Send Money To The Dominican Republic

On average, Dominican immigrants pay US$ 8.22 per remittance when sending money to their relatives back home. This is according to a 2016 study by the Center for Latin American Monetary Studies (CEMLA). Depending on the size and frequency of remittances you make, these transfer charges can accumulate to prohibitive amounts.

Therefore, if you’re among the 12%+ of Dominicans residing outside the country, it makes sense to look for inexpensive and faster ways to send money home. 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.

To help you in making the right decision when sending money to the Dominican Republic, we’ve put together an informative guide below. Read along to learn more on:

  • Ways to send money to the Dominican Republic
  • What’s needed to send money to the Dominican Republic?
  • What are the ways of receiving money in the Dominican Republic?
  • What is required to receive money in the Dominican Republic?
  • Common reasons for sending to the Dominican Republic
  • Why use a money transfer service?
  • Things to consider when sending money to the Dominican Republic?

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USD
DOP
United States
Dominican Republic
United States
Dominican Republic
Amount Received 48,399 DOP
Fees: 9 USD
Rate: 48.8385*
Payment Options Speed
Bank Transfer 3-5 Days
Debit Card 3-5 Days
Key Features
  • Internationally renowned bank
Visit Site
Amount Received 48,088.81 DOP
Fees: 10 USD
Rate: 48.5746*
Payment Options Speed
Bank Transfer 3-5 Days
Debit Card 3-5 Days
Key Features
  • Internationally renowned bank
Visit Site
Current Mid-Market Rate:   1 USD = 52.7984 DOP
* Some rates may be indicative.

How To Send Money Money To the Dominican Republic

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Sign Up and Deposit

Sign up with the provider and deposit the amount you want to transfer.

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money in Dominican Republic

There are multiple ways to easily send and receive money in Dominican Republic but these will largely depend on the provider you decide to use. Below you will find everything you need know about sending and receiving money.

    Ways to Send Money to The Dominican Republic

    The options available when sending money to the Dominican Republic mainly depend on the money transfer service you choose and the country you are sending from. Some of the providers allow sending from specific countries. However, there are those like WorldRemit, MoneyGram, and Xoom that allow sending from over 100 countries.

    Also, 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. However, most providers will require that you first sign up for an account and fund it before choosing the mode of transfer.

    Majority of money transfer services allow for website 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 have Paypal and Facebook messenger options you can use for transfers to the Dominican Republic. Read below to learn more on the different transfer options providers offer.

    WorldRemit

    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 thereafter transact.

    • Debit, credit and prepaid cards
    • Bank Account Transfer
    • POLi payment
    • Interac
    • iDEAL
    • Sofort
    • Google Pay
    • Apple Pay
    • Trustly

    Xoom

    Sending money 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 a total of 130 countries.

    MoneyGram

    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.

    It is important to note that for MoneyGram sendbot users, they are required to first sign up for a MoneyGram online account before transacting.

    Other providers that offer similar money transfer services to the Dominican Republic include Pangea, Azimo, Remitly, and TransferWise. Transfast is only available in the United States while Sendvalu is available to people sending from Switzerland.

    What’s Needed to Send Money to the Dominican Republic?

    Money transfers have been the subject of increased regulation and legislation in many countries in the recent past. This is due to the rampant cases of money laundering 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 send money to the Dominican Republic the following information is required from senders. However, this varies from one provider to another.

    • The sender’s valid photo identification document (I.D.)
    • Full names of the sender which should match those on the I.D.
    • Sender’s contact information
    • Full names of the recipient and should match those on their I.D.
    • The recipient’s address
    • Recipient’s bank name and account details if sending to a bank account
    • Recipient’s mobile number if the transfer is to a mobile wallet

    What are the Ways of Receiving Money in Dominican Republic?

    There are different ways you can receive money in Dominican Republic. However, these largely depend on the sender’s choice of money transfer service provider and the preferences of the recipient. That being said, the main ways in which people in Dominican Republic can receive money include:

    • Transfers to bank accounts- Here, the money gets deposited into the recipient’s bank account. Players in this space include WorldRemit, Transfast, Xoom, MoneyGram, Pangea, Azimo, TransferWise, and Sendvalu. Read our money transfer company reviews to find out more about these providers.
    • Cash pickup transfers – The recipients access their money from designated pick up locations convenient to them. Companies offering this service include WorldRemit, Transfast, Xoom, MoneyGram, Pangea, Azimo, Sendvalu, and Western Union.
    • Transfers to mobile wallets-This is a relatively new and convenient mode of cash transfer to the Dominican Republic. The money is deposited in mobile wallets and withdrawn from authorized mobile money agents. MoneyGram and Azimo offer this service in the Domican Republic.
    • Home delivery -Here, the money is delivered to the recipient’s place of residence. The recipient must be present and positively identify themselves to receive the money. Xoom offers this service to its Dominican Republic customers.

    What is Required to Receive Money in Dominican Republic?

    The details required to receive money vary from one provider to another and the mode of transfer used. However, there are certain details that the recipient must provide to successfully receive 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.

    Common Reasons for Sending Money To The Dominican Republic

    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, 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. 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 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 of the 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 to 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.

    Why Use a Money Transfer Service?

    The United States accounts for about 59% of the remittances to the Dominican Republic followed by Europe at 30% and Puerto Rico at 9%. With average remittances at household level of approximately US $ 1,500 to US $ 2,000, it helps to know how this money moves and the benefits that accrue to both senders and recipients.

    To grow their clientele bases, most money transfer service providers offer different modes of money transfer. With new players coming in and innovations scaling up, the benefits of online money transfers are also increasing in breadth and depth. Below are some of them: 

    Attractive exchange rates

    Online money transfers offer some of the best exchange rates to Dominican Republic Peso (DOP). Senders can see the rates upfront hence enabling them to transact in exact amounts.

    Faster transfers

    Money sent is received instantly or near instantly. In as less as ten minutes, money can change hands between transacting parties. That being said, transfers to banks may take a little longer depending on the bank, time of the transaction, and day of the week.

    Lower transaction fees

    Fees charged per transaction can go as low as 90% of the charges levied by offline money transfer services and banks. This is such a huge relief, especially when transacting frequently or in large amounts.

    Safety

    With top of the class technologies such as 3D Secure and other digital authentications, parties are assured of safety and peace of mind when sending money online. Cybercrime is a real risk, but emerging technologies are also hard to beat.

    Simplicity

    Setting up and sending money doesn’t involve lots of processes and details. For instance, WorldRemit only needs your name, email address, and the recipient’s details.

    Support for different currencies

    Irrespective of the currency you want to transact in, you will find a money transfer service that can exchange it for the DOP.

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    Things to Consider When Sending Money to the Dominican Republic?

    The number of Dominican Republic nationals immigrating to other countries for jobs and better living standards is increasing. For this reason, there is bound to be a reciprocal increase in remittances back to the country.

    As earlier discussed, many reasons exist for sending money to the Dominican Republic. Whatever the reason, there are certain considerations senders must make to ensure smooth, faster, and value-for-money at every point of the transfer process.

    1. Money Transfer Charges - Transfer fees are normally expressed as a percentage or a fixed fee based on the amount sent. They also depend on the sender and the mode of transfer. Knowing the fees beforehand allows you to compare how much it costs across the different providers to send money to Dominican Republic.
    2. 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.
    3. Security - This is by far the greatest factor to look at when sending money to Dominican Republic. 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).
    4. 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 Dominican Republic gives you more legroom in decision making. Again, the times vary per provider and the mode of transfer.
    5. Depositing and withdrawal methods - When sending money to 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.
    6. Taxation policies - Remittances form part of the immigrant taxable income in the countries where they are domiciled. For this reason, Dominican Republic doesn’t tax remittances. However, income from investments made using remittances is taxable at a corporate rate of 28%.

    Having the right information on the different ways of sending and receiving money in 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 value for money.

    Your Questions Answered

    What’s The Fastest Way To Transfer Money To The Dominican Republic?
    There are two ways to transfer money very quickly. The first way involves using any of the large transfer service’s fast versions. For example, Western Union’s fast service usually works in a matter of minutes, whereas the standard service takes 3-5 business days. The only problem with faster versions of the larger transfer services is that they are extremely expensive. Many people would consider the cost prohibitive, but if speed is your primary concern, you shouldn’t be let down. Another option would be MoneyGram. MoneyGram might not be the absolute fastest option to transfer funds to online, but it is usually quite fast. MoneyGram also offers you the option to send funds to a mobile wallet or directly into a bank account for added speed/convenience.
    What’s The Cheapest Way To Send Money To The Dominican Republic?
    When it comes to the rates you are getting and the fees you are paying, TransferWise is the best option. TrasferWise tends to generally offer very good currency exchange rates. Normally TransferWise’s main problem is that it is not available in enough countries, but that is not a problem in the Dominican Republic. Other transfer services will offer lower fees for transactions, but the lower fees come with a hidden secret. If the upfront fee is low, they will usually mark up the exchange rate significantly. TransferWise’s fees are already quite low. However, when you combine it with the low exchange rates, TransferWise is a great, and very cheap way to send funds to the DOM (Dominican Republic).
    What’s The Easiest Way To Send Money To Dominican Republic?
    Sendvalu is another great option for sending money there. This Swiss company provides several different options for international money transfers. Also, when you use Sendvalu to send money online, you can have it delivered directly to someone’s home! The only catch is that the home delivery option only works if you are sending USD or Euros.
    Current Exchange Rates For The Dominican Republic

    At the time this was written, one American Dollar (USD) can be exchanged for 52.7984 Dominican Pesos (DOP). The average exchange rate over the last 90 days was 52.5035 DOP per USD. The high was 53.1503 DOP per USD, while the low was 50.8885 DOP per USD.

    The average volatility of the DOP was 0.15% against the USD, which is rather low. The DOP has been relatively stable for a long time. It is thus reasonable to expect exchange rates to remain relatively consistent, barring unforeseen circumstances.

    What’s The Overall Best Way To Send Money To The Dominican Republic?
    MoneyGram wins again. When it comes to the Dominican Republic, MoneyGram is represented well enough that it shouldn’t ever be an inconvenience to use their service. Money transferred through MoneyGram usually takes a matter of minutes to reach the destination.

    Looking to Send Money Somewhere Else?

    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.

    Jonathan Merry
    Written By
    Jonathan Merry
    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