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Thread: Which Bank?

  1. #1
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    Default Which Bank?

    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 Some threads I've seen about banks seem out of date so I am asking my fellow DR1ers for help based on their recent experiences.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

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    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.

  3. #3
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    Ban reserves offers great finance on cars! You won't do better if credit is your outlook!

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    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

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    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.

  6. #6
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    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

  7. #7
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    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.

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  9. #8
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    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.

  10. #9
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    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.

    Administrator
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  11. #10
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    Thanks Alterego, I did not know that.

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