Hi, I'm having a problem with opening a USD bank account in the DR that will be used for a U.S. agency to deposit my grandmothers retirement payments. Long story short the back says they need a letter form the U.S. agency to open the account in USD. Now the problem is that the bank cant tell me the form or letter needed, they just say its a letter they need. The bank says the letter is given out by Social Security office in the U.S. but my grandma is not receiving any SS benefits, its her retirement form a U.S. agency. I'm curious if anyone has any information regarding this "carta". Any help would be appreciated. Thanks
- Thread starter ren65amg
- Start date
Direct Deposit Question
I imagine they are looking for proof of income. Ask them if copies of her last few checks will suffice. If not, write the letter yourself, email a copy to her plan administrator, and ask them to sign and return it to you.
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What they want is something in their files that shows they took reasonable care to confirm the transactions. This gives them protection from money laundering problems. They will accept any document from the US agency as long as the LETTERHEAD shows the provider of the funds. The letterhead is the key. They will not read the letter anyway.
They just need a letter that says they will wire the retairment check of your mother mothly, as she is foreigner. Make sure they use an oficial page from de agency and stamp the letter. Every foreigner that try o open a bank account here they make an investigation and usually takes arround 1 month the process. The letter will just make it easy for you and for them to open the account because is part of the internal procedures for the bank when is a foreigner that is opening a bank account.
only for non registered foreigners.
Foreigners who have their Residency,
just show up with their cedula and open as many accounts as they wish,
in Dollars, Euros, Pesos, checking and/or savings accounts etc.
my partner opened his bank accounts with Banco Popular with his passport, before he received his residency/cedula, which was in process at that time.
they asked for the letter from the homebank,
the homebank(in Austria) knew what letter that is(i cant tell you how it's named or so, but the banks know what form to fill in for a foreign bank on such case), and Banco Popular was fine with that and cleared the accounts to be used from there on.
i can not comment on US-american specific rules, as i have no knowledge about their banking rules/requirements for their citizens abroad. by reading thru different topics lately, it sounds that you have to fill in every year a form, which is something like your Tax-Declaration(sorry, i don't know how it's exactly named/spelled), which you have to fill in/proceed even that your income is well below the Tax-Free-Margin of yearly earnings.
Mike
nope.
when you send USDollars to a dominican Bank USDollars account,
then you can take USDollars cash out from that account and do with them what ever you want.
i do it all the time, completely hassle free.
and when i take out dollars from a dollar account ere, i do not exchange them into pesos at a Bank,
i bring them to my money exchange Banca where i get a well higher exchange rate.
there is no currency convertion when sending dollars to a dollar account, and you can withdraw us-dollars of course from your dollar account here.
Mike