subject: Know The Statistics Before You Send Money To The Dominican Republic [print this page] In 2007 alone, nearly $3 million was sent to this country, which is the most in at least a decade. Of course, those figures have climbed since that year. Over 1.5 million people from this area live in another country, which clearly creates a need to easily transfer money back home to assist relatives. Many leave the nation to find work elsewhere, often in the United States, but do not forget about their family while they are away.
Despite the fact that the United States also suffers from loss of jobs, it appears that the Dominican Republic is worse off considering that many come here to find work. Remittances to the area make up about ten percent of the country's GDP, which can clearly reduce the general poverty level of the area. In fact, about 60 percent of the remittances tend to go toward families who are lower class. In many cases, the ability for overseas family members to send money to Dominican Republic allows families to survive financially.
Not surprisingly, Mexico receives the highest number of remittances in Latin America. This is evident just by the amount of services in the United States that allow customers to send money there absolutely free. The countries with the next highest remittance numbers are Brazil and Columbia. The Dominican Republic comes next on the list, and considering the number of countries in Latin America, this is no small feat.
There are several methods that immigrants use to send money to Dominican Republic. Many people stick to the traditional methods of money transfer services and banks to remit money. However, newer technology allows people to send money to Dominican Republic faster and cheaper than ever. A prepaid debit card is one example of a recently popular way to remit money home.
Of course, you are encouraged to compare the fees and transfer times of the available methods before you choose one. What works best for one person might not work well for another. Getting money to your family in the Dominican Republic quickly and for few fees is the most important part of the procedure.
by: Peter Frampton
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