Paypal in Dominican Republic???

[Camachosoft]

thats a trouble too :-(

i have a address in miami but i cant use it for a local credit card...

i use amazon payments (its just like paypal, for what i need it) but you can only use it to buy on amazon and amazon stores...

by the way:

from paypal.com:

Non-U.S. Accounts Help Center

PayPal currently supports sending and receiving payments in five currencies: U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, and Yen. Learn more about Multiple Currencies.

In addition to the U.S., PayPal is now available in the following countries:

Anguilla+ Argentina+ Australia* Austria* Belgium* Brazil Canada* Chile China Costa Rica+ Denmark* Dominican Republic+ Finland* France* Germany* Greece Hong Kong* Iceland India Ireland Israel Italy* Jamaica+ Japan* Luxembourg Mexico* Netherlands* New Zealand* Norway* Portugal Singapore* South Korea Spain* Sweden* Switzerland* Taiwan United Kingdom*

+ Users in these countries are limited to sending money with their PayPal accounts. They may not receive payments.

* PayPal accepts withdrawals to local bank accounts in these countries. Users in any country may withdraw funds to a U.S. bank account.

 

[gilbert]

Never saw that + there before.

 

[Camachosoft]

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/approved_countries-outside

 

[claudius_2k]

I have a dominican paypal account with my DR address and a spanish CC and it works fine, I have purchased several things in ebay and other stores via Business Mail and EPS, I just tell them the phone of Business Mail or EPS in miami, and haven't had any problems so far (BM and EPS have all your data verified).

About BM and EPS, now I prefer Business Mail than EPS, its cheaper and works better (24 VS 72 hours), and at least they call you every time you receive a parcel.

 

[Camachosoft]

I have mi addres in miami with POBOX international

claudius_2k, your CC is from wich bank?

thanks

 

[claudius_2k]

The CC im using is a debit card from banco de santander, but I think any will work.

Now that is impossible to open an account in USA without a SS number, you can open a bank account in Spain in euros or dollars without problem, and inmediately you will receive a debit card you can use in paypal, free in most cases, you can check online banks like:
www.patagon.es
www.uno-e.es

they are completely trustable , owned by banco de santander and BBVA respectively.

 

[XanaduRanch]

That is not correct. Any non-US citizen can open a bank account in the U.S. No social seccurity number is required. No tax ID number is required. Any number of banks accept and open these accounts remotely.

Do a thread search on the subject. This was discussed thoroughly this summer.

 

[sancochojoe]

True, some banks like mine will put all 0's for you social security number. My wife still has all 0's for her ssn with our bank. This was before she got an ssn.

 

[claudius_2k]

It is impossible to open an account in USA, if you know how I would like to know it , I know it had been discused last summer, even I posted some messages in the thread.

and now it is IMPOSSIBLE for a non-us resident to open an account, I tried the suggested internet banks and the response was: "for now due to a change in the regulations it is not possible to open accounts for non residents, maybe in the future" etc.

also I went to puerto rico 2 months ago and was impossible without a SS number, I was in almost all banks, even in the banco the santarder PR branch in san juan, and was told that the new regulations are very hard. So I returned without the account


regards

 

[gilbert]

Some banks will not allow non-us citizens and some banks will. Try every single bank you can, act dumb. Don't take no for an answer. It is not illegal to set up a bank in the USA if your a non-resident as far as I know

 

[XanaduRanch]

It is impossible to open an account in USA, if you know how I would like to know it , I know it had been discused last summer, even I posted some messages in the thread. and now it is IMPOSSIBLE for a non-us resident to open an account, I tried the suggested internet banks and the response was: "for now due to a change in the regulations it is not possible to open accounts for non residents, maybe in the future" etc.
also I went to puerto rico 2 months ago and was impossible without a SS number, I was in almost all banks, even in the banco the santarder PR branch in san juan, and was told that the new regulations are very hard. So I returned without the account

That's simply not true. Several people here on DR1 have opened US accounts, remotely, and all in the last month or two. I had one of these people here visiting at Xanadu just yesterday and he pulled out the same US bank card, from the same US bank that Alba and I use. Some US banks are just ignorant of the laws, some just have their own policies. But there is no US law banning foreign account ownership either now, or in the past.

 

[DCfred]

Ever since they passed the Patriot Act, they have established new rules concerning financial transactions and accounts, specially from people who are not US citizens. I would not assume that the old rules are still valid.

_____________________________________________
Background checking
Here is what is required when a new account is opened:

A. The institution must verify the identity of any person seeking to open an account by obtaining customer identification that includes:

1. Name
2. Date of birth
3. Address
4. Identification number -- a taxpayer identification number for American citizens or a government-issued document for noncitizens.



B. The institution must maintain records of the information used to verify the person's identity.

Originally, the regulations required financial institutions to keep a photocopy of whatever document was used for identification. That rule has been changed; they will only have to keep a written record of the document.

C. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.

Those provisions may seem fairly harmless, but Boston-based Dalbar, a financial industry consulting firm, says institutions have the ability to ask much more intrusive questions should they decide it's necessary.

For instance, Dalbar says institutions could include questions about:

Other accounts with links to the customer
Nature of the customer's business and occupation
Name and address of employer
Customer's wealth
Source of customer's income
Customer's tax status
Source of customer's funds used to open account
Customer's investment objective
"The regulations require a very limited amount of documentation: a valid drivers license or passport for a foreigner, valid street address and date of birth. They'll also check the suspect database," says Charles O'Neill of Dalbar.

"But elsewhere in the regulations it's stated very clearly that the institution has an obligation beyond those requirements. The institution is still responsible for knowing their customers."

O'Neill says how much scrutiny you're subjected to could depend, in part, on the nature of your transactions and the amount of money.

"If you open an account with $100,000, you'll undoubtedly be asked for more than a driver's license. You may be asked where you have other financial accounts and crosschecked against other financial institutions and credit reports.

"If you ordinarily maintain an average balance of $3,000 and over the course of three months you deposited two or three checks for $25,000 each, those transactions could be flagged. But it's also likely that based on their knowledge of you, perhaps you have a mortgage with them, they would cross reference you against other accounts and determine there is no suspicious or illegal activity."

If an institution does suspect suspicious activity, don't expect to be told of an investigation. The law states that "the financial institution, director, officer, employee, or agent many not notify any person involved in the transaction that the transaction has been reported."

O'Neill says some customers might simply be notified that their account has been frozen.

"People could be sensitive about not being told why their account is frozen," O'Neill says. "That will happen rarely. There will be some circumstances in which it will occur where the individual is perfectly innocent. But you can be confident that when a Suspicious Activity Report is filed, that particular matter will be addressed by federal authorities very quickly.

"Consider that several hijackers opened bank accounts and obtained credit cards with false Social Security numbers just a couple years ago. If there's over-documentation now, to me it's reasonable."

Banks vs. bad guys
Krista Shonk, regulatory specialist with America's Community Bankers, says banks have long been required to report suspicious activity and the reason customers aren't told is because doing so could compromise the investigation.

Shonk says banks will continue to check all customers against a list of known terrorists and money launderers that's issued by the Office of Foreign Assets Control, but she adds that there is some concern about a list generated by law enforcement agencies of people who are merely suspects.

"The OFAC list is bona fide bad guys. The 314A is a list of people suspected of money laundering or terrorism," says Shonk. "It's flexible. The concern is these are people who are suspected. Banks need to check customers against the 314A list, but they shouldn't use it to blackmail people."

But Shonk agrees with other banking industry representatives that most legitimate consumers will hardly notice the implementation of the new regulations.

"Generally, most customers will see absolutely no change," says John Hall, spokesman for the American Bankers Association. "Banks have a long history of doing due diligence in account openings. Our industry has always had the Bank Secrecy Act, which deals with account opening procedures. This is just codifying what's already in place."

Little banks feel big pressure
But some institutions clearly are struggling to comply with the regulations.

First Community Bank in Whitehall, Ohio, has three branches and a total of 35 employees.

"It's a lot of work for a small bank," says Kristy Nugent, vice president, comptroller and compliance officer.

"We have so few people to do this. It's additional work on top of their regular duties."

Being a small town bank also means customers may be a bit more put off by employees asking too many questions.

"The customers come here because they want to know you on a personal basis, but they don't necessarily want to give you all their personal information," Nugent adds.

"They could have a checking account with us and if they come in and open a savings account or take out a loan, we'll have to go through the background check and they won't like that.

"We have signs in the lobbies saying that we'll be doing background checks. This way they can turn around and walk out."

One thing that will likely affect all customers is the increased costs involved with implementation of the anti-money-laundering provisions of the Patriot Act.

Dalbar estimates that labor costs involved in opening a new account will jump from current costs of about $7.75 to an estimated $22 under the new rules.

"One way or another, financial institutions will have to find a way to recover (the costs) and ultimately some portion will trickle down to the customer," says O'Neill. "I don't think we've seen a lot of evidence of that yet. Maybe companies can absorb a certain percentage, but on an ongoing basis, depending on the absolute cost of compliance, it's most likely customers will pay."

 

[claudius_2k]

XanaduRanch, this is my experience and its true, for me, as a non USA citizen, it was impossible to open an account in san juan and in the internet, period. As I said, I'm very interested in open an account in USA, (well I was more interested before read the DCFred post...) and I would like to know the bank you mentioned, if you don't wany to put it here please send me a PM, thanks

 

[XanaduRanch]

Claudius

I sent you a PM.

 

[gilbert]

Remember to use correct name and contact information when opening your account. If a red flag goes off they will limit your account and ask you to fax over domunentation to show you are you and your info is right. If they find that information is invalid, they may find you a risk and keep any funds on hold for up to 180 days

 

[Sanson]

Bringing back the subject to PayPal, and its use in the Dominican Rep. , I have just registered my Banco del Progreso Amex Credit card. It seems that Amex credit cards are the only ones authorized to be registered from here.

 

[Camachosoft]

WHAT????

ok....

calling Banco of Progreso for a AMEX CC???

im going to try with it....

thanks

 

[Sanson]

Camachosoft, I hope it works for you. Also, as I said in a previous post, you can also get a US based credit card from Popular Bank & Trust, they are also admitted in Paypal.

However, if you plan to do business with Paypal, you should open an US based savings bank account.

 

[gilbert]

If you have a US Business account can the IRS somehow seize your assets?

 

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