If you looking to send money to the Dominican Republic, it makes sense to find the most cost-effective and efficient way of getting your money abroad. There are various transfer service providers and channels you could use. However, this depends on factors such as the preferred mode of receipt for the beneficiary, the providers’ payout networks, speed of transfer, and the sending limits.
The Dominican Republic has the 7th largest economy in Latin America, and during the last 25 years, has had a strong period of growth, making it one of the fastest growing economies in the continent. Despite the pandemic negatively impacting the DR’s economy in 2020, 2021 shows that the economy has recovered well and continues to thrive, with tourism, remittances, and foreign investments largely attributed to this growth.
The national currency is the Dominican peso, and 1 USD equals 54.97 Dominican Pesos*. The country’s important sectors include real estate, agriculture, manufacturing, tourism, and energy. The main exported goods include silver, gold, tobacco, cocoa, sugar, coffee, and ferronickel. The main export partners are the United States, Haiti, Switzerland, India, and Canada.
The improved economic growth of the Dominican Republic during the last ten years has significantly reduced poverty and expanded the middle class. However, there still remain steep imbalances in poverty and economic opportunities. Therefore, access to low-cost money transfers in the Dominican Republic helps the population send money and avoid steep bank fees. Plus, a significant portion of the population still do not have access to a bank account – meaning transfer providers that send to an e-Wallet on a mobile phone or offer cash pickups are particular valuable.
Sending money to the Dominican Republic is simple and easy. Follow these steps to get started:
Our comparison table for sending money to the Dominican Republic looks at fees, exchange rates, payment methods, transfer times, and more for your specific needs. Use this to find a provider that not only supports transfers between the two currencies you need but also provides the best deal.
Most providers will be completely free to sign up, simply requiring your name, address and contact information. In most cases, you’ll also need to upload a picture of a valid photo ID to verify your identity.
Set up your transfer by providing your recipient’s information (name, contact details, and bank account information if you are selecting this payout method), the sum you are sending, the currency you are converting to, and your payment details. You should be given an estimate of how long your transfer will take to reach your recipient.
There are multiple ways to easily send and receive money in the Dominican Republic but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
The options available to you when sending money to the Dominican Republic mainly depend on the money transfer service you choose and the country you are sending from.
Additionally, each provider has specific options senders can use to transfer money to the Dominican Republic. The option to use largely depends on your preferences and convenience of how you want to send money, as well as the value of the transfer. However, most providers will require that you first sign up for an account and fund it before choosing the mode of transfer.
The majority of money transfer services allow for both web-based and mobile app transfers. Others have brick-and-mortar stores you can visit to send money or complete transfers that you began online. Thanks to digital wallets, some providers even have Paypal and Facebook messenger options you can use for transfers to the Dominican Republic. Read below to learn more about the different transfer options providers offer.
WorldRemit allows you to send money to the Dominican Republic right from the website or through a mobile app. Once you sign up for an account, you can top up using any of the following ways and, after that, transact.
A money transfer to the Dominican Republic via Xoom is very simple. You have the option of Paypal integration or a minimal setup process to begin using the service. You can either use a mobile app or transact from the website. All you need to do is to input the amount you want to send, how it is to be paid out to the recipient, and top up your account either through a debit or credit card or from your bank account.
Having recently expanded into the United Kingdom, Spain, Italy, and France, Xoom currently serves 130 countries.
This money transfer service gives the sender lots of flexibility. You can send money online from their website, use the MoneyGram App, or walk into any physical store and send from there. You can also use the MoneyGram sendbot that allows you to transfer money through the Facebook messenger app.
For in-store sending, you can use the website to locate a store near you. With MoneyGram, you can begin the transfer process online or on the app and finish it at a physical store. Funding your transfer is simple; there is the option of a debit or credit card, bank, or cash deposit.
Other providers that offer similar money transfer services to the Dominican Republic include Pangea, Azimo, Remitly, and Wise. Transfast is only available in the United States, while Sendvalu is available to people sending from Switzerland.
Money transfers have been the subject of increased regulation and legislation in many countries in the recent past. This is due to the rampant money laundering cases and funding of illegal activities. As a result of this and many other reasons, senders are required to identify themselves and their recipients before their transactions can be initiated or completed.
To complete a money transfer to the Dominican Republic, the following information is required from senders. However, this varies from one provider to another.
There are a number of different ways you can receive a money transfer in the Dominican Republic. Those available to you largely depend on the sender’s choice of money transfer service provider and the recipient’s preferences. That being said, the main ways in which people in the Dominican Republic can receive money include:
The details required to receive money vary from one provider to another and the transfer mode used. However, there are specific details that the recipient must provide to successfully obtain the money transferred to them.
For cash pick up, the recipient must identify themselves by producing a valid identification document. The document must be the same as that quoted by the sender or contain the details referenced in the transfer.
Money transfer services such as MoneyGram make use of a reference number. Recipients must request this number from the sender and produce it when collecting their money. Without the reference number, the transfer cannot be completed.
If the money was sent to your bank account or mobile wallet, you don’t need to provide any information. The mobile wallet is right in your phone, supported by your phone’s plan carrier, and you can withdraw the money whenever and wherever you wish.
Whether you are an expat from the Dominican Republic sending money back home to family, or a tourist making a down-payment for your dream Caribbean wedding, or looking to send money to this country for another reason entirely, finding the best way to complete a money transfer to the Dominican Republic means getting your funds to your recipient quickly, easily, and for a low cost.
For the Dominican Republic, the three most popular ways to send money are:
Sending money by bank transfer is convenient because the money will leave your bank account directly – all you need to do is provide your transfer operator with your bank account number, routing number/sort code, and possibly the name and address of your local bank.
You can choose to have a bank-to-bank transfer in which the money is deposited directly into your recipient’s bank account, or another option is for your recipient to pick up the funds in cash from an agent location (although not all transfer providers offer this service).
The majority of money transfer providers that support sending money to the Dominican Republic offer debit cards as a means of payment. The benefits of using your debit card to send money are that it is a quick transfer method, often with lower fees than other methods.
The third best way to send money to the Dominican Republic is by credit card. Again, this is a relatively quick way of getting your money to your recipient, with your funds either paid into your recipient’s bank account or ready for them to collect as cash.
The two cheapest ways to send money to the Dominican Republic are to send via bank transfer or by debit card with a money transfer provider. Generally speaking, these two transfer methods have lower fixed fees and are offered by almost every provider, so you have plenty of options to choose between.
The two main costs you need to be aware of when sending money to the Dominican Republic are transfer fees and the markup added by providers onto the exchange rate. Our comparison engine will show you both of these fees clearly for every provider listed to help you find the most cost-effective service.
At the time of writing, the mid-market exchange rate is $1 USD to 54.97 Dominican pesos. The exchange rate offered by transfer providers is closer to $1 USD to 52.66 DOP (subject to change), so this is something to consider when comparing overall fees.
It’s essential to keep in mind that the payment/payout method you select can significantly affect the speed of your transfer to the Dominican Republic. Cash pickups, for example, tend to be available almost instantly, whereas bank transfers can take several working days to appear in your recipient’s account.
One of the fastest ways to send money to the Dominican Republic is to look for a provider that offers an express sending service, such as TransferGo, which has a 30-minute delivery option, or WorldRemit, which has agent locations across the country for rapid pick up.
The number of Dominican Republic nationals immigrating to other countries for jobs and better living standards is on the rise For that reason, the number of remittances people are sending back home to family is increasing, too. However, other reasons for remittances to the Dominican Republic include foreign investments, tourism, and business transactions.
Here are a few considerations you may want to take into account to ensure you receive a smooth, efficient, and value-for-money service at every point of the transfer process.
Money Transfer Charges – Transfer fees are typically expressed as a percentage or a fixed fee based on the amount sent. They also depend on the sender’s location and the mode of transfer. Knowing the fees, you will be charged beforehand allows you to compare how much it costs across the different providers to send money to the Dominican Republic.
Exchange Rate – Providers exchange currencies at different rates. Some of them use this as a selling point to attract customers. Even small variations in rates could translate into bigger amounts depending on the size of the transfer. Compare across the board to find the provider with the best rates.
Security – This is by far the greatest factor to look at when sending money to the Dominican Republic. The safety of your finances and personal information depends on the technology in use, certifications, regulatory framework, and provider compliance status. Check with the provider you settle for whether they are compliant with the Office of Foreign Asset Control (OFAC).
Speed of Transfer – How long a transfer takes before reaching your loved one is hugely important. In case of emergencies or pressing needs, knowing that it will take you 10 minutes to transfer money via WorldRemit to your family in the Dominican Republic gives you more legroom in decision-making. But, again, the times vary per provider and the mode of transfer.
Depositing and withdrawal methods – When sending money to the Dominican Republic, you have various options depending on the provider. You can choose bank deposit, transfer to a mobile wallet, cash pick up, or home delivery. Ensure you find out from the recipient the convenient way for them to receive the cash.
Taxation policies – Remittances form part of the immigrant taxable income in the countries where they are domiciled. For this reason, the Dominican Republic doesn’t need tax remittances. However, income from investments made using remittances is taxable at a corporate rate of 28%.
Having the correct information on the different ways of sending and receiving money in the Dominican Republic, the considerations to make, and the benefits of money transfer services, puts you in control of the remittance process. Now you can make informed decisions and choose the best value for money.
The advantages of sending money with a specialist transfer provider might not be obvious at first glance. Therefore, in this section, we outline some of the top reasons why you should use money transfer services when sending money to the Dominican Republic.
The top three countries for sending money to the Dominican Republic may vary depending on where you are sending from, how much you are sending, and the exchange rate at the time of sending. However, three money transfer providers that tend to have good links to the country are:
Wise allows for transfers to the Dominican Republic and offers the full range of payment methods. Wise’s low transfer cost and mid-market FX rates ensure the service is competitive. You will save money compared to sending money to the Dominican Republic with a bank account. Transparency and ease of use are some of the critical strengths of Wise.
Wise offers excellent customer support in multiple languages and through several channels. It is a trusted money transfer service because of strong security protocols, and it has the seal of approval from the Financial Conduct Authority.
WorldRemit is another industry-leading money transfer service that offers to send money to the Dominican Republic. It takes just 5 minutes to sign up, and the funds can be delivered within 3 minutes. Also, there are 30,000 agent locations worldwide if you want to visit a branch for cash pick up.
WorldRemit offers multiple delivery channels, including bank deposits, mobile money, cash pickup, and ATM withdrawals. This means getting funds in the Dominican Republic is flexible.
Azimo offers transfer to the Dominican Republic, and they provide eight languages to support non-English speakers. In addition, a strong customer support department is ideal if you run into problems at any stage of the money transfer process.
There is no minimum transfer amount, which means you can send as little as $1. Also, the combination of competitive FX rates and low fees ensure you save money compared to a bank. You can preview the currency exchange rate on the homepage and compare it to alternative transfer providers.
According to a research study carried out by the Economic Commission for Latin America and the Caribbean (ECLAC), there are various reasons for the remittances coming into the Dominican Republic. In terms of percentages, over two-thirds of the remittances to the Dominican Republic are aimed at covering daily living costs, while savings, education, and acquisition of housing account for the rest. Some of those reasons include:
Livelihood Support: A majority of Dominican Republic immigrants remit money back home to support their families. This constitutes support for day-to-day living expenses.
Savings and Investment: Most of the immigrants from the Dominican Republic are keen to build up assets back home, such as land and housing. These act as soft landings when they return home in the future.
Debt Repayments: The main reason for immigrants heading off to countries such as the United States, Spain, or Italy, is to look for greener pastures. Some remittances are targeted at debt repayments taken to support the immigrants as they settled down in foreign countries or to pay up historical debts.
In terms of percentages, a huge chunk (over two-thirds) of the remittances to the Dominican Republic are aimed at covering daily living costs, while savings, education, and acquisition of housing account for the rest.
Education support: This is mainly for siblings and close relatives of the immigrants. The remittances could be directed to the learning institutions or the families who then withdraw and pay up.
Business Dealings: Dominican Republic immigrants who run businesses back at home may send remittances to boost capital profiles or cash flows.
Sending money anywhere else in the world is as easy as sending money to the Dominican Republic. If you’re looking to send money to another country, here is the list of the most popular destinations.
*exchange rates provided are correct at time of last update. Exchange rates are subject to change.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com