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Dominican Republic Expat Forum

Transferring funds

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sb1208

6/28/2016 20:01 EST

Planning a move to DR by the end of this year. What would be the best way to transfer funds from us bank to a bank in Dr on a monthly basis with best cost effective. Any idea What is the Average Current interest rate.

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Tankawakpa

7/1/2016 10:57 EST

Hi,

First of all, you need to open an account in a Dominican Republic Bank. For that you need a recommendation letter from your bank in your country of origin and a recommendation letter from a Dominican or a Dominican resident.
Then, once your account is opened, you do the transfer with a letter from your bank specifying that the money is yours. Hopes this helps.

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Tankawakpa

7/1/2016 11:00 EST

Interest rates vary from bank to bank. They are higher than what you would get in the US when you get certificates in pesos. Be careful with the pesos though. The peso might lose its value over time. It was at 38 in 2009, and is over 45 today.

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