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Dominican Republic is a country located in the Caribbean region. It has the largest economy in both the Central America and Caribbean regions. Earnings from tourism services and remittances have helped the Dominican Republic build a decent amount of foreign exchange reserve. In 2015, the country received over $5 billion as foreign remittances and in multiple currencies. The country’s remittance inflow has been experiencing significant growth year on year. Approximately 70 percent of that amount was sent from the United States alone.
Today, technology has made it easy and fast to send money online from one’s home – with just a few clicks. This convenience, however, cannot be taken for granted because one still needs to be mindful of human errors and fees. Below are some common mistakes people can make when sending money to the Dominican Republic. By avoiding them, you can ensure that everything will go as planned.
Your Recipient’s Details Are Wrong
Some senders do not check their recipient’s details before confirming the transaction. For example, the name could be spelt wrong, there are missing digits in the account number, or there was an extra zero in the final sum. As you can see, these are all expensive mistakes that one can make. One should not treat online remittances as store purchases because the refund processes can be more complicated. Once a transfer has been received, you will generally have to contact the stranger who received your money and work out a return transfer with him or her, if the individual agrees at all.
You Send Via Standard Bank Currency Conversion Rates
The currency conversion rate standard bank accounts are not favorable. They can eat into your transfer. One should only consider using their bank’s currency conversion rate if there is a special deal going on or they own a special currency conversion account. Most banks do not give great rates when it comes to online money transfers. One may need to pay between two and four percent on top of their transfer amount. It’s rare to get mid-market or inter-bank rates.
Always Funding Transfers with Your Credit Card
Today, one can fund his or her online money transfer transactions with their debit card, bank account, or credit card. In addition to that, many individuals have the habit of linking their credit card with a wide array of financial services. Yes, this option is convenient and can get the job done quickly. One, however, should take note of the possible fees that their credit card company charges on top of their transfer amount.
In many cases, a more affordable option is to fund one’s transfer via his or her debit card. This is an option that we recommend at Sharemoney. By choosing this method, one can avoid the usual credit card fees and the process is equally fast and easy as well.
Need to send money online to your loved ones in the Dominican Republic? You will be pleased to know that there is a wide range of cash pickup locations that allow your recipients to collect the money with exceptional ease!
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