- Thread starter sunnydays
- Start date
Opening a Bank Account
In most cases personal requires a copy of your passport and a letter of reference from your bank back home. (if you have cedula just go on in and open account)
Business accounts - require a pile of paperwork starting with your incorp documents, maybe directors resolution etc etc. It will take a few days in most cases.
Business accounts - require a pile of paperwork starting with your incorp documents, maybe directors resolution etc etc. It will take a few days in most cases.
Lately the banks (for personal accounts) want your passport, a letter of reference from your bank back home, and someone who has a bank account where you are opening who is there with you to refer you. And while the processors know what they're doing, it takes quite a bit of time! (sometimes hours)
Banco Leon is still the easiest to open account for personal needs (RDP/USD). You also get VISA debit card for free, and can link prepaid VISA card for Internet purchases via online banking. It's a great combination because you can use Paypal, ebay, amazon, etc with prepaid VISA card. It works flawlessly.
You first register card with Paypal, then with ebay, link your US (e.g. Miami mail forwarder) address, it gets confirmed, and now you have DR PayPal account with US confirmed shipping address!
You first register card with Paypal, then with ebay, link your US (e.g. Miami mail forwarder) address, it gets confirmed, and now you have DR PayPal account with US confirmed shipping address!
For business accounts, it's practically the same with all the banks, LOTS of paperwork, all incorporation documents, plus corporate resolution, etc., also, ONLY way to withdraw from business checking account is via checks - no counter withdrawal, actually yes but by writing a check to yourself. Plus corporate seal, etc. You also have to order business format checks which cost about RD$1500. With business accounts, because requirements are the same everywhere, your decision should be made upon the cost and efficiency of the bank you are considering. E.g. for business accounts, Banco Santa Cruz and Scotiabank are great, not many people in lines and quick service. Among the worst I would say Popular because they have LOTS of people. So when you are business owner and need to go deposit money daily, deposit and change checks, etc. it will take a lot of time and patience in Popular.
Banco Leon is great in some places as well (and some places is awful, understaffed with extremely slow cashiers), BHD and Progreso are both so-so (usually average number of people and so-so speed, and the stats are constant). Banreservas is more like popular, quite slow and lots of people, but there ARE some branches that are quick and efficient.
Your best bet (for business accounts) is to consider cost and visit the local branches of banks you are interested in, and observe. Go at different times on different days (e.g. beginning of month, end of month, paydays, early mornings, mid-mornings, noon-time, afternoons, etc) to see how stuff & people move around those branches. Then, make your decision.
For personal account the same as above applies, but you will want to consider also other factors, such as online banking, foreign currency account costs, linkages between accounts, availability of debit and credit cards, no movement fees, minimum monthly fees, ATM and debit card fees, cost for receiving foreign transfers, whether they have direct SWIFT connection or go via USA bank, etc. These factors are not present with business account decision.
Banco Leon is great in some places as well (and some places is awful, understaffed with extremely slow cashiers), BHD and Progreso are both so-so (usually average number of people and so-so speed, and the stats are constant). Banreservas is more like popular, quite slow and lots of people, but there ARE some branches that are quick and efficient.
Your best bet (for business accounts) is to consider cost and visit the local branches of banks you are interested in, and observe. Go at different times on different days (e.g. beginning of month, end of month, paydays, early mornings, mid-mornings, noon-time, afternoons, etc) to see how stuff & people move around those branches. Then, make your decision.
For personal account the same as above applies, but you will want to consider also other factors, such as online banking, foreign currency account costs, linkages between accounts, availability of debit and credit cards, no movement fees, minimum monthly fees, ATM and debit card fees, cost for receiving foreign transfers, whether they have direct SWIFT connection or go via USA bank, etc. These factors are not present with business account decision.
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Sky, BHD consistently takes 30 days to clear a US check. Annoys the hell out of me because when I check my US bank online the check has cleared in 2-3 days. My sister-in-law's dollar account is with Banco Popular, and she has the same lag time with them.
What bank clears them faster??? This year I spent $45 to wire money to my dollar account so we wouldn't have to carry a lot of cash or wait forever for a check to clear. I'd love to avoid that next trip.
AE
What bank clears them faster??? This year I spent $45 to wire money to my dollar account so we wouldn't have to carry a lot of cash or wait forever for a check to clear. I'd love to avoid that next trip.
AE
Any idea as to why they take so long? I used to deposit US checks at Banco Santa Cruz into my savings account, but not anymore. Like someone mentioned before, the money is drawn from your account in 3 days or so, but you don't see it until 30 days later!! 
Any idea as to why they take so long? I used to deposit US checks at Banco Santa Cruz into my savings account, but not anymore. Like someone mentioned before, the money is drawn from your account in 3 days or so, but you don't see it until 30 days later!!
Because they want to use YOUR money for the other 27 days!!!!
BHD is our bank, we have a dollars account and a peso account. We've never had a check clear that fast. We usually use either the SD branch on Independencia near the Presidente factory, or the branch in La Sirena in San Cristobal. We even tried using the main branch at Churchhill and 27 Feb thinking it might clear faster - nope.
AE
I can only tell you my experience. 16-17 days like clockwork. And I deposit US dollar checks all the time. My branch is in Puerto Plata, but I use banks in other cities.
13 years ago, in Central Europe, 10 years after the fall of communism, it took exactly 1 week (5 business days) to clear USD check deposited into a USD account there. Nowadays it's 3-5 days, so not much change there. But I want to point out that in a post-communist country you would get money off US check in a week's time. In the DR it's one month or more...
If you're a Canadian citizen stay away from Scotia bank. In the past year the Canadian government has basically told them that because they cannot/do not issue T4's they cannot/should not open an account for a Canadian citizen. If you're a present account holder you may/may not hold privilege. In my opinion it?s just a matter of time before they want more info.
I recommend Banco Leon. They will check you out, as in send a copy of your passport to Santo Domingo to make sure you're not a bad guy (exactly what a bad guy is I don't know) but when you get the all clear they are fantastic to deal with, seamless transactions on the net, staff that speak excellent English etc.
Mack.
I recommend Banco Leon. They will check you out, as in send a copy of your passport to Santo Domingo to make sure you're not a bad guy (exactly what a bad guy is I don't know) but when you get the all clear they are fantastic to deal with, seamless transactions on the net, staff that speak excellent English etc.
Mack.