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US Dollar checking account at a DR bank?
Not sure of your needs, but I have USDollar and RDPeso savings accounts here in the DR, and a USDollar checking account in the US that I am able to manage online, including writing checks that are mailed to specified addresses. So far, I have only used that particular service a couple of times and each was to a US address.
You can have checking account only in RD$ pesos. Also, if you are a foreigner, you may have big problems opening up checking account, while savings account may be opened in a flash. Also, checking account has fees of about 300 to 500 pesos monthly, while saving account may cost as little as 25 pesos. You still can get a VISA debit card to your savings account in RD$ (not in US$).
If you are trusted by a reliable Cambio (money changing house) they will cash your US$ checks at the going commercial rate (or so close to it, it won't matter). Deposit as needed in your peso acct for local check writing, or stay in cash for discount shopping.
Thanks everyone for your responses. I happened to be by BanReservas yesterday and was told the same thing.... no US dollar checking account. The manager suggested that Scotia Bank might do it but she wasn't sure.
I wanted to get one so I could pay my rent in US dollars via check. The landlord won't accept a check from a US bank. It's relatively easy for me to get dollars into my US dollar savings account here. I suppose I can just get some sort of cashier's check or money order off of the US dollar account and use that but it's not very convenient.
Anyone have a simple solution for making US dollar cash payments in the DR? I'm losing money by paying in pesos (convert US -> pesos -> US).
I wanted to get one so I could pay my rent in US dollars via check. The landlord won't accept a check from a US bank. It's relatively easy for me to get dollars into my US dollar savings account here. I suppose I can just get some sort of cashier's check or money order off of the US dollar account and use that but it's not very convenient.
Anyone have a simple solution for making US dollar cash payments in the DR? I'm losing money by paying in pesos (convert US -> pesos -> US).
Open a US dollar acount at BHD. They will issue you US dollar bank checks for free. I am also pretty sure that the check is issued from a Miami bank. You need to go to the service desk and the girl will give it to you. It does not have your name on it, and they will make it out to any name you give them.
Pardon, but I see that your landlord won't take a US dollar check. Well he will never get a US dollar check that is not issued from a US bank as far as I can see.
Pardon, but I see that your landlord won't take a US dollar check. Well he will never get a US dollar check that is not issued from a US bank as far as I can see.
You can buy USD denominated travellers checks at popular or Progreso and pay your landlord with them. The checks can be cashed in those banks and even deposited into ANY USD account in most of DR banks, with only 2-3 day hold period.
BTW you CANNOT get USD checking account in the DR (or any other currency other than DOP pesos, for that matter). Checks are legal monetary instrument, and governed by local laws. Because USD is not an official currency of the DR, you cannot get a "checking" account with USD in the DR. Local law does not have provisions for that - USD is not currency of legal tender in the DR, so you cannot get legal tender monetary instrument (check) in that currency. Same for Euro, GBP, yen or any other non-DOP currency. Simple as that.
BTW you CANNOT get USD checking account in the DR (or any other currency other than DOP pesos, for that matter). Checks are legal monetary instrument, and governed by local laws. Because USD is not an official currency of the DR, you cannot get a "checking" account with USD in the DR. Local law does not have provisions for that - USD is not currency of legal tender in the DR, so you cannot get legal tender monetary instrument (check) in that currency. Same for Euro, GBP, yen or any other non-DOP currency. Simple as that.
Thanks for the explanation rubio_higuey. Makes sense when you explain it all.
On a slightly related note, it makes me wonder why they flat out refuse to accept pesos when buying the tourist card at the airport. It's a real hassle if I forget to carry dollars with me (I rarely have US dollars).
On a slightly related note, it makes me wonder why they flat out refuse to accept pesos when buying the tourist card at the airport. It's a real hassle if I forget to carry dollars with me (I rarely have US dollars).
I have a checking account at Scotia Bank in DR and it's in Pesos because I was told that the only type of bank accounts foreigners can hold are chequing accounts...and if they only offer US$ savings accounts...so c'est la vie... for us foreigners Maybe if you become a Dominican citizen you can have any kind of account you like?
Good question and even better answers! I opened a peso acct at Banco Popular (they only needed names of two local references)-- I exchange my US dollars at a trusted cambio (as suggested in another response) and deposit pesos in bank account that I withdraw from the ATM-- easy-peasy!
One of my brothers-in-law is sitting next to me, visiting us from SD, a long time BHD executive. He tells me there are no US dollar checking accounts in DR for anyone, not for Dominicans either.
I thought there were because I know my family has received checks from them for different events [weddings, births, etc], but apparently they were from banks in Puerto Rico.
AE
I thought there were because I know my family has received checks from them for different events [weddings, births, etc], but apparently they were from banks in Puerto Rico.
AE
Need advice. I have a popular account in pesos. I am making a purchase in the USA and have decided I want to use this DR Peso account to make payment. My question is, what are the associated costs of sending a bank wire (I assume is possible from peso account)? obviously I will be hit with a currency conversion in this transaction, but I imagine I can can just wire the equivalent in pesos and it will convert on beneficiary end. The purchase will be in the 5k area. I appreciate any feedback from those who have certain knowledge or experience doing sucg transaction. btw. I am set on using this peso account so that part is not the question.
If the checks were drawn from Banco Popular, then I really could see the source of that confusion. There is also a Banco Popular in PR and the US that is not the same Banco Popluar that is in the DR. The fact that they are separate entities does cause confusion.
Bienvenido | Welcome
Thanks bienamor. Im using Popular. Is the 50usd surcharge a set rate irregardless of the amount? Im looking at a 5k transfer, is this the same neighbourhood of your transaction?
You keep referring to a 5k transfer. Is that US$5,000 or RD$5,000? If it is RD, then a wire transfer is going to be cost prohibitive.