Sending money to the Dominican Republic for a real estate investment is a straightforward process, but it requires careful steps to ensure the transaction is secure and prompt. The most commonly used method is an international bank transfer via the SWIFT network.
Steps for a SWIFT Transfer:
1. Obtain the recipient’s bank details: Make sure you have the bank name, beneficiary’s name, account number, and especially the SWIFT code of the bank.
2. Check the fees: Each bank applies fees for international transfers. Check with your bank to know the costs involved and any exchange rates that may apply.
3. Fill out the transfer order: When completing the transfer order, clearly indicate the amount, currency, and full beneficiary details. In the “Payment purpose” section, state that it is for a real estate investment in the Dominican Republic.
4. Keep a proof of the transfer: Once the transfer is completed, keep a copy of the transfer order for your records. This proof may be required during the final stages of the property purchase.
Important Note: These steps can vary depending on the bank and country. Always seek advice and assistance from your bank before making any transaction. Remember, an investment involves commitment, so ensure you fully understand the conditions before proceeding.
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