Banking(sorry)

jaxter

Member
Aug 24, 2012
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Hi im Jax and i have a banking question. I searched before i posted but could not find any info about Wire Transfers versus cash advances from US. Im on a 30 day count down til retirement in DR. I may have to make a cash advance to open bank account in DR because i dont want to carry a large amount of cash when i arrive.
Many thanks to Bob K,Mikefisher,Windguy and others who have helped in my research.Happy New Year!

Jax
 

william webster

Platinum
Jan 16, 2009
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You will need cash to open an account.... can't wire transfer until you have an account.

My recent requirements were $500 for a US dollar account and 3,000DRP for the peso account.
That was at Progreso.
 

Mauricio

Gold
Nov 18, 2002
5,607
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I have used wire transfers (usd25 fee per transfer, Bank of America to Banco popular), and also used a cash advance with the debit card belonging to the Bank of America account with several banks but the commission calculated makes it expensive as well, depending on the amount requested. Since then I take out everything I need at a Scotiabank ATM, no charge, only complication is that you can only take out 10,000 pesos per transaction and, in my case, about 300 usd per day.
 

Criss Colon

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Jan 2, 2002
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You will need to get someone here, to vouch for you at an "Exchanage House".
Once you are proven to be "Legit", they will cash your personal checks on your USA/Canada bank.
I have been using the same "House" here in Santo Domingo for 27 years.
I hope he never dies!
Changes my USA dollar checks, in to USA bills, at 1 to 1.
If I tahe pesos, there is a small fee.
My Boston bank only carges me 1 USA dollar to withdraw 4,000 pesos, at a good rate.
I also have a "Zoom.com" account.
If you transfer US Dollars to a bank account here it is pretty good ,rate wise, but the plus is you can pick up your money at many banks in the DR in about 30 minutes. $3.000 USA a month limit.
Cris Colon
 

jaxter

Member
Aug 24, 2012
174
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That thoroughly answers my questions.Thank you all. Now back to the count down,its driving me crazy,everything is packed and ready. I drag myself to work each day in a dream state of mind and burnt out. My days off are great, its just that im not in DR. The thought that makes my happy is remembering the one year count down and how far ive come. You figure 30 days would be a breeze but it seems time has stopped! aaaarrrrgggg :)
 

jaxter

Member
Aug 24, 2012
174
6
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Bring a bank reference letter as support for your RD bank account opening.


Yes i will bring 3 letters from 3 banks. My wife is Dominicana and is in DR setting the ground work. she went to banco popular and got a list of what i need to open the account. I was just worried about carrying alot of cash on me to open the account, thats why i asked about the cash advance. When i arrive at POP Banco Popular will be closed so i will have to keep my cash safe over night. Im bringing a safe with me and i probably wont sleep :)
 

william webster

Platinum
Jan 16, 2009
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Just bring enough to get you opened and started then wiremore.

Most of us carry a few thousand on arrival.....

Put it in your underwear or your shoe if you're nervous
 

jaxter

Member
Aug 24, 2012
174
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My wife went to the bank and did the best she could about getting information but she is shy about conducting business and forgets some questions when im not with her, but she said she made a friend at the bank and exchanged numbers so that our visit may go smooth i hope. The banks in DR are so strict about things like dress code and stuff not like US. I was told to take of my hat,I cant wear shorts or sandals and all the guns make my feel safe and nervous. Its nice to talk with you all because ive been trolling for a while and dont wanna drag this on. Thanks and hope to see you in DR!

Jax
 

Criss Colon

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Jan 2, 2002
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Forget the "Safe"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
That would be much worse than wearing a "Rolex", or gold chains!!!
I wish you and your Dominicana well in 2013!
But you have aLOT to learn about living "Happy & Safe" here.
The less money you show, or the "Trapping of Wealth" the better.
My goal is/was, to make everyone think I have much less than I have.
It is better that way.
Fewer "Family & "Friends" asking for "Hand Outs", AND, THEY WILL"!
And fewer thieves to targeting you.
I hope you will continue to use the "sages" on DR1 as your source of "info" about surviving in the DR.
Better late than never to start asking specific questions.
Welcome!
Cris Colon
 

william webster

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Jan 16, 2009
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Actually, hats and sunglasses are verboten in the US banks.... better camera work that way.

You'll get through the banking just fine - we all have
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
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South Coast
Forget the "Safe"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
That would be much worse than wearing a "Rolex", or gold chains!!!
I wish you and your Dominicana well in 2013!
But you have aLOT to learn about living "Happy & Safe" here.
The less money you show, or the "Trapping of Wealth" the better.
My goal is/was, to make everyone think I have much less than I have.
It is better that way.
Fewer "Family & "Friends" asking for "Hand Outs", AND, THEY WILL"!
And fewer thieves to targeting you.
I hope you will continue to use the "sages" on DR1 as your source of "info" about surviving in the DR.
Better late than never to start asking specific questions.
Welcome!
Cris Colon

I agree with you 100% - about an appearance of having less. It's taken a very long time to get Mr. AE on board with that. As a Dominican, it goes against his grain to look less than prosperous when he goes home. He's fully behind it now. I had to laugh when we were packing for our last trip down there, and I went to pack a new pair of leather sandals for him and he stopped me. He said to leave them here, because if he wears them there someone will ask for them [and he couldn't say no]. Dress down day is every day for us. :squareeye
 

jaxter

Member
Aug 24, 2012
174
6
18
Forget the "Safe"!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
That would be much worse than wearing a "Rolex", or gold chains!!!
I wish you and your Dominicana well in 2013!
But you have aLOT to learn about living "Happy & Safe" here.
The less money you show, or the "Trapping of Wealth" the better.
My goal is/was, to make everyone think I have much less than I have.
It is better that way.
Fewer "Family & "Friends" asking for "Hand Outs", AND, THEY WILL"!
And fewer thieves to targeting you.
I hope you will continue to use the "sages" on DR1 as your source of "info" about surviving in the DR.
Better late than never to start asking specific questions.
Welcome!
Cris Colon


I dont understand Chris, why forget the safe? I found a good one at walmart for $100 that fits in my suitcase and no one can see. I intend to use it for important papers and lap top.
 

Lobo Tropical

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Aug 21, 2010
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Dead

I dont understand Chris, why forget the safe? I found a good one at walmart for $100 that fits in my suitcase and no one can see. I intend to use it for important papers and lap top.

Because in case of a robbery if you don't open it your wife will be dead and you next if you don't re-consider.
After you open the safe who knows?
 

jaxter

Member
Aug 24, 2012
174
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Because in case of a robbery if you don't open it your wife will be dead and you next if you don't re-consider.
After you open the safe who knows?


And not having a safe prevents this how? im dead both ways. And really it keeps things safe from my kids:)
 

william webster

Platinum
Jan 16, 2009
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This has been discussed here at length...
Keep the safe, use it as a decoy.

Keep the good stuff somewhere else.
Seriously, thats where the conversation leads to.

not that crazy when you think about it.

safety really depends on where you are..... the closer to the big cities and tourist areas, the riskier (IMO).
 

jaxter

Member
Aug 24, 2012
174
6
18
This has been discussed here at length...
Keep the safe, use it as a decoy.

Keep the good stuff somewhere else.
Seriously, thats where the conversation leads to.

not that crazy when you think about it.

safety really depends on where you are..... the closer to the big cities and tourist areas, the riskier (IMO).



Only my wife and i will know i have it and it will be hidden and in case of home invasion,they have to get through the front door and then into our safe room that i have constructed which is off limits to the kids except emergencies. I only planned for home invasion because anything else, they can have all we have. Kidnapping and hostage situations are almost indefensable except through a safe lifestyle. And besides, we dont have much, but im a gringo and thieves only look at that fact. Do you agree?
 

william webster

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Jan 16, 2009
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Let others answer.... but the RD wife is a plus for you.

Personally, I have had no problems ( never should say that )....

Sounds like a good plan
 

Criss Colon

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Jan 2, 2002
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It is less "safe" closer to big cities, and "Tourist Areas"?????
Where did you see those "Stats"?????
I guess it depends on the type of crimes you are posting about.
CC
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
Let others answer.... but the RD wife is a plus for you.

I really hate to say this...but if your wife mentions it to anyone in her family, just in passing, it will spread like wildfire. Visions of stacks of dollars in a safe will be irresistible to some.......