Can you get a U.S. Dollar account?

T

Teresa

Guest
Hi I would like to know if it's possible to get a U.S. Dollar account in the D.R. and can you transfer funds abroad this way? Gracias
 
G

Greg

Guest
Yes, U.S. Dollar accounts are available in most all large banks in the Dominican Republic.
 
E

ECH, M.D.

Guest
But, beware, I had one once in a major bank but found out to my chagrin that I had to wait 48 to 72 hours to make a withdrawal and not a simple writing of a check either. Find out in advance how quickly you can retrieve your money.
 
G

Greg

Guest
Good point! When I recently opened an additional dollar account at another bank, I was told that there was a two week hold on the amount I deposited even though it was deposited in cash. So as ECH mentioned, ask first!
 
N

Natasha

Guest
Another bank question

If you have a bank account in US dollars in the DR, can you wire monies from that account into another bank account in the US? Just wondering. Thanks in advance.

Regards,
Natasha
 
O

Oberon

Guest
Re: Another bank question

Natasha,

You can always wire transfer money abroad however that will cost you on average about 35 USD per transfer and if you want a speedy transfer that will even cost you more.

If possible keep your money in a US bank account and withdraw it with your ATM card at a bank in the DR that is usualy a lot cheeper.

Take care,

Erland
 
N

Natasha

Guest
Re: Another bank question

Thanks Erland for the response. I thought you could this, but just wanted to make sure :)

Regards,
Natasha
 
S

susannah

Guest
Re: Another bank question

Natasha,

I have an account in a US-based online bank. I can take money out of the ATMs without a fee charged, the exchange I get is good, and I can access it online. For larger sums, I can cash US personal checks here at Vimenca, which is a money changing, check cashing, money wiring sort of thing. The rate is the best I've found anywhere. With no waiting to get my money, truly no hassle. And there are some horror stories about banks going under here, with no sort of insurance for depositors. With a large bank, or at least an international bank, like Citibank, you probably wouldn't have that problem. And the interest rates here are outstanding compared to US rates. But if you'll be moving a lot of money back and forth, it really may be easier to keep a US account.
 
N

Natasha

Guest
Re: Another bank question

Susannah,

Belated thanks for your response.

Regards,
Natasha