As part of the International Tourism Fair (Fitur 2024), Banco de Reservas launched a technological initiative that will allow thousands of Dominicans residing in Europe to send remittances to their relatives and associates in the Dominican Republic easily, quickly, and securely.
The new Remesas Reservas app, which operates in conjunction with the international shipping company Monty, is available to the Dominican diaspora and foreigners residing in Europe, who will be able to send remittances to their relatives and associates from their mobile phones, using Banreservas as the paying bank, without having to travel or stand in line.
The general manager of Banreservas, Samuel Pereyra, reiterated the bank's commitment to financial inclusion and expressed that this application is part of the efforts being made in favor of responsible banking and access to financial services for all Dominicans, regardless of their condition or where they are located.
“Banco de Reservas—the largest bank in the country in terms of assets and the leading Dominican bank in Europe—hopes to contribute to the economy and the well-being of all Dominicans with this new service, offering users confidence and convenience when sending remittances to their loved ones,” he concluded.
Benefits
The Financial Institution's Remittance Business Division reported that the application's benefits include security, speed, ease of use through a simple step-by-step process, online transaction tracking, and notifications of the status of shipments.
APP Remesas Reservas users will also have access to more than 300 offices nationwide for over-the-counter collections and more than 1,500 ATMs and sub-agents to collect remittances using their Banreservas debit card.
Other advantages of this application include: sending in dollars and Dominican pesos, competitive commission and exchange rate, sending remittances with account credit or over-the-counter payment, convenience and availability to send remittances from anywhere and at any time.
Soon, Banreservas will launch this Remesas Reservas app in the United States in partnership with UniTeller, offering Dominicans in that country the opportunity to send remittances to their families, with Banreservas acting as their paying bank, through immediate account credits or over-the-counter payments, thus extending this innovative and useful service.
Dominican remittances
The countries with the highest participation in sending remittances to the national territory, for 2023, were the United States and Spain, with 84.5% and 5.9% participation, respectively.
According to figures from the Central Bank, from January to December 2023, the Dominican Republic received US$10.057 billion, exceeding the 2022 figure by more than 3%. Last year, 34.3 million transactions were processed, surpassing the 2022 figure by 3.4%.
