Which Bank?

appleman

New member
Dec 18, 2003
304
11
0
I spend about 3 months a year in the DR and I plan to open a Dominican bank account next time I travel there. I'm just looking for ease of access to funds while I am in the DR and to have a little back up account that could earn some interest while I am away. I stay on the North Coast so there would have to be branches in towns in the area from Sosua to Cabrera.

Are certain banks easier for foreigners (USA) to do business with? Can I open a joint account with my wife so either of us can make withdrawals? What else should I be aware of before I choose a bank?

I have been dragging my feet on this for a few years because it has been hard to get good first hand information on banking in the DR and I did not know anyone who had opened an account. Some threads I've seen about banks seem out of date so I am asking my fellow DR1ers for help based on their recent experiences. I know everyone will have their own favorite, but all suggestions, comments, and ideas will be used to help me make a decision. Thanks.

bob
 
If your on the north coast in Sosua and Caberette I have no problems with Banco santa Cruz. They have branches in both towns and I have a dollar and peso account. very friendly good service and they speak english also. Other banks maybe just as good, just telling you from my experience.
 

Bob K

Silver
Aug 16, 2004
2,520
121
63
We as well as our clients use Banco Santa Cruz as well. They seem to work well with the expat community and as stated above speak English. Have never had a problem with them on accounts or my CC which is with them as well.
Very good service.

Bob K
 

cjp2010

New member
Mar 25, 2013
397
0
0
I really like Santa Cruz. The staff is always very nice and bilingual. They are easy to deal with (open accounts, etc.) for expats/tourists and the exchange rates are very good. You can even open an account in dollars or have two (one in dollars and one in pesos). Mine are not true joint accounts the way you think of it in the U.S. as I am technically the only owner of the account buy my wife has full access. The process to add her was very simple. Once I had a real problem there (not their fault) where a store double charged my card for an item I bought and I just went to the bank and spoke to my account manager and she took care of it within two days. I'm not sure how fast some other banks would handle it but I was impressed with that. Even in the U.S. it would take a couple of days to verify things and get it sorted out. When I do transfers from the U.S. to my account here the funds are usually available in less than 48 hours (even though they say it could take a full week). For me it only took a full week the first time I did a transfer and after that it's usually the next day.
 

PJT

Silver
Jan 8, 2002
3,562
298
83
If it is all that you want is a location for easy access and back up to cash you should consider the number of bank branches a bank has in the areas you haunt. The more branches, the less logistical stress and costs involved transiting to and from them.

The posters familiar with the north coast areas may be able to give you insight of which banks have the most footprints. For example: the Punta Cana tourist zone has about 8+ Banco Popular walk-in locations and one Banco Santa Cruz


Regards,

PJT
 

cjp2010

New member
Mar 25, 2013
397
0
0
PJT makes a good point. There are a few more Popular branches. There is one SantaCruz in Sosua and one in Cabarete. But I have found Santa Cruz to be easier to deal with. When I first moved to the north coast I started with Popular and got frustrated and decided to try something different. Following advice from some other expats I tried Santa Cruz and had no issues. Had my account open in a couple of days. Also, I can do practically everything online with Santa Cruz (not sure how that compares to some of the others). So I hardly ever go inside to deal with the lines. It is usually Internet and ATM only for me.
 

drescape24

Bronze
Nov 2, 2011
1,918
0
36
I have an account with Banca Santa Cruz and I am very happy with the service. The give great exchange rates and I can transfer money between my property manager and myself on line.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
Just be aware that they will be charging you an 'inactivity fee' the months you are away, probably about 100 pesos a month, which will eat up any interest they may pay you.
 

appleman

New member
Dec 18, 2003
304
11
0
I really like Santa Cruz. When I do transfers from the U.S. to my account here the funds are usually available in less than 48 hours (even though they say it could take a full week). For me it only took a full week the first time I did a transfer and after that it's usually the next day.

How do you transfer from the US to the bank. I will probably have to do that as well.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
How do you transfer from the US to the bank. I will probably have to do that as well.


You get all the routing #'s from your DR bank, bring them into your US bank and transfer any amount you want. My bank changes a flat $45 whether I'm transferring $1000 or $10000. It takes a couple of days to complete. Alternatively you can deposit a US check into the account the day you arrive in DR, but it will take about a month before they say it clears and you have access to your money.

Do check with your DR bank to see if they will accept dollars into a peso account - we had to open a dollar account to do the transfers to our bank.
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
Having a good relationship with a local "Casa de Cambio",(Exchange House) is a very important step to take.
They will cash your personal checks on USA banks.
I have used the same "Casa" in "SD" for about 27 years.
I have cashed my personal checks for as much as $80,000 US.
If I give mine a USA personal check for $1,000, they will give me either $1,000 US, or that days exchange rate on pesos.
They usually gave a better exchange rate than a bank.
I live is Santo Domingo, and travel around the country a bit.
I have used "BanReservas for over 16 years, no problems so far.
Keep a VERY close watch on your money.
"THINGS" DO Happen.
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC