Sending money to the Dominican Republic is usually a simple process. However the simplicity of the transfer process depends on the provider you choose to use.
At the time this was written, one American Dollar (USD) can be exchanged for 50.9650 Dominican Pesos (DOP). The average exchange rate over the last 90 days was 51.1145 DOP per USD. The high was 63.5159 DOP per USD, while the low was 50.2550 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.
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.
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).
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.
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.
Furthermore, MoneyGram offers good rates, especially when you consider the bigger picture.