Remittances to the Dominican Republic represent one of the largest sources of income for this Caribbean island nation. In August of 2021, the Dominican Republic Central Bank reported receiving more than $7 billion in remittances. According to the Borgen Project, a nonprofit that works to reduce poverty, 75% of these remittances come from the United States.
With so many options to send money to your relatives in the Dominican Republic, it can be tough to decide which is the most convenient service for you. In this article, we introduce some of the methods that are available to help you send money to your relatives in a fast, safe, and efficient way.
What Documents Do I Need?
Every bank or remittance company has its own list of requirements. Although these documents may vary depending on the service you wish to use. That said, we’ve put together some of the most common/important information you will need to provide when sending remittances to the Dominican Republic:
- Government-issued photo ID
- Your beneficiary’s first and last name
- Your beneficiary’s physical address
- Your beneficiary’s phone number
To process electronic or Internet transfers, you may also need:
- Your beneficiary’s bank account number for direct deposit
- Your credit or debit card number, such as your PODERcard
Once you’ve got all your documents in place, it’s time to choose which remittance option is most convenient for you and your relatives in the Dominican Republic.
When choosing your remittance method, it’s important to consider how much you’ll be sending to determine which is the best company to use. You should also consider the fees associated with this service, the delivery speed, and ease of use.
The most popular transfer methods include banking institutions, traditional remittance companies, and mobile applications. The following are some of the most reliable options for sending money to the Dominican Republic.
Wire transfers are the most common way to send funds from your bank account in the United States to your relative’s bank account in the Dominican Republic.
Benefits of wire transfers:
- Direct deposits from one account to another.
- Greater security (banking security levels).
- The possibility of using your bank’s mobile service to process the transaction from your phone, tablet, or computer.
Disadvantages of wire transfers:
- On average, international bank wires cost between $25 and $40
- This type of service doesn’t offer immediate delivery. In some cases, they may take up to five business days.
If you plan to send a significant amount of money and wish to do it in the most secure manner, bank transfers are the most direct way to send funds to the Dominican Republic. Although they take longer, these transactions offer a fixed cost which may be lower than percentage-based fees. Taking some time to calculate these fees could save you money, so be sure to do so!
Flexienvíos BHD León
Created by Banco BHD León, Flexienvíos is a service that supports Internet remittances from the United States to the Dominican Republic. These transfers only take minutes and offer home delivery services. The funds can also be deposited to your beneficiary’s bank account or withdrawn in-person at one of the bank’s branches.
Wells Fargo offers its clients in the United States their own remittance services to the Dominican Republic. With ExpressSend, you can send money directly to your beneficiary’s bank account at Banco BHD León or Banreservas.
To register for ExpressSend, you need to visit your nearest Wells Fargo branch and process your first transfer in person. After that, you’ll be able to process your next remittances from the Wells Fargo website, over the phone, or in person.
Wells Fargo ExpressSend transfer limits vary depending on your preferred delivery method. For in-person pickups, the maximum daily amount is $1,500. If you wish to send the money directly to a Dominican bank account, the limit is $5,000 per day. It’s also important to remember that Wells Fargo has an ExpressSend limit of $12,500 in transfers for any consecutive 30-day period.
Traditional remittance companies
These companies are a good option if you prefer to:
- Send cash for your beneficiary to withdraw at a pickup location
- Process your transfers at a branch
- Send money immediately
With the growing popularity of online banking services, these traditional companies also offer mobile transfers through their apps or websites. This allows you to process remittances from the comfort of your home. Both companies let you send money to any branch for your beneficiary to pick up cash or have the funds delivered to their home.
For many Dominicans living in the United States, mobile apps are the easiest way to send money to their loved ones. The benefits of using remittance apps include:
- Lower transfer fees
- Almost immediate money transfers
- Convenient service from your phone, tablet, or computer
The following apps are some of the most frequently used to send remittances from the United States to the Dominican Republic:
If your family members have PayPal, this digital wallet offers an efficient way to send money directly to the Dominican Republic. Especially because now, PayPal customers can use their accounts to withdraw Dominican pesos at local banks.
Xoom is PayPal’s remittance platform. With services to the Dominican Republic, this service lets you transfer funds for in-person withdrawals, direct deposits to bank accounts, or home delivery.
The affiliated banks are:
- Banco BHD León
- Banco Popular
If your beneficiary prefers to pick up the funds in person, they can visit the following establishments:
Whether you want to send remittances in dollars or Dominican Pesos, WorldRemit helps you send money quickly and at a low cost. This service offers cash withdrawals, direct deposits to bank accounts, or home delivery. Remittances in Dominican Pesos also offer the convenience of reloading prepaid phone lines in under 10 minutes.
Small World is a remittance app that offers a variety of services, including:
- Direct bank deposits
- In-person pickups
- Add funds to phone lines
- Transfers to digital wallets
- Home delivery
- Prepaid debit card reloads
If you’re looking for a reliable transfer company that’s affiliated with many banks, Remitly could be a good option for you. This app offers home delivery, cash withdrawals, and direct deposits in dollars or Pesos.
The banks associated with Remitly are:
BOSS Revolution is a remittance service that offers a mobile application as well as 885 branches across the United States. With BOSS Revolution, you can send Dominican Pesos or dollars to your loved ones. They also allow you to add funds to phone cards and offer low-cost international phone calls.
The Dominican banks that are affiliated to BOSS Revolution include:
- Banco Unión
- Banco Ademi
- Banco BHD León
- Banco Adopem
- Cooperativa San José
If your relatives prefer to pick up cash in-person, they can do so at Caribe Express or Cibao Express locations.
If you send remittances, your family members can withdraw cash at:
- Banco Unión
- Caribe Express
- Banco BHD León
They can also receive direct deposits at the following financial institutions:
- Banco Popular
- Banco Unión
- Banco BHD León
- Banco Popular
- Banco BDI
- Banco López de Haro
- Banco Santa Cruz
- Banco Vimenca
- La Nacional Ahorros y Préstamos
- Asociación Maguana
- Asociación Peravia
- Asociación Romana de Ahorros y Préstamos
- Asociación Duarte de Ahorros y Préstamos
- Asociación Popular de Ahorros y Préstamos
Ria makes transfers to the Dominican Republic easier by allowing you to open an account in under two minutes. It also lets you send money from a credit or debit card, or directly from your bank account. They offer a mobile app, as well as branches at 7 Eleven stores throughout the United States where you can pay in cash.
What Are The Remittance Fees From The United States to Dominican Republic?
The cost of your remittances to the Dominican Republic will depend on the amount that you send, the type of service you choose, and the company you use. To help the public avoid overcharges, the Consumer Financial Protection Bureau (CFPB) published a fact sheet that outlines the possible costs of these types of services.
The following costs are among the most common when you send remittances from the United States:
Generally, bank wire transfers from the United States to the Dominican Republic have a fixed cost per transaction. As mentioned above, these fees can vary between $25 and $40, depending on your bank.
Keep in mind: In some cases, your beneficiary’s bank in the Dominican Republic could also charge a fee for receiving the transfer. The best way to avoid these unexpected costs is by researching all the charges associated with your transfer, before processing the transaction.
A percentage applied to the exchange rate
Some remittance services send Pesos to the Dominican Republic, while others allow you to send dollars to your loved ones. Depending on the currency that you send, financial institutions and remittance companies may charge a percentage of the money sent applied to the exchange rate or the total amount in dollars.
Keep in mind: When processing your transfer, remember to confirm the exact cost of your transaction. This will help you avoid additional charges when your family members receive the money in the Dominican Republic. Another important tip is to let your relatives know how much they can expect to receive.
Frequently asked questions
What is the quickest way to send money from the U.S. to the Dominican Republic?
Nowadays, mobile applications offer the quickest and most efficient remittance services. Depending on the company that you choose, your beneficiary in the Dominican Republic can receive their money in a matter of minutes. Some apps allow you to deposit the money directly to their bank accounts or send cash to one of their locations.
How long does a transfer from the U.S. to the Dominican Republic take?
International bank transfers can take up to five business days. On the other hand, traditional remittance companies and mobile apps offer transfers that can take only minutes.
How much money can you send using remittances to the Dominican Republic?
Each remittance service has its own limits for daily and monthly transfers. The amount sent can also affect the speed with which your remittance arrives in the Dominican Republic.
Depending on how much you want to send, you may also need to take the Foreign Tax Account Compliance Act into account. Remember that you are required to report any transfers over $10,000.With PODERcard, the team at SABEResPODER can help you gain access to a reliable digital banking service, making the use of remittance services easier. Sign up today!