I am a young fellow that intends to derive proper banking strategy possibly wholly in DR for commercial use.
Please either comment on a fault of my logic and/or provide your strategy as it may seem plausibly superior based on your experiences or knowledge.
In considering banking in DR, I tend to speculate very much hearsay and what a bank rep claims.. Furthermore I find it may be allot more convinient to ask of specific data and commentary via this post instead of making a religious track down and round of calls to people which may address a personal commentary in one respect but not be able to do so in another respect of commercial banking. Furthermore I am sure everyone understands that time is very precious and highly unavailable lately for tracking down this information.
my interests Chiefly are :
1. a bank with a well versed & professional International Commerce Department that handles drafts, T & back to back LC's.
2. a bank that has webaccess and special wire transfer services,,, at that providing a high quality service with same or next day execution. With very reasonable fees
3. Advanced protection mechanisms for fraudulent activity.
4. international savings in Euros. { I never heard of it but maybe I am wrong }
Misc supportive comments
1. I understand BAnco Leon needs a confirmation by the account owner for a check to be paid... EXCELLENT... do other banks do the same?
2. EVEN Here in Miami ,, banks are HIGHLY reluctant to do a PRE-advised LC though its in the UCP 500 guidelines.. in general you have to go to the top and inspire expertise and knowledge of the international law of banking procedures and utensils... I just imagine it may require the same "teaching" or building repertoire of high banking personell likewise..
3. I have a wire by phone service here with pincode... I understand that in DR or any 3rd world country this may not be available but I may be wrong, furthermore there may be other methods or practices that I probably wasn't ever exposed to that are used in DR and understand anything is possible.
4. With BOA I am pretty much re-imbursed for any fraudulent activity... when banking with REgions I can request a religious daily SUMMARY of all activity for a given day as a safeguard / security measure. Do people get this service in DR also?
Conceptions I derived on my own pending the continuous process of validation:
1. In the back of my mind, I have allways ruled out toiling with ANY sizeable amount of money in a Dominican Bank but am unsure if my suspicion is mainly out of ignorance... I understand POPULAR and RESERVAS are the main franchises... but how far do they go to cater to a client as myself... can they be depended on for a mere simple wire transfer that ought to be done ASAP? In general I understand that I am not a millionaire but am in the 5 figure range... considerably special and with serious utmost need of full professional compliance.. is the one franchise better than the other as far as the professional attentiveness of their international transactions department... I have nothing special to comment on Leon but I stand to believe that their are businessmen in DR that read these forums that do more then simple day to day common banking..
2. The reason for this post is very valid... I do tend to move to DR and/or establish a more frequent solid presence mainly between DR and South American countries... Considering I don't have intentions to re-visit USA unless utterly necesary I tend to believe that my banking likewise should change. And chiefly would like to ponder that besides using the tax havens for securities and holdings.... Why not bank with them all the way?? why not DR??? I still have a hesitant doubt and seem to sway towards either a Panamanian, Belize, Ecuador or similar "ideal" region to establish an account of an american franchise bank for considerable commercial activity and just use a DR account for personal expense funds. Any comments? Any Foreign bank recommendations / experiences? I am a man of details and the more specific and technical you get the better... I can appreciate this..
Thanks!
note: Furthermore please treat this post seriously, though I do understand I have made 2 or 3 jokes and posted silly remarks... I have made my apologies and since have matured.
Please either comment on a fault of my logic and/or provide your strategy as it may seem plausibly superior based on your experiences or knowledge.
In considering banking in DR, I tend to speculate very much hearsay and what a bank rep claims.. Furthermore I find it may be allot more convinient to ask of specific data and commentary via this post instead of making a religious track down and round of calls to people which may address a personal commentary in one respect but not be able to do so in another respect of commercial banking. Furthermore I am sure everyone understands that time is very precious and highly unavailable lately for tracking down this information.
my interests Chiefly are :
1. a bank with a well versed & professional International Commerce Department that handles drafts, T & back to back LC's.
2. a bank that has webaccess and special wire transfer services,,, at that providing a high quality service with same or next day execution. With very reasonable fees
3. Advanced protection mechanisms for fraudulent activity.
4. international savings in Euros. { I never heard of it but maybe I am wrong }
Misc supportive comments
1. I understand BAnco Leon needs a confirmation by the account owner for a check to be paid... EXCELLENT... do other banks do the same?
2. EVEN Here in Miami ,, banks are HIGHLY reluctant to do a PRE-advised LC though its in the UCP 500 guidelines.. in general you have to go to the top and inspire expertise and knowledge of the international law of banking procedures and utensils... I just imagine it may require the same "teaching" or building repertoire of high banking personell likewise..
3. I have a wire by phone service here with pincode... I understand that in DR or any 3rd world country this may not be available but I may be wrong, furthermore there may be other methods or practices that I probably wasn't ever exposed to that are used in DR and understand anything is possible.
4. With BOA I am pretty much re-imbursed for any fraudulent activity... when banking with REgions I can request a religious daily SUMMARY of all activity for a given day as a safeguard / security measure. Do people get this service in DR also?
Conceptions I derived on my own pending the continuous process of validation:
1. In the back of my mind, I have allways ruled out toiling with ANY sizeable amount of money in a Dominican Bank but am unsure if my suspicion is mainly out of ignorance... I understand POPULAR and RESERVAS are the main franchises... but how far do they go to cater to a client as myself... can they be depended on for a mere simple wire transfer that ought to be done ASAP? In general I understand that I am not a millionaire but am in the 5 figure range... considerably special and with serious utmost need of full professional compliance.. is the one franchise better than the other as far as the professional attentiveness of their international transactions department... I have nothing special to comment on Leon but I stand to believe that their are businessmen in DR that read these forums that do more then simple day to day common banking..
2. The reason for this post is very valid... I do tend to move to DR and/or establish a more frequent solid presence mainly between DR and South American countries... Considering I don't have intentions to re-visit USA unless utterly necesary I tend to believe that my banking likewise should change. And chiefly would like to ponder that besides using the tax havens for securities and holdings.... Why not bank with them all the way?? why not DR??? I still have a hesitant doubt and seem to sway towards either a Panamanian, Belize, Ecuador or similar "ideal" region to establish an account of an american franchise bank for considerable commercial activity and just use a DR account for personal expense funds. Any comments? Any Foreign bank recommendations / experiences? I am a man of details and the more specific and technical you get the better... I can appreciate this..
Thanks!
note: Furthermore please treat this post seriously, though I do understand I have made 2 or 3 jokes and posted silly remarks... I have made my apologies and since have matured.