Madrid, Spain.- The Reserve Bank unveiled a technological initiative at the 2024 International Tourism Fair (Fitur), designed to facilitate remittance transfers for Dominicans residing in Europe to their family members in the Dominican Republic.
The newly introduced Remesas Reservas application, in collaboration with the international shipping company Monty, enables the Dominican diaspora and foreigners in Europe to send remittances seamlessly from their mobile phones. Utilizing Banreservas as the payment bank, users can send funds to their families and friends without the need to travel or endure long waiting lines.
Samuel Pereyra, the General Administrator of Banreservas, emphasized the bank’s dedication to financial inclusion. He stated that the Remesas Reservas application aligns with the bank’s commitment to responsible banking, providing access to financial services for all Dominicans, regardless of their circumstances or location.
As the largest bank in assets within the country and the first Dominican bank in Europe, the Reserve Bank aims to contribute to the economic well-being of Dominicans with this service, instilling confidence and convenience for users in sending remittances to their loved ones.
Key benefits of the Remesas Reservas application include enhanced security, quick transaction processing, user-friendly interface with a simple step-by-step process, real-time transaction tracking, and notifications on shipment status. Users will have access to over 300 offices nationwide for cash collection, along with more than 1,500 ATMs and subagents for remittance collection through their Banreservas debit cards.
Additional advantages encompass the flexibility to send remittances in both dollars and Dominican pesos, competitive exchange rates, and various options such as credit to account or over-the-counter payments. The application ensures convenience and accessibility, allowing users to send remittances anytime and from anywhere.
Looking ahead, Banreservas plans to introduce the application in the United States in partnership with UniTeller. This expansion will offer Dominicans in the U.S. the opportunity to send remittances to their loved ones through Banreservas, either with immediate account credits or over-the-counter payments.
Remittances
In terms of remittances in the Dominican Republic, the United States and Spain held the highest share, contributing 84.5% and 5.9%, respectively, in 2023. The Central Bank reported that in the period from January to December 2023, the Dominican Republic received US$10,057 million in remittances, marking a 3% increase from 2022. The total number of transactions reached 34.3 million, surpassing the previous year by 3.4%.
