what is the Best Bank in DR?

giga

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Feb 11, 2012
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Hello

I want to open a bank account in DR and buy one high yelding CDs (9% and up);

What is the best bank to open an account with?

By best bank I mean the one with more options in terms of investing and
also a bank that offers online banking and good customer service.

thank you so much
 

SKY

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Apr 11, 2004
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To find what you want first you need to find a different Country.
 

Dominicaus

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Oct 4, 2006
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I want to open a bank account in DR and buy one high yelding CDs (9% and up);

What is the best bank to open an account with?

By best bank I mean the one with more options in terms of investing and
also a bank that offers online banking and good customer service.
You should specify if you want to invest in local currency or US$. Both are possible, however, interests paid on US$ are quite low AROUND THE WORLD, as far as I know.
Most large Dominican banks offer relatively modern online banking services...however, help in a language other than Spanish is very limited in most cases.

As for me, my MAIN priority is how "solid" the bank is, which comes down to who is behind the bank...which specific families or investment groups...

I would recommend Banco Leon (owned by family who owns E. Leon Jimenez (tobacco) and the national brewery (they may have sold a majority of the brewery to a multinational, but that only means they have a lot of cash!))...as well as Banco del Progreso (Vicini family is a major share holder...they own "half the country")...Banco Popular has proven over decades to be solid...Scotia Bank is a major Canadian bank...I'd focus on these especially if a significant amount of investment money is involved...

On the other hand, for an account mostly for day to day small operations, convenience would be the main issue, for which most banks would do.
 

giga

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Feb 11, 2012
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thank you dominicaus!

great answer, ill focus on those banks you told me: do you know if these banks offer the same CD in pesos or
different banks offer different CD producs?

You should specify if you want to invest in local currency or US$. Both are possible, however, interests paid on US$ are quite low AROUND THE WORLD, as far as I know.
Most large Dominican banks offer relatively modern online banking services...however, help in a language other than Spanish is very limited in most cases.

As for me, my MAIN priority is how "solid" the bank is, which comes down to who is behind the bank...which specific families or investment groups...

I would recommend Banco Leon (owned by family who owns E. Leon Jimenez (tobacco) and the national brewery (they may have sold a majority of the brewery to a multinational, but that only means they have a lot of cash!))...as well as Banco del Progreso (Vicini family is a major share holder...they own "half the country")...Banco Popular has proven over decades to be solid...Scotia Bank is a major Canadian bank...I'd focus on these especially if a significant amount of investment money is involved...

On the other hand, for an account mostly for day to day small operations, convenience would be the main issue, for which most banks would do.
 

SKY

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Apr 11, 2004
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If you are looking for the most solid bank for safety BanReservas is owned by the Government and all money is guaranteed 100 percent by the Government. For anything else though, good luck. Service? You have to be joking.
 

Criss Colon

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You do know that bank deposits in the DR are not insured don't you?
A few years ago "Baninter" as in "Solido,Como Baninter!" fame,went bust.
Two billion US dollars were lost by depositers.
The Governmant paid off the politically connected depositers,but not the "Average Jose's".
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

Dominicaus

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If you are looking for the most solid bank for safety BanReservas is owned by the Government and all money is guaranteed 100 percent by the Government. For anything else though, good luck.
You do with your money as you please...I trust the Vicinis and the Leons IMMENSELY more than I trust a government-run bank...Obviously, a government run bank greatly depends on who is running the government...
Then again, if you don't know who the Vicini's are, and who the Leons are, that is another story...I do know, though...very well.
 

giga

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Feb 11, 2012
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scary scenario, i guess one should put what can afford to lose......
but thank you Criss

You do know that bank deposits in the DR are not insured don't you?
A few years ago "Baninter" as in "Solido,Como Baninter!" fame,went bust.
Two billion US dollars were lost by depositers.
The Governmant paid off the politically connected depositers,but not the "Average Jose's".
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

SKY

Gold
Apr 11, 2004
13,470
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You do with your money as you please...I trust the Vicinis and the Leons IMMENSELY more than I trust a government-run bank...Obviously, a government run bank greatly depends on who is running the government...
Then again, if you don't know who the Vicini's are, and who the Leons are, that is another story...I do know, though...very well.

For your information when the Leon's opened Banco Leon they took over the Bancredito branches. Guess what happened to a large portion of the money on deposit in Bancredito? It was lost and never made good by Leon. Not that it was his fault. It was Pellerano who went to jail for some years for it. But no effort was made by Leon to help any depositers that were in jeopardy. A lot of the money was in fact returned by Pellerano via a court case.
 

SKY

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While we are raving about Banco Leon, did you know that if you have a dollar account there with no action you are charged a fee per month. Some people went away for a year, came back and got a nice surprise when they checked their balance.
 

giga

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Feb 11, 2012
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sky

u mean that account in pesos are not charged a monthly fee?

While we are raving about Banco Leon, did you know that if you have a dollar account there with no action you are charged a fee per month. Some people went away for a year, came back and got a nice surprise when they checked their balance.
 

AlterEgo

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Jan 9, 2009
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While we are raving about Banco Leon, did you know that if you have a dollar account there with no action you are charged a fee per month. Some people went away for a year, came back and got a nice surprise when they checked their balance.

We have our accounts, dollars and pesos, with BHD. We don't live there, so for months on end there is no activity. After 90 days [I'm pretty sure that was the time frame] of no activity, they lock the account as inactive until we come to any branch and activate it. We do continue to accrue interest during that time, but we kind of like the fact that it's locked [in the event of any attempt at fraud by someone who might know we're not in DR].

No charges for inactivity. We've had several CDs through them too, they deposit the interest monthly into the account of our choosing.
 

SKY

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Apr 11, 2004
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sky

u mean that account in pesos are not charged a monthly fee?

I don't know what they do now there. But any bank that charges a fee to hold your money should be avoided at all costs.

Personally I prefer BHD and Banco Popular. But like I said, none are known for customer service.

Where are you located anyway?
 

Castle

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Banco Popular charges me 45 pesos every month off my savings account if the balance is bellow some amount (not sure which)
 

SKY

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What most of them do charge is about one dollar or less a month for a debit card.
 

Criss Colon

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"WOW!"
"DumbinicA$$",you know the Leon family,AND the Vivinis as well?
How COOL is THAT!
How about the Ramos family,the Brugals,the Bonettis???
Can I kiss your ring????
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Dominicaus

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Oct 4, 2006
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For your information when the Leon's opened Banco Leon they took over the Bancredito branches. Guess what happened to a large portion of the money on deposit in Bancredito? It was lost and never made good by Leon. Not that it was his fault. It was Pellerano who went to jail for some years for it. But no effort was made by Leon to help any depositers that were in jeopardy. A lot of the money was in fact returned by Pellerano via a court case.
The Leon bough the bank under a specific agreement that indicated what they should do concerning the problems you mentioned and everything else...And as far as I know they did exactly what they were supposed to...Do you know otherwise?
 

giga

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Feb 11, 2012
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hi sky

i live in NYC,
may i ask you how do you check the balance on the account? do Banco Popular offer online banking?

i ve never heard of BHD..

I don't know what they do now there. But any bank that charges a fee to hold your money should be avoided at all costs.

Personally I prefer BHD and Banco Popular. But like I said, none are known for customer service.

Where are you located anyway?
 

giga

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Feb 11, 2012
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hi Castle,

may I ask you if Banco popular offer s you a specific interest rate on your saving account?
as far as you know do they also offer CD in pesos?

Banco Popular charges me 45 pesos every month off my savings account if the balance is bellow some amount (not sure which)