DolEx Dollar Express
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Disadvantages
0 users would recommend it
0 users wouldn’t recommend it
Most of their operations and services are focused in the United States, Spain, and Puerto Rico, and that’s where they have set up most of the retail locations. DolEx, in general, offers things like Installment Loans, Check Cashing, Bill Payment, Money Orders, Prepaid Calling Cards, Domestic Cellular, Travel Services or Tax Preparation. So as you can see, there is a great variety of services.
In order to send the payment via DolEx, you need to create an account on their online platform or go to your local DolEx retail location and get the most recent information about their operations and order your money transfer there.
Judging by the location of their facilities and supported trade routes, it seems like it’s best to use the service when handling the payments in South America countries. The webpage has an additional Spanish translation, and the company offers services mainly in countries such as Brazil, Colombia, Ecuador, Mexico, or Peru, just to name a few.
DolEx doesn’t provide transparent pricing for their services. However, by testing the costs while using their online money transfer widget, the transaction fees seem to range from $4.99 to $14.99 and depend on the country and the money amount.
There is no official information about a potential margin on fees when exchanging the money through DolEx. However, after researching their exchange offers, the rate seems to be, on average, 6% more expensive than the market ones.
You can send online up to $1,000 per transaction per day. If you wish to send a bigger amount, you need to contact DolEx and visit their local facility to set up the deal. The minimum amount is not officially disclosed. However, it is set at around $20, as you get notified about it when trying to order a smaller payment via their online tool.
With slow transfers and unfavorable exchange rates, the platform doesn’t win the race against mainstream banks, as adding up the total costs, the services are very similar in prices. Moreover, in this case, banks and well established financial institutions seem to be more reliable to handle your money internationally.
In order to open a new account, you need to get a unique invitation code. Either another user can send it to you, or you can contact your local agent to give you access to the registration panel. If you have a code or if the platform doesn’t temporarily restrict taking new users, visit DolEx official website and click on the “register” button next to the login panel. Fill out all of your information, set up a strong password, and enter a verification code that you will get on your email. You will then be able to order international payments online.
The company is fully regulated and needs to comply with international laws and regulations when it comes to handling your money. This also means that you will need to undergo a verification process to secure the transaction. The company also does its campaign to warn users about online frauds, phishing attempts, and various scams that accompany online money transfers.
On their official site, you can find the information that:
“Because of its money transfer activities, the Financial Crimes Enforcement Network (“FinCEN”) classifies DolEx® as both a Financial Institution and a Money Services Business (“MSB”). Among many other requirements, FinCEN mandates that DolEx develop and adopt a risk-based, anti-money laundering (“AML”) compliance program.”
The company seems to go unnoticed in mainstream media or on social networks, as there isn’t much information about them online.
There isn't much information about the company, which can be found online, as most of the users are sending their money through different providers. Also, DolEx scales their services and markets their offer mostly for the Latin American region, so there aren’t many international comments and reviews.
Therefore, it’s better to proceed with caution and visit your local DolEx agent to discuss the details and get the most reliable information. Also, you can’t be sure about the quality of this money transfer, as there doesn’t seem to be many reviews or customers that tested it for you.
You can call their phone number or reach them through email for any inquiries. They have branches in few countries like Spain or USA so you can check if there is support established to support your language for more accessible communication.
With a restricted user registration and limited operations, DolEx doesn’t seem like the first and most reliable choice for someone looking for an easy way to send money online internationally. There is little to no information about the company online, and their lack of transparency is not a good sign. There aren’t any reviews or comments available, which is unusual for any company present online. The sole design of their platform is quite weak and doesn’t encourage the potential user to use their services, and the exchange rates are significantly higher than the market ones.
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