How long to open a bank account??

DRDreamer72

Member
Nov 17, 2014
204
7
18
Hi all,
How long does it take to open and get the details for a bank account in the DR?

Can I do it in one visit (as long as I have all the paperwork) and leave with an account number so I can send funds or does it take longer, if so, how long?

Many thanks
Roy
 

Marcion

*** Sin Bin ***
Nov 22, 2014
839
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Fatca has all but shut that window.

In Samana City next to the main Claro office along the malecon is a credit union owned by BHD that will open an account with just a passport and small deposit.

But you didn't hear it from me.
 

Cdn_Gringo

Gold
Apr 29, 2014
8,671
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Depending on the bank and what documentation you have, there is still a mountain of paperwork they have to fill out. I swear it took an hour to open the first account and a second hour for the second account, at the same bank, at the same time. You should be able to open an account and walk out with your account book/# in one sitting, provided you can meet the identity requirements of the particular bank on that particular day.

Getting funds into the account and released takes a varying amount of time depending on the bank's policies, the method used to get the funds into the account and in some cases the amount involved.
 

HUG

Silver
Feb 3, 2009
3,940
1
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You can open an account at Banco Popular with your cedula in about 10 minutes. Not an account where you will find it easy or cheap yo transfer funds from abroad though.
The country IS so fukced up that you will find different branches of the same bank have different policies. You can get done what hou need done, but you'll probably need to jump through a few hoops etc. to make it happen. Like anything that takes anyone more than obe brain cell to comprehend.
 
In cabarete Scotia bank took about a month with 3-4 different visits and we had all the "right paperwork" the first time. Popular in Cabarete took 3 months and about 6 visits with different answers every time about what we needed.

You WILL NOT be able to do either of these banks in 1 day in this area.

Banking here is the most frustrating thing I think I have ever experienced

Always different answers for things depending on the day, person or bank area.

GOOD LUCK!!!!!
 

jeanchris

Bronze
Feb 27, 2012
627
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I opened an account in less then 30min with banco santa cruz in SD.

Only passport, letter of one of my bank in Canada and 500$ deposit was required.
 

chic

Silver
Nov 20, 2013
4,305
1
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its better to use a private bank.....find a good friend and give them your money...(acting as bankers for you).then when you need some call on phone...or knock on his door....
 

HUG

Silver
Feb 3, 2009
3,940
1
0
find a good friend and give them your money...(acting as bankers for you).then when you need some call on phone...or knock on his door....

Is it just me or....... ....... ........ ....... in DR?:tired:
 

bob saunders

Platinum
Jan 1, 2002
32,502
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dr1.com
I opened an account in less then 30min with banco santa cruz in SD.

Only passport, letter of one of my bank in Canada and 500$ deposit was required.

More or less the same for me at the BHD in Jarabacoa. They asked for my last years income tax return and proof of work, but with my wife already having an account there, my RBC bank statement and pension readout were enough, along with a 500 $ us deposit.
I send $us online from RBC to BHD but am limited to $2500 CAD per day. It takes anywhere from 2-5 business days before my money is available.
 

MpJuly

Member
Apr 30, 2009
467
1
18
- for pesos account (saving account) with BHD (opened before the merging Leon BHD) 30 minutes - easy

- for dollars account (saving account) with BHD (opened before the merging Leon BHD), they need proof of income (3 last bank statement) they need to know from where your money come, bank letter, commercial reference X2, and they will check your passport with interpol etc.... for me 1 day
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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Punta Cana/DR
www.mikefisher.fun
BHD Bank, i use their branch at the San Juan Shopping Plaza in Bavaro/Punta Cana, Pesos checking accounts and Dollar Savings accounts take around slow 45 minutes as they are really sloooow on filling in the lines on those 100 pieces of paper.
while it takes that almost one hour, it is not any complicated. the only requirement is to show a valid cedula and have some cash(2.000.- pesos for the Peso Checking Account and $300.- Dollars for the Dollar savings account) at hand. til you get the personal checks for the Pesos checking account in hand can take up to one month, they tell it takes 5 business days before the account is ready to receive transactions from abroad. locally it can be used right away, once you called their tall free number to register the included Debit Card.
the dollars saving account can be used right away, it does not give checks nor a debit card, i don't know what timelimit it has before you can receive transactions from abroad.
if you come with a passport instead of a cedula, then they ask for stuff like other accounts at other banks, credit cards to check your credit credibility and such stuff. just had that with my neighbours who first went their with her passport and came back ****ed about the requirements after i told 'em it would be easy. i went with both of the couple a few days later, without the passport, but with their cedulas, and all was done in less than an hour.
i don't think it went smooth just because they know me as a long time customer there, as i myself did not sign anything like a guaranter or such. both accounts been of course private accounts, not for any business use, which would be a very different thing and takes a longer while to finish everything.

MIke
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Hi all,
How long does it take to open and get the details for a bank account in the DR?

Can I do it in one visit (as long as I have all the paperwork) and leave with an account number so I can send funds or does it take longer, if so, how long?

Many thanks
Roy

MONEY TALKS NOBODY WALKS! You can take that to the bank.