Do Dominican banks issue checks for a "Cuenta Corriente"

PeteyPablo

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Apr 30, 2011
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When opening an account in a DR bank, do they offer checks when you open a 'cuenta corriente'? For the life of me I have never seen anyone in the DR pay with a check before.

Also does anyone know how long it takes a US check to clear at a DR bank? Depending on the answer I might have a nice idea for transferring funds (DR to US)
 

MpJuly

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Apr 30, 2009
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Here you can live without "cuenta corriente"

how long it takes a US check to clear at a DR bank : with bhdleon 15 working days
 
Feb 7, 2007
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Yes they issue check for cuenta corriente, and checks are used for payment for larger transactions and as payment for services rendered etc., they will not be used at supermarket or chain stores or burger outlets. They will be sued for example, for paying for goods bought on pre-approved credit etc. Noone will just accept check form somebody unknown and dispatch goods and maybe never see the goods nor money again.

Having said that, as MpJuly correctly pointed out, here it is easier to use savings account (cuenta de ahorros), banks even issue you a debit card, and you can usually do unlimited transactions (not just 5 per month like in the US). Many (including myself) use it as transactional account, because fees and minimums are lower than on checking account. Basically, in the DR, you get a checking account only if you want to write checks, else you get savings account.

USD denominated checks drawn on US bank take anywhere between 20 to 30 working days to clear, depending on the bank.
 

PeteyPablo

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Apr 30, 2011
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Great thanks for the info. OK so I'd like anyone with checking experience at their bank to chime in here. How long does Popular, BanReservas, or Scotia take to clear a check?

How about the reverse... how long for a US Bank like BOA to clear a DR check?
 
Feb 7, 2007
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Checks now clear in the DR in about 2 business days max.

US banks clear DR USD-denominated check in 24-48 hours, as those checks are drawn on US bank
US banks do not clear pesos-denominated checks, DR peso is not externally convertible.