Question about banking in the DR

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DominiRican

Member
Apr 7, 2004
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Hello all,

I returned from my first trip to the Dominican Republic a couple weeks ago, and had a very good time. My mother is from there and I've been looking for a place to visit regularly and really get to know. I didn't want to take money with me nor did I want to use my credit card anywhere on the island. I probably shouldn't have this impression that it's dangerous, but I thought it would be best to simply take money out of the ATM and pay everything in cash, including the hotel stay. I noticed that the Popular bank was EVERYWHERE, and there's a Banco Popular here in Chicago, I think they're the same bank, I will verify this later, but I was thinking about opening a checking account, so I don't have to pay a fee every time I want to take money out during my future trips. Chase charged about 4 bucks each time, and it had a maximum withdrawal of 5k pesos, which isn't very much. Is anyone familiar with Popular and have personal experiences with them? Thanks.
 
N

NY2DR

New member
Nov 21, 2009
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From my knowledge Banco Popular & Popular are different banks if I remember correctly. But what I am definite on is that you can open a Bank of America account & they are affliated with Scotia Bank here in D.R. They only charge you a 1% conversion fee from dollars to pesos. I have an account myself and use my debit card to withdraw from the ATM. Hope that helped.
DominiRican said:
Hello all,

I returned from my first trip to the Dominican Republic a couple weeks ago, and had a very good time. My mother is from there and I've been looking for a place to visit regularly and really get to know. I didn't want to take money with me nor did I want to use my credit card anywhere on the island. I probably shouldn't have this impression that it's dangerous, but I thought it would be best to simply take money out of the ATM and pay everything in cash, including the hotel stay. I noticed that the Popular bank was EVERYWHERE, and there's a Banco Popular here in Chicago, I think they're the same bank, I will verify this later, but I was thinking about opening a checking account, so I don't have to pay a fee every time I want to take money out during my future trips. Chase charged about 4 bucks each time, and it had a maximum withdrawal of 5k pesos, which isn't very much. Is anyone familiar with Popular and have personal experiences with them? Thanks.
Click to expand...
 
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Lando calrisian

Bronze
Mar 1, 2009
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Since your mom is Dominican you can by law art 11; either claim your Dominican citizenship, quick and easy within the prescribed period. Then you can open up an account with El Popular. Placing whatever small amount you wish is possible because you can transfer funds from your American bank to your Dominican one. That way you don't have to carry to much cash with you.
 
D

DominiRican

Member
Apr 7, 2004
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Lando calrisian said:
Since your mom is Dominican you can by law art 11; either claim your Dominican citizenship, quick and easy within the prescribed period. Then you can open up an account with El Popular. Placing whatever small amount you wish is possible because you can transfer funds from your American bank to your Dominican one. That way you don't have to carry to much cash with you.
Click to expand...

Oh... that sounds interesting. I didn't know I can claim citizenship. Would that interfere with anything in the states? Like disqualifying me from collecting social security when I'm older, because they'll accuse me of defecting and not worthy of this money I paid into? Having dual citizenship sounds intriguing though, I will look into it. Thanks!
 
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Ladybird

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Dec 15, 2003
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dreamteamdownloads1.com
If your mother is Dominican, she should have advised you to NEVER use any international card at any ATM in the DR...go into the bank and withdraw what you need to

I have a feeling there is more to your agenda and your question and hence ultimate goals....

I quote you; ATM

nor did I want to use my credit card anywhere on the island
Click to expand...
 :confused:
 
bob saunders

bob saunders

Platinum
Jan 1, 2002
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dr1.com
Ladybird said:
If your mother is Dominican, she should have advised you to NEVER use any international card at any ATM in the DR...go into the bank and withdraw what you need to

I have a feeling there is more to your agenda and your question and hence ultimate goals....

I quote you; ATM

:confused:
Click to expand...

I have been using the ATM inside BHD in Jarabacoa for 10 years without an issue. You also don't have to be Dominican or a resident to open a bank account.
 
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imlosttoo

New member
Apr 27, 2009
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ATMs

Never use an international card at any ATM in the DR? If I'm coming down how should I bring the cash I'll need? Thanks

C
 
D

DominiRican

Member
Apr 7, 2004
64
1
8
Ladybird said:
If your mother is Dominican, she should have advised you to NEVER use any international card at any ATM in the DR...go into the bank and withdraw what you need to

I have a feeling there is more to your agenda and your question and hence ultimate goals....

I quote you; ATM

:confused:
Click to expand...

Huh? I'm trying to turn on my paranoia radar to understand what you're saying, but I have no idea what you could be thinking. I am just concerned that my credit card information will be used fraudulently, so I don't want anyone to have it.
 
W

windeguy

Platinum
Jul 10, 2004
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Ladybird said:
If your mother is Dominican, she should have advised you to NEVER use any international card at any ATM in the DR...go into the bank and withdraw what you need to

I have a feeling there is more to your agenda and your question and hence ultimate goals....

I quote you; ATM

:confused:
Click to expand...

I have been using an international ATM card here for 10 years with only one minor issue in hundreds of transactions. If I do go into a bank, they refuse to do anything with it and tell me to use the ATM.

I would not use an international CREDIT CARD here unless it was an emergency.
 
B

bellakins

Active member
May 31, 2008
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windeguy said:
I have been using an international ATM card here for 10 years with only one minor issue in hundreds of transactions. If I do go into a bank, they refuse to do anything with it and tell me to use
The ATM.


What banks offer an international ATM card?
Are there any special charges per use?
Click to expand...
 
S

SKY

Gold
Apr 11, 2004
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BHD has a debit card that works Internationally, don't know about charges though, other than they charge 30 pesos per month every month.
 
W

windeguy

Platinum
Jul 10, 2004
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bellakins said:
windeguy said:
I have been using an international ATM card here for 10 years with only one minor issue in hundreds of transactions. If I do go into a bank, they refuse to do anything with it and tell me to use
The ATM.


What banks offer an international ATM card?
Are there any special charges per use?
Click to expand...

Almost any US banks ATM card can be used here. Some US Banks charge a fee for use and others do not.
I think the best deal right now appears to be from Charles Schwab, but I have not used them yet.

DR ATMs tend to charge a fee for using your US based ATM card in their machines. Some banks in the US refund those fees. I currently have accounts with BankDirect.com and BOFI.com. They both refund ATM fees up to a monthly limit and neither of them charges a fee back in the US for using them here in the DR.
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A

aguyfromny

New member
Mar 20, 2012
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Using ATM

I was just in Puerta Plata area for a week and have used my Chase debit card with no problem. Most bank-affiliated ATM's charge a RD$112 fee, but I found one ATM at La Sirena on the Macelon that charge no fees (I believe it's owned by La Sirena and it's a service they provide). Also, there is a 10K withdrawal limit per day, but my friend there said you can get the limit lifted if you go inside the bank and talk to a manager.

In my opinion, your best choice would a Visa/MasterCard debit card, so you don't have to carry around wads of cash. But you have to take into account the 10k limit and budget around it. If you are in POP area and can get to the La Sirena easily, do so. The exchange rate I got was 38.75 which was only slightly lower than the 38.90 at the banks inside for cash. And while you're at the Macelon, enjoy a nice stroll up and down the boulevard.
 
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its_vix

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Jun 12, 2011
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aguyfromny said:
I was just in Puerta Plata area for a week and have used my Chase debit card with no problem. Most bank-affiliated ATM's charge a RD$112 fee, but I found one ATM at La Sirena on the Macelon that charge no fees (I believe it's owned by La Sirena and it's a service they provide). Also, there is a 10K withdrawal limit per day, but my friend there said you can get the limit lifted if you go inside the bank and talk to a manager.

In my opinion, your best choice would a Visa/MasterCard debit card, so you don't have to carry around wads of cash. But you have to take into account the 10k limit and budget around it. If you are in POP area and can get to the La Sirena easily, do so. The exchange rate I got was 38.75 which was only slightly lower than the 38.90 at the banks inside for cash. And while you're at the Macelon, enjoy a nice stroll up and down the boulevard.
Click to expand...


Hey - Do you know the name of the La Sirena ATM?
I'm in La Vega and although my bank in the UK doesn't charge me for foreign transactions, the Popular seems to charge me RD$112 per transaction using my mastercard debit.
Any ideas? Thanks
 
P

pelaut

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Aug 5, 2007
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I've used VISA and MasterCard here since 1984. Cards are both American and European. Since materials get discounts for cash in addition to contractor discounts, I even built a couple of houses out of ATMs. But I NEVER do anything but run from expat sex tourism destinations, let alone use ATMs in their darker streets.

Don't open an account in the DR just to get cash. Avoid ATM charges by using American checks at a Casa de Cambio with whom you establish trust. And Banco Popular is everywhere in Latin America and usually not connected to others — just another name like People's Drugs-Gas-Furniture-whatever in the States.

Finally, I lived in Puerto Rico for some years, and the DR cities are LOTS safer than PR cities.
 
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LTSteve

Gold
Jul 9, 2010
5,449
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imlosttoo:

It is not a problem to use a debit/credit card to withdraw money in the DR. Do not bring a lot of cash with you. The safest thing to do is withdraw money as needed. I have used my card for years and never experienced a problem.

LTSTeve
 
S

sunshinedon

New member
Jul 28, 2012
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To open a bankaccount I needed A letter from A lawyer and a letter from our bank in US. It pays much better rates than US.
 
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