Best way for me to handle banking in DR?

WheeledOne

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May 28, 2014
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Hello, everyone.

I'm working towards relocating to the DR. As mentioned in my previous posts, I'm in a wheelchair and will be hiring domestic help for assistance.

Here in the U.S., I keep my money in the credit union, and then transfer (online) small amounts to a pre-paid Mastercard that my caregiver uses when running errands for me. So, my risk is small; at worst, they steal the money on the pre-paid, but they can't clean out my bank account.

When I move to the DR, I'd like to keep most of my money in the U.S., transfer money as needed into my account over there, then prepay a debit card for my caregiver to use. Ideally, after setting all of this up, I could manage it all online, month to month, without having to physically go into the bank.

I'm trying to avoid having lots of cash on me, and having to go to the bank, both of which seem like security risks for a gringo in a wheelchair. :D

Can anyone think of a way to achieve my goals? Which combination of US/DR banks have the right services to make this possible?

Thanks in advance!
 

jstarebel

Silver
Oct 4, 2013
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BOA & Scotibank works for me. Direct deposit into BOA makes my checking accounts free and to pay bills online. Scotia I use for cash removal with no fees from either bank.
 

william webster

Platinum
Jan 16, 2009
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have you got a trusted local on the RD end?

If so, you will be able to establish credit locally... pay for your purchases weekly/monthly as you choose.

won't work well w/o somebody REALLY trustworthy on your team... you'll get to verify purchases, etc

Need a very good ally to do this....
 

WheeledOne

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May 28, 2014
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I have one expat friend there who I trust enough to allow him to handle my money. But, with my caregivers in the DR, it will take time to establish the level of trust I have with my caregivers here.

I can have someone drive me to the bank, but if word leaks about when I'm going it could put me at risk.

That's why I'd love to do it all virtually. The ideal would be to direct deposit into a US bank, transfer the money to my DR bank, then make a small portion of that accessible via a debit/prepay card. Then, when it's time to pay my caregiver each week I can just put the money on the card and let her go to an ATM and withdraw it. I would never be at risk.

Absent that option, I could direct deposit directly into an account in the DR. That would eliminate the need to move the funds from the US, but I still need a prepaid card or some means of paying my helpers and the groceries they buy for me, etc. The prepaid card works great here in the States, but I'm open to anything that keeps me safe.
 

WheeledOne

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May 28, 2014
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Thanks, Der Fish. I've been following the other thread, and that may be a great option. I don't mind risking small amounts; I know I'll have to do that.

Hmm...
 

davetuna

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Jun 19, 2012
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Cabarete, Dominican Republic
That's why I'd love to do it all virtually. The ideal would be to direct deposit into a US bank, transfer the money to my DR bank, then make a small portion of that accessible via a debit/prepay card. Then, when it's time to pay my caregiver each week I can just put the money on the card and let her go to an ATM and withdraw it. I would never be at risk.

you can do just that......

you can have a US$ account and a DOP (Dominican peso) prepaid credit card. this way you can transfer money from USA if necessary to your US$ account here in DR Then you can just chuck some money onto your prepaid card online and use it as you wish, either for online purchases (amazon etc) or as you say giving it to your carer to go to the ATM.

another option obviously is for your carer to have their own bank account and you could transfer money into that account also.

hope this helps

dave

ps after reading your post again i see that you may intend to give the card to your carer. this is indeed another possibility.
 

WheeledOne

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May 28, 2014
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I just read in another thread that many DR banks offer debit cards linked to savings accounts. Maybe I could open two accounts at a local bank, use one for my "main" reserve, then transfer (online) small amounts into the second account as needed. Then, my helpers could use the card linked to the small account.

Might that work?
 

WheeledOne

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May 28, 2014
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you can do just that......

you can have a US$ account and a DOP (Dominican peso) prepaid credit card. this way you can transfer money from USA if necessary to your US$ account here in DR Then you can just chuck some money onto your prepaid card online and use it as you wish, either for online purchases (amazon etc) or as you say giving it to your carer to go to the ATM.

another option obviously is for your carer to have their own bank account and you could transfer money into that account also.

hope this helps

dave

Dave, that's music to my ears! Perfect!

Any suggestions of specific banks?

Thanks!
 

morganstern

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Jun 4, 2014
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Money transfer....for those not in the real world. Xoom charges $4.99 AND AND AND discounts the delivery to yield the receiver their money in pesos LESS 3%.

AND AND AND....BofA used to do business with Scotia ATM with no charge. Now there is no charge....but there is a 3% fee charged to your BofA account (read your statement) as of December last year.

AND AND AND....if you use a Visa debit card at a Dominican location there is a charge to your account...you guessed it ....3%

AND AND AND Scotia Bank Canada...is Scotia Bank Canada. Scotia Bank DR is a separate-different company.
 

william webster

Platinum
Jan 16, 2009
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so, how about Scotia Canada card and Scotia RD ATM's?
any charges??
between these separate corporate entities?
 

windeguy

Platinum
Jul 10, 2004
42,211
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Thanks, Der Fish. I've been following the other thread, and that may be a great option. I don't mind risking small amounts; I know I'll have to do that.

Hmm...
Keep in mind you will never really have full trust. That is practically impossible here.
 

WheeledOne

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May 28, 2014
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Keep in mind you will never really have full trust. That is practically impossible here.

That is well understood, yah. That's why I want to partition my money and avoid going into the bank as much as possible.

Thanks for the advice, everyone! Very helpful.
 

JLA1125

Member
Aug 14, 2013
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Really? I will be retiring to the DR next year. I already have a BOA account which is where my pension will be deposited directly. So, if Scotiabank allows me to withdraw money from my BOA without any fees, I won't really need to open an account in the DR then, right?
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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Money transfer....for those not in the real world. Xoom charges $4.99 AND AND AND discounts the delivery to yield the receiver their money in pesos LESS 3%.

AND AND AND....BofA used to do business with Scotia ATM with no charge. Now there is no charge....but there is a 3% fee charged to your BofA account (read your statement) as of December last year.

AND AND AND....if you use a Visa debit card at a Dominican location there is a charge to your account...you guessed it ....3%

AND AND AND Scotia Bank Canada...is Scotia Bank Canada. Scotia Bank DR is a separate-different company.

Really? I will be retiring to the DR next year. I already have a BOA account which is where my pension will be deposited directly. So, if Scotiabank allows me to withdraw money from my BOA without any fees, I won't really need to open an account in the DR then, right?

Sounds like there is a 3% fee - which can add up.
 

yacht chef

Bronze
Sep 13, 2009
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This is not the cheap way but it may be a very safe one western union has per pay visa that you can top up when you want online. Give the
Care giver the card and top it up from the us bank . Just a thought.
 

MiamiDRGuy

Bronze
May 19, 2013
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Last resort: Get a BlueBird card from American Express in USA and you can add up to $100,000 then use in DR and pay ZERO foreign exchange fees, ever. It works well for me in the past and loved it. Only they will charge you if you use at an ATM.
 

mountainannie

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Dec 11, 2003
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elizabetheames.blogspot.com
One other option is to get an American Express Card if you do not have one. They are accepted at all the big local stores and very well protected, in that you can give them to your care givers to buy things without risking any sort of loss or cloning since you cannot use them for ATM withdrawals. I know that there is an annual fee for them but I have found that the peace of mind while using it has always been worth it.I have signed up for double points and for many years bought everything with it.. gas, groceries, drug stores, etc. It is a good card to have here. Banco Progresso handles the local card, However, the card is not accepted everywhere so you will have to have a local visa or MC as well.

Next is to know that lots of pharmacies, in particular will give a discount for cash sometimes 10% so this could be an issue in how much cash you keep around the house.
 

william webster

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Jan 16, 2009
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don't forget, once you arrive and get set up.... many of these places will deliver.

that way your order comes to you - and you can pay..... no third party buying and paying