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  1. #1
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    Default Banking In DR for 8 months

    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?

  2. #2
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    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

  3. #3
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    Just be aware of the charges you will incur when withdrawing cash at an ATM. There will be charge fron your institution back home as well as the local DR bank...last time I used it, it works out to around 5 dollars/transaction.

  4. #4
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    Default 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.

  5. #5
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    Quote Originally Posted by all is lost View Post
    takes about 20 days to clear.
    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

  6. #6
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    Quote Originally Posted by mackenziekahl View Post
    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?
    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.

  7. #7
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    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.

  8. #8
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    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.

  9. #9
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    Quote Originally Posted by all is lost View Post
    Open a dollar bank account here, deposit checks from your home account,( takes about 20 days to clear) and withdraw dollars. No fees.
    that depends on the bank/BanReservas holds the check for 45 working days--
    Not that it does not clear my account in two weeks!

  10. #10
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    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.

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