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  1. #1
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    Default BanReservas Put Hold on Account

    Ok so i haven't sent any significant money to the DR in a long time but last time i had no problems but now...

    Facts:
    Joint account in US $ opened recently at Ban Reservas
    300 minimum to open
    account is in sister and brother in laws name (both Dominicans)
    recently transferred to account 18kUS from US bank account
    Money arrived but Ban Reservas refuses to allow access to money until a letter of justification is obtained by my brother and sister in law...

    Questions:
    Is this legit? Did they just start doing this? Is this b/c they suspect something awry? or is it their policy for all transactions over a specified amount? has anyone else had to go through this? Are there other banks to open US$ accounts in the DR?

    Thanks for any information on this...

  2. #2
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    Default

    Generally they need to know the source of the funds and the purpose for any sum over about 10k$.
    It's a good idea to keep a few years source of money record.

    Yanandu

  3. #3
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    Default

    Quote Originally Posted by philly View Post
    Ok so i haven't sent any significant money to the DR in a long time but last time i had no problems but now...

    Facts:
    Joint account in US $ opened recently at Ban Reservas
    300 minimum to open
    account is in sister and brother in laws name (both Dominicans)
    recently transferred to account 18kUS from US bank account
    Money arrived but Ban Reservas refuses to allow access to money until a letter of justification is obtained by my brother and sister in law...

    Questions:
    Is this legit? Did they just start doing this? Is this b/c they suspect something awry? or is it their policy for all transactions over a specified amount? has anyone else had to go through this? Are there other banks to open US$ accounts in the DR?

    Thanks for any information on this...
    Yes it's legit and they are required by law to report any transactions over US$10,000 due to money laundering.

    You will need to present all the docs they have asked for before they will release your funds.

    Next time keep the transactions under US$9,999.

  4. #4
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    Default

    thanks for responding

    I don't have a problem with the reporting of it to whomever.

    They would only put a hold on it though if the suspect something right? or if they want to give you a hard time? What I am getting at is they don't have to put a hold on the account and require justification? or is that BanReservas Policy now?

    i now live in the dr part of the year and can't imagine going through this every time i buy something large....is there a better way then just transferring less then 10k?

  5. #5
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    Quote Originally Posted by philly View Post
    thanks for responding

    I don't have a problem with the reporting of it to whomever.

    They would only put a hold on it though if the suspect something right? or if they want to give you a hard time? What I am getting at is they don't have to put a hold on the account and require justification? or is that BanReservas Policy now?

    i now live in the dr part of the year and can't imagine going through this every time i buy something large....is there a better way then just transferring less then 10k?
    I transferred 15 K to mt wife's account in BHD, where the manager knows both us quite well. It still took 5 days to clear, even with the proof of origin.

  6. #6
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    Quote Originally Posted by philly View Post
    thanks for responding

    I don't have a problem with the reporting of it to whomever.

    They would only put a hold on it though if the suspect something right? or if they want to give you a hard time? What I am getting at is they don't have to put a hold on the account and require justification? or is that BanReservas Policy now?

    i now live in the dr part of the year and can't imagine going through this every time i buy something large....is there a better way then just transferring less then 10k?
    As I told you in my first response "they are required by law to report any transactions over US$10,000". Regardless of the person sending, background etc.

    This is not BanReservas giving you a hard time or their policy, it's required by law and all banks require the same documentation. Until they get that, your accounts are frozen or the funds frozen.

    Better way? Make sure you have the required paperwork and your bank is informed ahead of time. If I wanted to transfer US$100,000 and have it clear the same day, no problem. All I need to do is speak to my account rep, inform them ahead of time and provide them with whatever they need. If you know your rep personally, it can be as simple as a phone call.

  7. #7
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    Default

    what do you have to show for proof of origin? the actual statement from you bank where you initiated the transfer? or paycheck or something? it seems they should know where the origin is?!?

    they asked for "justificacion" not sure it that is the same thing you were asked for but essentially we have to get someone else to confirm what the money is going to be spent on...

  8. #8
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    Quote Originally Posted by philly View Post
    what do you have to show for proof of origin? the actual statement from you bank where you initiated the transfer? or paycheck or something? it seems they should know where the origin is?!?

    they asked for "justificacion" not sure it that is the same thing you were asked for but essentially we have to get someone else to confirm what the money is going to be spent on...
    They aren't concerned on what you'll spend the money on, just where it originated. If it's from your bank account a letter from the bank or your bank statement showing where the deposits came from. It's not complicated.

  9. #9
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    I hear ya Bob but they didn't ask for where it originated (unless something got lost in the translation they asked for a justification of how it will be spent ... they gave my bro in law a form that the 3rd party has to fill out stating what they are selling and for how much etc...

    proving where it originated makes more sense to me....asking for proff of how it will be spent doesn't...what if you aren't spending it on anything just...just b/c you transfer money to a bank account doesn't mean you will spend it ever...but it has to come from somewhere...jijijijiji

  10. #10
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    Welcoming to banking 101 in a country that has a very long history of money laundering.

    They do not know your sister from the next Dominican, especially as its a new account.
    Even more so "if" she has no banking history of transacting in US$ at other banks etc.
    That being said, it does not surprise me they are asking for justification of how the funds
    will be spent.

    Fill out the form, tell the truth and hopefully it will be easier next time around

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