Banking

Then all I would have to figure out is how to get $ from my US account to a DR account.

And wires in US dollars - coming into a Peso account - they will screw you on the exchange rate!

So US$ to a US$ account and withdraw in pesos?

Us to US then  withdraw your US money and get it changed to pesos!! Much better exchange rates outside the banks.

If you use any ATM machines you only get pesos. YOu have to go into the branch to withdraw US dollars.

Got it, thanks!  That means I have to go INTO the bank?  If that experience is anything like ours, OH MY!

Yes and you quickly learn,  Never go in on a Monday, a Friday a Saturday or the day before or after payday!!!!

Here you do your "business"  Tuesdays and Thursdays between 9:30 to noon and 2:00 - 3:30, when everything closes.  And avoid the beginning and end of month which is payday.  So seems I've got THAT one down already. LOL

You fit in already!!!

Seems like island living is the same everywhere!

Yes transfer USD from the US to your USD account here. No problem and very easy.  Like I said we use a check from our checking account in the US to deposit into our USD account here then withdraw as we need it and change to pesos. 

Bob K

How long does it take a US check to clear?  Here it can take up to 6 weeks!

Used to be that way at my bank and it was ridiculous.  I even showed my bank that the check had cleared and the money was in their bank but they held to 30 working days.

New rule is 1/2 of the funds are available in 5 working days and the rest in 20 working days. A big improvement. And since I am transferring 3 months of expenses at a time no longer a big deal.

Bob K

Really good point to make Bob,  it takes a long time and you need to plan ahead. 

Wire transfers need to be planned as well.  Under  US 10,000 is about  48 to 72 hours. Over  US 10,000 is held up and can  take up to 8 working days. IT is ridiculous.

Yeah, thank you to the worlds money launderers! 

So true!!!!  BUT also there are no standards on this here so banks can keep your cash and sit on it until they are good and ready.

Even showing them that they had the money the still keep it to use for a month before you get to use your own money.

Also remember with wire transfers there is a fee at both ends.

If you travel back to the states at all then bring cash back with you (up to $10,000 )

Bob K

Yes, bringing cash seems the easiest.  We usually head to the US for short trips to see family a couple times a year.  Thanks for the help again!