DolEx has been providing money transfers for decades. The provider specializes in transferring money to 35 countries and focuses on transfers in Latin America. However, the company does not provide online transfers in some locations. You can initiate transfers if you are near its 2000 US agent locations. So, if you’re looking for a money transfer provider that offers vast network of online services, you can check and compare the services of several companies through our provider reviews section.
The following DolEx reviews define how the company works and how you can utilise their money transfer service. We included pertinent information that you need to know about this provider to help you determine whether its best for your money transfer needs.
About DolEx Money Transfer Service
DolEx as a money transfer service provider is regulated and authorised to carry out money transfers. The company complies with international laws and regulation concerning how to handle your funds. This means you will have to undergo a verification process when utilising this provider. In fact, the company has a campaign that warns users regarding online frauds and several scams that involves money transfers.
Moreover, DolEx operations and services are focus on certain countries such as the US, Puerto Rico, and Spain which is where they have most of their retail shops set up. They also offer several products and services such as payment solutions, money orders, and several varieties of services.
DolEx Rates and Transfer Fees
One thing about DolEx is that they do not provide transparent fees for their services. However, you can check for the fees by testing their transfer widget. As per research, the fee ranges from $4.99 to $14.99 which will depend on the country concerned and the amount. Ideally, to get the exact costs of your transaction, you have to go to a DolEx retail agent location and figure out how much is the exchange rate of the currency that you wish to transfer. Generally, the rates, fees and transfer limits will be based on the location concerned and the currency pair.
DolEx Exchange Rate
We cannot find any official details about the exact margin that the company incurs when utilising their money transfer service. However, after thorough research, we figure out that the provider imposes an average of 6% margin on top of the rates offered. This is quite high and expensive as compared than the market rate.
DolEx allows you to send online a maximum of $1,000 per transaction daily. If you need to send a bigger amount, you have to get in touch with them or visit one of their retail agent facility to negotiate for the transaction. Additionally, they do not divulge the minimum amount that you can transfer. But we figured out that it is around $20 when trying to utilise their online widget and transferring smaller than this amount.
DolEx claims to serve over 35 countries in more than 50,000 locations across the globe. However, it seems that they focus on transfers to Latin America which includes Mexico, Ecuador and Peru.
DolEx Vs. Wire Transfer and Banks
As compared to mainstream banks, DolEx does not offer the same speed and competitive rates. Nevertheless, when initiating transfers and looking at the entire costs, you’ll see a similar value though. Furthermore, banks are well-founded institutions, thus it may appear to be more secured to handle your international money transfer transaction.
The Pros and Cons
- Advantageous if you’re transferring to Latin America as they specialize transfers to this location including Mexico and other 35 countries
- Its website does not contain much information
- Their exchange rates and fees are not fixed so you have to check the costs before you transfer
- There are better online services that offer transparent fees
- There is limited information about the company
How To Register
To open up a new account with DolEx, you have to get an invitation code. Another user can send it to you or you can get in touch with a local agent. Once you get a code of when the platform allows you access to the registration panel, you can visit the website and register. Complete the essential details and set up a strong password. Enter the verification code that is sent in your email to start initiating your international payments.
Sending Money With DolEx
You can send money through their platform or you can visit one of their retail or agent locations. How you can initiate or send funds will depend on the network. The ideal way is to call or get in touch with them so you can find our ahead of time what other documents or requirements they need. However, most transfers require a valid ID and your recipient’s bank account details.
DolEx Money Transfer Review Summary
With a limited registration of users and inadequate operations, DolEx doesn’t look like a secure and reliable choice if you’re looking for an efficient way to transfer money online and internationally. Unlike the other money transfer service provider, you cannot find broad details as the services that DolEx provides. The lack of transparency about this provider isn’t a good sign. Besides, you cannot find a lot of comments or reviews from users or customers. The design used in their platform is somehow unconvincing and not appealing. Also, the exchange rates and services they provide are not that great as compared to the other money transfer service providers.
Frequently Asked Questions
Is DolEx safe and reliable?
The company conveys full regulations and compliance following the laws and regulations in handling funds and carrying transfers. However, there are limited details that you can find about this provider.
How can I reach DolEx customer support?
You can call DolEx customer support over the phone or through email if you have any inquiries. They also have branches in few countries such as in Spain or the USA.
What should I do before transferring money with DolEx?
You have to confirm the total costs and find out if there are any fees, as well as the exact exchange rates before initiating your transfer.