Scotia Bank - again!

Neargale

Active member
Jul 4, 2013
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When I first opened a US$ account here at SB, I was told that as a foreigner I could not get an interest bearing account. I distinctly remember asking at that time if I will be able to get one when I have my cedula. The answer was "definitely".

Now that I have my cedula... no can do!
I am told that because this is a canadian bank they cannot give me interest on my money - US $ or pesos is the same.

I guess I could open a non interest bearing pesos account, do the funds transfer using the Toronto intermediary bank and once here I can move the funds to my BHD interest bearing pesos account. SB also says that they need 3 weeks for a funds transfer!

OR... I am told that RUSA gives better interest rates than any bank. How safe is it?

Thoughts?
 

caribmike

Gold
Jul 9, 2009
6,808
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Scotiabank in DR is not the same as the Canadian Bank but a franchise operating independently I heard. Not sure if this is true.

But how one thinking about or opening an account at that bank is beyond me...
 

Auryn

Well-known member
Apr 22, 2012
1,551
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Scotiabank in DR is not the same as the Canadian Bank but a franchise operating independently I heard. Not sure if this is true.

That's correct. When I was looking for the best way to send money back to Canada, I thought Scotiabank would work. However, my Canadian branch told me that their overseas banks might as well be an entirely different institute altogether.
 

Neargale

Active member
Jul 4, 2013
347
67
28
Scotiabank in DR is not the same as the Canadian Bank but a franchise operating independently I heard. Not sure if this is true.

But how one thinking about or opening an account at that bank is beyond me...

You are correct in the way that they are 2 different legal entities but they obviously have ties which make it easier in some instances to do some transactions.

So Caribmike,,, what bank would you recommend? As I wrote I need to open an acct at SB to transfer directly into pesos. Is there any other bank that uses a Canadian bank as intermediary?
 

caribmike

Gold
Jul 9, 2009
6,808
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I don't know about Canadian intermediate. Is there no workaround which would allow you to use another bank?

I used BPD and BR to receive USD transfers from the US. Both keep the money up to 3 working days before it is in your account. I had to call regularly their department to complain where you heard all kind of excuses if they answered the phone that is.

I switched to BHD Leon and no problems since then. Transfer goes out Tuesday 8 PM and is in my account Wednesday 9:30 AM every week without any BPD like BS :).

If I would recommend a bank it is BHD Leon.
 

VJS

Bronze
Sep 19, 2010
846
0
36
Scotia Bank / DR doesn't want to deal with Canadians since even though it's a separate entity, they still have to report your 0.1% income from the savings accounts to the mothership - which means filling forms, sending stuff over and other unproductive use of their time which they would rather spend drinking Presidente. Use a better bank, which is just about any other DR bank.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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You cannot connect the two Scotias..RD & Cdn........ separate entities..

Other than free ATM withdrawals, I do not know of any other benefit

I am a client of both...........
 

ohmmmm

Bronze
Jun 11, 2010
619
36
48
I don't know about Canadian intermediate. Is there no workaround which would allow you to use another bank?

I used BPD and BR to receive USD transfers from the US. Both keep the money up to 3 working days before it is in your account. I had to call regularly their department to complain where you heard all kind of excuses if they answered the phone that is.

I switched to BHD Leon and no problems since then. Transfer goes out Tuesday 8 PM and is in my account Wednesday 9:30 AM every week without any BPD like BS :).

If I would recommend a bank it is BHD Leon.

I have not been to BHD for a couple of years, but a couple of years ago BHD's rate to convert USD to pesos was one of the worst compared to the other banks. That may have changed so I don't know how it is now.
 

ju10prd

On Vacation!
Nov 19, 2014
4,210
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Accountkiller
You cannot connect the two Scotias..RD & Cdn........ separate entities..

Other than free ATM withdrawals, I do not know of any other benefit

I am a client of both...........

WW.

I am interested to know more on this subject because Scotiabank is not assessed as a Dominican Bank by Fitch in their credit rating assessments whereby Dominican banks get 'B'ish ratings in general

I suspect Scotiabank DR is another part of the Bank of Nova Scotia empire and Scotiabank came about with the acquisition of Banco International in 2003. And as such will have the very good credit ratings of it's parent.

Can anyone shed light on this matter.

I have had accounts with Scotiabank throughout the Caribbean in various countries and had excellent service always , and here in the DR the queues are the shortest in my experience.
 

flyinroom

Silver
Aug 26, 2012
3,796
683
113
It used to be that the Bank of Nova Scotia was the ONLY bank in the area (Punta Cana/Bavaro) that would not convert Canadian dollars.
They never seemed very anxious to wave the flag of the true north strong and free.
Everybody says they are the mafia's bank....
Don't they?
:eek:
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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ScotiaBank RD is part of the Bank of Nova Scotia corporate structure.
Ninety years in RD and other islands... a very old Caribbean banker-maybe back to merchant banking & shipping days.

My point was that as separate corporate entities, there is little to no interaction between them.
Your Cdn credit does not transfer here.... mine didn't in 2008.. I had a letter of introduction and an appointment - then I was on my own, needing reference letters, etc.

Cdn banks are more regulated than many countries , I know that.

As to their credit rating, I don't know.
 

Contango

Banned
Dec 27, 2010
2,196
5
0
Scotia Bank / DR doesn't want to deal with Canadians since even though it's a separate entity, they still have to report your 0.1% income from the savings accounts to the mothership - which means filling forms, sending stuff over and other unproductive use of their time which they would rather spend drinking Presidente. Use a better bank, which is just about any other DR bank.

Bingo! This is correct.. BNS Caribbean has no interest in serving Canadians.. As a Canadian I found that out years ago... I am with BPD and fairly happy with them..
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
When I first opened a US$ account here at SB, I was told that as a foreigner I could not get an interest bearing account. I distinctly remember asking at that time if I will be able to get one when I have my cedula. The answer was "definitely".

Now that I have my cedula... no can do!
I am told that because this is a canadian bank they cannot give me interest on my money - US $ or pesos is the same.

I guess I could open a non interest bearing pesos account, do the funds transfer using the Toronto intermediary bank and once here I can move the funds to my BHD interest bearing pesos account. SB also says that they need 3 weeks for a funds transfer!

OR... I am told that RUSA gives better interest rates than any bank. How safe is it?

Thoughts?

First the interest you would receive is minimal so forget about it. You are better off leaving your money in an account in Canada and use a debit card to take out what you want. You will pay to do a money transfer anyway.
The transfer itself will not take 3 weeks but it might take a while for the money to be credited to your account.
 

ju10prd

On Vacation!
Nov 19, 2014
4,210
0
36
Accountkiller
ScotiaBank RD is part of the Bank of Nova Scotia corporate structure.
Ninety years in RD and other islands... a very old Caribbean banker-maybe back to merchant banking & shipping days.

My point was that as separate corporate entities, there is little to no interaction between them.
Your Cdn credit does not transfer here.... mine didn't in 2008.. I had a letter of introduction and an appointment - then I was on my own, needing reference letters, etc.

Cdn banks are more regulated than many countries , I know that.

As to their credit rating, I don't know.

By being part of the Bank of Nova Scotia, do Scotiabank DR therefore get underpinned financially and as such have the same very good credit ratings that Canadian banks have?

If you are looking for a safe home for your money many have suggested that Canadian banks are some of the safest havens globally, so understanding Scotiabank DR and it's linkage to BNS is something those who bank some of their money in DR may want to know because as I mentioned before the local banks have OK credit ratings and no more.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
No question... no Cdn bank took a mortgage fallout hit and the dollar soared above the US $$.

Yes, financially- my guess is they are linked...
from an operational standpoint, no.

Personally, I keep no large amounts here.
There are other, safe countries & banks to consider
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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just take a look at the balance sheets of these banks in Canada... its an oligopoly ... just 5 of them.

they're all rich and solid...

when I left Canada in 1995, they were ecstatic about each of them making $1B/year
$-5 yrs later, they were making $1B /qtr

They bought all the brokerage firms and big real estate companies

Wealth mgt issues -- we own the brokerage firms
Mortgage issues - we own the real estate firms - we sell it to you, we finance it

Pretty simple -- and extremely effective
 

chic

Silver
Nov 20, 2013
4,305
1
0
i use them because there machines arfe fairly new and my bank doesnt charge me w/d fees ha ha
 

chic

Silver
Nov 20, 2013
4,305
1
0
and the undercurrent is that the dollar is going down...the yuan is coming....and it got de/valued today by central govt...1.5% all the gold bugs are bisee buying ha ha ha
 

Contango

Banned
Dec 27, 2010
2,196
5
0
No question... no Cdn bank took a mortgage fallout hit and the dollar soared above the US $$.

Yes, financially- my guess is they are linked...
from an operational standpoint, no.

Personally, I keep no large amounts here.
There are other, safe countries & banks to consider

personally I like Singapore...