5/3/2023
Many Caribbean and Latin American countries do not have the same facilities as other developed economies. While the United States and Europe have access to Venmo, Zelle and other apps that make sending money very easy, this sometimes does not apply to Latin America and the Caribbean.
If you live in the Dominican Republic and want someone to send you money from the United States or you live in the U.S. and need to transfer cash to a friend or family member there, this article is of interest to you.
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That's why we will address the most effective ways to send money from the United States to the Dominican Republic, besides international bank transfers, which are usually very expensive.
Reliable methods to send money to the Dominican Republic from the USA
We already know that the traditional way to send money to other countries from the USA involves banks. Although wire transfers have been allowing the exchange of money between countries for years, they tend to be expensive.
Taking into account commissions, hidden costs, intermediation and currency exchange, the process can look like this:
- About $30 on average to send funds from U.S. soil overseas.
- Because it is an international wire transfer, there are several entities that serve as intermediaries and each could charge between $30 and $50.
- The official exchange rate of most banks is usually higher than other services. If you expect the person receiving the money to receive it in full, it will always cost you a little more.
In the end, sending money from the Dominican Republic to the United States with this method can cost you more than $50, depending on the amount. In addition, we have not made reference to how long the operation could take. Generally, transactions between banks take from 2 to 5 business days, which you should consider.
Here we also think it is important to mention that PayPal has been around for some years and is a reliable service. However, it includes a P2P transfer fee that takes it out of the list of the cheapest. To send money to your family and friends at zero cost ($0), you would have to register them as trusted recipients.
In any case, we will explore the most interesting alternatives on how to send money to the Dominican Republic from the United States:
Remitly
Ideal for sending money to family and acquaintances, this company accepts debit or credit cards and there are no limits on the amount you can send.
Besides being cheaper than Xoom and Western Union, Remitly allows you to make payments from their app/website and offers an express option that processes the transaction in minutes.
As for how it works, their "Economy" rate is $0.99 from $10 and up. The "Express'' costs $4.99 for amounts under $1,000 and is free for larger amounts.
It is a secure service with several advantages:
- Same-day cancellation.
- Money back guarantee if the money does not arrive on time.
- The recipient can receive the funds on their cell phone, at home, by wire transfer or pick them up at any of Remitly's commercial partners' branches.
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WorldRemit
This is the most recommended alternative to pick up cash and process remittances. It is a service that stands out for being less expensive than bank transfers and has much more flexible delivery options than MoneyGram, PayPal and Western Union.
WorldRemit's fee is $3.99 (first three free) plus the margin added by the company.
When it's a cash transfer, the transaction is completed in minutes. Most transfers are processed the same day. The minimum amount is $1 and the maximum varies depending on where they are picking up the money or the receiving bank.
WorldRemit is also very secure and is distinguished by:
- 24/7 customer service.
- Transparent costs and calculator.
- Bank deposits, mobile money, cash pickup and Airtime (mobile top-up).
XE
This brand has earned a place on this list because it has recently improved its service between the USA and the Dominican Republic. This is because it has entered into a strategic partnership with Ria Money Transfer to lower fees and reduce times.
Click here to send money with Ria Money Transfer
This new functionality translates into:
- Minimum amount starts at $1.
- Transactions take less than 2 hours.
- Most of the time it costs you $0 to send funds.
Western Union
Remains an option to pay in person because of its track record and global presence. Western Union has several ways to send money from the United States to the Dominican Republic: through their app, online or in person, either by transfer or pickup.
While processing is within minutes, their fees vary depending on the method you choose:
- Wire transfer: $6 (online).
- In-store payment: $25.
- Debit card: $21.
- Credit card: $48.
- Mobile App: $20 + $2.25 commission.
Sending money from the U.S. to the Dominican Republic just got easier and we hope these options help you.
Español: Cómo enviar dinero desde Estados Unidos a República Dominicana