Banking and Money

Naked_truth777

New member
May 11, 2006
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are there any ATM's machine available to accept credit or debit cards from US banks? How much they charge? Is it best to bring traveler's checks?
Are plastic cards widely acceptable just like in US, like when you go to reustarant ,etc. If you must bring large some of money ,what is safest way to do so? Your response is greatly appriciated.

And another thing.Is that true that bank accounts are safer in Dr and have better guarantees from the goverment than in US ?I have heard that DR banks pay 33% of deposit for insurance compared to 4 % in US. How true is it? Competent answer's only please.if you do not know 100% do not answer. Thx.
 

Potato_Salad

On Vacation!
Oct 13, 2005
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Naked_truth777 said:
are there any ATM's machine available to accept credit or debit cards from US banks? How much they charge? Is it best to bring traveler's checks?
Are plastic cards widely acceptable just like in US, like when you go to reustarant ,etc. If you must bring large some of money ,what is safest way to do so? Your response is greatly appriciated.

And another thing.Is that true that bank accounts are safer in Dr and have better guarantees from the goverment than in US ?I have heard that DR banks pay 33% of deposit for insurance compared to 4 % in US. How true is it? Competent answer's only please.if you do not know 100% do not answer. Thx.

Before you use your credit card and debit card in the Dominican Republic, call your bank (and credit card company) and ask how much they will charge you.

For example, I have a VISA credit card with U.S. Bank and they charge me everytime I use my credit card.

I usually stay in the Dominican Republic for five days and bring around $1,000 in cash. I leave the money in a hotel safe and pay the hotel with my credit card.

Hopefully someone else can answer your other questions.

Have a fun and safe trip.
 

Potato_Salad

On Vacation!
Oct 13, 2005
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Naked_truth777 said:
Do All hotels have safes?


I am not sure.

Before you book a hotel, you can ask the front desk if they have a safe or not.

I stayed at the Delta, Napolitano and the Intercontinental. All three of these hotels have a safe. But I do not know about other hotels.

So hopefully someone else can answer your other questions. :)
 

Tamborista

hasta la tambora
Apr 4, 2005
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Tater:

I have my broom ready for GAME 3 of the NYY-BOS series!

Get your tail down to Sosua, RD for the 4th!
 

Potato_Salad

On Vacation!
Oct 13, 2005
1,314
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Tamborista said:
Tater:

I have my broom ready for GAME 3 of the NYY-BOS series!

Get your tail down to Sosua, RD for the 4th!


How've you been? :classic:

The Yankees look very good despite many of their players being injured.

I might be in Korea during that time. But if I am able to go, I will let you know.

Good night. :)
 

Sanson

New member
Apr 14, 2003
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Naked_truth777 said:
And another thing.Is that true that bank accounts are safer in Dr and have better guarantees from the goverment than in US ?I have heard that DR banks pay 33% of deposit for insurance compared to 4 % in US. How true is it? Competent answer's only please.if you do not know 100% do not answer. Thx.

Just an FYI. Bank rates are much lower than 33% right now. Also, even with the higher interest rate, with inflation and devaluation of the DOP (Dominican Peso) , you end having less money in USD by the end of the year. Regarding the better guarantees from the Dominican Government, please note that although they payed 100% of the deposits in the Baninter case, the law talks about a maximum of Rd$ 500,000 per person (Less than US 20,000). Finally, always remember that the interest rates are proportionally direct to the risk rate. In other words, at a higher rate of interest, higher rates of risk.
 

Russian

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Aug 27, 2004
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www.partbeamsystech.com
Little tip regarding US cards in Dominican ATMs: if your PIN number contains 6 digits, ATMs of smaller Dominican banks may or may not recognize it. ATMs of Scotiabank, Citibank, and Banco BHD seem to always work with 6 digit PIN. Larger hotels would normally offer safes, but frequently requre extra charge for the key.
 

danceaway

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Jun 22, 2006
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does anyone know how long the banks in the DR can hold funds on a wire transfer ? shouldnt those funds be available right away. and what about sending a check for a deposit into an account I plan to open there, for my own use while on vacations. Would it be better to just deposit cash when I get there and just withdraw funds as needed. Can I open an account as citizen of the US, and not of the Dominican Republic ? Hope someone can help me out on this, I have contacted 1 bank via the net, and their answer seemed very unclear. Thanks
 

kingofdice

Active member
Jan 16, 2002
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Unless you plan to stay in the Dominican Republic for quite some time (more than month), then I would not go to all the trouble to open a D.R. bank account. Plus the time required to get a ATM card may be more than you bargain for, etc.

Your best bet is to take a $1000 bucks or so with you. Buy yourself a moneybelt... I don't even trust safes that much.

My 2nd stay at the Jaragua, the bell man took me to the room, showed me the safe, etc. I then walked to a colmado to buy some snacks and in the 20 minutes that I was gone, someone had already entered my room and pryed the safe off the wall with a crowbar and tried to bust it open. So, much for the comforting feeling of putting your money in a safe with a 4 star hotel.
Fortunately, my belongings were left alone. Strange.

Unless you intend to walk alone on streets at night or dark alleys, I wouldn't worry about banks, because you know that you have the CASH on you, instead of praying that it is in the hotel safe when you get back to the hotel.

As long as you are not careless, leaving money for easy picking or swinging your purse carefree, you should not have any problems while on vacation in the D.R.

One more story on hotel safes. At the old Treasure Island hotel in St. Martin, the staff had not been paid for several weeks, so they took a "trip key" , and stole the cash and passports of more than 2 dozen people in one night, to make up for their lost wages.

The thing with safes that you have to remember - someone in that hotel has a key or a master combination to get into that safe. That have to, in case you forget your combo. How honest the staff is anyone's bet. I can only tell you that I witnessed dozens of people scream with terror over their billfolds, jewelry, and passports being stolen from their SAFES. So, use your own judgement.

As far as Dominican banks being safer than U.S. Banks? No way. And if you want high return on deposits, you have a higher risk of losing your money. Why take those risks unless you can afford to lose all your money?
 

Tamborista

hasta la tambora
Apr 4, 2005
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AMEX Travelers Cheques are always a safe bet, you may have to shop for the rate a little.

I do not like ATH's in the DR, but I discovered if you use your Debit Card inside the bank, there was no additional service charge from my bank vs using the machine. Some banks charge a 1% foreign exchange fee.