I will be in Cabarete for 8 months working at the DREAM project and was curious as to any suggestions for banking. Should I just use my ATM card at Scotiabank or is there another option that would also allow my dad to transfer my money without ridiculous fees?
- Thread starter mackenziekahl
- Start date
Banking In DR for 8 months
I would just use your bank card from home and get your dad to email you money or put it directly into your bank. I would do this regardless what country you are going to....you get a better exchange rate from your home bank then you would anywhere else. Good luck with your work
bank account
Open a dollar bank account here, deposit checks from your home account,( takes about 20 days to clear) and withdraw dollars. No fees.
Open a dollar bank account here, deposit checks from your home account,( takes about 20 days to clear) and withdraw dollars. No fees.
I will let the OP answer for themselves but I cant imagine many people wanting to wait 20 for clearance, especially for short term use...they will have been and gone from the DR before the cheques are cleared
Do you have a bank account with Scotiabank or any member of the Global ATM Alliance?
If so you can use the Scotiabank ATM without paying any ATM/service fees.
Scotiabank - Global ATM Alliance
I would always keep some US$ and pesos on hand too so that I am not dependent on the ATM working all the time.
My experience is wiring money will be the cheapest way. Where would your Dad be sending the money from, and which bank in your home country does he use. This will determine the cost. I just wired 12,000 $US to BHD through the Scotia Bank in Canada and it cost $27 Canadian and was in the persons account in 3 days. Now because it was above 10,000 I had to send proof where the money came from, but if you are talking about under $10,000 that will not be the case.
The easiest, quickest and cheapest way will go to a local change house (Casa de cambio) and establish an account there. Then you just write them a personal check in English from your US bank. You will just need a personal reference. You will also get the best exchange rate. You also can do it once a week to minimize the amount of money you have with you.
Also, most large businesses will accept international visa cards so if you like to make big purchases at a grocery store this is an option. I do this at times as well.
Also, most large businesses will accept international visa cards so if you like to make big purchases at a grocery store this is an option. I do this at times as well.
that depends on the bank/BanReservas holds the check for 45 working days--
Not that it does not clear my account in two weeks!
If I were only going to be in the country for 8 months, I would most definately be looking for options which did not involve opening an account in a Dominican bank. It seems to me that the OP's original idea to withdraw funds from his Scotiabank account with his ATM card would be by far the simplest. Yeah, there will be fees.
I don't think most cambios will cash a check for someone until they've been around for a while and established a relationship. Some may.
I don't think most cambios will cash a check for someone until they've been around for a while and established a relationship. Some may.
This is not true in my experience. They could care less if you've been in the country for 6 days or 6 years and you don't even need a cedula at least the ones where I have gone too.
The are only interested in having a reference who acts as a guarantor until they have faith that your checks won't bounce.
Go to a cambio
As Chip said, if you bring a trusted member of the town (Cabarete in your case)
then this person will vouch for you and your check. I'm sure after the first one you can cash a check on your own. This is what I did in Cabarete. Somebody
from the Dream Project should be able to help you. Their office is right near a
good cambio and a bank is nearby too. Having an ATM card is very handy, but the charges can be excessive unless you have Scotia related bank. Your home bank will likely charge a hefty international fee for each transaction.
As Chip said, if you bring a trusted member of the town (Cabarete in your case)
then this person will vouch for you and your check. I'm sure after the first one you can cash a check on your own. This is what I did in Cabarete. Somebody
from the Dream Project should be able to help you. Their office is right near a
good cambio and a bank is nearby too. Having an ATM card is very handy, but the charges can be excessive unless you have Scotia related bank. Your home bank will likely charge a hefty international fee for each transaction.
or 3. Go into any bank and do a "cash advance" on your debit or credit card. They will give you USD...there's a fee though, varies from bank to bank (your bank at home).
but fjw why do you need USD in the DR?
I have a CDN Bank account with TD and used my debit card with no hassles at 2 DR Scotia Bank ATM locations in the Punta Cana area and at the Jumbo in La Romana in the winter. I think one other random ATM machine as well. I preferred the Bank branches as I felt more secure and was off the street at them. The account I have gives me unlimited international withdrawls with no fees at all. The exchange rate I got was excellent too.
Check into what your home bank offers with one of their minimum balance accounts. Mine also gives me a Gold Visa Card with no fee and a bunch of other perks including no monthly account fee because I maintain a certain minimum balance which is really small comparatively speaking. I can manage it as a single mom.
For an 8 month stay I'd recommend looking into an account like I have - I'm sure all the main banks (in Canada anyway) have a similar type and as long as your dad has your bank account number, he can deposit any cheques or cash into it as needed by going to a teller. The other benefit is being able to manage your accounts online in English!
Check into what your home bank offers with one of their minimum balance accounts. Mine also gives me a Gold Visa Card with no fee and a bunch of other perks including no monthly account fee because I maintain a certain minimum balance which is really small comparatively speaking. I can manage it as a single mom.
For an 8 month stay I'd recommend looking into an account like I have - I'm sure all the main banks (in Canada anyway) have a similar type and as long as your dad has your bank account number, he can deposit any cheques or cash into it as needed by going to a teller. The other benefit is being able to manage your accounts online in English!
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C
c398x2
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Nope.
Keep your US account and just write checks at a cambio with a reference of a friend, just as Chip stated...