Banco Popular v BHD

[RustyT]

Better check them to see if they're still active.

They’re not and there is no balance.

Once I decided that there was no need I emptied them.

I still get emails at least weekly.

I did enquire and was told that they would be happy to reopen them if I wanted to come in with a new passport and current income and bank statements from home.

I won’t bother since unless otherwise convinced that there is no benefit for me.

 

[RustyT]

Not everyone thinks like that. Some that live in the DR like to have an account in the DR for small purchases, etc...I do not think anyone needs to give their reasons for it. It is a matter of preference.

It’s a matter of sharing perspective and knowledge.

I’m not saying that if someone really wants to bother that they should not but merely question the rationale.

It’s a lot of effort for little to know return vs the effort.

 

[RustyT]

They won't be, and BP will zero out and close your account with NO notice. I know many Dominicans that it happened to...........

I chose not to give them the opportunity to take my money with fees and other nonsense.

 

[SKY]

It’s a matter of sharing perspective and knowledge.

I’m not saying that if someone really wants to bother that they should not but merely question the rationale.

It’s a lot of effort for little to know return vs the effort.

I pay all my bills with a few clicks, deposit money in other people's bank account for a transaction with no effort at all among other things I can do with a DR bank account..............And use my International card in other countries also..............

 

[JLSawmam]

Not everyone thinks like that. Some that live in the DR like to have an account in the DR for small purchases, etc...I do not think anyone needs to give their reasons for it. It is a matter of preference.

Awww, you know we love beating that horse over and over again

 

[NanSanPedro]

With all the investment options in the world and the many simple and cheap ways to send yourself money why do most here even bother with Dominican banking?

I have accounts in a DR bank but have not used it in years and see no reason to bother again in future. I’m much happier and feel safer using insured 1st world banking and investments. So please fill us in on reasons to jump through all the hoops for inferior DR banking when most if not all have better banking elsewhere.

One thing I noticed is that you can pay directly online from your DR bank account to the merchant. I have come across this 3 times but I know there's tons more.

My pharmacy is like this, but they also accept credit cards so it's a wash.

My mechanic (Lula) is like this but they don't accept CCs, so it's cash only.

When I bought my puddle jumper, had I had a bank account here it would have been easier. Obviously even for a puddle jumper the cash would have taken a long time with a debit card although Western Union or Caribe Express would have been options. As it turns out, he took a check and I only had to wait 2 days for it to clear. This was in May of 2023.

 

[SKY]

The last car I bought here I transferred the money from my account directly to the dealers account at his suggestion. Took 3 minutes in the bank.........And to add it was from a US Dollar account to another US Dollar account..............

 

[JLSawmam]

One thing I noticed is that you can pay directly online from your DR bank account to the merchant. I have come across this 3 times but I know there's tons more.

My pharmacy is like this, but they also accept credit cards so it's a wash.

Nan, does your pharmacy give you a cash discount (most offer 10% off) if you pay them as you describe? They wouldn't incur any fees from accepting a debit/credit card, so perhaps they would give the discount.

I pay Claro and electricity online with my BPD account. I also transfer my rent to my landlady's account. When I think of all the needless trips I took to pay stuff in the past...ugh!

 

[NanSanPedro]

Nan, does your pharmacy give you a cash discount (most offer 10% off) if you pay them as you describe? They wouldn't incur any fees from accepting a debit/credit card, so perhaps they would give the discount.

I pay Claro and electricity online with my BPD account. I also transfer my rent to my landlady's account. When I think of all the needless trips I took to pay stuff in the past...ugh!

I also forgot about our Wifi with Imagen. They take bank transfers too. I'm very close to them, within 3 blocks, so it's not a biggie for me to use the credit card.

The only problem is getting the cash together for my rent of 32k DOP. But given I'm in SanIsidro twice a week I can either goto BanResevas ATM in Bravo or Scotia Bank next to the gym. So far it hasn't been that difficult. I still don't see the benefit of a Dominican bank.

 

[JD Jones]

Nan, does your pharmacy give you a cash discount (most offer 10% off) if you pay them as you describe? They wouldn't incur any fees from accepting a debit/credit card, so perhaps they would give the discount.

I pay Claro and electricity online with my BPD account. I also transfer my rent to my landlady's account. When I think of all the needless trips I took to pay stuff in the past...ugh!

Most give 10% for cash, and 5% for CC, doesn't matter if it's debit or credit. I gave up long ago asking why that was with a debit card; all I ever got was a shrug.

 

[cavok]

With all the investment options in the world and the many simple and cheap ways to send yourself money why do most here even bother with Dominican banking?

I have accounts in a DR bank but have not used it in years and see no reason to bother again in future. I’m much happier and feel safer using insured 1st world banking and investments. So please fill us in on reasons to jump through all the hoops for inferior DR banking when most if not all have better banking elsewhere.

Too many details to go into. I've looked into all the money transfer methods but, for me, it's not only cheaper but also much more convenient to have bank accounts down here - especially if you live down here year around, which I do.

 

[keepcoming]

It’s a matter of sharing perspective and knowledge.

I’m not saying that if someone really wants to bother that they should not but merely question the rationale.

It’s a lot of effort for little to know return vs the effort.

Do you spend a lot of time in the DR?

 

[Mario1208]

I’ve had no issues with BHD & use it mostly to pay bills & groceries. Adding bill pay recipients is a breeze via their mobile app and really convenient

 

[2020]

it's beyond me why anyone would still back with Banco Popular. They are the WORST bank in the DR.

 

[RustyT]

Too many details to go into. I've looked into all the money transfer methods but, for me, it's not only cheaper but also much more convenient to have bank accounts down here - especially if you live down here year around, which I do.

How does that work? Do you have pensions deposited directly into your DR accounts. Peso or USD? Is there a cost involved? Much delay?

When I want cash I send it to myself and pick it up at a bank or some place like Caribe Express. Same service has a debit type card that you can “load” and you can hold a variety of currencies if traveling. Use it like a debit card. I also use a CC when it is an option. Then I would likely choose debit.

I have a CC with no foreign exchange fees and a debit card with no charge for withdrawals. Not sure how you’ve made it cheaper, so please expand you answer.

 

[RustyT]

Do you spend a lot of time in the DR?

Would my answer change the value of my opinion or my experience?

 

[Mario1208]

Would my answer change the value of my opinion or my experience?

I’f you stay for a short periods of time it’s not a necessity bit more convenient to have a DR account for misc. purchases/transfers to family or friends. Living in DR imo it’s basically a must for bill payment & regular day by day transactions.

 

[Mario1208]

Also if you have monthly utilities bills & can't pay them in person while traveling outside of the country with a foreign debit/cc card you’re paying a specific exchange rate which will most likely be much lower

 

[cavok]

How does that work? Do you have pensions deposited directly into your DR accounts. Peso or USD? Is there a cost involved? Much delay?

When I want cash I send it to myself and pick it up at a bank or some place like Caribe Express. Same service has a debit type card that you can “load” and you can hold a variety of currencies if traveling. Use it like a debit card. I also use a CC when it is an option. Then I would likely choose debit.

I have a CC with no foreign exchange fees and a debit card with no charge for withdrawals. Not sure how you’ve made it cheaper, so please expand you answer.

I deposit a check from my US bank account into my DR bank account. That costs me zero to get my money here. I do have to plan ahead since it can take two to three weeks to clear. No need to go anywhere to get my money every time I need some. Paying bills or transferring money to another bank account here is simple when you have a bank account here. I don't see any downsides to having a bank account here. Probably not worth the hassle of opening an account for most tourists and snowbirds.

 

[RustyT]

That’s great, thanks. I appreciate your insight.

I see that you choose not to have direct deposit into a DR bank account. I made a similar decision to allow for more freedom and location.