Paying your Rent

Gersen40

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Dec 11, 2008
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Hola,

Is it permissible in the Dominican Republic to pay your rent with a check, which was drawn from a Bank in the USA?

Your assistance is greatly appreciated in this matter.:cheeky:
 
Feb 7, 2007
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Permissible maybe, but I don;t think anyone will accept it, it takes a month or more to clar a US based check thru a DR bank
 

Gersen40

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Dec 11, 2008
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Paying Your Rent

Permissible maybe, but I don;t think anyone will accept it, it takes a month or more to clar a US based check thru a DR bank[/QUOTE[



Lets say for instance I open a Bank Account with a Financial Institution in the Dominican Republic, And I have a Bank Account in the USA. How will I be able to transfer funds from my USA Bank Account into a Dominican Account, once it's established?

Your assistance is greatly appreciated.:glasses:
 

TOOBER_SDQ

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Nov 19, 2008
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Permissible maybe, but I don;t think anyone will accept it, it takes a month or more to clar a US based check thru a DR bank[/QUOTE[



Lets say for instance I open a Bank Account with a Financial Institution in the Dominican Republic, And I have a Bank Account in the USA. How will I be able to transfer funds from my USA Bank Account into a Dominican Account, once it's established?

Your assistance is greatly appreciated.:glasses:


You can use a SWIFT code and your DR account number to make the international transfer. There is usually a fee (25-50 USD) per transfer. Ask you banker in DR for your SWIFT code and account number. Then give your US banker the SWIFT code and account number for the transfer. Double check with your banker in US. Perhaps my "spoon fed" version is not up to date.
 

Gersen40

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Dec 11, 2008
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Banking in the Dominican Republic

Permissible maybe, but I don;t think anyone will accept it, it takes a month or more to clar a US based check thru a DR bank

I just spoke with my financial institution here in the US. Customer Service had just explained to me, If I wish to open a Bank Account in the Dominican Republic. They can close my Checking account and issue me Certified Bank Check for the balance.

My Question to you Rubio is:

Can I use a Certified Bank Check made Payable to me as a form of a deposit, to establish a bank account in the Dominican Republic?
:paranoid:
 

Gersen40

New member
Dec 11, 2008
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Paying your rent

You can use a SWIFT code and your DR account number to make the international transfer. There is usually a fee (25-50 USD) per transfer. Ask you banker in DR for your SWIFT code and account number. Then give your US banker the SWIFT code and account number for the transfer. Double check with your banker in US. Perhaps my "spoon fed" version is not up to date.


Thank you very much:cheeky:

IS the SWIFT Code the same as what we call here in the US, Routing Number?
 

dulce

Silver
Jan 1, 2002
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"Can I use a Certified Bank Check made Payable to me as a form of a deposit, to establish a bank account in the Dominican Republic?"

I am not sure if this is still true but, when I opened an account in SD a Certified Bank Check also took a month to clear. That is shocking but true. I opened my account with 500 pesos cash to start with until I figured out what was the best way. I used cash to pay everything and got reciepts for everything.
In the beginning I had my Dominican contacts cash my checks for me to deposit so I would not have to wait for them to clear. I learned not to rely on checks as I did in the US. I then established a relationship with the bank to handle transfers from my US bank account. I did not want all my $$ in any RD bank until I was sure it was the right bank for me.
I am laughing as I type this because that bank was Banniter. Luckily I got all of my $$ out before the s*it hit the fan.
I guess what I am trying to say is to take it slow until you "know the way".
 

Castellamonte

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Mar 3, 2005
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Certified Checks take longer to clear in the Dominican Republic than wire transfers. I just recently wire transferred $20K USD to a business associate of mine in the DR, it took about one week. You need to provide documentation as to the source of the funds so the bank knows you aren't a drug kingpin or money launderer. This is true even in wire transfers.

I recommend opening a US Dollar account at Banco Popular. Use it to wire funds into the country. Maintain your funds in USD until you need to convert them into Dominican pesos. This will ensure you are 'protected' from any weird currency fluctuations (which are coming, believe me).
 

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Its_where_I_Belong

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Nov 5, 2005
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Alain Richard

Depends of your landlord. However some CASAS DE CAMBIOS would change your check if they know you on exchange of small fees.

Regards

AR
 

Gersen40

New member
Dec 11, 2008
71
2
0
Paying your rent

"Can I use a Certified Bank Check made Payable to me as a form of a deposit, to establish a bank account in the Dominican Republic?"

I am not sure if this is still true but, when I opened an account in SD a Certified Bank Check also took a month to clear. That is shocking but true. I opened my account with 500 pesos cash to start with until I figured out what was the best way. I used cash to pay everything and got reciepts for everything.
In the beginning I had my Dominican contacts cash my checks for me to deposit so I would not have to wait for them to clear. I learned not to rely on checks as I did in the US. I then established a relationship with the bank to handle transfers from my US bank account. I did not want all my $$ in any RD bank until I was sure it was the right bank for me.
I am laughing as I type this because that bank was Banniter. Luckily I got all of my $$ out before the s*it hit the fan.
I guess what I am trying to say is to take it slow until you "know the way".


Your assistance has been greatly appreciate

Muchas Gracias
 

Gersen40

New member
Dec 11, 2008
71
2
0
Payring Your Rent?

Certified Checks take longer to clear in the Dominican Republic than wire transfers. I just recently wire transferred $20K USD to a business associate of mine in the DR, it took about one week. You need to provide documentation as to the source of the funds so the bank knows you aren't a drug kingpin or money launderer. This is true even in wire transfers.

I recommend opening a US Dollar account at Banco Popular. Use it to wire funds into the country. Maintain your funds in USD until you need to convert them into Dominican pesos. This will ensure you are 'protected' from any weird currency fluctuations (which are coming, believe me).[/QUOTE}

Can I open a US Dollar Account in the Dominican Republic?
 

dulce

Silver
Jan 1, 2002
2,532
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You can open a US dollar account. I ended up opening a peso account and a US dollar too. Instead of a checking account they were both savings accounts. I kept my account open in the US for transfers if needed. Usually I went to the bank once a month and withdrew enough for my monthly expenses. I had the option of using ATM's for times in between if needed. It was nice to have the choice of using either currency without having to think of the exchange rate all the time.
For everyday use RD is best and for certain things US$ is king.
For larger sums of $$ the carring cash , with traveling friends help, is a good choice.