How to pay Chinese suppliers from the Dominican Republic
To pay a Chinese supplier from the Dominican Republic, buy US dollars from a bank or exchange agent, or use dollars already held in a dollar savings account or a USD account abroad, and send them by SWIFT to the supplier. The Monetary and Financial Law sets a free exchange market with free convertibility of the peso, so no central bank approval is needed. This guide covers the rules, the routes, published bank charges, the tax on electronic transfers, the documents and the facts on agents and crypto.
- The Monetary and Financial Law 183-02 establishes the free convertibility of the Dominican peso, and exchange operations take place in a free market through authorized financial intermediaries and exchange agents.
- Multiple banks may take savings and time deposits in foreign currency, and the US government's Country Commercial Guide states that there are no local checking accounts in US dollars and that most Dominican companies maintain dollar accounts abroad.
- Law 30-26 raised the tax on cheques and electronic transfers from 0.15% to 0.20% from 3 July 2026, and Diario Libre lists international transfers among the cases where it does not apply.
- Citibank's trade tariff in the Dominican Republic lists 0.5% with a US$500 minimum for negotiation or sight payment of an import letter of credit, and 0.37% with a US$1,000 minimum for a documentary collection, before taxes.
- The Country Commercial Guide lists supplier credit and documentary letters of credit, including standby letters of credit, among the common payment methods.
- The Banco Central de la República Dominicana has stated that crypto assets are not legal tender and that regulated financial institutions are not authorized to use or transact in them.
How to pay a Chinese supplier from the Dominican Republic: the short answer
A Dominican company can buy and send US dollars without central bank approval. Law 183-02, the Ley Monetaria y Financiera, establishes the free convertibility of the peso (RD$) and provides that the Banco Central de la República Dominicana (BCRD), the central bank, cannot require exchange operations to go through it. The company buys dollars from its bank or an exchange agent, or uses dollars it already holds, and the bank sends them by SWIFT to the supplier's account in China or Hong Kong. SWIFT is the international messaging network banks use for cross-border payments.
The usual sequence for an order from China is:
- Agree the price, the payment terms and the Incoterm with the supplier, and get a proforma invoice. An Incoterm is a standard trade term, such as FOB or CIF, that sets who pays freight and insurance.
- Compare dollar quotes from your bank and authorized exchange agents if you are paying from pesos.
- Pay the deposit by SWIFT from the company's account, quoting the proforma invoice number.
- Pay the balance against a copy of the bill of lading, the document the shipping line issues when it receives the goods.
- Clear the goods with Dominican customs on a declaration whose value matches the invoice.
- Keep the payment confirmations with the invoice and customs file for each order.
This guide covers the Dominican side of each step. For the supplier's side, such as how Chinese factories invoice and why many ask to be paid in Hong Kong, see our general guide on how to pay suppliers in China.
BCRD rules: a free exchange market
The exchange regime section of Law 183-02 provides that monetary and financial operations take place under free market conditions. Only authorized financial intermediaries and exchange agents (agentes de cambio) may intermediate foreign exchange. The Monetary Board (Junta Monetaria), the body above the BCRD that sets banking and financial rules by resolution, may temporarily limit short-term foreign capital inflows, for no more than one year at a time. That is a power held in reserve, not a standing control on import payments.
| Activity for an importer | What applies | What it means |
|---|---|---|
| Buying dollars to pay a supplier | Free convertibility; rates set in the private market by each bank or exchange agent | Compare quotes before you buy |
| Holding dollars at a Dominican bank | Multiple banks may take savings and time deposits in foreign currency; demand deposits are in pesos | Pay from a dollar savings account, subject to the bank's transfer limits |
| Holding dollars abroad | No standing restriction in the law; most Dominican companies maintain dollar accounts abroad | A company can pay suppliers from an account abroad in its own name |
| Exchange rate | The peso floats against the dollar | The rate on the day you buy dollars changes the peso cost of the order |
| Supervision | Financial intermediaries are supervised by the Superintendencia de Bancos | Buy dollars only from authorized banks and exchange agents |
Sources: Ley Monetaria y Financiera No. 183-02, exchange regime and multiple banks sections; International Trade Administration, Dominican Republic Country Commercial Guide, Trade Financing (last published 17 March 2026), as published on 29 October 2026.
Multiple banks (bancos múltiples) are the full-service commercial banks. Because the Country Commercial Guide states that there are no local checking accounts in US dollars, a company that pays suppliers often should ask its bank how many transfers it can send from a dollar savings account and at what cost.
How the money reaches a Chinese supplier
Most Chinese suppliers invoice in US dollars, and many invoice through a Hong Kong trading company with a Hong Kong bank account. A Dominican importer pays in one of the ways below. Whichever route you use, pay the company named as seller on the invoice.
| Supplier asks for | How you pay from the Dominican Republic | What to check |
|---|---|---|
| USD to a Hong Kong company account | SWIFT transfer from a dollar savings account, with dollars bought from your bank, or from a USD account abroad | The Hong Kong company is the seller on the invoice |
| USD to a mainland China account | SWIFT transfer from a Dominican bank or a USD account abroad | The supplier's bank checks the contract and invoice before it credits the funds |
| Chinese yuan (CNY) to a mainland account | Ask your bank whether it sends yuan and at what rate | Compare the yuan quote with the dollar route |
| Letter of credit, including standby | Your bank issues the credit; the supplier is paid against documents or on demand under a standby | Documents must match the credit exactly |
| Documentary collection | Banks release the shipping documents to you against payment | The supplier carries more risk than under a credit |
Routes as described in this guide; payment methods from the International Trade Administration; supplier-side checks from PNC Bank, as published on 29 October 2026.
Paying from a dollar account
A company that earns dollars, for example from exports, free zone operations or tourism, can pay suppliers from those dollars without converting pesos on the day of payment. A dollar savings account at a Dominican bank sends the payment through the bank's correspondent in the United States, a bank that holds dollars for the Dominican bank and passes the payment on. A USD account abroad sends it directly. Our guide to a USD business account in the Dominican Republic compares the account types.
What the supplier's bank checks
China manages foreign exchange through the State Administration of Foreign Exchange (SAFE). As summarized by PNC Bank, the supplier's bank verifies each receipt against documents such as the contract, invoice and customs declaration, and the remitter and beneficiary must be the parties to the contract. A payment from a company that is not the buyer on the contract can be held while the bank asks questions.
Deposit, balance and payment terms
The payment term decides when dollars leave the company and what you hold in return. Dominican rules do not set the term, so it is a commercial choice.
| Term | How it works | Point to watch |
|---|---|---|
| Advance payment (deposit) | You pay part of the order before production, often 30% | You carry the risk until the goods ship |
| Balance against bill of lading copy | You pay the rest once the goods have shipped | Check that shipper, consignee and goods match the invoice |
| Supplier credit | The supplier ships first and you pay later | Listed among common payment methods in the Country Commercial Guide |
| Documentary letter of credit | Your bank promises to pay the supplier when it presents documents that match the credit | Bank commissions apply; discrepancies delay payment |
| Standby letter of credit | Your bank pays the supplier only if you fail to pay under the agreed terms | Lets the supplier ship on open terms with a bank guarantee behind them |
| Documentary collection | Banks exchange the shipping documents for your payment, without a bank promise | The supplier carries more risk than under a credit |
Payment methods from the International Trade Administration, Dominican Republic Country Commercial Guide, as published on 29 October 2026.
A letter of credit (LC) is a bank's written promise to pay the seller when it presents documents that comply with the credit's terms. A documentary collection sends the shipping documents through the banks, and you receive them only after you pay or accept a bill of exchange. A supplier that has not traded with you before may ask for an LC on the first order and accept deposit and balance on later orders.
What it costs: published charges and the transfer tax
Each Dominican bank publishes its own tariff. The table shows Citibank's published trade charges in the Dominican Republic, as an example of the items to budget for when you use a letter of credit or collection. Amounts are in US dollars and applicable taxes are not included.
| Item | Published charge |
|---|---|
| Import LC, issuance | Consult relationship manager, minimum US$1,000 |
| Import LC, amendment to text | US$500 |
| Import LC, negotiation or sight payment | 0.5% per negotiation, minimum US$500 |
| Import LC, fund transfer | US$50 |
| Import LC, SWIFT message | US$75 |
| Documentary collection | 0.37%, minimum US$1,000 |
| Direct collection | 0.25%, minimum US$500 |
Source: Citibank N.A. Dominican Republic, Tarifario Trade, updated November 2024 and effective December 2024, as published on 29 October 2026. Taxes not included. Other banks set their own charges.
On a US$40,000 order paid by sight LC, 0.5% is US$200, so the US$500 minimum applies to the payment, on top of at least US$1,000 to issue the credit, plus US$50 for the fund transfer and US$75 for SWIFT. The published charges come to at least US$1,625. For a regular supplier paid by deposit and balance, ask your bank for its fee per outgoing transfer; Citibank's account tariff lists an optional monthly fee of US$55 for sending international transfers.
The tax on electronic transfers
Law 30-26 raised the tax on cheques and electronic transfers from 0.15% to 0.20% from 3 July 2026. Diario Libre reports that it applies to transfers to third-party accounts inside and outside the bank, and lists international transfers and transfers between accounts of the same holder among the cases where it does not apply. A SWIFT payment to a supplier abroad is an international transfer. Moving dollars from the company's own account at one Dominican bank to its own account at another is a transfer between accounts of the same holder.
Two costs sit outside the tariff. The first is the exchange rate at which the bank or exchange agent sells you dollars. The second is correspondent bank charges on the way to China. Send SWIFT payments with the charge code OUR, which means you pay all transfer fees and the supplier receives the full invoice amount. SHA shares the fees, and BEN puts them all on the supplier.
Documents that tie the payment to the goods
The bank, customs and the supplier's bank each match the same facts: the buyer, the supplier, the invoice and the value. Keep them identical across every document.
| Stage | Document | Issued by |
|---|---|---|
| Company file | RNC certificate; Registro Mercantil certificate; bylaws; identity documents of signatories | DGII; chamber of commerce |
| Before ordering | Proforma invoice; supplier's full legal name and bank details in writing | Supplier |
| Each payment | Transfer instruction quoting the invoice; SWIFT confirmation (MT103) | Importer and bank |
| After shipment | Bill of lading, commercial invoice, packing list | Carrier and supplier |
| Clearance | Customs declaration with the customs value | Importer or customs broker |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and product. As published on 29 October 2026.
The RNC (Registro Nacional de Contribuyentes) is the taxpayer registration number issued by the DGII (Dirección General de Impuestos Internos), the tax authority. The Registro Mercantil is the commercial register kept by the chambers of commerce. The MT103 is the standard SWIFT message for a customer transfer and is the supplier's proof that the money left your bank. Keep the invoice number identical on the transfer, the commercial invoice and the customs declaration.
Agents, crypto and other routes: the facts
Some importers pay through an agent who collects pesos in the Dominican Republic and pays the supplier from an account abroad, or through a stablecoin seller. The facts below are what an importer should weigh.
- Only authorized intermediaries may deal in foreign exchange. Law 183-02 limits foreign exchange intermediation to authorized financial intermediaries and exchange agents.
- A local peso transfer to an agent is taxed. Diario Libre reports that the 0.20% tax applies to transfers to third-party accounts, while international transfers are among the cases where it does not apply.
- Crypto assets are not a means of payment. The BCRD has stated that crypto assets have no legal tender status, are not authorized by the Monetary Board for use as payment, and that no one is obliged to accept them for goods or services.
- Banks may not deal in them. The BCRD added that regulated financial institutions are not authorized to use or transact in crypto assets, and that anyone acquiring them does so at their own risk.
- Crypto is not foreign currency. In a technical ruling of 16 September 2024, the DGII stated that crypto assets are not considered foreign currency under the exchange regime.
- The supplier's bank may query it. China's rules expect the payer to be the party on the contract.
Where Helm fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm serves companies registered in the Dominican Republic. A Helm account gives your company USD account details in its own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments.
For a Dominican business that buys from China, it works like this:
- Pay suppliers in USD. Send international payments by SWIFT from your company's own account to the supplier's USD account in China or Hong Kong, with the rate, fee and expected arrival shown before you send.
- A dollar account with payment features. The account sends and receives dollar payments in the company's name, alongside the peso and dollar savings accounts the company keeps in the Dominican Republic.
- Use dollars you collect. Receipts from buyers in the United States can arrive by ACH or Fedwire and be used to pay suppliers.
- Stablecoins. The account can receive USDC or USDT and convert them to USD. Given the BCRD's position, a Dominican company should take advice before using that feature.
- Finance the order. Trade finance, such as supplier finance and working capital, is arranged case by case.
Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
A checklist for paying a Chinese supplier from the Dominican Republic
- Decide whether you will pay from a dollar savings account, with dollars bought on the day, or from a USD account abroad.
- If you buy dollars, compare quotes from your bank and authorized exchange agents.
- Pay from the company that is the buyer, to the seller named on the invoice.
- Send each payment by SWIFT with charges set to OUR, quoting the invoice number.
- Pay the balance against a copy of the bill of lading, or use a letter of credit for a new supplier.
- Ask your bank for its fee per outgoing transfer and any limits on transfers from a savings account.
- Avoid settling with local agents in pesos; besides the risks, a transfer to a third party bears the 0.20% tax.
- File each MT103 with the invoice and customs declaration for the order.
For how other importers organize supplier payments, see the importers page.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I pay a Chinese supplier from the Dominican Republic?
Buy US dollars from your bank or an authorized exchange agent, or use dollars you already hold, and send them by SWIFT to the seller named on the invoice. The peso is freely convertible under Law 183-02, so no central bank approval is needed.
Does the Dominican Republic have exchange controls on import payments?
No standing controls. Law 183-02 establishes free convertibility of the peso and a free exchange market through authorized intermediaries and exchange agents. The Monetary Board may temporarily limit short-term capital inflows for up to one year at a time.
Can a Dominican company pay suppliers from a dollar account?
Yes. Multiple banks may take savings and time deposits in foreign currency, and the Country Commercial Guide notes that most Dominican companies also maintain dollar accounts abroad. Ask your bank about limits on transfers from a dollar savings account.
Is the 0.20% transfer tax charged on payments to China?
Diario Libre reports that Law 30-26 raised the tax on cheques and electronic transfers from 0.15% to 0.20% from 3 July 2026, and lists international transfers among the cases where it does not apply. Transfers to third-party accounts in the country are taxed.
What do Dominican banks charge for an import letter of credit?
Each bank publishes its own tariff. Citibank's trade tariff in the Dominican Republic lists a minimum of US$1,000 to issue an import LC, and 0.5% with a US$500 minimum for negotiation or sight payment, plus US$75 for SWIFT, before taxes.
What payment terms do Dominican importers use with Chinese suppliers?
The Country Commercial Guide lists supplier credit and documentary letters of credit, including standby letters of credit, among the common payment methods. Many importers also pay a deposit before production and the balance against the bill of lading.
Can I pay a Chinese supplier in yuan from the Dominican Republic?
It depends on your bank. Ask whether it sends Chinese yuan and at what rate, and compare the total with paying in dollars, which most Chinese suppliers accept.
Can I pay a Chinese supplier with USDT from the Dominican Republic?
The BCRD has stated that crypto assets are not legal tender, are not authorized as a means of payment, and that regulated financial institutions may not use or transact in them. Take legal and tax advice before paying for goods with a stablecoin.
Are stablecoins foreign currency in the Dominican Republic?
No. In a technical ruling of 16 September 2024, the DGII stated that crypto assets are not considered foreign currency under the exchange regime, and that commissions earned in digital assets are taxable income once converted to fiat currency.
Why does my Chinese supplier want payment to a Hong Kong account?
Many Chinese factories sell through a Hong Kong trading company that holds a Hong Kong bank account. Make sure the Hong Kong company is the seller on the invoice, so the payment, the invoice and the customs declaration match.
References
- Ley Monetaria y Financiera No. 183-02 (Dominican Republic)
- International Trade Administration: Dominican Republic Country Commercial Guide, Trade Financing
- Diario Libre: Transferencias bancarias, cuándo aplica y cuándo no el impuesto (2 July 2026)
- Citibank N.A. Dominican Republic: Tarifario Trade (November 2024)
- Citibank N.A. Dominican Republic: Tarifario Vigente, August 2026
- Diario Libre: Banco Central, criptomonedas no están autorizadas como medios de pago en el país (30 September 2021)
- DGII: Consulta 31, Criptomonedas (16 September 2024)
- PNC Bank: Navigating China's regulations on foreign exchange for goods trade
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.