How to Send Money to the Dominican Republic
This guide focuses on the best ways to send money to the Dominican Republic, including money transfer platforms, such as XE Money Transfer and WorldRemit. You'll see how they compare to other options and analyze important factors to consider when sending funds to the Dominican Republic. Once you have all the info, it'll be easy to identify the most suitable option to transfer money to this country!
How to Send Money to the Dominican Republic Using a Money Transfer Provider?
The process of sending money to the Dominican Republic by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare providers to find the one that best fits you
Step 2: Sign up with the chosen provider
Step 3: Transfer money
How to Send and Receive Money in the Dominican Republic?
The Dominican Republic is the country with the highest personal remittance inflow in the Caribbean, with the main sending countries being the United States, Spain, and Italy. Below is a rundown of the many options for sending and receiving money in the Dominican Republic!
Ways to Send Money to the Dominican Republic
Money transfer services make it simple to send funds to the Dominican Republic from different continents. While there are other methods available, money transfers are the most efficient and safest way of delivering your money. Here's how these services compare to other options!
Money Transfer Services
These platforms focus on international money transactions and often support over 100 countries from different continents. The vast selection, ranging from XE Money Transfers to Western Union and TorFX, ensures you'll find an option to send money to the Dominican Republic from almost any location.
The process is simple and begins with registering an account on the platform. The next step is to pick the transaction parameters such as payment method, delivery option, amount, and other details. After double-checking the fees, rates, and delivery estimates, you can confirm the transaction.
Among the pioneering ways used to send money to the Dominican Republic, international wire transfers include moving funds electronically from one country to another through sending and receiving financial institutions such as banks or other facilities. You need detailed receiver's information, and the transfer takes up to several business days. Money transfer services are faster and often end up being the cheaper option for sending money to this country.
Bank Account Transfers
These involve sending money to the receiver's bank account in the Dominican Republic. Depending on the sum transferred, your bank might ask for documents about the money's origin. Additionally, it takes knowing SWIFT and other recipient information to deliver funds to the right account. Some popular banks in the Dominican Republic include Banreservas, Banco Promerica, and Banco BHD Leon. While these are as reliable as money transfer services, the latter usually secure faster transactions.
Mobile Apps and Payment Services
These payment services are only available on smartphones, tablets, and other portable devices. Famous examples include Apple Pay and Google Pay, but their availability depends on the sending country. Mobile payment services don't primarily serve international transactions, so it’s much better to use mobile apps developed by money transfer services.
Used by millions worldwide, PayPal's history goes back to 1998, ensuring a long tradition and a high trust level among clients. While this e-payment service supports fast transactions, transfers to the Dominican Republic come with a high fee compared to money transfer services.
Money Transfers to a Pickup Location
These transfers, such as Wise and Western Union, aren't necessarily online-based. Senders, too, can take cash to a dropoff point and send it from there. Some customers might find that a hassle, especially if the nearest branch isn't that close. Also, fees are often higher compared to money transfer services, making the latter a far better option.
International Money Orders
You can only use international money orders to send money to the Dominican Republic from the United States. The service is available via the US Postal Service, which works with Banco Providencial. There are only 44 payment locations in the Dominican Republic, and a $49.65 issuing fee involved. Money transfer services aren't only more affordable but also a faster and no-hassle way to send money.
What Do You Need to Send Money to the Dominican Republic?
Anti-money laundering laws require following a strict process when sending money to the Dominican Republic. The idea is to ensure everything is by the book, so you'll need the following documents:
Valid personal info. Most services will ask for a valid government-issued ID with a photo.
Accurate recipient info. Their full name as in government-issued IDs, and other information such as IBAN or SWIFT, depending on the provider.
Transaction reference number. Issued by the provider after finalizing the transaction, as the receiver might need it to collect the money.
Additional documents. If the service requires and depending on the amount being transferred, you might need documents to prove how you got the money.
What Are the Ways of Receiving Money in the Dominican Republic?
Besides the options above, senders can use the airtime top-up to send money to a prepaid mobile number in the Dominican Republic. As for the standard transfer methods, you can choose from home delivery, location pickup, and bank deposits.
Location Pick Up
It requires going to a specified collection point with a valid ID to collect the funds. Most money transfer services supporting this option have hundreds of agent locations throughout the Dominican Republic.
Direct Bank Deposits
It requires giving the sender info about IBAN and similar information. The receiver then gets funds directly to their bank account in the Dominican Republic. Most banks send a notification when the money becomes available, making this a convenient method offered by most money transfer providers.
Having an agent taking the money to their doorstep, at-home cash delivery is a convenient option for receivers. However, additional fees are likely to be imposed for this transfer method.
What Do You Need to Receive Money in the Dominican Republic?
Receivers most often need the following documents to pick up the funds:
A valid ID. A government-issued document within the expiration date.
A bank account ready for international transactions. Necessary for all money transfer options, except those involving cash delivery or location pickup.
Completing a receiving form. Some services, such as Western Union, will require the receiver's signature on a form to collect the money.
Top Money Transfer Providers to Send Money to the Dominican Republic
XE Money Transfer – Best for Sending Money to Dominican Republic Overall
XE Money Transfer can be used to send funds to the Dominican Republic from dozens of countries, at favorable rates compared to the competition. The registration process is simple, and you'll find useful tools like a money converter and cash transfer tips to help ensure everything goes smoothly.
3 Steps to Start Using the Provider
Step 1: Visit the XE Money Transfer website.
Step 2: Register an account and check the rates.
Step 3: If you agree with the offer, complete the transaction.
Remitly, Western Union, Azimo
WorldRemit – Best for Different Transfer Options
WorldRemit allows sending money to the Dominican Republic from over 50 countries. It supports a wide range of payment methods—from Apple Pay and Sofort to debit and credit cards— and works with reputable institutions like Banreservas, Banco Promerica, and Banco BHD Leon. You can use it to send money to mobile numbers in the Dominican Republic through Orange and Viva.
3 Steps to Start Using the Provider
Step 1: Head to the WorldRemit website and pick the desired parameters.
Step 2: Check the fees and confirm the settings are correct.
Step 3: Register an account to finalize the transfer.
TransferGo, Remitly, TorFX
Ria Money Transfer – Best for Various Delivery Options
Ria Money Transfer recently launched a revolutionized design that simplifies transactions. They maintain high service quality and various delivery options to the Dominican Republic, including bank account transfer, cash pick-up, and delivery to a desired address.
3 Steps to Start Using the Provider
Step 1: Use the Ria Money Transfer site to check the rates and supported countries to send money to the Dominican Republic.
Step 2: Sign up for an account and adjust the transaction parameters.
Step 3: Complete the transaction.
VertoFX, Remitly, Western Union
What Are the Fastest Ways to Send Money to the Dominican Republic?
Those who need to send money to the Dominican Republic quickly will be happy to know that some international cash transfer services are capable of transferring funds to this country in minutes. However, you might need to be ready for additional charges to compensate for the service speed. Here are the top options to use when in a hurry!
Depending on the operator, you might need to choose between Standard and Express delivery. The latter ensures sending funds is almost instant and rarely takes over 30 minutes. There could be limitations on the available payment methods, but credit and debit cards should have you covered.
What Is the Cheapest Way to Send Money to the Dominican Republic?
These platforms take a different approach from fast money transfer services. Although they might take more time, the focus is on ensuring the lowest fees for the users. Some patience would be necessary, but you'll appreciate the low fees offered by the following platforms!
Sending money to the Dominican Republic shouldn't take more than several business days. Even the cheapest money transfer services will aim to complete the transactions quickly. Apart from low fees, many platforms are ready to offer incentives, such as no fees on the first transfer.
What Is the Safest Way to Send Money to the Dominican Republic?
While all the services we recommended are reliable, licensed, and secure, some platforms go the extra mile and provide extra safety options. Check out the list below if transaction speed and cost are irrelevant, and your primary consideration is safety.
The basics of security lie in compliance with different standards and regulations. That includes international laws, as well as internet safety standards. These platforms implement anti-fraud technologies, and you can count on their intuitive apps to track transfers and reliable customer support that helps resolve any issue that might arise.
What Are the Best Apps to Send Money to the Dominican Republic?
Available on any Android- or iOS-based device, such as tablets, smartphones, etc. dedicated money transfer apps are far more intuitive than using web browsers to make a transaction. Here's a selection of platforms with the best apps to send money to the Dominican Republic!
The above money sending apps don’t take up much room on a mobile device. They work glitch- and crash-free, with intuitive menus and an easy-to-navigate interface whilst offering the same features compared to the desktop versions of the service.
Things to Consider When Sending Money to the Dominican Republic
Sending money to the Dominican Republic is available in the country’s native currency – Dominican Pesos (DOP), and some platforms might allow EUR or USD under varying conditions. Check out the additional factors to consider when sending funds to this country!
Taking money laundering seriously, the government in the Dominican Republic adopted a New Law with an Anti-money Laundering and Terrorist Financing Act. Here's an overview of authorities relevant to money transfers in the country:
Central Bank of the Dominican Republic – the official regulator of the monetary and banking system in the country.
Superintendency of Banks – regulates and supervises the banking sector of the financial industry in the Dominican Republic.
Financial Analysis Unit – oversees and reports suspicious transactions to relevant authorities.
How Much You Are Sending Abroad
A critical thing to note is that it's necessary for receivers to report transactions over DOP 10,000 to the UAF, supporting them with documents that prove the money's origin. It’s recommended to report transactions as soon as possible, with the deadline being ten days from receiving them.
Depending on the provider the sender uses, it might be necessary to deliver additional documents for large transfers. Banks might request salary reports, property sale proof, and other documents that show how the sender got the money they want to transfer to the Dominican Republic.
The Cost of Money Transfers
Money transfer fees depend on the platform, payment method, and the sum you are sending. Some operators offer benefits like no fees on the first transfer or a reward program that provides incentives when frequently sending money. If you use debit and credit cards, third parties like payment providers might charge additional fees. Finally, some money transfer operators are ready to waive their fees if you transfer large sums.
Payment Type and Reason for the Transfer
While most transfers to the Dominican Republic are personal transactions, you could also choose business transfers. The general rule is that these aren't available with all money transfer services, and with those who offer them, you'll need to pass a detailed check to register an account due to international regulations being more demanding for these types of transfers.
Safety and Security of the Provider
The recommendations in this guide are licensed by relevant authorities and comply with corresponding laws and regulations. Apart from licenses, it's important the provider has internet security measures implemented. That includes transaction encryption, compliance to store your personal info safely, etc. A large number of positive reviews from previous customers makes the platform more trustworthy, so it's another thing to check before choosing the right provider for your needs.
Tax Regulations in the Dominican Republic
The sender won't have to pay any taxes when sending money to the Dominican Republic. As for the receiver, they might be subject to income tax. The tax rates are from 15% for anything between DOP 416,220 and DOP 624,329 to 20% for amounts 624,329 and 867,123. The taxes don't depend on the method used but rather on the sum received. Some exemptions exist, but it's best for the receivers to discuss them with a tax professional.