Caribe Express Review: Exchange Rates, Transfer Fees & Alternatives
Caribe Express offers money transfer services within, to, and from, the Dominican Republic. The service is a part of a broader financial services company that offers document support as well.
About Caribe Express
To support its mission, Caribe Express has a network of over 170 facilities across the Dominican Republic. They aim to facilitate fast, affordable transfers between the Dominican Republic, the United States, Spain, and a few other Central American and Caribbean countries.
Caribe Express focuses both on remittances and one-off online payments. Their stand-out features include home delivery of remittance payments and cooperation with other online money transfer services. On top of that, they have locations spread all throughout Santo Domingo and several other locations around the country.
Let’s put the spotlight on Caribe Express and see what they have to offer you.
Caribe Express Exchange rates and fees
Caribe Express charges a mix of exchange rate margins and transfer fees. This is normal for a money transfer service.
Like many money transfer providers, Caribe Express charges a small margin on top of the normal currency exchange rates. Rates may vary slightly depending on the currency or banking system.
Looking at a few of Caribe Express’s quotes, you can quickly see that their margin is approximately 1% above the mid-market rate. This is within the typical range charged by other financial institutions.
Information on exchange rates offered by Caribe Express is harder to find. They are less transparent than most similar money transfer services, but their rates end up falling well within the average rates.
For international transfers, you will have to pay a flat fee of around $10 to send $150 or less. This is a relatively high rate, as is typical for money transfers in small amounts. However, if you send more than $150, they will charge a 6% fee.
A flat fee of 50 pesos is charged for all domestic transfers below 1,000 pesos. An additional 5% is charged for balances exceeding 1,000 pesos.
Overall, these transparent fees are relatively high within the money transfer industry.
There are no additional costs associated with typical international money transfers.
How do Caribe Express transfer fees compare to other money transfer providers?
The Caribe Express exchange rate margin is about as transparent as it is among most money transfer providers. It’s also not any higher than average. However, their transfer fees are higher than average in the money transfer industry. 6% is a lot, even when compared with more expensive options like PayPal.
Overall, Caribe Express offers average rates. Their transfer fees are what stops them from being considered an “inexpensive” money transfer service.
Caribe Express pros and cons
Answers to key questions about Caribe Express
Can I open a Caribe Express account in any country?
Yes, but doing so would be redundant because you can only get service in a few countries and your options are limited. However, there is one way around this.
Xoom and Caribe Express have a strong business relationship. Because of their partnership, you can open a Xoom account and use it to send money to the Dominican Republic.
Xoom is a far more global money transfer service, serving 53 countries. You can send money from any of those countries to the Dominican Republic, where the recipient can pick it up at any Caribe Express location.
Does Caribe Express have an app?
Yes, you can download the Caribe Express app on Google Play or the App Store.
Are there transfer limits?
The maximum transfer limit for a Caribe Express transfer is 150,000 Dominican Pesos.
How long do transfers take with Caribe Express?
Transfers with Caribe Express normally take an industry-standard window of 1 to 5 business days to complete a transfer. Unfortunately, the company doesn’t publish specific timeframes for different transfer methods.
What customer support options are available?
Online support ticket
Can I use a Caribe Express debit card when travelling abroad?
Caribe Express doesn’t offer its own cards. But you can pay for transfer services with most debit and credit cards.
How to open an account and transfer money with Caribe Express
Opening an account
Opening an account with Caribe Express is easy. You just need to follow a few steps.
Step 1: Go to the Caribe Express website
Step 2: Register after clicking the “Login” button
Step 3: Fill out the information
Step 4: Confirm your identity and your account
Step 5: Connect your payment method
Once your account is set up, you can start transferring money.
Step 1: Sign in to Caribe Express on their site or one of their apps
Step 2: Fill in the recipient’s details or select a previous recipient
Step 3: Fill out and review the transaction details
Step 4: After you accept the transaction details, wait for the funds to reach the destination
Customer service details for users of Caribe Express
Telephone:+1 809 221 5418
Fax:+1 809 689 7240
Can I use Caribe Express for international bank transfers?
Yes, you can use Caribe Express to send funds directly to the recipient’s bank.
Caribe Express offers an easy service to use if you’re transferring to or from the Dominican Republic. Their exchange rates are decent, but their transfer fees can be pricy. However, their cash pickup service and their easy-to-use apps and website make them stand apart.
Compare Caribe Express and other money transfer providers for the best rates for sending money to the Dominican Republic.