Banking in DR

jfk700

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Apr 4, 2007
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What bank in Sosua is easiest/friendliest to use to set up bank accounts for foreign residents? What special procedures are there? What are the interest rates on savings accounts, what are the risks?

Thank you for your responses/opinions.
 

Sharlene

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Mar 4, 2006
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I'm with Banco Santa Cruz in Sosua. Carlos, the manager speaks very good English (as do all the staff who are always very friendly and with whom it's easy to be on first name terms). If I have any queries I just email Carlos and he mails me back almost immediately. I've transferred money there from the UK with no problems whatsoever. Other people I know are happier using Banco Popular because it's a more established bank and has been around longer.

You require your passport and a letter of reference from your 'home' bank to open an account. Interest rates on dollar accounts are approx 1%, or 2.75% for a cash deposit over 3mths (3% over 3 months if depositing over $100,000). I think the rate on the ordinary peso account was more like 5 or 6% last time I looked, but it's best to double check. I, personally, just use my peso account for day to day spending and wouldn't change all my money into pesos, but other people feel differently.

I know that you can get better rates at finance houses and from the Central Bank deposits etc. I believe you can get up to 10% on dollar deposits (think a year is the minimum term) with some finance houses and around 12-14% on peso cash deposits with the Central Bank, but I believe the minimum term there is around 2 and a half years. Again, some people feel happy with turning all their money into pesos and some don't. As far as I'm aware it's known as a 'medium' risk to do this.

If you're transferring a very large amount from a foreign bank you do need to verify the source of the funds before the bank will permit the money to be 'cleared' into your account here. i.e. If your money is from a property sale in another country, it's a good idea to bring paperwork to prove that. I believe this is to avoid money laundering.

I hope this helps you. Be sure to double check the peso interest rate info, as I haven't checked it over the last few months.
 
Feb 7, 2007
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Banco Leon is also quite foreigner-friendly. You jsut need a passport to open an account. No reference letter required (may have changed). They give you a debit VISA card to your pesos account.

Minimum to open USD account: USD$ 300. Account comes with "libreta" - savings book.
Minimum to open RDP account: RD$ 500. Account comes with Debit VISA.

No monthly fees if you maintain the mentioned balance.

They also have VISA prepaid card (costs RD$ 50), which you can give to your family/GF/other and transfer funds at no charge via Internet Banking.

One NICE feature I like about LEON's Internet banking:

You can transfer funds between your Pesos and Dollars account anytime, at the banco's official rate (their rate is better than Popular's, BHD's or other bank's).
No other bank, to my knowledge, offers this (Popular, Progreso, BHD, Scotia).

So if you are abroad, you can transfer Dollars to your Pesos accounts and withdraw at any ATM using the Visa debit card.
 

Sharlene

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Mar 4, 2006
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Banco Santa Cruz further details

Further to Rubio's very helpful post about Banco Leon, just thought I'd give a few more details about Banco Santa Cruz for comparison....

USD Account: Comes with Savings Book or Card (I prefer the savings book because it's updated everytime you make a withdrawal, so avoiding any balance or transaction queries).
RDP Account: Comes with debit Visa Card.

No Monthly Fees if you maintain the minimum balance required to open the account.

Not sure about a Visa prepaid card as I've never enquired.

Again, you can transfer funds between dollar account and peso account at any time at the bank's official rate. I was told by my daughter's previous school that they used the Banco Santa Cruz rate because it was the best in town.....so I just don't know how it compares with Banco Leon.

Also, as I've stated previously, there are often ATM 'error's in the DR (on an increasingly frequent basis!) and I tried to withdraw 8000 pesos at Scotiabank only to be told that they couldn't dispense funds at that time. However, on checking my balance at the Santa Cruz cashpoint, I could see that Scotiabank had debited the funds from my account. I went straight into Santa Cruz, filled out a form in 5mins and the money was credited to my account within 7 days. This was a lot faster, and a lot less hassle than trying to reclaim the money from my UK bank when another ATM debited funds from that account which they'd been unable to dispense!
 

StellaRay

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Apr 8, 2007
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I know that most people will transfer money from their dollars account into their peso account, but has anyone tried the other way around? I will be working in the DR (being paid in pesos) but will need to send money back to the US (in dollars, of course). Does anyone have any advice for that? This thread has been so helpful and friendly, I figured I'd throw my question out there :)
 
Feb 7, 2007
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Sharlene, I have heard good things about Banco Santa Cruz.
The only disadvatage they have is their braches are limited to the North coast.

I prefer a bank that has a widespread network of ATM's, first) not be be charged ATM withdrawal fee form other ATM, second) not to be a victim of the "ATM error" as we have herad on this board numerous times.

For that reason I also have accounts in two major banks. I surely can find ATM of either one wherever I go in the DR.
 

RickC

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Sep 29, 2006
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Banking

I thought this might be helpful.

ATMs
Not all ATMs in the Caribbean operate like those in your home country. Some may only accept a four digit PIN number, so if yours is longer you may want to change it before your trip. Ensure you keep your travel money in your primary chequing account as some ATMs default to this account and will not allow you to choose another. Withdrawal fees are generally much higher outside your home country.

The main banks are Bancamerica/Banco De Las Am?ricas De Ahorro Y Cr?dito (tel 809/549-3141), Banco BDI (tel 809/535-8586), Banco BHD (tel 809/541-2479), Banco de Ahorro y Cr?dito Altas Cumbres (tel 809/547-9000), Banco de Reservas (tel 809/960-4000), Banco del Progreso (tel 809/563-3233), Banco Fiduciario (tel 809/473-9400), Banco Global (tel 809/532-3000), Banco Intercontinental/Baninter (tel 809/545-8000), Banco Le?n (tel 809/947-7000), Banco Metropolitano (tel 809/562-2442), Banco Nacional de Credito/Bancredito (tel 809/540-4441), Banco Santa Cruz (tel 809/726-2222), Banco Osaka (tel 809/472-1626), Banco Popular (tel 809/544.5555), Citibank (tel 809/955-2601), Republic Bank (tel 809/616-4444) and Scotiabank (tel 809/567-7268).

ATMs are located at their branches and at various locations around the island. Generally they accept major credit cards on the major networks, such as Cirrus/Maestro and Electron/Plus. They dispense Dominican pesos.

Note: There have been reports of unauthorized use of credits cards and debit cards. Guard your cards carefully and scrutinize where you choose to use them.

BANKING HOURS
Mon-Fri 8:30am-5pm
Sat 9am-1pm (Banco Le?n only; the Bella Vista Mall branch is open 10am-7pm)
 

Sharlene

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Mar 4, 2006
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I thought this might be helpful.

BANKING HOURS
Mon-Fri 8:30am-5pm
Sat 9am-1pm (Banco Le?n only; the Bella Vista Mall branch is open 10am-7pm)

The information is helpful Rick, but I'm afraid these banking hours are incorrect for Banco Santa Cruz in Sosua. Carlos, the manager has just emailed me and their opening times are as follows:-

Mon-Fri 8am-6pm
Open Sat 9am-1pm
 

Sharlene

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Mar 4, 2006
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Does Banco Santa Cruz have Internet Banking?

I'm pretty sure they don't, though to be honest, I've never asked! Carlos, the manager is on hols at mo, but I'll see if I can email his assistant unless somebody else knows the answer. If I happen to go into the bank this week I'll check then.
 

DRExplorer

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Jan 1, 2007
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I would rather have a bank that has an online account so you can verify for yourself of all transactions.
Is it possible to send money from a home bank (In this case, from NYC) and deposit to another bank in DR and be able to withdraw using an ATM card and do it online?
 
N

naturelover

Guest
make sure there are no hidden devices or bits of plastic attached to your atm when taking out cash...........my card was cloned at banco popular in sosua, there was a guard sat outside the bank so he wasnt much use in stoppping someone attaching something.apparently they cab put bits of plastic in the card opening that takes an imprint of your pin number