Easiest place to open a bankaccount

Anastacio

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I have read some threads on this and it seems many are looking for options not important to me. I have no real money to deposit into an account I just need to open a debit account (no credit needed) to keep my month to month living and wages in and be active to help with my cedula application.
Anyone?
 

bigbird

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May 1, 2005
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I have read some threads on this and it seems many are looking for options not important to me. I have no real money to deposit into an account I just need to open a debit account (no credit needed) to keep my month to month living and wages in and be active to help with my cedula application.
Anyone?
I opened an account in less than 30 minutes at LaNacional on Bolivar. A few hundred pesos to open and I walked out with debit card in hand. You might try any bank close to you and you may get the same results. Peso accounts are easier to open with just a passport.
 

bienamor

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I opened an account in less than 30 minutes at LaNacional on Bolivar. A few hundred pesos to open and I walked out with debit card in hand. You might try any bank close to you and you may get the same results. Peso accounts are easier to open with just a passport.

How long ago? I had a friend trying to open at BHD and they have changed policy, years ago I done the same as you there, but now they are asking for all kinds of stuff. and saying about 3 wks
 

KikoPresidente

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Banco Santa Cruz Requirements:
Passport
Letter of Reference from your home bank.
Letter of Personal reference from someone with a cedula in the RD.
Minimum opening deposit: RD$1000 peso, USD$200, or Euro$200
(pesos are by far the most inexpensive account to open)
 

bigbird

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How long ago? I had a friend trying to open at BHD and they have changed policy, years ago I done the same as you there, but now they are asking for all kinds of stuff. and saying about 3 wks
It was almost two years ago but at that time all other banks were giving me the run around. I tried two or three of the more popular banks and they all wanted references, credit check, all kinds of stuff. La Nacional asked for no more than a passport.

I also later on opened a bank accound in USD but that took some time. I had to wait about two months for BHD to run a credit check before I could open the account. I believe rules differ from bank to bank.
 

baby bori

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These banks in the DR ask for too much crap to open a bank account a passport and notarized letter by the municipality where you reside at stating you're a law obiding citizen and currently not imprisoned or facing felony charges should be sufficient. Credit check and letter of reference from a dominican who has a cedula or letter from home bank really so much crap. Do you know the hassle for the most part your bank back at home will make you go through for a reference letter???? Why should having a reference for your bank be needed to open a bank account since banking laws and regulations differ in the DR and other countries. Once bank accounts are opened then the bank can question the account holder on certain suspicious and odd transactions and make a determination whether to suspend the account until the account holder could give a reasonable explanation for such transactions. For the most people part foreigners just want to open a bank account and try to establish some sort of financial standing in the DR or have an account to cover their expenses while in the DR so its more money for the DR economy so much crap from these banks quite annoying!!!!
 

jrhartley

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have you tried to open an account in your home country recently bori ?
You usually have to have proof of where you live, utilility bills ,passport etc

When opening an account here you need to find out what the bank in question wants....as some require different things ...always deal with the same person as a different person may ask for different things lol
 

bigbird

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.....When opening an account here you need to find out what the bank in question wants....as some require different things ...always deal with the same person as a different person may ask for different things lol

Easiest and best thing to do...........
 
E

engineerfg

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I walked to 3 seperate scotia banks. They all wanted different things. Insane things like 2 reference letters notarized of professionals in santo domingom... At that time I knew nobody.


Bueno
 

J D Sauser

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The easiest PLACE, I don't know.
Some have -in answer to previous rehashes of the commonly accepted requisites- come back here and stated that at "this or that" branch, they've been successful at cutting some "corners".

The easiest WAY? Well, just fess up to the fact that even in a "Banana Republic" there are some rules, laws, requisites.
It's fairly simple, although at times logic defying. Banks usually ask for the following:


  • Proper photo ID: Either a legal resident's local ID card (cedula) or your current passport.
  • Statements of up to 2 current accounts (NOT Credit Card accounts), in your country of origin or last residence. If you already have accounts in the DR, they will work too.
  • Letters of "Good Standing" of 2 banks you are currently banking with, in your country or origin, last residence or the DR (Yes, banks even in the US DO issue them, although at a cost some times).
  • Now, the not so logic thing: Up to 2 letters of "recommendations" by local businesses. For some being new to the country, this may seem like the ultimate put-off. But trying to argue that out with local employees, even supposedly less logic challenged branch directors has no history of fruitfulness. Just talk to whom ever is renting you your room (hotel, land lord), any other business you have been spending a couple of bucks at... they all know the issue and most are happy to help.
If you come here to stay or "invest", be prepared to bring this kind of "papers" anyway... you will be asked for some, on every step of the way.

If one objects to this kind of "paper work" hunting... well, welcome to the DR, or maybe time to rethink ones choice of a paradise residence location.

... J-D.
 
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bob saunders

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BHD in Jarabacoa wanted last years income tax return and monthly salary pay statement. I opened my online banking with RBC in Canada, showed him my deposit info and balance, let them have a photocopy my ID AND PASSPORT and presto I had a bank account with easy online access. My wife have a resonable large amount in their bank also made the process go smoother.
 

Anastacio

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Feb 22, 2010
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Seems alot of work, getting a letter here from my bank in the UK will be so much hassle. Seems rediculous for a debit account, investments and credit accounts may be differing but only requiring somewhere to hold money earned in this country should be so much simpler.
 

riravaga

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Popular Bank only give you a copy of your passport, and in one month they will let you know if they can open or not your account with them, and maybe other infor they request from you.
 

J D Sauser

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Popular Bank only give you a copy of your passport, and in one month they will let you know if they can open or not your account with them, and maybe other infor they request from you.

I hope this is not intended to go into history as the "recommendation" of the day.

Yeah well, MAYBE someone at some Banco Popular branch may do that upon YOU giving THEM (vs. the other way around) a copy or your passport only. Likeliness has it though, a month later they won't call YOU and if they do, they will start to ask YOU to bring THEM, "this", then "that"... and so forth. Good luck with that approach, but if it does eventually not turn to work out, don't come here and blame it on what ever.

If someone really plans to settle here, he/she will need to bring a good collection of papers sealed and signed anyway. Why not do it from the get go on.

Look, one can turn this around over and over. Organization, concise reliable information and the sorts of qualities are not a typical trait of countries like this one. There are other advantages.
So yes, YOU or someone else may have found someone, somewhere to cut corners, or simply not know exactly how to handle it. Great.

But the rule still is, you should be prepared to produce the following:

  • Proper photo ID: Either a legal resident's local ID card (cedula) or your current passport.
  • Statements of up to 2 current accounts (NOT Credit Card accounts), in your country of origin or last residence. If you already have accounts in the DR, they will work too.
  • Letters of "Good Standing" of 2 banks you are currently banking with, in your country or origin, last residence or the DR (Yes, banks even in the US DO issue them, although at a cost some times).
  • Now, the not so logic thing: Up to 2 letters of "recommendations" by local businesses. For some being new to the country, this may seem like the ultimate put-off. But trying to argue that out with local employees, even supposedly less logic challenged branch directors has no history of fruitfulness. Just talk to whom ever is renting you your room (hotel, land lord), any other business you have been spending a couple of bucks at... they all know the issue and most are happy to help.

And you should be able to waltz out that bank office with an account to your name within 30 minutes to 2 hours. Simple as that.


:tired: ... J-D.
 

BushBaby

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The ONLY TWO things I would add to that J-D sought of come naturally to us these days but might not to a new person.
1. Try to leave only COPIES of those letters, statements, police reports & referrals ............... there is an EXCELLENT chance you will need to copy the originals again for some other 'application' in the near future!

2. Make friends with the person handling your application, be friendly & understanding of the excessive work load he/she has (even if he/she spends most of it talking to others!!) & say 'Hi' to him/her every time you seem them in the bank. BECOME KNOWN to them as the friendly, smiling & courteous person you truly are (even if you are not!!). This gets you through bottlenecks, red tape & "minor inconveniences" with much less hassle in the future! :ermm: :surprised ;) ~ Grahame.
 

MikeFisher

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Feb 28, 2006
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These banks in the DR ask for too much crap to open a bank account a passport and notarized letter by the municipality where you reside at stating you're a law obiding citizen and currently not imprisoned or facing felony charges should be sufficient. Credit check and letter of reference from a dominican who has a cedula or letter from home bank really so much crap. Do you know the hassle for the most part your bank back at home will make you go through for a reference letter???? Why should having a reference for your bank be needed to open a bank account since banking laws and regulations differ in the DR and other countries. Once bank accounts are opened then the bank can question the account holder on certain suspicious and odd transactions and make a determination whether to suspend the account until the account holder could give a reasonable explanation for such transactions. For the most people part foreigners just want to open a bank account and try to establish some sort of financial standing in the DR or have an account to cover their expenses while in the DR so its more money for the DR economy so much crap from these banks quite annoying!!!!

now what's all that rant about???
tell me the requirements for me as a non US citizen to open a US$ bank account there with a debit card, is it more easy or is it just that in reality the DR banks are still much easier to do such than the most foreign banks for foreigners are?
Mike
 
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engineerfg

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Okay Mike I will tell you.

3 months ago, I as a non resident, and non Citizen, went to Austria, and opened a bank account in under 30 minutes with just my Passport and business card.

2.5 years ago, I did the same, as a non citizen and non resident, in Singapore, in Almost faster, as I actually gave them most of the account details online, and I just had to show up in person to verify my passport and signature and self.

As for America, I do not know. I remember reading banking laws are different in different States? I would suggest Florida and California are probably good litmus test states, given the volume of Cuban and Mexican uhm.. 'visitors' :)