Find the best ways to transfer money to Dominican Republic

The DOP exchange rate determines how much money your recipient actually receives.

While rates change daily, timing your DOP transfer can make a difference.

Currently, the average USD to DOP exchange rate is 60.9747.

In the last three months, the rate peaked at 63.5439, which would have delivered a significantly higher amount of DOP.

If you're not in a rush, watching the exchange rate for a few days can help you send at a more favorable time.

How you pay for your transfer has a big impact on the overall cost and speed.

Bank transfer is the most cost-effective way to pay, while Debit card tends to be the most expensive.

For example, using a credit card with costs around $0 , while bank transfers with Revolut may offer lower fees and markups (~$ 0).

It’s also worth noting that the Dominican Republic is well-connected for local bank transfers and major card networks like Visa and Mastercard.

SWIFT bank transfers, on the other hand, tend to be slower and come with extra fees from intermediary banks, so they’re best avoided when possible.

Recipients in the Dominican Republic typically receive money via bank deposit, cash pickup, or mobile wallets.

Bank account deposits

Bank account deposits are a common and reliable option. Revolut currently offers the best rates for bank transfers.

Cash pickup

However, if the recipient doesn’t have a bank account, cash pickup is a great alternative — services like Western Union and Caribe Express have strong local coverage and multiple agent locations across the country.

Mobile wallets

Mobile wallets are becoming more popular, especially among younger users in urban areas.

PayPal

While global options like PayPal are available, they may come with additional withdrawal fees.

Local services in Dominican Republic

Local services such as tPago and BanReservas’ TuBanco Móvil are widely used for paying bills and accessing funds, and may support incoming transfers through partners.

Money transfer companies often set minimum and maximum amounts you can send. These limits vary by provider, and in some cases, larger transfers can unlock better rates and lower fees.

Wise is one of the top options for large transfers to the Dominican Republic, offering a mix of low fees and favorable exchange rates.

If you're planning to send a high amount, double-check the limits before initiating your transfer.

Transfers above $10,000 USD (or equivalent in DOP) may be subject to additional regulatory checks by Dominican financial institutions or your chosen provider.

In these cases, you may be asked to provide documentation such as proof of funds, income, or the purpose of the transfer.

Some money transfer services also monitor repeated transfers over time, so sending multiple smaller amounts in a short period may trigger the same checks.

Transfer speed depends on your payment method, time of day, and the receiving option you choose.

Bank transfers typically take 1-3 business days.

MoneyGram has consistently ranked as the fastest provider for bank transfers to the Dominican Republic.

If you’re using a debit or credit card, funds can often arrive within hours, Wise appeared most often in our results for fast card-based transfers.

For cash pickup, most transfers are available instantly, especially when using services like Remitly or Western Union.

Avoid relying on SWIFT if time is a concern, as processing delays and intermediary bank involvement often slow down delivery.

In most cases, recipients don’t need to take action to receive money.

However, when collecting cash in person or receiving a large transfer, valid identification is typically required.

Accepted forms of ID in the Dominican Republic include a national ID (cédula), passport, or driver’s license.

In addition to the ID, recipients may also need the sender’s name, the transfer reference number, and the expected amount in DOP.

For transfers flagged by anti-money laundering (AML) regulations, proof of address or income may be required, especially when the transaction amount exceeds standard limits.

The majority of remittances to the Dominican Republic go toward covering essential living expenses, education, and medical bills.

Some services even allow you to pay bills directly from abroad, such as utilities or school fees, through their local partners.

If you're sending money for a specific purpose, make sure the recipient has a reliable way to receive and use the funds, whether through a bank account, mobile app, or cash pickup.

Taxation in the Dominican Republic is mainly territorial, meaning it’s usually only money earned from Dominican sources that gets taxed.

However, some foreign-earned income may need to be taxed if you receive it while you’re a resident of the Dominican Republic. Gifts and inheritance are not usually taxed in the Dominican Republic, but individual circumstances may vary.

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.