we are zeroing in on the problem......
In more than one financial institution I have had to swear no USA affiliation
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Opening a Bank Account. Mucho Problemo!
we are zeroing in on the problem......
In more than one financial institution I have had to swear no USA affiliation
I think the main part of this problem is not having residency. If you have a Cedula, it's relatively easy to open a bank account. If you don't, then it's hard, and it's probably going to become much harder. As has been said many many times on DR1, if you're intending to live here and have bank accounts, cars, property, then you need to get residency.
Let me spell frustration, inability, ineptness and stupidity in one single phrase; Dominican banking/Dominican Financial Institutions.
These folks have the ability to make a mountain out of nothing. Yes, the IRS and Uncle Sam have made it a torture, yes drug money and laundering are part of it but, most of it, its plain stupidity on these people managing the banks.
These people can not get pass the simple fact that US Passport numbers would change every time a new/replacement passport is issued. Do not try to make sense of them pass that point, stupidity at its best!
These folks have the ability to make a mountain out of nothing. Yes, the IRS and Uncle Sam have made it a torture, yes drug money and laundering are part of it but, most of it, its plain stupidity on these people managing the banks.
These people can not get pass the simple fact that US Passport numbers would change every time a new/replacement passport is issued. Do not try to make sense of them pass that point, stupidity at its best!
In my opinion the 4th world standard of banking in the Dominican Republic will be the downfall of the country and one reason why people launder money in the first place, because the DR males it so hard to legally move legally earned money.
I opened my Ban Reservas in about an hour, peso account, but it is now locked (Don't take a vacation). Well I was only using it for food and utilities but it's a hassle to go back to unlock.
Many landlords in DR only deal in folding cash, dollars mainly - wonder why ? So the banking system makes it easier to avoid paying DR taxes when people deal in cash since it's way too hard to track.
But of course in DR sometimes it is guilty until you prove you are innocent - with a lot of grief
I opened my Ban Reservas in about an hour, peso account, but it is now locked (Don't take a vacation). Well I was only using it for food and utilities but it's a hassle to go back to unlock.
Many landlords in DR only deal in folding cash, dollars mainly - wonder why ? So the banking system makes it easier to avoid paying DR taxes when people deal in cash since it's way too hard to track.
But of course in DR sometimes it is guilty until you prove you are innocent - with a lot of grief
When we opened our joint account at POP Scotiabank all they required from me was a letter of introduction from our Scotiabank Manager in Nova Scotia. After that we had tea (provided by Scotiabank) and the account was opened. A no brainer; tea was good as well.
I openned by bank acct at BHD IN 2010 , both a dollar acct and a peso acct. All I had was a pay statement and showed them my online acct at RBC with a healthy balance. Opened and active in about 3 hours. I used my passport as I wasn't a resident. When I received my residency my wife and I went into the bank and had the accts registered under my cedula. None of this was an issue as my wife already had accts there. The acct was never frozen even though I only used for about 3 weeks for two years. I was regularly deposited money so perhaps that counts as being active. My wife is also known to be pretty demanding at wanting to know about justification for every peso they took for a fee, so maybe they treated me with kidgloves. All I know is I get treated very well at the bank, by tellers and bankers.
I opened my account corresponding from abroad where I also had a Scotia account with letters from my Scotia account there and my bank in UK.
They are so customer friendly in DR.
I am from the states, don't have residency and have had my dollars account at Ban Reservas for 11 years. At one point because of the pressures from the states I had to go into an office and sign a doc. (about 5 years ago I think).
When I actually had to physically go into a branch office I thought about opening an account at BHD or Santa Cruz but now I almost never have to enter a branch and if I do have the need I know a branch here in Santiago and also one in the capital that almost never have a line.
F.Y.I. Wells Fargo in the states has what is called a remittance service where I can send monies to myself to a BHD branch office for about $7.00 U.S. - You have to physically be in a Wells Fargo branch office the first time you send the $$.
When I actually had to physically go into a branch office I thought about opening an account at BHD or Santa Cruz but now I almost never have to enter a branch and if I do have the need I know a branch here in Santiago and also one in the capital that almost never have a line.
F.Y.I. Wells Fargo in the states has what is called a remittance service where I can send monies to myself to a BHD branch office for about $7.00 U.S. - You have to physically be in a Wells Fargo branch office the first time you send the $$.
Like any of the others .... it seems to depend.
Yes, I have had an easy time at Progreso.... but I was introduced....
Find someone to refer you. if you can
Yes, I have had an easy time at Progreso.... but I was introduced....
Find someone to refer you. if you can
That is true. They are trying to keep the money laundering to a minimum. I was told to get a Dominican to open the account with you.
Naturally enough , the criticism here is aimed at DR banks.
Try the Cayman Islands these days - or Bermuda....
the hurdle is higher everywhere you go...
especially for non-residents in the two I cite above..
My challenge came to me after more than 20 yrs as a client....
a non-resident was what raised the flag
Not a DR bank.....different country altogether
Try the Cayman Islands these days - or Bermuda....
the hurdle is higher everywhere you go...
especially for non-residents in the two I cite above..
My challenge came to me after more than 20 yrs as a client....
a non-resident was what raised the flag
Not a DR bank.....different country altogether
Yes, that is all that is required. A RD Wife does the trick!
Like I said a letter from your Bank Manager in a previous location is also appreciated.
....yes a Dominican wife makes a BIG difference... but like I said if you dont need a bank ,dont play with those people......
Banreservas is the worst
Hi,
first of all; Banreservas is the worst of all banks. All Government salary's are handled with this Bank and therefor closed to a million people are "forced" to open an account there. Hardly any Dominican that is not affiliated to the Government want even considering open an account there. Around the 25th of each month, when Gov. Salary's are paid there are literately hundreds of people in line and this makes banking possible. To open a new account; Popular is the worst and BHD the Best. Easiest way is to go with somebody that already has a BHD Account and visit together his Branch and Representative.
Hi,
first of all; Banreservas is the worst of all banks. All Government salary's are handled with this Bank and therefor closed to a million people are "forced" to open an account there. Hardly any Dominican that is not affiliated to the Government want even considering open an account there. Around the 25th of each month, when Gov. Salary's are paid there are literately hundreds of people in line and this makes banking possible. To open a new account; Popular is the worst and BHD the Best. Easiest way is to go with somebody that already has a BHD Account and visit together his Branch and Representative.
I opened a bank account when I came here and didn't have a problem (banreserva). My mother lives in Belgium, only comes here on holiday and opened a bank account with banreserva without a problem 2 years ago. And a friend of hers who came here on holiday twice also opened a bank account with banreserva 6 months ago. Both of them don't have residencia or anything.
Ah, and maybe a small hint for the people who live in Puerto Plata and have to do something in Banreserva: the banreserva close to parque central is always busy, lot of people, lot of waiting
-> I always go to the banreserva in Playa Dorada, almost never people there, went there this morning and I was in and out in less then 10 minutes.
Ah, and maybe a small hint for the people who live in Puerto Plata and have to do something in Banreserva: the banreserva close to parque central is always busy, lot of people, lot of waiting
-> I always go to the banreserva in Playa Dorada, almost never people there, went there this morning and I was in and out in less then 10 minutes.
After 6 months inactivity they charge you a monthly 100 pesos fee. If you have two accounts just move 1 dollar or 50 pesos between the two accounts, once per month, using internet banking.
Exactly what I am doing only each 5 months.
We are not living in DR yet and we come and stay for a max of 3 weeks at a time. In 2015 we opened our DOP and US accounts at BSC Sosua branch in an hour or so. They were asking only for a recommendation letter from one of our other banks in Canada and sure enough the passports. ATM cards came in later (2 weeks) from Santo Domingo and we actually picked them up at the Sosua branch next trip we had to Sosua (after 6 months if I remember right). I used only once the debit card as a VISA for some online thing and was pleasantly surprised when someone from BSC called my cell in Canada, asking me if it was me indeed that used the card online.