Pension, Direct Deposit into DR Bank Account

Ken

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Jan 1, 2002
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Has anyone been able to get SS Administration to direct deposit pension into a DR Bank Account?

It can be done, people are doing it, but I could never understand why. My check goes into my US bank account and I write checks on that account and cash them for pesos at a banco de cambio. I have been doing that for years. There are a lot of other expats doing the same. We feel more secure with our money in the US.
 
Sep 4, 2012
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Thanks everyone.

Is Banco Popular the only one that would accept it?

Bob,

What else would I need besides the paperwork from the consular section?
 

mountainannie

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Dec 11, 2003
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I would imagine that any bank that has dollar accounts would be happy to accept the ss checks.. so that would include any of the big commercial banks.

but note also.. that there are other reasons for having a bank account stateside.. for instance a DR based credit. debit card is often not accepted online....

if you have a stateside bank, i would think twice about dropping it.. unless the fees are really killing you.. often there are accounts for seniors which are free.
 

jaguarbob

Bronze
Mar 2, 2004
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I would imagine that any bank that has dollar accounts would be happy to accept the ss checks.. so that would include any of the big commercial banks.

but note also.. that there are other reasons for having a bank account stateside.. for instance a DR based credit. debit card is often not accepted online....

if you have a stateside bank, i would think twice about dropping it.. unless the fees are really killing you.. often there are accounts for seniors which are free.

Right now there are several us banks that are not alowimg cash transactions in some countries,DR is on of the countries on list.If I was planning a visit here right now it would be smart to ask your bank if your visa is good here.My bank in states stopped my cash transactions in may,can only use it for purchases,paying bills,.Mu visa from Banco Popular is good anywherr in the world,.
 

Ken

Platinum
Jan 1, 2002
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Why would anyone want their pension check from Social Security or some other US pension fund deposited in a Dominican account?

It is not necessary in order to have a bank account in the DR. You can write a check on your US account, cash it for pesos, and use the pesos to open an account in a Dominican bank.

I have an account in Banco Popular, but my pension checks are deposited in my account in a US bank.

My credit cards and PayPal account are related to my US account.

During the years that I have lived here, I have lost money because of 2 bank failures. Fortunately the amounts lost were low, but that was because my US account was my primary account.

I'm sure some will say that can't happen again, that the Dominican government is going to bail out any failing bank in the future. Vamos a ver.
 

mountainannie

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Dec 11, 2003
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Wishing you well.. where are you going to live? It is not so easy to get an intro to a casa de cambio.. I was just lucky to get one in the Capital. They work on trust and you have to be referred by someone who is a long term client.
 

mountainannie

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Dec 11, 2003
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You cannot just CASH a US check at a DR bank, you have to deposit it and it can take /well,, months to clear..,,

And also.. well.. there is the always the issue of the cost of cast of the transfer.. etc.

Now, if you are cashing a US check into pesos, you get the best rate. And there are no worries that your plastic card will be cloned.
 

Ken

Platinum
Jan 1, 2002
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You cannot just CASH a US check at a DR bank, you have to deposit it and it can take /well,, months to clear..,,

And also.. well.. there is the always the issue of the cost of cast of the transfer.. etc.

Now, if you are cashing a US check into pesos, you get the best rate. And there are no worries that your plastic card will be cloned.

If you are responding to what I said, I don't cash US checks at a bank. I cash them at a banco de cambio. I did so this morning, in fact. Wrote a check for US$500, was handed the pesos, and out the door in less than 10 minutes.
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
Wishing you well.. where are you going to live? It is not so easy to get an intro to a casa de cambio.. I was just lucky to get one in the Capital. They work on trust and you have to be referred by someone who is a long term client.

Sure, the banco de cambio is not going to just hand money to everyone who comes through the door with a personal check in hand, but it is not that difficult, either, if you are living here. Having someone who can confirm that you are living here, such as the lawyer who helped with the purchase of your house or apartment, is important if you are new to the area, but it doesn't have to be a long time client. And the limit of checks for awhile will likely be in the low hundreds until the banco de cambio sees that there is no problem with the checks.
 
Sep 4, 2012
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Sure, the banco de cambio is not going to just hand money to everyone who comes through the door with a personal check in hand, but it is not that difficult, either, if you are living here. Having someone who can confirm that you are living here, such as the lawyer who helped with the purchase of your house or apartment, is important if you are new to the area, but it doesn't have to be a long time client. And the limit of checks for awhile will likely be in the low hundreds until the banco de cambio sees that there is no problem with the checks.

Thanks for the suggestion as all is well taken. I have no problems cashing or depositing checks as I have accolades at both; banks and casa de cambio.