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How much does it cost to send money to the Dominican Republic?
Sending money to the Dominican Republic can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to the Dominican Republic.
After analyzing the 20+ providers in our database, we have found that your best option would be to use Wise. They apply the USD-DOP mid-market rate and only charge a small $14.37 fee. Considering the quality of the service offered by Wise and their convenient multi-currency account, we consider this to be our recommended choice to send money to the Dominican Republic.
XE, on the other hand, offers fewer extras compared to Wise, but also comes up as a cheaper alternative. They not charge any fees and only apply a 0.90% markup over the USD-DOP mid-market rate if you send your money via bank transfer.
Lastly, Global66 is great for people who needs to send money to the Dominican Republic now, but is a more expensive option compared to the two above.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to the Dominican Republic
When choosing a method to send money to the Dominican Republic, you'll want to consider factors like convenience, cost, and transfer times.
Wise focuses on providing a great balance between low fees, competitive exchange rates, and fast transfer times to and from the Dominican Republic.
XE prioritizes keeping the costs down, so you have always a cheap way to send money to the Dominican Republic.
Global66 offers the fastest transfer times and a handy P2P service for instant transfers in selected countries.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers by individuals who, like you, wanted to send money internationally to theDominican Republic.
Based on our comprehensive analysis, Wise is our top recommendation for sending money to the Dominican Republic. Wise's standout features include fast transfer speeds, a transparent fee structure, and the use of the mid-market rate for currency conversion.
Stellar Reputation. Stellar Reputation. Wise is widely recognized for its excellent track record in providing reliable and trustworthy money transfer services.
Transparent Fees. They charge a simple fee: a small percentage plus a fixed amount. No surprises.
Best Exchange Rates. Wise uses real-time exchange rates for the Dominican Peso, which means fair deals for you.
Easy to Use. Customers praise Wise for its straightforward interface and helpful customer service, making transfers smooth.
Watch our video review of Wise
In the past six months, Global66 has consistently been the fastest option for sending money to the Dominican Republic.
If you need to make a quick transfer to the Dominican Republic within a matter of hours, they are an excellent choice.
The only downside of using Global66 is that their service is slightly more expensive compared to the other recommended options. This is because they charge a markup on the mid-market rate and a transfer fee.
We have analyzed the data from the past six months generated by our comparison engine. Based on this analysis, XE has emerged as the best choice for cost-efficient money transfers to the Dominican Republic.
XE offers competitive rates and lower fees, making it highly advantageous for individuals seeking affordable options. Specifically, for those who prioritize a cheaper transfer, even if it means a longer arrival time, XE is an excellent alternative.
In 2024, this money transfer provider has become a go-to option for users who want to strike a balance between affordability and reliable service.
Need more options? Compare ALL rates
Get more for your money: compare and choose from over 20 money transfer providers and find the top options to send money to
What is the cheapest way to send money to the Dominican Republic?
Money transfer services are the cheapest way to send money to the Dominican Republic
Whether you need to send money to your loved ones in the Dominican Republic, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to the DOP can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to DOP Live Exchange Rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case the Dominican Republic's DOP.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to DOP. It's pre-set to USD but, you are dealing with different currencies, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in the Dominican Republic when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to the Dominican Republic, watching how the rates change can be smart. When the USD to Dominican Peso rate is good, your money will get you more in the Dominican Republic. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to the Dominican Republic?
Quick and efficient - that's what you need when sending money to the Dominican Republic. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to the Dominican Republic. Services like Global66 excel in this regard, offering near-instantaneous transfers. Even other providers like XE and Wise, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in the Dominican Republic
Sending money to the Dominican Republic, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Tax Laws. Taxation in the Dominican Republic is mainly territorial, meaning it’s usually only money earned from Dominican sources that get taxed. However, some foreign earned income may need to be taxed if you receive it while you’re a resident in the Dominican Republic. Gifts and inheritance are not usually taxed in the Dominican Republic, but individual circumstances may vary.
Transfer Limits. There are no maximum limits on how much you can send to the Dominican Republic. However, you may find individual providers have their own transfer limits.
Reporting Requirements. Amounts over $15,000 USD must be reported - the receiving institution in the Dominican Republic will file the necessary financial reports for you.
Important note about structuring. Structuring (e.g. making multiple transactions of $14,999 to avoid reporting) is illegal under the Dominican Republic’s Anti-Money Laundering and Terrorist Financing Act 155-77, people doing this could face hefty fines and even imprisonment.
Useful links for Dominicans abroad
Expats from the Dominican Republic may benefit from the following resources:
What do you need to complete an international transfer to the Dominican Republic?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Dominican Republic send money guides
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to the Dominican Republic.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
