Dual Account Possible: Foreigner plus National??

Lucas61 · Apr 16, 2015

Soon, when I visit Banco Popular, I will know the answer to my question. But I thought I could get a quicker response from the collective brain of dr1forums.

I, a foreigner with a passport, and my girlfriend, a native with cedula, wish to open a joint account at Banco Popular.

Is this possible?

I have checked the aforementioned website and Banco Popular does offer a free on-line account, Cuenta Digital. When I checked that application, it did offer the choice of EITHER cedula OR passport.

But how about a joint account with a passport AND a cedula?

If the above is a go, any advice on transferring money from a foreign account, i.e., from my bank account in the U.S., Wells Fargo, to Banco Popular? As I recollect, wire transfers are very expensive.

Chirimoya · Apr 16, 2015

We have a Banco Popular account as a resident foreigner (with c?dula) and a national.

DR_Guy · Apr 16, 2015

Yes. Have checking account.

Lucas61 · Apr 16, 2015

OP response and update. Ah, nice, so you have that account. No problem there.

I just investigated my account, Wells Fargo, and they do not accept Banco Popular for international transfers. But they do accept BanReservas! However, my girlfriend can only accept the money en efectivo at BanReservas. I'll find out if she needs to open an account to do that. Nice thing is that Wells Fargo's fees for this transfer service are very low -- MUCH better than Western Union. For example, if I send $300.00 U.S., my fee is only $5.00 U.S. Don't know if there's another fee on the BanReservas end for her . . .

So, I'm thinking, the best thing to do is for us to open a joint BancoPopular account. Then, she can just pick up her money from BanReservas and deposit it to Banco Popular . . .

granca · Apr 16, 2015

I have a US $ account with Banco Popular and a RD peso account with them, both were opened in my name but with my Dominican wife's signature as equal authority to use them.
I am not a US citizen but a Brit if I were you I would contact HiFX. co.uk and ask them how they advise what the best way to transfer money is. I have used them for over 15 years now and always found them dead straight and helpful.

AlterEgo · Apr 16, 2015

Yes, our accounts were opened with my American passport and Mr. AE's cedula at BHD.

donP · Apr 16, 2015

You can, she can.

Lucas61 said:
...my girlfriend can (...) just pick up her money from BanReservas and deposit it to. . .

.... her chulo's account... :laugh:

Girlfriend + joint account = not recommended anywhere;
Dominican girlfriend + joint account = never recommended;
Wife + joint account = hmm, why not?
Dominican wife + joint account = always risky, but after 10 years of marriage it's an option (see posts #5 and 6).

donP

Lucas61 · Apr 16, 2015

donP said:
.... her chulo's account... :laugh:

Girlfriend + joint account = not recommended anywhere;
Dominican girlfriend + joint account = never recommended;
Wife + joint account = hmm, why not?
Dominican wife + joint account = always risky, but after 10 years of marriage it's an option (see posts #5 and 6).

donP

"Chulo"?? Yeah, I know that's supposed to be me. Translate please.

Lucas61 · Apr 16, 2015

JDJones said:
Open an account in the states. Get two ATM cards, give her one. Put money in that account as needed. She pulls the money here with the ATM card you gave her.

The day it goes sour, tell the bank you lost the card (hers) 10 seconds later, it doesn't work anymore. Simple, effective.

"Open an account in the states"? Are you crazy? I never go there, except for vacation, a few weeks per year.

zoomzx11 · Apr 16, 2015

Banco Popular in Sosua emptied my debit card. No one else knew the pin. It was not used in the atm. Money was taken according to my US bank by a person in New Delhi, India. No thief better than a Dominican thief. Good old US bank made it good. I beleive that it was collusion between a person working in the bank and New Delhi. No problem having two on a single account. Hopefully your relationship will not go sour. Good luck

Krishna Duddukuri · Apr 18, 2015

Lucas61 said:
Soon, when I visit Banco Popular, I will know the answer to my question. But I thought I could get a quicker response from the collective brain of dr1forums.

I, a foreigner with a passport, and my girlfriend, a native with cedula, wish to open a joint account at Banco Popular.

Is this possible?

I have checked the aforementioned website and Banco Popular does offer a free on-line account, Cuenta Digital. When I checked that application, it did offer the choice of EITHER cedula OR passport.

But how about a joint account with a passport AND a cedula?

If the above is a go, any advice on transferring money from a foreign account, i.e., from my bank account in the U.S., Wells Fargo, to Banco Popular? As I recollect, wire transfers are very expensive.

Dear Lucas,
I had the same situation. My fianc? has a cedula and me passport. You need a reference letter from your bank in your country i.e. Wells Fargo, a reference letter from some dominican friend with cedula of yours as a guarantee. They will ask you how much money you bring into your account every month. They will ask you your financial activity here and job. A letter from your girlfriend saying that she intends to share the account with you. It's not impossible.
For transferring, if it's more than 10,000 they will call you for an interview and ask you all questions as to where the money is coming from and it's a bit complicated. If i was you i would keep the american amount and transfer the minimum necessary here.
It's a pain in the arse here. Now i have to make payments abroad every month and they do not have international banking facility, all the banks so i have to go to the bank, give them the information as to whom i want to pay and for every transaction, it's 55$USD plus 0.15 commission for the amount. Complete rip off. Sometimes i regret coming to this stupid country.

william webster · Apr 18, 2015

I cannot agree with this

I have accounts shared with locals - to pay staff, expenses etc

I regularly wire in amounts exceeding $10,000us
I pay people all over the country via their 'Transfer' option

The system is every bit as good as my US and Cdn banks

My bank here is Progreso

josh2203 · Apr 18, 2015

Krishna Duddukuri said:
Dear Lucas,
I had the same situation. My fianc? has a cedula and me passport. You need a reference letter from your bank in your country i.e. Wells Fargo, a reference letter from some dominican friend with cedula of yours as a guarantee. They will ask you how much money you bring into your account every month. They will ask you your financial activity here and job. A letter from your girlfriend saying that she intends to share the account with you. It's not impossible.
For transferring, if it's more than 10,000 they will call you for an interview and ask you all questions as to where the money is coming from and it's a bit complicated. If i was you i would keep the american amount and transfer the minimum necessary here.
It's a pain in the arse here. Now i have to make payments abroad every month and they do not have international banking facility, all the banks so i have to go to the bank, give them the information as to whom i want to pay and for every transaction, it's 55$USD plus 0.15 commission for the amount. Complete rip off. Sometimes i regret coming to this stupid country.

This is not entirely correct. You don?t specify which bank are you talking about, and the procedures change from bank to bank. I have opened multiple accounts here, never once have I provided reference letters or given monthly income amounts nor provided any quarantees.

That is true regarding outgoing transfers though, but with a little planning this could be avoided. I would check for example if other methods than wire transfer would be possible and in most cases it could be. I have done a few outgoing transactions with Banreservas, and a couple of times it was me explaining to the clerk what needs to be done, as I had done it with another clerk, but it was the first time for this clerk.

Krishna Duddukuri · Apr 19, 2015

william webster said:
I cannot agree with this

I have accounts shared with locals - to pay staff, expenses etc

I regularly wire in amounts exceeding $10,000us
I pay people all over the country via their 'Transfer' option

The system is every bit as good as my US and Cdn banks

My bank here is Progreso

Dear Mr.Webster,

Internal transfer is easy and cheap, all over the country! To suppliers etc and salaries. But i am talking about international transfers. If you want to make an international transfer, you pay minimum of 50$ with other banks and 55$ in Banco Popular, you cannot do this on internet banking, You have to go to the bank and give them the information and they do it. Not just the that money but also they charge 0.15% transfer fee. i ended up paying 70$ for sending 1000$ as fees. the 50-55$ is standard no matter what amount you want to transfer. You can definitely verify this information in all banks. I had account with UBS for 8 years and they don't charge this much amount either and you have online banking for.

Krishna Duddukuri · Apr 19, 2015

josh2203 said:
This is not entirely correct. You don?t specify which bank are you talking about, and the procedures change from bank to bank. I have opened multiple accounts here, never once have I provided reference letters or given monthly income amounts nor provided any quarantees.

That is true regarding outgoing transfers though, but with a little planning this could be avoided. I would check for example if other methods than wire transfer would be possible and in most cases it could be. I have done a few outgoing transactions with Banreservas, and a couple of times it was me explaining to the clerk what needs to be done, as I had done it with another clerk, but it was the first time for this clerk.

I was talking about Banco Popular, as per Lucas request information about him opening an account in Banco Popular. I guess yougot lucky. I check with Banco Popular, BanReservas which is the national bank and BHD Leon. They were all asking me references letters with my previous bank. I do agree that these people sometimes cannot understand what we want and ask complete irrelevant questions as to how much money i will bring in monthly because it is not their business. Also i guess since i am in Punta Cana, heard that it's more strict than other parts of the country. I sent money to India now and for 1000$ dollars, i paid 70$ USD fee in total. I have called all the other banks concerning information about international transfers and it is minimum 50$ + 0.15%.

Krishna Duddukuri · Apr 19, 2015

william webster said:
I cannot agree with this

I have accounts shared with locals - to pay staff, expenses etc

I regularly wire in amounts exceeding $10,000us
I pay people all over the country via their 'Transfer' option

The system is every bit as good as my US and Cdn banks

My bank here is Progreso

I am checking with the Progreso, thanks to you...They seem viable and do not charge so much money. I will meet them tomorrow. Thank you.

william webster · Apr 19, 2015

I haven't sent money out of the country with Progreso.
I misunderstood your post.......sorry

I hope you fing them easier to deal with.
I always take a local customer with me for the introduction in cases like this -- open an account. etc.
It just helps
You can always find somebody with family who works at the bank

good luck

santiagodude · Apr 19, 2015

Lucas61 said:
Soon, when I visit Banco Popular, I will know the answer to my question. But I thought I could get a quicker response from the collective brain of dr1forums.

I, a foreigner with a passport, and my girlfriend, a native with cedula, wish to open a joint account at Banco Popular.

Is this possible?

Sounds like a recipe for disaster.....I wish you luck (and common sense)

drescape24 · Apr 19, 2015

Lucas61 said:
OP response and update. Ah, nice, so you have that account. No problem there.

I just investigated my account, Wells Fargo, and they do not accept Banco Popular for international transfers. But they do accept BanReservas! However, my girlfriend can only accept the money en efectivo at BanReservas. I'll find out if she needs to open an account to do that. Nice thing is that Wells Fargo's fees for this transfer service are very low -- MUCH better than Western Union. For example, if I send $300.00 U.S., my fee is only $5.00 U.S. Don't know if there's another fee on the BanReservas end for her . . .

So, I'm thinking, the best thing to do is for us to open a joint BancoPopular account. Then, she can just pick up her money from BanReservas and deposit it to Banco Popular . . .

I just opened an account in Wells Fargo. I have Banco Santa Cruz and I can't do a wire for $5. But once I get the account set for transfers I can do it from my phone, for $40. It's seems like a better service. So now the I.R.S. will know a little more about my fiances. There Are 3 Banks that have direct wires now.
It seems like it will be a big plus. I will find out for sure when I do my second transfer online.

josh2203 · Apr 19, 2015

Krishna Duddukuri said:
I was talking about Banco Popular, as per Lucas request information about him opening an account in Banco Popular.

Yes I know, but Banreservas was mentioned afterwards, along with Progreso, hence thought it would be useful to be specific which bank is discussed.

Krishna Duddukuri said:
I guess yougot lucky. I check with Banco Popular, BanReservas which is the national bank and BHD Leon. They were all asking me references letters with my previous bank. I do agree that these people sometimes cannot understand what we want and ask complete irrelevant questions as to how much money i will bring in monthly because it is not their business. Also i guess since i am in Punta Cana, heard that it's more strict than other parts of the country.

Actually as far as I understand, it is the banks business, perhaps not specific amounts, but I don?t think it?s unfair if they want to know exactly what will you be doing with an account with them. It?s for security from both sides. Also some banks might have specific conditions on certain accounts, for example minimum monthly incomine etc. I have found the banks to be rather flimsy here (again, just my own exprience), if you go to another country, they want to know much more, and they want to know because of the legislation and security.

Krishna Duddukuri said:
I sent money to India now and for 1000$ dollars, i paid 70$ USD fee in total. I have called all the other banks concerning information about international transfers and it is minimum 50$ + 0.15%.

If I were you I would find out alternative methods to do this, there is plenty of information around the web.

Dual Account Possible: Foreigner plus National??

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