Dollar Express (DolEx) is an international financial services company. Founded in 2010 in the US, the company has grown to become a major money transfer provider in Spain and Latin America as well.
As a comprehensive financial services provider, DolEx employs thousands of people at over 2,500 agent locations. The company manages 525 proprietary branches and 57,000 payout locations.
DolEx’s stated mission is to be the trusted, go-to company for the underserved US Hispanic market. As such, the focus of their service is money transfers between the US, Latin America, and Spain. Their goal is to become a “financial services supermarket” for these regions.
Let’s investigate what DolEx offers can offer you.
Compared to most transfer services, DolEx rates are quite variable. Rates will vary according to the currencies being converted.
The first major drawback of DolEx is a lack of transparency surrounding their exchange rates. Furthermore, their margins are not fixed and as such are subject to change.
We can offer some insights based on our testing and the limited information provided by DolEx. But you must speak to a DolEx representative at one of their locations to receive certainty about the cost of any particular service.
Before we look at exchange rates, it’s important to note that DolEx enables cash pick-ups in several currencies. For example, if you’re sending money from the US, the recipient can pick up the balance in USD cash. If you choose this option, you don’t need to consider exchange rates, but you will have to pay their transfer fee, which varies based on the transaction balance.
Like most money transfer service providers, DolEx charges a margin on exchange rates.
DolEx exchange rates vary by currency, but their exchange rates don’t change with the transaction balance. Let’s take a look at some USD exchange examples. These examples are based on the estimations provided by DolEx on their website.
At the time of writing, 1 USD could be exchanged for 24.12 HNL. On DolEx, the exchange rate would be 1 USD for 23.94 HNL
For a 500 USD transfer, you would normally get 12060.00 HNL. On DolEx, the exchange rate would be 500 USD for 11,971.70 HNL.
This margin for this exchange is approximately 0.738%, which is lower than average for currency exchange margins.
At the time of writing, 1 USD could be exchanged for 20.45 MXN. On DolEx, the exchange rate would be 1 USD for 20.3 MXN.
For a 500 USD transfer, you would normally get 10223.90 MXN. On DolEx, the exchange rate would be 500 USD for 10,150 MXN.
The margin for this exchange is approximately 0.728%, which, like our last example, is lower than average for currency exchange margins.
DolEx exchange fees are quite low. But the company also charges a transparent but fluctuating transfer fee.
DolEx charges a single transaction fee, starting at a minimum of $4.99. Minimum rates vary by country, however, with $4.99 being the lowest available for the least expensive countries. The transaction fee is based on a sliding scale. The more money you’re sending, the higher it is. However, because of the minimum charge, it’s more economical to send more money at once.
The maximum transfer fee, to any country, appears to currently be $24.99 if you send the maximum amount possible. Keep in mind that the maximum transfer size is $1,000, including fees. So, with a transfer fee of $24.99, you can send up to $975.
In the case of international currency transfers, exchange rate margins may lower the total value on the recipient’s end.
DolEx doesn’t charge additional fees for their basic money transfer services.
DolEx charges less money than most comparable money transfer providers. Their exchange rate margins are slightly below average. Their transfer fees can be a bit expensive for small transfers, but if you send $500 to $1,000, DolEx offers very competitive rates.
No, and DolEx doesn’t help the confusion by listing which countries you can open accounts in.
Fortunately, there is a quick way to solve this issue. The DolEx website is blocked in countries it doesn’t offer services to. If you can access their site without a VPN, you can likely use their services.
Another fortunate factor is that if you’re in the USA, they do list which states you can transfer money from.
No, you must conduct transactions and manage your account online. You can use their site on a mobile device, but they don’t offer a mobile-friendly version of their site.
Yes, you can normally only pay balances of up to $1,000 to DolEx at a time. Because that limit includes their transfer fee, the total you can send will always be under $1,000. This limit may vary based on recipient location.
The transfer time varies widely by:
DolEx doesn’t offer any degree of certainty regarding the delivery timeframe. Normally, it should take 5 business days or less.
Your transaction receipt will state the windows of time for which cash pickups are available.
DolEx offers customer support via:
DolEx doesn’t offer its own debit card.
Opening a DolEx account is simple. You just need to go on their website and click the white “Register” button.
Opening an account is easy, but slightly tedious. You will be asked to provide an email address, after which they will email you an invitation code. Once you give them that code, you will just need to enter your address and mobile phone number. Other minor details will include security questions.
Transferring money with DolEx is easy.
Wait for the money to be delivered according to your order
Alternatively, you can go to a DolEx location, receive information there, and then just order a money transfer.
It’s important to note that DolEx transactions require you to create an account THEN go to a DolEx location. You cannot just send money online.
Call your local DolEx location for additional information.
Customer service phone line: 1-800-892-0210
General Inquiries: email@example.com
Ancillary Products and Services: firstname.lastname@example.org
Sending funds directly to the recipient’s bank account is one of the two options they offer. You can send money to a foreign bank via your DolEx account.
DolEx offers a good balance between cost and the number of countries served. If you can access their service, you can access competitive rates and decent transfer speeds. The only problem is that you have to have access to a DolEx location in your area.
The lack of an online-only option sets DolEx behind most money transfer services. However, if you have access to their services, that doesn’t detract from their well-rounded offer.
You can check whether DolEx offers service in your area and compare their rates with other money transfer providers. Given their good rates, it’s worth having a look at whether DolEx is the best choice for you.