Opening a Bank Account. Mucho Problemo!

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botemon

Active member
Jun 28, 2008
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I post this in the North Coast Forum because this is where we live. I hope I got it right!!!

A little history. My wife and I are going on 11 years living here on the North Coast. We are on our 3 Perm Residencea and it is valid. My wife opened a bank account at Banreservas a bunch of years ago. I’m not gonna get into all the incompetence going on there. I mean if you don’t “use” your account even though it has a substantial amount of money deposited, they closed the account and kept the money!!! LOL!!! Well…after a few “hoops” to jump through all is well with that today. It was x-mas time…..you know?
Anyways, almost two months ago she made an attempt to open another account at Banco Popular (POP location at the square). She was provided with a very long list of things to provide them. She got all the stuff together and emailed attachments to the officer at the bank…at their request. Back and forth they have been going around and around for weeks and weeks. Each time they want something different or new, and even ask for the same stuff she already provided. Today she went to the bank in person, all original paperwork in hand, thinking that this officer may not know how to open an attachment from an email. Finally the officer asked for MORE paperwork, translated and notarized! Whats up with these people? Frustrated she left and said she will put her substantial amount of money someplace else. I don’t get it. I have heard folks here, in another thread someplace, say to try another branch….another bank. Grrrrrr.......I would appreciate your thoughts. Thanks!!!
 
Cdn_Gringo

Cdn_Gringo

Gold
Apr 29, 2014
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At home, I can walk into a bank and open an account in 20 minutes. Driver's license or a passport and something to verify my address.

Here it took 4 hours one day and 2 more hours the next to open a US Savings and Peso checking account. I don't understand why it is so complicated here, it just is. Making use of the accounts can also be taxing on one's patience. BanReserva used to cash the cheques I wrote to myself and deposited into my account the same day, but held the money for 30 days before making it available to me.

Many say Banco Santa Cruz is pretty good. For me, I have given up using my bank accounts. More fees than I could keep track of and a very inconsistent ability to use those funds when I wanted. Seemed to be more when they wanted.
 
J

ju10prd

On Vacation!
Nov 19, 2014
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Accountkiller
I read all these stories about problems opening bank accounts at local branches and it appears I have been very fortunate in my dealings with Scotiabank.

Try them.

Ring them at the given numbers below and ask to speak to someone in English and explain your needs.

http://www.scotiabank.com/do/es/0,,7113,00.html

The advantages of Scotiabank are the lack of queues for day to day banking compared to other banks, personal service and a secure bank backed up by the parent bank plus 20k daily withdrawal using ATM's. I hold both US dollar and peso accounts with Scotiabank.
 
caribmike

caribmike

Gold
Jul 9, 2009
6,808
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I have accounts at BPD, BR and BHD. None of them was a problem to open. Some paperwork, yes but nothing extraordinary.

Could it be that they make it more complicated for US citizens than for Europeans because of US rules?
 
lifeisgreat

lifeisgreat

Enjoying Life
May 7, 2016
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botemon said:
I post this in the North Coast Forum because this is where we live. I hope I got it right!!!

A little history. My wife and I are going on 11 years living here on the North Coast. We are on our 3 Perm Residencea and it is valid. My wife opened a bank account at Banreservas a bunch of years ago. I’m not gonna get into all the incompetence going on there. I mean if you don’t “use” your account even though it has a substantial amount of money deposited, they closed the account and kept the money!!! LOL!!! Well…after a few “hoops” to jump through all is well with that today. It was x-mas time…..you know?
Anyways, almost two months ago she made an attempt to open another account at Banco Popular (POP location at the square). She was provided with a very long list of things to provide them. She got all the stuff together and emailed attachments to the officer at the bank…at their request. Back and forth they have been going around and around for weeks and weeks. Each time they want something different or new, and even ask for the same stuff she already provided. Today she went to the bank in person, all original paperwork in hand, thinking that this officer may not know how to open an attachment from an email. Finally the officer asked for MORE paperwork, translated and notarized! Whats up with these people? Frustrated she left and said she will put her substantial amount of money someplace else. I don’t get it. I have heard folks here, in another thread someplace, say to try another branch….another bank. Grrrrrr.......I would appreciate your thoughts. Thanks!!!
Click to expand...


Banco popular wanted income tax statements from home nightmare..called my lawyer she directed me too Santa Cruz  hr later two accounts and my account is inactive for 9 months a yr , no problems never locked account..
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
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Find a local friend who has a relative at any bank

Go to that bank....almost certainly, you’ll get in.

Some days banks are easy... others not...

No predictability it seems.

After years with ScotiaBank, I found it difficult to open a second account in $US...
Tax returns they asked for .....???
Sorry....bye bye 
 
NALs

NALs

Economist by Profession
Jan 20, 2003
13,485
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The new anti-money laundering law probably added a few more requirements.

Just saying...
 
D

drisforme

Active member
May 28, 2016
206
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No problem with Scotiabank as well.

From the US, I prepared my trip by sending and email to drinfo@scotiabank.com
I asked them what was required to open a bank account knowing that I am not a resident.
They gave me all the information by emails.Then, I asked them to setup an appointment at the Cabarete branch
with an english speaker.They did it and gave me the person to ask for.

When I visited the branch, no surprises on both sides. It did take a couple of hours to open 2 bank accounts.
But bank accounts were opened right away and money available during my first visit.
 
H

Hector L

New member
Jun 11, 2010
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I renewed my US passport which results  in a new passport number.  Banco Popular locked my account since I had opened the account with my old passport number.  I took my old passport and my new one to the bank thinking that would be an easy solution.  NO WAY!  It took almost 6 months to unlock.  They kept asking for more documents most of which they had from when I opened the account.  Most frustrating was I would get everything they asked for and then they asked for new documents.  If I didnt have several thousand dollars in the bank, I would have gone to another bank.
 
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william webster

Platinum
Jan 16, 2009
30,247
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That was my experience in 2008.... drisforme
Only thing they didn’t tell me was 2 reference letters....
Fixed that with a phone call and fax.....

Done fast

It was the second account years later that got me 

Hector 
I always go with my new passport to update 
Have the 10 yr one now....
 
B

botemon

Active member
Jun 28, 2008
223
31
28
drisforme said:
No problem with Scotiabank as well.

From the US, I prepared my trip by sending and email to drinfo@scotiabank.com
I asked them what was required to open a bank account knowing that I am not a resident.
They gave me all the information by emails.Then, I asked them to setup an appointment at the Cabarete branch
with an english speaker.They did it and gave me the person to ask for.

When I visited the branch, no surprises on both sides. It did take a couple of hours to open 2 bank accounts.
But bank accounts were opened right away and money available during my first visit.
Click to expand...

Can you share how long ago you went through this process with Scotia? Thanks!
 
B

botemon

Active member
Jun 28, 2008
223
31
28
SNIP>>> Could it be that they make it more complicated for US citizens than for Europeans because of US rules?<<<<<
SNIP>>> The new anti-money laundering law probably added a few more requirements.<<<<<
Probably so. Many banks in Latin America and even around the world won’t even talk to folks from the US anymore. The IRS have made it nearly impossible for them to operate freely in the name of “money laundering” etc. without stealing that banks assets. 30% was my last check. Then I come to find out that the cost of managing these ridiculous rules and regulations is more than the money they are able to recover (steal). OK…….another subject. Sorry. Thank you.
 
caribmike

caribmike

Gold
Jul 9, 2009
6,808
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Hector L said:
I renewed my US passport which results  in a new passport number.  Banco Popular locked my account since I had opened the account with my old passport number.  I took my old passport and my new one to the bank thinking that would be an easy solution.  NO WAY!  It took almost 6 months to unlock.  They kept asking for more documents most of which they had from when I opened the account.  Most frustrating was I would get everything they asked for and then they asked for new documents.  If I didnt have several thousand dollars in the bank, I would have gone to another bank.
Click to expand...

Expecting that I went through the paperwork changing my BPD account to Cedula and / or Passport, before applying for a new passport...
 
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william webster

Platinum
Jan 16, 2009
30,247
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Was exactly my route...

Need residency to do that... which many scoff at...
then wonder why they have problems....

Duh !!
 
U

USA DOC

Bronze
Feb 20, 2016
3,179
770
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..with my resent problems at my bank here....Popular, 2 accounts, used for several years and know the manager... my advise, if you are a visitor some of the year...forget about the banks here. there are easier ways to manage money, many of the banks here are just brain damage and subject to change rules at any time....after trying different ways to transfer money to the DR, still the easiest and cheapest way is have somebody at your home country send you money by western union.....Doc.......
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Good Advice DOC...

Visitors are better to stay away these days ---

rules have changed and are changing....

Not good for an alien.....
for good reason... too much risk from the banks' perspective..

who are you
where are you from
where did you get this money
what's it for

Normal questions in finance these days

Gracias a Estados Unidos.... y criminales
 
caribmike

caribmike

Gold
Jul 9, 2009
6,808
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"http://yoursaucepans.blogspot.com/20...ep-breath.html

Matilda"

Well, I did transfer my BPD account from Bavaro to Santo Domingo by email only. No going to Bavaro was required...
 
beeza

beeza

Silver
Nov 2, 2006
3,480
732
113
To the OP, are you a US citizen? The reason I ask is that a friend of mine is dual nationality, US and Icelandic. He tried to open a Popular account with his US passport and got the similar run around you did.

I told him to try in another branch but with his Icelandic passport. He walked out of that branch a while later with an account with them.
 
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