Cibao Express

What Cibao Express does

Cibao Express (legal name: Agente de Cambio Cibao Express S.A., "ACCE") is a Dominican Republic-licensed remittance and foreign exchange operator founded in 1987/1988 and headquartered in Santiago, Dominican Republic. The company delivers four core services: cross-border remittance send/receive between the United States, Europe, and South America and the Dominican Republic; banking service payments; basic utility bill payments; and foreign currency exchange for individuals and corporates. The distribution model is primarily physical: owned branch offices in Santiago and Santo Domingo, payment points in New York, New Jersey, and Rhode Island, plus a correspondent network of more than 30 partners spanning 52 US states, 9 European countries (Spain, Italy, Switzerland, the Netherlands, France, Belgium, Greece, Germany, and England), and 4 South American countries (Chile, Peru, Argentina, and Ecuador).

The underlying technology stack is a remittance processing and FX platform with a layered automated AML compliance system rather than a modern digital or mobile-first product. The compliance layer — operated since 2021 as a dedicated AML Division ("División AML") — runs KYC procedures, transaction monitoring filtering all transactions by name, phone number, and address for structuring patterns, OFAC SDN list screening, SAR/CTR filing, agent/employee training programs, and annual independent audits by North American firms. No mobile app, no public API, and no AI/ML components are disclosed; distribution is supplemented only by a corporate website (cibaoexpress.com), phone lines, and in-person service windows.

The business model is purely transactional. Revenue is generated through take-rate fees on remittance transfers, spreads on foreign currency exchange (corporate, retail, and exchange-market segments), and small fees on bill-payment transactions. Pricing is described as competitive and intermediary-free but not publicly itemized. The company is privately held with no disclosed institutional shareholders, no funding rounds, and no public revenue figure; it publishes audited financial statements for years 2019–2025. Strategic banking partnerships with Banco BHD, Banco Unión, and money-transfer partner Small World underpin the correspondent network.

Name

Cibao Express

Legal name

Agente de Cambio Cibao Express S.A.

Website

https://cibaoexpress.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

1–10 employees

Short description

Cibao Express is a Dominican Republic-licensed remittance and foreign exchange operator founded in 1988, serving the Dominican diaspora across the US, Europe, and South America through physical branches and 30+ correspondent partners. It generates transaction-fee revenue from cross-border remittances, FX, and bill payments.

Ownership category

akta.pro rank

Product category

Remittance and Currency Exchange Services

NAICS

Commercial Banking (52211)

akta.pro primary industry

Cash-in/Cash-out (CICO) Agent Networks (FSAMAOAB)

Keywords

• International remittance services
• Currency exchange services
• Money transfer services
• Bill payment services
• Anti-money laundering compliance

Headquarters

HQ city

Santo Domingo

HQ country

Dominican Republic

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Remittance Services: Fees charged for sending and receiving remittances between the US, Europe, and South America to the Dominican Republic. Services include money transfer, currency exchange, and payment services.
2. Foreign Exchange: Currency exchange services for individuals and corporations, providing competitive rates by eliminating intermediaries. Operating across corporate, exchange, and retail market segments.
3. Banking Services Payments: Banking service payments and basic utility bill payment services for customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Cibao Express is a remittance and foreign exchange services company that enables the sending and receiving of money transfers between the Dominican Republic and a network of 30+ correspondents across the United States, 9 European countries, and 4 South American countries. In addition to remittances, the company offers banking service payments, basic utility bill payments, and foreign currency exchange at competitive rates, supported by an automated AML compliance program.

Product overview

Cibao Express operates as a unified remittance and currency exchange platform offering four core services: remittance sending and receiving, bank service payments, utility payments, and foreign currency exchange. The company also provides an AML compliance division as a supporting module. Services are delivered through physical payment points across 52 U.S. states, 4 South American countries (Chile, Peru, Argentina, Ecuador), and 9 European countries (Spain, Italy, Switzerland, Netherlands, France, Belgium, Greece, Germany, England), with operations licensed by the Superintendent of Banks of the Dominican Republic.

Differentiator

Problem solved

Functional benefit

Products and services

• Remittance Sending and Receiving (Envío y recepción de Remesas)

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Small WorldcoreStrategic or Co-development PartnerMoney transfer services partner shown in the strategic partners section. Enables international money transfer capabilities across the network.

Scale indicators6 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Western Union: Western Union is the global incumbent in cross-border money transfer with extensive DR payout coverage. It competes with Cibao Express on the DR corridor both as a direct sender and as a potential upstream correspondent, while offering a much wider global product portfolio.
• Xoom (PayPal): Xoom is PayPal's international money transfer service with strong DR payout coverage. It directly competes with Cibao Express on the US-to-DR corridor and benefits from PayPal's broader wallet ecosystem.
• MoneyGram: MoneyGram is a global money transfer operator with strong Latin America and Caribbean payout coverage. It overlaps directly with Cibao Express's US-to-DR remittance flow and competes on FX and speed of payout.

Direct peers

• Wise: Wise (formerly TransferWise) offers low-cost cross-border transfers to the Dominican Republic with mid-market FX rates. It targets the same US and European diaspora senders and competes on price transparency and digital experience.
• Remitly: Remitly is a digital-first remittance platform serving the Dominican Republic corridor from the US and Europe. It competes head-on for the same sender-side customers and pressures Cibao Express's retail agent-based pricing model.
• Small World Money Transfer: Small World is a cross-border remittance operator with strong Europe-to-Latin America flows. It is already a strategic partner of Cibao Express and competes as well as collaborates on the European-to-DR corridor.
• Envios de Valores La Nacional: La Nacional is a Dominican agente de cambio offering remittance and currency exchange services primarily from the US to the DR. It is a direct local competitor with overlapping correspondent network and product set.
• Dolex: Dolex is a long-standing DR-focused remittance and currency exchange agente de cambio, headquartered in the Dominican Republic. It directly competes with Cibao Express for the same Dominican diaspora remittance and FX flows from the US and Europe.

Emerging players

• Sendwave: Sendwave is a mobile-first remittance app expanding into Latin America and the Caribbean corridors. It targets younger diaspora senders with low-cost digital transfers and represents an emerging threat to Cibao Express's retail customer base.

Regional players

• Caribbean Express (Quisqueyana): Quisqueyana / Caribbean Express is a Dominican-rooted remittance agent serving the US-to-DR corridor. It directly competes for the same diaspora customer base with overlapping physical payout and correspondent models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks2 records

Key highlights6 records

Customer concentration

• Xx.com/cibaoexpressrd
• LinkedInlinkedin.com/company/cibao-express

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cibao Express