SANTO DOMINGO –Sending money from Spain to the Dominican Republic will now be cheaper and easier for thousands of Dominicans abroad. Banreservas and CaixaBank have renewed their remittance agreement, establishing a fixed commission of just one euro per transfer and preferential exchange rates, both when sending and receiving funds in the country.
The measure seeks to facilitate a process that is part of the daily life of a community that exceeds 300,000 people in Spain and sends more than 800 million dollars a year to the Dominican economy, a figure that represents about 6.9% of the foreign currency circulating in the local market.
The agreement was signed by the CEO of Banreservas, Leonardo Aguilera, and Felipe Oriol, global director of Multilateral and Financial Institutions at CaixaBank, as part of a relationship that both entities have maintained since 2007.
How money transfers work
Dominicans residing in Spain who are CaixaBank customers can send money from a physical branch or through the bank's digital banking platform, using its mobile app or online banking service. The transfer incurs a fixed fee of one euro per transaction, regardless of the amount sent, and offers access to preferential exchange rates.
On the Dominican side, Banreservas guarantees extensive coverage for receiving remittances thanks to its network of over 300 branches, hundreds of banking sub-agents, and alternative channels distributed throughout the country. Funds can be withdrawn in cash or credited directly to a bank account.
In addition, Banreservas offers specific products such as the Remittance Savings Account, which facilitates the management of received money and promotes the banking of beneficiaries.
What a Dominican sender should know
- Where you can send from:
You can send from any CaixaBank branch in Spain or through their digital banking, using the mobile app or the online banking platform. - How much does it cost?
The fee is fixed: €1 per transfer, regardless of the amount. In addition, preferential exchange rates are applied compared to other traditional services. - How the money arrives in the Dominican Republic:
The beneficiary can withdraw it in cash at any Banreservas office or sub-agent; receive it directly into their bank account; or manage it through products such as the Remittance Savings Account. - How fast is it:
The system is designed so that funds are available in a short time, under a formal, secure and traceable banking scheme. - Why it's more convenient:
Many remittance services combine a commission with a markup on the exchange rate. Here, the cost is clear and low from the start, reducing the overall expense of sending money. - What impact does it have:
Each remittance not only helps a family, but also strengthens the flow of foreign currency to the Dominican economy, which in 2025 exceeded US$10.78 billion in remittance income.
A direct impact on the Dominican economy
Remittances are one of the pillars of the country's economic stability. As of November 2025, the Central Bank reported accumulated income of more than US$10.78 billion in family remittances, consolidating them as one of the main sources of foreign exchange alongside tourism and exports.
The CEO of Banreservas, Leonardo Aguilera, highlighted that this agreement guarantees faster, safer and cheaper shipments, which translates into direct benefits for Dominican families who depend on these resources to cover basic expenses, education, health and housing.
An agreement designed for a key community
Nearly 40% of Dominicans residing in Spain are CaixaBank customers, making it a strategic partner for the Dominican financial system. CaixaBank is the leading bank in Spain, with over 20 million customers, a network of nearly 4,000 branches, and a presence in more than 2,200 municipalities, in addition to one of the most robust digital banking platforms in Europe.
For Banreservas, the alliance reinforces its role as the main channel for remittances to the country and as an institution that facilitates the financial link between the Dominican diaspora and the national economy. The bank also has a representative office in Madrid that provides direct assistance to the Dominican community residing in Spain.
More than just a low commission, a stable financial bridge
The one-euro fee not only represents a direct saving compared to other traditional money transfer methods, but also makes this agreement one of the most competitive alternatives on the market. In many remittance services, the total cost can be high due to variable fees and exchange rate margins, something this agreement aims to structurally reduce.
With this renewal, Banreservas and CaixaBank strengthen a financial bridge that not only moves money, but also sustains the economy of thousands of Dominican households and consolidates a strategic relationship between Spain and the Dominican Republic based on trust, efficiency and stability.
