- Transfer methods. Some money transfer companies let you make scheduled payments. Some offer market orders and forwards contracts, giving you the ability to lock-in or wait for better rates.
- Customer service. Customer service levels play a role, especially if you plan to transfer money from time to time. You should ideally be able to contact a customer service representative over the phone, via chat and via email.
How do I send money to Dominican Republic from the UK?
When sending money from the UK to the Dominican Republic, you get to choose from banks and nonbanking companies:
- Banks. Banks that let you send money to bank accounts in the Dominican Republic tend to chargefees for their services, which can vary considerably. Processing times can also vary. If you have a chequebook you can send a cheque to the Dominican Republic via mail. You can also send a money order via mail.
- Non banks. If you wish to send money to a cash pickup location you can turn to a business such as Western Union or MoneyGram. These companies let you send money to bank accounts as well. Some online money transfer companies let you send money only to bank accounts. You can also transfer funds using PayPal, in which case you and the recipient should have PayPal accounts.
How do I receive money from Dominican Republic in the UK?
When receiving money from the Dominican Republic, you can choose from these options:
- Banks. Getting the sender to transfer funds directly into your bank account should be easy, provided your account accepts direct overseas credits. The sender can transfer funds into your account using his or her bank, or a money transfer company. You can receive a cheque or a money order by mail, which you can deposit in your bank account.
- Non banks. You can collect money by visiting a cash pickup centre. Money transfer companies such as Western Union and MoneyGram have numerous physical locations in the UK. PayPal allows fund transfers between the Dominican Republic and the UK, so using its services is an option. You don’t have to pay any fees to open or maintain a PayPal account.
Emergency cash transfers in Dominican Republic
If you’re travelling to the Dominican Republic and end up losing your wallet, know that not all is lost. First, make the necessary phone calls to cancel all your credit and debit cards. Next, you can think about getting some money in these ways:
- Cash pickup. Identify the nearest cash pickup location. Pass this information onto a friend or family member who is willing to send you some money. Remember that you’ll need some form of ID to collect the cash.
- Credit card cash advance. If you have an existing MasterCard, Visa or American Express credit card you can think about getting an emergency cash advance even if you don’t have your card with you. To do this you’ll have to visit a local participating financial institution.
- Travel insurance. Getting travel insurance before going overseas can be a good idea. The right kind of cover can give you access to funds in situations such as lost or misplaced baggage, flight delays and cancellations as well as medical emergencies.
Cash pickup locations in Dominican Republic/ Western Union / MoneyGram branches in Dominican Republic
Western Union and MoneyGram have cash pickup locations across the Dominican Republic. Collecting cash from a physical location requires that you provide a reference number along with an acceptable form of ID such as your passport or driver’s license. If you’re collecting a large sum, you may want to call the pickup centre in advance to check for availability of funds. Here are some cash pickup locations in the Dominican Republic:
- Banco Multiple Vimenca C Por
Av Abraham Lincoln Esq J F Ke
Agora Mall Santo Domingo
Open 9:00am to 9:00pm Monday to Friday, 9:00am to 6:00pm Saturday, 9:00am to 2:00pm Sunday
- Farmacia Metropolitana S R L
Plaza Metropolitana, Local 110
Av. Jfk – Esq. Ortega Y Gasset
Distrito Nacional, Santo Domingo
Open 8:00am to 6:30pm Monday to Friday, 8:00am to 2:00pm Saturday, closed on Sunday
- Tienda Luchy
Plaza Minaya Carretera Duarte
Licey Al Medio, Santiago
Open 8:00am to 6:00pm Monday to Friday, 8:00am to 12:00pm Saturday, closed on Sunday
- Super Plaza Venezuela
Ave. Estrella Sadhala #98
Esq. Buenos Aires
Open 7:00am to 10:00pm Monday to Sunday
- Banco Popular Dominicano
Prol Venezuela 4
Open 8:00am to 3:00pm Monday to Friday, closed on Saturday and Sunday
- BPD – Suc. Ole Los Frailes
Autopista Las Americas
Open 9:00am to 5:00pm Monday to Friday, 9:00am to 1:00pm Saturday, closed on Sunday
- Banco Popular Dominicano
Av Estrella Sadhala
Open 8:30am to 3:00pm Monday to Friday, closed on Saturday and Sunday
- Banco Del Progreso
Carr Luperon Km 2 1 2
Open 8:00am to 5:00pm Monday to Friday, 8:00am to 2:00pm Saturday, closed on Sunday
Tips for picking up cash in Dominican Republic
While the Dominican Republic is a friendly nation, it suffers from a high crime rate. Crimes can include pickpocketing, bag snatching as well as violence. More than 140,000 people from the UK visited the Dominican Republic in 2015. Most of these visits remained free of trouble.
When exchanging money, limit your transactions to official exchange offices (casas de cambio) or banks. Identity theft and credit card cloning are common, so it’s best that you use cash. When you collect money from a cash pickup location, it’s in your best interest to exercise due caution. In the residential districts of Santo Domingo, there have been instances of muggings at gunpoint in broad daylight.
Be vigilant in remote areas, especially if you’re out at night. Don’t display expensive items such as jewellery, cameras and mobile phones. If you’re sitting in outdoor areas such as bars or restaurants, don’t leave your bags and belongings on tables or chairs.Back to top
What are the steps to send money to Dominican Republic?
Sending money from the UK to the Dominican Republic is not difficult. The steps you have to follow depend on the method you choose:
- Transfer to bank account. If you are using your bank to send money you’ll have to provide the recipient’s name, account number, bank’s name and bank’s SWIFT code. If you’re sending money through a money transfer company you’ll have to provide your bank account, debit card or credit card details.
- Cash pickup. When sending money in person, you’ll have to provide the recipient’s name along with a desired cash pickup location. You may have to verify your identity as well. If you’re initiating the transfer online, you’ll have to provide details of a bank account, debit card or credit card from where the funds would debit.
After you initiate an international funds transfer you should get a reference number, which you can use to track your transfer’s progress.