Which Bank to Open a USD Account

la_barbie

Bronze
May 6, 2004
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So, I've tried to read up on old threads but haven't really found the answer I'm looking for...

Assuming most banks offer US accounts, when opening an account what is the amount that needs to be deposited... I know Scotiabank is $500 USD, but what about other banks...

... and which bank is suggested, from what I read Scotiabank isn't sounding too good.
 

whirleybird

Silver
Feb 27, 2006
3,264
322
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So, I've tried to read up on old threads but haven't really found the answer I'm looking for...

Assuming most banks offer US accounts, when opening an account what is the amount that needs to be deposited... I know Scotiabank is $500 USD, but what about other banks...

... and which bank is suggested, from what I read Scotiabank isn't sounding too good.

Would agree that Banco Popular is good if you don't allow your balance to drop below their limit for charges - if you do, they will just 'eat' your money!!!!
 

Bob K

Silver
Aug 16, 2004
2,520
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Banco Santa Cruz with out a doubt. They seem to work will with us Expats and thier exchange rate is alway better the the other banks.

Bob K
 
Feb 7, 2007
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Banco Leon is good and you can transfer money from USD account to pesos account via Internet banking. Also, most banks have a fee after 3 cash withdrawals from your USD account per month. The fee is as much as 10 dollars. With Banco Leon, you can transfer money to your pesos account at no charge, because technically it's not withdrawal but "USD sale" process with the resulting money deposited into your pesos account.

One more thing - all USD accounts are with savings book, so you do not have access to the account via ATM, you must visit the branch to withdraw money. It might be a consideration, that Popular has the lengthiest and slowest lines of all banks in the DR ... Banco Santa Cruz one of the fastest and shortest (it is a sort of private banking institution).
 

la_barbie

Bronze
May 6, 2004
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Interesting... now I should've mentioned that I will be on the North Coast (Puerto Plata) and all the years I've been going there I haven't really paid attention to the banks except Scotia and Popular so is there a Bank Leon and Banco Santa Cruz there ?
 
Mar 1, 2009
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I called Santa Cruz and they are owned by la Familia Pimentel. I don't know who they are, anybody has any info on them? Also they offer certificados de deposito de 6 meses for 5% interest in pesos RD$. Not too shabby.
 

drloca

Silver
Oct 26, 2004
2,097
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Interesting... now I should've mentioned that I will be on the North Coast (Puerto Plata) and all the years I've been going there I haven't really paid attention to the banks except Scotia and Popular so is there a Bank Leon and Banco Santa Cruz there ?

There is also Ban Reservas and so far I have no complaints with them.
 

Black Dog

Bronze
May 29, 2009
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Minimum to open a Santa Cruz dollar account is US$200, if your balance falls below that they will charge you US$1 per month.
 

carib

New member
Jul 16, 2002
142
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banks

Based on my experiences.... Santa Cruz has the best exchange rates, Banco Leon is good also but lower exchange rates and pays almost no interest on accounts, and Banco Carib works with foreigners a lot. Personally I would NEVER open a account with Ban Reserves or Popular because of their long lines and poor service, equally I will not open a account with scotiabank because they think they are doing you a favor by allowing you to deposit your money with them. They want sponsors and letters of credit from your home country and the list goes on and on with them. Banco Progresso is also good.
Carib
 

Adrian Bye

Bronze
Jul 7, 2002
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banco popular rocks if you have local bills to pay.

santa cruz is ok if you're changing checks a lot from the US. but banco popular can automate those exchanges via online which is incredibly handy. you just wire over some USD into your local USD popular account, and select to exchange it to DOP and its done instantly.

i've had accounts at BHD, scotia, santa cruz and banco popular and i only have banco popular now.
 

dv8

Gold
Sep 27, 2006
31,266
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Interesting... now I should've mentioned that I will be on the North Coast (Puerto Plata) and all the years I've been going there I haven't really paid attention to the banks except Scotia and Popular so is there a Bank Leon and Banco Santa Cruz there ?

the only banco leon office i can remember is the one in the city center, close to avenida colon. i cannot recall santa cruz branches at all - but i have never been interested in this particular bank.