Send money to the Dominican Republic from Australia to take hold of a niche opportunity.
The Dominican Republic has seen well over the 5% margin in its year on year growth over the past few years and latest GDP almost at USD$70 billion. Total merchandise trade, total imports, and exports, between the two countries came in at around A$41 million in the latest trade reports. Australia has invested around A$2million in the Dominican Republic and imported A$1 million in services to the country.
The Australian Department of Foreign Affairs and Trade reports that, “despite the modest nature of two-way trade, Australian companies are taking advantage of niche opportunities to provide professional services throughout the region.” There is a focus to increase the positioning of Australian companies in the Dominican Republic to best utilise emerging opportunities.
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Banks versus money transfer companies
Jerry and his wife, Amanda, own a successful supplier company in the mining sector. After some research on expanding operations overseas, the couple has decided that the Caribbean will be the next setup area for a distribution channel.
Amanda had the responsibility to look at emergency cash transfer options and pickup points in the capital, Santo Domingo and some other main cities which are listed below. They both used 1,000 AUD for their comparisons and Jerry’s findings can be seen below.
|Money transfer company A||Bank/ Money transfer company B|
|Exchange rate||1 AUD = 32.95091 DOP||1 AUD = 31.62453 DOP|
|Transfer fee||10 AUD||50 AUD|
|Amount of DOP received in the Dominican Republic for 1,000 AUD||32,950.91 DOP||31,624.53 DOP|
|Transfer time||2 days||Minutes|
|Transfer options||Online, phone||Agent|
|Difference in DOP||+1326.38 DOP||-1326.38 DOP|
How do I compare transfer companies when transferring money between the Dominican Republic and Australia?
- Exchange rates. When comparing exchange rates, take note that the rates are subject to change in a short amount of time. Therefore, compare the narrowed down list of companies at the last possible moment that you are deciding which to choose for the final step.
- Pickup methods. Cash pickups can be sent to an agent location or in some cases to a home address. If money is sent to a bank account in a foreign currency it can save costs but create delays in sending time.
- Fees. Fees range between variables like time, method and minimum or maximum amounts. Remember that low fees aren’t everything if it means sacrificing time, beneficial exchange rates, and customer service.
- Bank to bank benefits. There are no clear indicators of bank to bank benefits between the two countries, and although Citibank notes its reach into the Dominican Republic, it doesn’t list exact benefits. Read through the basic benefits of having an account with Citibank and whether it can be used with another personal account that is yours in the Dominican Republic.
- Turnaround time. Turnaround times for the available services range from minutes to days. Cash pickups are your best bet when it comes to emergency transfers.
- Transfer methods. If you don’t have a lot of flexibility in time, agent or phone options will be difficult. Look out for companies that allow you to not only book on the phone or through an agent, but also online with a personal account.
- Transfer options. The companies below range between the following options: regular payments, once-off payments, market orders, and forward contracts.
- Minimum/maximum transfer amounts. Most minimum amounts for the companies listed are around 250 AUD or less. Although a company can have a 0 AUD minimum, keep in mind that it might also have a lower maximum and a limit on what you can send per day.
- Customer service. The companies below have a track record of supportive customer service and making the process of sending money more user-friendly. It is advised to get on a phone or visit an agent location when you are extremely uncomfortable with the process and let customer service help you through it.
How will Jerry and Amanda send money to the Dominican Republic?
- Money transfer service - Jerry and Amanda can use Compass Global Markets, Moneygram, Western Union, World First Foreign Exchange and Xpress to send money to an agent for cash pickup or to a bank account in the Dominican Republic.
- Banks - Citibank supports the DOP currency and can send money to an individual’s bank account in the Dominican Republic.
- Paypal - This service can be used to send money to the Dominican Republic in supported currencies like the USD that will need to be taken to a local exchange bureau to be exchanged for the local DOP as USD are not accepted everywhere.
How can you receive money from the Dominican Republic in Australia?
Jerry and Amanda can send capital gains or excess money back to Australia using Paypal and the money transfer services mentioned above. They will either need to take cash to one of the agent locations specified below in the article or do an online transaction with an online account and pay with a Mastercard or Visa card.
What are the options for emergency cash transfers in the Dominican Republic?
Emergency cash transfers can be important in the Dominican Republic for the couple for two reasons. The first is for any unexpected business needs that arise whilst Jerry and Amanda are setting up operations in the surrounding areas of Santo Domingo and for which a recurring payment will take too long to solve.
The second reason is for cases of theft or crime where money or other valuable items are stolen from the couple and inhibits their daily life in the Dominican Republic. To cover these two potential situations, Amanda has identified that Moneygram, Western Union, and Xpress Money can help them and receive cash transfers in Santo Domingo and other main cities in the Dominican Republic. Below are the locations for picking up cash at agent locations from these companies.
Cash pickup locations in Madagascar if you are using MoneyGram, Western Union and Xpress Money
- Banco Multiple Vimenca C Por
Av Abraham Lincoln Esq J F Ke
Agora Mall, Santo Domingo, Dn
Monday to Friday 9am to 9pm
Saturday 9am to 6pm, Sunday 9am to 2pm
- Banco Multiple Vimenca Sa
Ave. Lope De Vega Esq. Rafael
Ens. Naco, Distrito Nacional, Santo Domingo
Monday to Friday 8am to 6pm
Saturday 9am to 1pm, closed on Sundays
- Repuestos Roan Srl
Calle Juan Brito Esq. Tomasa C
Bayahibe, La Romana
Monday to Saturday 8am to 8pm, closed on Sundays
- Banco Popular Domincano, Santo Domingo
KM 8 1/2 Carretera Mella, Santo Domingo
Sunday to Friday 9am to 5pm, Saturday 9am to 1pm
- Banco Del Progreso, Santo Domingo
Av George Washington No 500 Santo Domingo
Monday to Friday 8am to 5pm, Saturday 8am to 2pm
- Banco Del Progreso, La RomanaFidelite
Marina Chavn Casa De Campo La Romana 22000 8095237070 Monday to Friday 7:30am to 5pm Monday to Sunday, 9am to 5pm, Sunday 9am to 1pm
- BanReservas-Isabel La Catolica Br
Calle Isabel la Catolica Num 201 Isabel La Catolica
Santo Domingo, Distrito Nacional, Dominican Republic
Monday to Friday 8am to 5pm, Saturday 9am to 1pm,
- BanReservas - Centro de Caja Plaza Lama La Romana Br
Calle Francisco Richiez esq. Fray Juan Utrera, La Romana
Distrito Nacional, Dominican Republic
Monday to Friday 8am to 5pm, Saturday 9am to 1pm
Read this tips for smooth sailing cash pickups in the Dominican Republic
Reported crime is classified as high in the Dominican Republic and it is advised to never travel alone when collecting cash from an agent location. There aren’t high margins of difference in the areas where crime and violence take place, and there are reports of outbursts in popular areas.
It will be important that Amanda doesn’t travel alone as reports show female travellers and foreigners to be pestered by small petty crimes and are occasionally seriously hurt. When picking up cash, stick to populated and professional areas and choose private transport over public where possible. As long as there is more than one person going to pick up the cash and engaging in the activity discreetly, it should be relatively safe.
What do you need to do or have to send and receive money between the Dominican Republic and Australia?
When you are going to pick up cash at an agent location, you will need to take along your photo ID that is government issued or another of government issued identification, as well as the tracking or reference number. A copy or original of the receipt of the transaction can also be handy. If you are going to send the money to a bank account, you will need the following:
- Bank details, which includes the SWIFT BIC details, branch, and address of the bank
- The recipient’s bank account number and basic details
- The supported currency and amount you want to send
If you would like to send money to an individual that will do a cash pickup, you will need the following with you:
- Details of the recipient in the form of identification
- Address of the agent location
- Correct amount and currency that you would like to send
- A copy of the receipt to send to the recipient