i'm planning to open an account in the DR, probably Scotia bank since i have an account with them here in Canada as well. i wanna do that so when i travel to the DR i could wire money from my account in Canada to the account in the DR, but, would they let me withdraw say $5000 US cash all at once. thanks very much.
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withdrawing US dollars from the banks in the DR?
Don't know about Scotia Bank, but I have an account in Banco Popular and I've never had any trouble withdrawing my USD's and I've taken out more than that at once. One thing you need to know is that since the last government there's a charge for withdrawing dollars that you've had in you account for less than one month. I thing the charge is something like 0.065% of the amount.
Funny!!
I have 2 dollar accounts at 2 different banks, one of them Banco Popular, in the DR and so far I have been able to withdrawl any amount I wanted.
If I ever come across a bank that would not let me withdrawl whatever I needed, it would be time for me to change bank, but so far so good.
I have heard that also!!.Eddy said:I doubt if Scotia Bank, at least in Sosua, have 50.00 at any given time much less 5,000.00.
I have 2 dollar accounts at 2 different banks, one of them Banco Popular, in the DR and so far I have been able to withdrawl any amount I wanted.
If I ever come across a bank that would not let me withdrawl whatever I needed, it would be time for me to change bank, but so far so good.
Eddy said:Don't forget, Scotia Bank here has nothing to do with Scotia Bank back home. Banco Popular and a few others are better options. I doubt if Scotia Bank, at least in Sosua, have 50.00 at any given time much less 5,000.00.
Eddy, there must be some sort of connection. I recall the publicity when Scotia Bank expanded. As I recall, the president of Scotia Bank, or some other top Scotia Bank official, was here from Canada and quoted in the news media.
I should have said that differently. What I meant was Scotia Bank in the DR is not a branch of Scotia Bank Canada and I believe not subject to the sames rules. I did a search and it would appear that they send auditors regularily to the DR. Sorry about that.Ken said:Eddy, there must be some sort of connection. I recall the publicity when Scotia Bank expanded. As I recall, the president of Scotia Bank, or some other top Scotia Bank official, was here from Canada and quoted in the news media.
SKY said:I took 25,000 U.S. out from Banco Mercantile in Puerta Plata one day with no problems. I highly recommend this bank.
who owns the bank?
each country is
a differant bank. Soctia bank is like a franchise, i was trying to deposit money in the US to withdraw here, but there is no working bank as we know it for soctia in the US. I tried from canada, but that requires a wire transfer, costly, not the same as depositing in one branch and withdrawing from another. bring the money with you and open an account, 5k is not too much to travel with.
a differant bank. Soctia bank is like a franchise, i was trying to deposit money in the US to withdraw here, but there is no working bank as we know it for soctia in the US. I tried from canada, but that requires a wire transfer, costly, not the same as depositing in one branch and withdrawing from another. bring the money with you and open an account, 5k is not too much to travel with.
liam1 said:who owns the bank?
As with Scotia Bank, the Banco Mercantil is a seperately run company from that of the major shareholder - the Republic Bank of Trinidad & tobago. It is a Dominican Bank, set up & governed by the laws of this country. As with Scotia the auditors from the major shareholders PLUS the thinking, policies of that major shareholder, make them a bit more reliable than most Dominican wholely owned banks!
One of the advantages of Banco Mercantil is the ability to do 'On-Line' banking & also transfer at short notice, funds to Trinidad & Tobago PLUS the Cayman Islands without having to leave the shores of this country. The DISADVATAGE as far as you are concerned, is that they do not have a branch in Sosua & travelling to Puerto Plata (nearest branch to Sosua) might be a bugbear for you!
If you want more details on Banco Mercantil, the managers name here in Puerto Plata or anything else, please feel free to PM or e-mail me. ~ Grahame.
Eddy said:Don't forget, Scotia Bank here has nothing to do with Scotia Bank back home. Banco Popular and a few others are better options. I doubt if Scotia Bank, at least in Sosua, have 50.00 at any given time much less 5,000.00.
Well, except that it is a wholly owned subsidiary of Scotiabank in Canada, and ScotiaBank is the largest Canadian bank with a Latin American presence. Nothing to do is utter nonsense.
From http://www.scotiabank.com/cda/content/0,1608,CID54_LIDen,00.html
Dominican Republic
Scotiabank is proud to be the only Canadian bank serving the Dominican Republic. Through 54 branch locations across the country, we offer a broad range of retail and commercial services, including electronic cash management.
Scotiabank products and services available in the Dominican Republic include...etc....
Withdraw USD
Since a few years I'm working with El Banco del Progreso and never had a problem withdrawing rather high amounts of USD-over 20,000 USD in one go ..
Since a few years I'm working with El Banco del Progreso and never had a problem withdrawing rather high amounts of USD-over 20,000 USD in one go ..
liam1 said:i'm planning to open an account in the DR, probably Scotia bank since i have an account with them here in Canada as well. i wanna do that so when i travel to the DR i could wire money from my account in Canada to the account in the DR, but, would they let me withdraw say $5000 US cash all at once. thanks very much.
Eddy said:I should have said that differently. What I meant was Scotia Bank in the DR is not a branch of Scotia Bank Canada and I believe not subject to the sames rules. I did a search and it would appear that they send auditors regularily to the DR. Sorry about that.
But they own 100% of it lock stock and barrel, and it is not a franchise either. I suspect network and technical issues probably have more to do with it than unwillingness to move money around - there may also be regulatory issues here or there. If I ran Scotiabank I would want better connectivity but this is not an uncommon issue with bank subsidiaries all over the world.
Yes, "Banco del Progreso" seems to be the best choice. Never had any problem to get 10.000 US $ or more out of my accounts there,too.
A few years back I made different experiences with "Scotia Bank" though:
When I cancelled a certificate worth about 7500 US$ all they came up with was a cheque in US $. With the cheque in my hand I tried various "Scotia"-offices to cash it. Between excuses and straight refusals to give me cashmoney in US$ by the staff I lost about two weeks of time and about two tanks full of gasoline for my car driving from La Vega to Santo Domingo to Santiago-back and forth.
At the end they made arrangements for me to cash the cheque at an exchange-office in La Vega without paying some percentages to the agent.
The reason the bankmanager all of a sudden became so 'helpful' was that I had to put sheer pressure on her....
All the time I was under the impression that the whole staff in Scotia Bank/La Vega had their routine to try to get rid off customers who claimed their Dollars back.
A few years back I made different experiences with "Scotia Bank" though:
When I cancelled a certificate worth about 7500 US$ all they came up with was a cheque in US $. With the cheque in my hand I tried various "Scotia"-offices to cash it. Between excuses and straight refusals to give me cashmoney in US$ by the staff I lost about two weeks of time and about two tanks full of gasoline for my car driving from La Vega to Santo Domingo to Santiago-back and forth.
At the end they made arrangements for me to cash the cheque at an exchange-office in La Vega without paying some percentages to the agent.
The reason the bankmanager all of a sudden became so 'helpful' was that I had to put sheer pressure on her....
All the time I was under the impression that the whole staff in Scotia Bank/La Vega had their routine to try to get rid off customers who claimed their Dollars back.
liam1 said:i'm planning to open an account in the DR, probably Scotia bank since i have an account with them here in Canada as well. i wanna do that so when i travel to the DR i could wire money from my account in Canada to the account in the DR, but, would they let me withdraw say $5000 US cash all at once. thanks very much.
I wired $55k from a US bank for $25 to a local brach of Banco Popular in Hato Mayor. I withdrew the amount without any problems. All they ask is to give them a one to two days headup because the small town banks do not hold that much dollars in their safe and they have to request the large sum from the main bank in the capital.
If you open a dollar account in DR and withdrew the cash before the account has been established you will be charged a 1/3 % of the amount withdrawn. Now, if you take the money 30 days after the account has been established you will not be charged anything.