Banking

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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
As a reiteration of previous threads about opening a bank account.........

I have had a peso account at ScotiaBank since January 2008. Given the peso fluctuation recently, I decided to open a US Dollar account to 'warehouse' US $$ until the most advantageous time to convert.

Not so fast.... I gave them my passport, my cedula, my residencia, my RD driver's licence and my NEXUS card.

They still want proof of employment, or tax returns, or whatever proof of whatever.
Of course , I can provide none of the above on short order nor will I succumb to the request.
I did, however, allow them to look at my Cdn Scotia account as proof of solvency.

I just want to add an account.

I gave up and walked out.

Reading here has encouraged me to try another branch, another day - it may be easier.

Anybody experienced anything like this ??

I understand why they want it, but from an existing account holder ?? That's what confuses me.
 
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rubio_higuey

Gold
Feb 7, 2007
8,005
625
113
Try Banco Santa Cruz, Progreso, or Leon. Might be easier. If you have lots of $$$ in pesos account, once you have other bank USD account, tell them you will be moving your $$$ elsewhere and request to close the account on the spot. Most likely they will open you USD account on the spot.
 
V

VJS

Bronze
Sep 19, 2010
846
0
36
I walked into the nearest Ban Reservas with just a Canadian passport and opened 2 accounts: DOP and USD, in under an hour. No further docs were required.
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
I remember reading your post -- it encouraged me.

I must have failed the sniff test..... and I wore long pants too!!!!!!!!!!
 
S

sayanora

Silver
Feb 22, 2012
1,621
36
48
william webster said:
I remember reading your post -- it encouraged me.

I must have failed the sniff test..... and I wore long pants too!!!!!!!!!!
Click to expand...

Haha.. yep and here I am in shorts and sandals and can make withdrawals of 250k RD daily in banco popular with just my passport. They also opened both my RD account and USD account in under an hour.. I guess the pants and closed shoes weren't as important as we all thought!
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Maybe I'll go back tomorrow in the shorts/sandals get-up......
wet hair from the beach and a camera hanging from neck - wearing a straw Fedora, chewing a cigar.

Since 2008... they know me in that bank !!!:mad:
 
B

Bay1055

New member
Aug 5, 2007
16
0
0
I am a canadian citizen too and I have a dominican pesos account and a UD dollars account with BHD bank. They have worked perfectly during the 5 and a half years we have been living here.
 
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redserge

New member
Jan 30, 2011
290
2
0
The reason they may be looking for the record of employment and tax returns may be related to the increase of people using out of country banks for drug transactions etc. Scotia Bank is still a Canadian owned bank and are paranoid about getting involved or known as an easy bank to shift money. They got nailed back in the 80's by the US Gov't over Cayman accounts of American clients and thought they were exempt from disclosure. However the RICO statute was invoked and papers were served on the Miami branch of the Scotia Bank and the Federal Court ruled that Scotia Bank is Scotia Bank and if you have a branch in the US then you must comply with warrants and court orders. I am a retired Mountie and just guessing that is why they were so paranoid. I deal with Scotia Bank and just do it all online and use the cash machines to withdraw my pesos while down for the winter. Do not get me started on the stupidity of banks .......please
 
M

mbgmike

New member
Jan 17, 2012
475
4
0
i did not have problem with banco bhd opening an account.. i agree with the posts, banks have been getting funny again, in usa also
 
C

caribeman

Member
Dec 26, 2011
293
0
16
Enjoy meeting new people/cultures
WW it does sound a bit frustrating. I deal with the Cabarete branch and found them usually helpful. I have a small peso account and was told I could switch anytime... that was just this year. Talk to Cesar Gomez there - I find him usually helpful, upbeat and English speaking - which can help.


william webster said:
As a reiteration of previous threads about opening a bank account.........

I have had a peso account at ScotiaBank since January 2008. Given the peso fluctuation recently, I decided to open a US Dollar account to 'warehouse' US $$ until the most advantageous time to convert.

Not so fast.... I gave them my passport, my cedula, my residencia, my RD driver's licence and my NEXUS card.

They still want proof of employment, or tax returns, or whatever proof of whatever.
Of course , I can provide none of the above on short order nor will I succumb to the request.
I did, however, allow them to look at my Cdn Scotia account as proof of solvency.

I just want to add an account.

I gave up and walked out.

Reading here has encouraged me to try another branch, another day - it may be easier.

Anybody experienced anything like this ??

I understand why they want it, but from an existing account holder ?? That's what confuses me.
Click to expand...
 
aname4me

aname4me

Active member
Jun 18, 2011
365
66
28
Last September I opened an account at the Scotia Bank, in Caberete. We had called from Canada and came with lots of letters (that they had requested) and in a hour we had an account.
When we left in April, we left some cash in it, to keep it open.
In Sept/12 we called down to assure the account was still open and to say we were returning in October.
The day after we arrived, we went to the bank. Our account was closed. They had no records of it. After several hours they found the file but still would not re-open the old account or open a new one.
We were told that we must have a tie to the DR.... a house, a car, a motorcycle, a Dominican wife.

So.... No Scotia account, even for a returning costumers.
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Thank you all.

I will be going to Progreso for business reasons.
The account is ready to open after a reference letter.

No that tough, just a bit slow - RD style
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
OPened both accounts this morning in about an hour.... Banco Progreso

Ref letter was e-mail and they want a hard copy someday...... someday.

The new reference rule is recent..... wasn't needed a few yrs ago.

nearest Scotia is Cabarete or Nagua.... so, ultimately, this will be more convenient.

Progress with Progreso........... they should hire me.

Feliz Navidad everybody.

:p:laugh:
 
M

Mack

Active member
Jan 10, 2009
362
34
28
William, I'm going to assume you are a Canadian citizen and as such that is why you got grief from Scotia bank.
Three years ago the Canadian government put the heat on Scotia bank regarding opening accounts for Canadian citizens. The reason being that Scotia bank DR does not issue T5 slips for investment interest earned on DR accounts.
Glad to hear you got your accounts opened elsewhere.
Mack.
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Mack said:
William, I'm going to assume you are a Canadian citizen and as such that is why you got grief from Scotia bank.
Three years ago the Canadian government put the heat on Scotia bank regarding opening accounts for Canadian citizens. The reason being that Scotia bank DR does not issue T5 slips for investment interest earned on DR accounts.
Glad to hear you got your accounts opened elsewhere.
Mack.
Click to expand...

That's an interesting point.
Yes, I'm a Cdn citizen and I have had an account w/ Scotia here for 5 years.
As I said, they wanted tax returns from me.

Progreso just wanted a reference and a bit of history.

These new rules seem to apply to all the banks... just a bit tighter than I recall from 2008.


Anwsering the other question....
No, cedulas are not mandatory.
 
J

JesucristoEsREY

Member
Dec 24, 2012
108
0
16
Thanks for the note, Will. Does Canada or DR require you to pay taxes on the interest or any money you have with your DR bank account? I'm concerned if I open up a bank account in DR the US governmeny will charge me an arm and leg in whatever bogus fees they feel I should pay... I want to open a DR account like any regular DR person would...


william webster said:
That's an interesting point.
Yes, I'm a Cdn citizen and I have had an account w/ Scotia here for 5 years.
As I said, they wanted tax returns from me.

Progreso just wanted a reference and a bit of history.

These new rules seem to apply to all the banks... just a bit tighter than I recall from 2008.


Anwsering the other question....
No, cedulas are not mandatory.
Click to expand...
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
I have a checking account =no interest earned.

I am not a Cdn resident, just a citizen.
I earn no money in RD but I know that RD and Canada have a tax treaty.

Can't really add to much to that
 
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