Opening dual currency bank accounts

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Alltimegreat

Member
Nov 16, 2012
604
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I recently opened a pesos savings account in Santo Domingo, for which I have established online banking so I can view the balance (from overseas where I live). I'm wondering if I could open a dollar savings account with the same bank and then make occassional transfers between the two accounts in order to avoid paying inactivity fees.

Does anyone know about this?
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
113
AT Progreso, I need to go to the bank to make the transfer..... no remote/computer capability.

Other banks may differ.
 
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VJS

Bronze
Sep 19, 2010
846
0
36
william webster said:
AT Progreso, I need to go to the bank to make the transfer..... no remote/computer capability.
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The same with Reservas. In addition the exchange rate is much worse than at Caribe Express/Western Union, so it makes more sense to withdraw cash, exchange outside of the bank, deposit to the other account.
 
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william webster

Platinum
Jan 16, 2009
30,247
4,330
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Progreso rate hasn't been bad .... 40.75 last week ..... they tell you first, the rtae.

You can accept or decline.
 
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cjp2010

New member
Mar 25, 2013
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Banco Santa Cruz has been good for me. I have dual accounts there. I can do the transfer online. The exchange rate seems very good compared to the rest. Yesterday it was 40.8. Overall, I found them to be very easy to deal with for expats which is why I preferred them over Popular and some others. They have branches in Santo Domingo, but I'm not sure if any are close to you.
 
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rubio_higuey

Gold
Feb 7, 2007
8,005
625
113
As mentioned, Banco Santa Cruz allows you to transfer between accounts USD and DOP. Also Banco Leon. But Banco Santa Cruz's rate is much much better and is on par with Caribe Express. Also if you need to BUY dollars, BSC's rate is one of the lowest around. I also find BSC very easy to deal with, nice offices and nice people (literally). I almost always get offered coffee when doing something longer than a one-minute request.
 
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Alltimegreat

Member
Nov 16, 2012
604
1
18
Thanks for sharing your experiences. I'm not too concerned about the exchange rate, as I'd only be transferring small amounts back and forth for the sole purpose of avoiding inactivity fees. I live outside the DR and therefore cannot go to my bank in Santo Domingo on a regular basis.
 
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curious29

New member
Sep 20, 2012
334
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any chances on opening USD account, online accessable and with visa/ mastercard card ? for non- resident.... thanks ;-)
 
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Alltimegreat

Member
Nov 16, 2012
604
1
18
curious29 said:
any chances on opening USD account, online accessable and with visa/ mastercard card ? for non- resident.... thanks ;-)
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It's possible. But you'll probably need a letter from a lawyer or one to come with you. The banks all have different rules, so you can do it if you try enough banks.
 
A

Alltimegreat

Member
Nov 16, 2012
604
1
18
Criss Colon said:
I could be wrong, BUT, I'll bet your bank might KNOW!!!!!!!
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Sorry, but I haven't had the best experiences obtaining accurate and consistent information from banks in the DR. In the past, I've trusted the information I've received on the phone from bank employees, only to get a completely different story upon arriving at the bank in person.
 
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Salsafan

Bronze
Aug 17, 2011
924
15
38
In Banco Progreso Las Terrenas they told me two weeks ago, I just need my passport and an account abroad and I have to deposit 500 peso. In one week I would get the card for ATM (I did'nt ask about visa/master). No mention about recommendations or other paperwork.
Other thing about that bank: To get money with your passport and creditcard you need to have another id, for instance a driving licence.
 
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bluemoonnyc

New member
Oct 4, 2007
362
10
0
Alltimegreat said:
Sorry, but I haven't had the best experiences obtaining accurate and consistent information from banks in the DR. In the past, I've trusted the information I've received on the phone from bank employees, only to get a completely different story upon arriving at the bank in person.
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never trust anyone on the phone...about anything...anywhere, just a tip
 
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