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Thread: Bank Accounts

  1. #1
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    Default Bank Accounts

    Can i open a joint bank account with a Dominican that we both would have equal access too ??

    From the little that I understand if you open the account with dollars unless you convert it the balance remains in dollars and is redeemed in dollars upon withdrawal. is that accurate ?

  2. #2
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    There are two different types of accounts - peso accounts and dollar accounts. I have both but they are both savings accounts. I do not know if you can have a checking account in dollars. Anyway. Your dollar account stays in dollars. The money is withdrawn in dollars. The bank can then convert your dollars to pesos (although they do not usually give you a great exchange rate)

    As for a joint account with a Dominican, I have no first hand knowledge but would not see any problem with it.

  3. #3
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    Yes you can open a joint account with anyone you want. What mountannie said is correct, and all checking accounts are in Pesos here.

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    Ok a savings account is fine with me. So dollars in equals dollars out. Do you still acquire interest on your balance ?

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    yes, but very little. I mean, it is not noticable. *but then again, I do not have much money!

  6. #6
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    Thanks everyone for the replies. One final question any banks that do business in both the U.S. and the DR that I could wire/transfer funds and avoid a wire fee ?

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    ~Not on this planet....you are always charged a fee to wire money PERIOD whether its US or Dominican....and more then likely you get hit twice with fees....

  8. #8
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    are you all completely sure of this? I thought I heard that Bank of America now had a relationship with BHD? worth checking out,, anyway

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    Quote Originally Posted by mountainannie View Post
    are you all completely sure of this? I thought I heard that Bank of America now had a relationship with BHD? worth checking out,, anyway
    When I've transfered money from Canada it has gone the the Bank of American in Miami in to my BHD account.

  10. #10
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    that was probably it.. but Derfish is also probably right about the wire transfer fees.

    If the OP is going to be in the States and just wants to send money to a Dominican, he may want to check out remittances which are very common here and may be a cheaper way to go.

    Remesas y Transferencias de Repblica Dominicana. Livio.com Portal Dominicano

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