How to send money to the Dominican Republic
Find out how to transfer money to the Dominican Republic at the lowest cost in 4 easy steps
1. Check the DOP mid-market rate against your sending currency
Even though the evolution of the currency market is unforseeable, it is a good idea to keep an eye on it so that you can optimize how much you (or your recipient) receives after the currency exchange. Track the evolution of the Dominican peso mid-market and make your transfer when the exchange rate reaches your target level.
2. Compare the 10 money transfer providers sending money to the Dominican Republic and select the best provider.
Our comparison engine lists 10 providers to make money transfers to the Dominican Republic, such as TransferWise, Western Union, MoneyGram, Xendpay, Azimo. Picking the right service from the list is the best way to save on fees and exchange rate.
3. Choose the best service for you
Based on which criteria will make your choice? The total cost, speed of transfer, number of positive evaluations? Consider the advantages and disadvantages before deciding which provider to use.
In addition, it is important to take into account the pay-in and pay-out methods. You can have money transfer services offering to you the option to transfer the money directly from your bank account, others will also give you the option to pay by credit and debit cards. On the recipient's side in Dominican Republic, select the right option, whether you need the amount in DOP to be transferred to your recipient's account or available for pick-up in cash at an agent location.
4. Sign up and get started wih your money transfer with the service of your choice
Visit the provider's website to complete the sign-up process (you usually have to provide documents to prove your identity), and get started with your transfer.
How to Send Money to the Dominican Republic
Thousands of people like you send money back to the Dominican Republic every week. With over two million Dominicans living outside the Dominican Republic, everyone needs an easy and inexpensive way to send pesos or dollars back home to benefit family, friends and others.
Banks in neither your adopted country nor the Dominican Republic have the best fees or exchange rates for converting money into pesos. That’s why it’s vital to compare all of your options for sending money back to the Dominican Republic so your pesos can go further. Whether you want to make a one-off currency transfer or you need to send money regularly, we can help you find the best options.
People from the Dominican Republic send around $6 billion back home each year, that’s an average of $3,000 each. Our research shows that most people overspend by up to five percent on their transfers, so using a lower-cost provider could save Dominicans up to $30 million collectively, or up to $150 individually, every year.
If you use a bank or PayPal to transfer money, you could easily overpay. We make it easy to compare the best-value options for money transfer, or select one of our recommended currency providers.
I Want to Transfer Money to the Dominican Republic, but Which Provider Should I Use?
There are plenty of options for sending money back to the Dominican Republic. Here on Monito we cover all the popular specialist money transfer providers and banks for converting your money into pesos and sending it home.
We know there are lots of ways to transfer currency to the Dominican Republic, which is why we compare all of the most popular options side-by-side so you can make an informed choice. The best money transfer provider for you will depend on several areas like the exchange rate they offer, how much you are sending, where you are sending from, the currency you are exchanging into pesos and several other factors.
We take all of those details into account when recommending the best way to send money to the Dominican Republic. We’ll help you find the fastest and cheapest ways to send money home. For example, we can tell you the best providers for sending money to the Dominican Republic from the US, Spain, Puerto Rico or Haiti.
The Cheapest and Best Ways to Send Pesos to the Dominican Republic
There are several good options for currency exchange, depending on how the person you’re sending money to wants to get access to their pesos.
Sending Less Than $300 in Pesos to a Bank Account in the Dominican Republic
If you want to send money to a bank account in the Dominican Republic, we recommend using a specialist currency provider. If you’re transferring under $300 or equivalent, your best options include WorldRemit, Transfast and Xoom. You can find links to them elsewhere on this page.
Sending More Than $300 in Pesos to a Bank Account in the Dominican Republic
If you’re sending more than $300, we recommend Pangea, Azimo and WorldRemit.
Banks that You Can Transfer Pesos to in the Dominican Republic
You can normally arrange to send pesos to any of the following banks: Central Bank of the Dominican Republic, Banco Popular Dominicano, Banco del Progreso, Banco Unión and BanReservas.
Cash Pick-Up Locations in the Dominican Republic
Some of these banks are also popular locations for picking up pesos that you have transferred. If the beneficiary wants to collect pesos as cash in the Dominican Republic without going through a bank, then providers like WorldRemit, Transfast or MoneyGram are good options.
If you have any questions about sending pesos to the Dominican Republic, we’re happy to help, get in touch with us now.
Save over 7,000 pesos a year when sending money to family, friends or businesses in the Dominican Republic