Security concerning bank accounts in the DR

Alltimegreat

Member
Nov 16, 2012
604
1
18
I must say my experience with banks in the DR has been quite positive thus far: professional and helpful representatives, transparent rules about fees, good security precautions, etc. I feel like my money is in goods hands there, although I don't have all that much in my account.

Has anyone had a experience or heard any negative stories about money disappearing, accounts being frozen, or any other dubious tricks?
 

bronzeallspice

Live everyday like it's your last
Mar 26, 2012
11,009
2
38
Maybe that's the reason why you haven't experienced anything because of
not having much in the account. The problem is when there's quite an amount
deposited. Read what some posters have experienced and just be careful
and keep tabs of all your deposits and withdrawals.
 

whirleybird

Silver
Feb 27, 2006
3,264
322
83
Haha.... there is never a great deal in my account so that is definitely not the reason that I became one of the chosen few to be robbed!!
 

VJS

Bronze
Sep 19, 2010
846
0
36
Last year I opened an account with Reservas and quickly wired $20-25k into it. Then i got some emails from someone claiming to be a local manager or something asking about the source of the money etc. i responded with some explanation, the guy asked some more questions, I got annoyed and withdrew 99% of the money. Never had more emails or or problems. fwiw.
 

dv8

Gold
Sep 27, 2006
31,266
363
0
i think 10k dollar is a limit for hassle free transfer. anything more and the banks will require an explanation as to where the money is coming from. maybe your answer was not satisfactory to them?
 

VJS

Bronze
Sep 19, 2010
846
0
36
i think 10k dollar is a limit for hassle free transfer. anything more and the banks will require an explanation as to where the money is coming from. maybe your answer was not satisfactory to them?

Individual transfers were under 10K each, and my explanations were fine and I think they got satisfied, I just withdrew the cash as a precautionary measure, just didnt like their heightened interest. I am still using the account, no more emails from the bank.
 

Castle

Silver
Sep 1, 2012
2,982
1
0
I've been robbed a few times. But I've got my money back every single time, and within 2 or 3 days. I get a SMS every time I withdraw more than 5K from an ATM, or when my credit card is used to pay above such amount. I have a reasonable limit of 6k and only once-a-day in gas stations, which I can overrule with a simple phone call.

So, I feel as safe as I could feel in any other country.
 

dv8

Gold
Sep 27, 2006
31,266
363
0
Individual transfers were under 10K each, and my explanations were fine and I think they got satisfied, I just withdrew the cash as a precautionary measure, just didnt like their heightened interest. I am still using the account, no more emails from the bank.

i understand. sometimes it happens. the banks bother because of money laundering problems.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,069
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113
South Coast
Individual transfers were under 10K each, and my explanations were fine and I think they got satisfied, I just withdrew the cash as a precautionary measure, just didnt like their heightened interest. I am still using the account, no more emails from the bank.

I've read that multiple transfers just under 10K within a relatively short time frame sets off 'alarms', and often gets more scrutiny that if you made one $30,000 transfer.

Not saying that's what happened in your case, just a possibility.
 

mountainannie

Platinum
Dec 11, 2003
16,350
1,358
113
elizabetheames.blogspot.com
I had my account frozen once. when there was a withdrawal at a branch that I never go to.. and it was for 6,000 and taken in 2000 pesos.. I was ill and had given the card to a friend who was visiting to get the money and he did listen to where I ususually go.

I called the bank and explained it and they unlocked the account. Think it was Popular.

Anyway, I cannot say that I was that upset with them over it. Seemed like good management.
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
113
I've read that multiple transfers just under 10K within a relatively short time frame sets off 'alarms', and often gets more scrutiny that if you made one $30,000 transfer.

Not saying that's what happened in your case, just a possibility.

they call that 'structuring' and any financial institution is supposed to report such activity - stringing together a series of deposits to avoid the $10k rule..... they go from check casher to check casher to do it.... very hard to pick off that way.

In fact, if the money is clean/legit, you have nothing to fear in wiring more than $10k.

I will be doing so this week - from US to Canada for a sale of property and the bank and lawyers know to mark on the wire - Proceeds from sale of >>>>>........
There will be no further questions.
 

windeguy

Platinum
Jul 10, 2004
42,087
5,914
113
Individual transfers were under 10K each, and my explanations were fine and I think they got satisfied, I just withdrew the cash as a precautionary measure, just didnt like their heightened interest. I am still using the account, no more emails from the bank.

It also depends upon how close together in time those transfers occurred. Laundering money concern is the reason for those questions.

DR banks have not been a major problem in over 10 years of banking.