Opening a bank account in the DR / requirements

nispero

New member
Nov 7, 2014
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Hi there

Opening a bank accout in the DR "with your passport only" seems to be a thing of the past.
These are the lists of requirements i got at different places, in order to open a bank account as a non-resident:

Banko Santa Cruz:

1) Passport
2) Carta de referencias bancarias o Carta laboral
3) una referencia personal que sea dominicano

Scotiabank:

1) Carta de referencia bancaria
2) Carta de referencia de un profesional
3) Constancia de Direccion
4) Constancia de empleo
5) 2 Identificationes (Passaporte, Licensia o Carnet)

Banesco Bank (shortend list):

1) 2 cartas de referencias Personales originales
2) 2 cartas de referencias Bancarias en original
3) 2 cartas de referncias Comerciales en original
4) Fotocopia de la cedula y datos personales de la persone que suministre como referencia personal en el pais
5) Fotocopia de pasaporte con los sellos de entrada y salida al pais ... . Y copia de cedula de su pais.
6) Si es cliente comerciante debe tener evidencia de relacion proveedor comerciante/ proveedor suplidor
7) Si trabaja por cuenta propria: a) Ultima declaracion a la Direction de impuestos internos b) Comunicacion donde explique la naturaleza de sus actividades c) Documentos que comprueben dicha actividad.
8) Si es un empleado de una empresa, traer carta de trabajo que evidencie su actividad laboral ...

Needless to say that my European bank has never heard of a "Carta de referencia bancaria" and they are unable to produce something like that.

Anybody else new here and opened a bank account lately?

cheers
 
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notreallyconfused

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Feb 18, 2013
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Opened with just my passport. How? I know the teller...that's all it took. Before I knew where she worked, I went to 4 different banks. They all wanted different stuff. Mostly gave me the run around. Relationships with people is the only way to get stuff done here. Same thing in Colombia..but there you have to at least know the manager. Costa rica, closed my account after 5 years of being a customer. They insisted I sign a w4 or something like that. Imagine, I have to sign a us tax document on foreign soil, when I didn't they closed my account after 5 years. Uncle scam
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
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I opened a peso account at Banreservas office in SD (you have the option pesos or USD) The first branch I tried to open an account told me they would "call me" after I completed a mountain of paper work and provided them with copies of passport, housing contract and some other BS. Go figure, they never called. They were even asking me for a copy of my social security card for an I-9 because I am an American. Yes, the banks down here do bow down to Uncle Sam.

The second Banreservas location I went to opened the account within 30 minutes and I walked out with an ATM card in my possession. My passport and 2 personal (local) references was all they asked me for. I actually met one of the members on this DR1 forum at the same branch the morning I opened my account because he was adding a family member to his peso account.

Like everything else in this country, I believe it just depends on who you are dealing with and what type of day they are having. Welcome to Wonderland.
 

thomasj

New member
Mar 31, 2010
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Please be advised. There is no bank secrecy in the D.R. The bank will tell anyone who wants to know if you have an account with a bank. Any person who has unreal or real claims against you can have the account blocked until the matter is settled. in or out of court. This can take years.
The above fellow knew a secretary who facilitated opening his account. The next time the lawyer of your adversary will know the bank manager who may even be his cousin. This could result in your account being blocked in definitively. This is a tribal society where who you know or are related to, counts more than the law. Foreigners are definitely at a disadvantage.
 

morganstern

New member
Jun 4, 2014
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Opening an account. It ALWAYS depends on who you are talking to and what branch you are at. There are no absolutes. I went to Banreserva in Sosua and they asked for a lot. Next time I went in with a Dominican who knew the bank employee. Done deal.So no generalizations!!!
 

Contango

Banned
Dec 27, 2010
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I've had my account now for almost 4 years, needed a ref from a DOM, passport, and that was it. BPD.
 
Banco Popular opened mine with only a Passport and $1,000 US. Money talks.

I had a lot more money than that and they wanted everything possible including our first born! Took 4 months, horrible experience and Only the wife can have the account bc she works here and I don't but it's all MY money so wtf?! I'm pretty sure they think I am a drug dealer or something, had to get proof of my house sale etc and this is even after Scotia Bank in Cab gave them all of our details and references etc.

It sounds like it is MUCH different in other areas of the Country, changes by the day and different of course bank to bank.

My bud just opened one up at Ban Res with a passport and 1 letter of reference.
 

sosuamatt

Bronze
Jul 29, 2013
912
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38
Last year we opened a US and Peso account at Banco Santa Cruz. Needed a letter from our bank in Canada and a verbal reference delivered in person from another customer of the bank who is familiar with us.
 

malko

Campesino !! :)
Jan 12, 2013
5,545
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Intresting thread.........
2 months ago I was at a banreservas in Imbert for a certified letter that we had fumds for migracion ( said letter was needed in the end, but anyway....). My wife uses a small book where they write down withdrawls and deposits. No CC.
So I asked about a second account for me with a CC. The lady said ok great if u have ure passport lets do it right now.
In the end I didnt ( for lots of diffrent reasons, the main one being I trust them as far as I can throw them.....).
 

bachata

Aprendiz de todo profesional de nada
Aug 18, 2007
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Before used to be easy but not anymore, I went to Banco Popular last month and couldn't get it done... They asked me for my last incometax and a corfimation letter form my job.

Unveliable I used to have an account with this bank before, the only requirement back in the years was to deposit a minimun amount RD $ 25,00 and that was it.

JJ
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
I tried opening a corporate bank account this week at Banco Popular. Lots of bureaucracy and taking at least 2 weeks. We don't have that time since my business partner is only here this week, so we went to Santa Cruz. The lady explained us that as foreigners our cedulas won't be used, but our passports to determine our identity. Reason: the foreigner cedula is only a cedula de identidad and not identidad electoral. I can find the logic when the idea is determining identity but she was confident she needed our passports and not so much our cedulas.
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
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I find the same Mauricio, we are hardly ever asked for our Cedulas ANYWHERE! They just want the passports which kinda ****es me off! Why did we get our Cedulas if no one ever wants to see it?!

You make a good point. I am always asked for my passport, nothing else.
 

chic

Silver
Nov 20, 2013
4,305
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no, but i have one and am going to change it from a peso acct to a dollar acct...
and my advice is to do the same....open for both....e z er to do it now
 

david_

New member
Dec 8, 2012
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I knew a guy who had a bunch of money from his grandma, and he got an account real easy. They even told him he was a big shot VIP or something like that.
 

Bob K

Silver
Aug 16, 2004
2,520
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If you note from the first post Santa Cruz still seems to be the easiest and their requirements have not changed in 10 years.
You need a valid passport, a letter of reference from you bank at home, and someone here with a Cedula who has an account there to vouch for you (NOT RESPONSIBLE FOR YOU) and $500. The money has changed as 10 years ago they wanted only $200.

Simple and takes about 30 min to do.

Bob K
 

arturo

Bronze
Mar 14, 2002
1,336
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passport/cedula

This question comes up again and again. I don't think it's complicated. Foreigners are identified by passport. Cedulas are national ID cards for Dominicans and Dominican elections. The 'non voting' cedulas so many people obsess over are just another source of foreign revenue, a way to get foreigners to pay for something that benefits others who don't pay. It reminds me of common charges in condominiums, but that is for another thread.
I understand the frustration. Getting the cedulas involves expense, time, and personal inconvenience. Personally, unless you want to legally own or carry firearms, it's a close call whether it's better to just pay the maximum overstay penalty when you need to travel and be done with it. The foreigner cedula is of little if any value to anyone except the entity issuing it and the cottage industry of 'facilitators' who focus on foreigners of means. Back on topic, it's been too long for me to remember for sure but I think my Popular and BHD accounts were opened by employers (cuentas de nomina). I do remember having to produce a passport and some cash.

OK, back off topic, in my opinion, there are two kinds of foreigners in the Dominican Republic--Haitians and any other nationality. The reason behind the new cedula is to exclude Haitians by invalidating any cedulas they may hold. I don't honestly think the JCE or the government in general cares about foreigners who are not Haitian. It's a long tortured history between Haiti and the Dominican Republic. Otherwise, reasonable people seem to lose all reason when the subject comes up. I was pleasantly surprised to read the foreign minister's comments in Listin Diario the other day. Responding to the assertion that there is "an avalanche of Haitians" invading the country, he said it is an exaggeration to suggest that. He went on to say there has always been significant immigration and it's not unusual whenever countries of at different levels of development share a border. He said what is different now is Danilo is transparent about the immigration situation and the steps his government is taking to deal with it. That is the sort of nuanced and thoughtful analysis you rarely see on the issue. It's just too emotional, it's gotten to the point that the Dominican Republic only defines itself as "not Haiti." In a way, I respect the emotion behind the crazy ideas about Haiti expressed in Dominican media and political circles. It's craziness, but at least it is not bald faced hypocrisy of the sort American political conservatives engage in when they talk about "securing the border" while they enrich themselves with the cheap labor illegal immigration provides.


I find the same Mauricio, we are hardly ever asked for our Cedulas ANYWHERE! They just want the passports which kinda ****es me off! Why did we get our Cedulas if no one ever wants to see it?!
 

pauleast

*** I love DR1 ***
Jan 29, 2012
2,837
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....and when you go into the bank, don't wear shorts, flip flops or crocs and a stained beach shirt. You will get better respect and service (just like in the States) if you wear appropriate attire, sorry- had to be said.
 

josh2203

Bronze
Dec 5, 2013
1,574
527
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I have opened accounts in Banco Leon (before it had something to do with BHD) and Banreservas. With only passport, no other documentation. They asked for phone numbers of two Dominicans I knew, I gave that information, they asked me what I do for living, I responded. No further questions asked, accounts opened at that instant. I did not know any staff members prior, first visit to the branch.

It was said that location matters, the branches I have visited have had hardly any expats, and I only wear long pants and a decent shirt and shoes when in the town and speak fluent Spanish.

As many times said here, I also walked to Scotiabank, asked for how would I be able to open an account there, listened 5 minutes and walked out.

Once we were at Banco Popular with my wife, where she has her account, and I asked how would I be able to open a joint account with here. The answer was only to fulfill the requirements, meaning that I would equally need to qualify for an account as my wife.

EDIT: Forgot to mention to have the opening amounts for money at hand obviously...
 
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