How to Pay for Property in the Dominican Republic from Abroad: Deposits, Escrow, FX & Closing

Quick answer

Currency & rail: most Dominican property deals are priced in USD. Pay the deposit and completion funds via SWIFT to an attorney’s client (escrow) account using the exact wording in your paperwork. If part of the budget must be spent locally in pesos, decide where conversion happens (pre-convert vs on-shore at the beneficiary bank) and write down the expected net amount in the closing email thread.

What to do first: ask your attorney for a one-page payment instruction that names the escrow holder, the bank details, the currency/charge type (SHA or OUR), and the precise reference text. Share this page with your sending bank before the first wire to avoid last-minute questions.

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Deal structure at a glance

Reservation / accepted offer. You receive wiring instructions to an attorney escrow account and the reference line for reconciliation.

Promesa de Venta (promissory contract). Locks the price, deposit, deadlines, and any conditions precedent (e.g., title checks, specific permits or documents).

Due diligence. Your attorney verifies title at the Registro de Títulos, checks liens and encumbrances, and, where relevant, confirms survey/demarcation items (e.g., deslinde for clear parcel boundaries).

Closing & handover. Funds are released from escrow once conditions are met and documents are executed; keys and possession are coordinated, and registration steps follow.

Why escrow matters

An attorney-held client account protects both sides: money sits in a regulated account until contractual triggers occur (document execution, clear title, agreed possession date). Ask for a written release protocol that states (1) who approves the release, (2) which documents trigger it, (3) what “value received” means (funds credited vs proof provided), and (4) how bank fees/shortfalls are handled if they appear between gross and net amounts.

Which rail to use and when

SWIFT in USD → USD settlement: the default when the price and statement are in USD. This minimizes conversion ambiguity and usually speeds reconciliation.

SWIFT in USD → on-shore DOP settlement: used when the seller or related parties need Dominican pesos. Confirm in writing the expected DOP net that must be available for taxes, utilities, HOA fees, or contractor payouts.

Pre-convert outside the DR: if you want full control of the FX rate, convert before dispatch (spot or forward) and wire in the exact settlement currency listed on the closing statement.

FX planning that protects your budget

Fixed closing date. Book a forward for that day and fund a USD balance ahead of time; wire early on closing morning.

Flexible window. Convert in 2–4 tranches as the date approaches to average the rate; keep confirmations in the deal folder.

Deposit + completion. Pre-convert and send the deposit early; hedge the remainder with a forward ladder aligned to the Promesa de Venta schedule.

What your bank expects to see

For large wires, banks need a compact, consistent document set. Build a single, indexed PDF before your first transfer that includes: (1) passport and proof of address (or company extract + beneficial ownership if you buy via a company); (2) Promesa de Venta/SPA and addenda; (3) escrow instructions + the release protocol; (4) source-of-funds evidence (salary + tax returns, dividends + board resolution, or asset-sale agreement + bank statements showing proceeds); (5) FX confirmations if you pre-converted; (6) attorney’s title/survey confirmations. Keep legal names, amounts and currency wording identical across documents and payment orders.

Cut-offs, timing and proofs

International settlement depends on your bank’s USD cut-offs, correspondent routing, and reviews. Transmit in the morning, avoid Friday evenings for Monday closings, and share your MT103 proof in the same thread as the contract and release protocol. If timing is tight, value funds the business day before closing and ask the escrow holder for a written receipt confirmation.

Taxes, fees and what to budget beyond the price

Expect additional items on the closing statement such as notary and registration fees, local taxes/charges, courier and certification costs, and banking/FX expenses. Ask your attorney to consolidate them into one page listing: the currency for each line, who pays bank/FX costs, the expected net amounts, and when each item must be funded. This avoids last-minute top-ups caused by fees or conversion differences.

Scenario mapping

New-build with staged calls. The developer issues call-off letters per milestone. Send each stage as a distinct transfer referencing the unit ID and stage name exactly as instructed; align your FX hedges with the schedule.

Resale with mortgage payoff. Funds value into attorney escrow; the payoff letter is executed; keys are released on confirmation. Use OUR charges if the closing statement requires the seller to receive the full USD amount.

Buyer paying from the EU/UK. Pre-convert EUR/GBP to USD at a transparent spread (or hedge with a forward), then send SWIFT in USD; keep proofs and FX confirms in one indexed PDF.

Co-buyers or company purchase. Ensure the escrow instructions name the paying entity; if shareholders fund from different accounts, coordinate a simple table showing who sends what and when, so the escrow holder can reconcile without delays.

Common mistakes — and fast fixes

Vague or missing references. Use the exact wording from the escrow instruction; do not improvise.

Late FX decisions. For fixed dates, lock a forward; for flexible timelines, tranche the conversions in advance.

Typos in names or account numbers. Copy-paste only from official letters; double-check with your attorney before sending.

Splitting funds without consent. Send separate transfers only if the closing statement instructs so; each transfer should carry a distinct reference.

Sending after cut-off. Transmit early and avoid weekend edges; if in doubt, value funds the day before and obtain a written receipt from escrow.

Checklist before you wire

1) Obtain a one-page escrow instruction and release protocol. 2) Confirm currency, rail and charge type in writing. 3) Prepare an indexed PDF with SPA/Promesa, SOF, FX confirms and title/survey checks. 4) Book forwards or plan tranches for FX. 5) Schedule transfers around cut-offs and holidays; send a pre-advice. 6) Share MT103 in the same thread and request written receipt confirmation from the escrow holder.

How we help

We map the payment path from deposit to keys: prepare bank-ready documents, validate beneficiary data, coordinate escrow releases, and plan FX so your budget and timeline hold. VelesClub Int., together with our partner UNIBROKER, supports secure international payments and end-to-end property completion workflows for the Dominican Republic and other destinations.