How to send money to the Dominican Republic
Discover how to make a money transfer to the Dominican Republic with the best providers with these 4 steps
1. Check the DOP mid-market rate against the currency you want to send
Even though the currency market is impossible to predict, it never hurts to stay on top of it to maximize how much you will receive against your sending currency. You should take advantage smart alerts to stay updated about the evolution of the mid-market.
2. Compare 10 companies sending money to the Dominican Republic and select the best option.
There are 10 providers to transfer money to the Dominican Republic, such as TransferWise, Western Union, MoneyGram, Xendpay, Azimo. Selecting the most competitive company from the list is a sure way to save money.
3. Choose the best option for your needs
Do you want to transfer money to the Dominican Republic at the lowest total cost, with the fastest option or with the best rated provider?
Another important aspect is to consider the payment solution and pay-out options. Most of the time you'll have providers giving you the option to send the money from your bank account, some will also allow you to pay with your debit and credit cards. At the other end, in Dominican Republic, choose if you need the amount in DOP to be transferred to your recipient's account or be available for cash pick-up.
4. Sign up and start your transfer to the Dominican Republic with the service you selected
Now, simply register on the money transfer provider's homepage (you most of the time have to provide documents to prove your identity), and provide the details of 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