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kristachase

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I'm curious. Some of my colleagues have been asking what similar positions would pay in the DR compared to Canada. I don't suspect the lay would be enough to even keep the same quality of life.

Scotiabank has a huge presence. So in theory, a Canadian banker may be able to gain employment there. If a Commercial Banker (businesses with over $1million CAD in revenues per year) were to work there, what do you suppose the pay range would be? In Canada it is typically $65k-$100k.

I was guessing about $24-35k?

What is your best guess?


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Tamborista

Tamborista

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kristachase said:
I'm curious. Some of my colleagues have been asking what similar positions would pay in the DR compared to Canada. I don't suspect the lay would be enough to even keep the same quality of life.

Scotiabank has a huge presence. So in theory, a Canadian banker may be able to gain employment there. If a Commercial Banker (businesses with over $1million CAD in revenues per year) were to work there, what do you suppose the pay range would be? In Canada it is typically $65k-$100k.

I was guessing about $24-35k?

What is your best guess?


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I'm going to guess a bank manager earns $10K USD a year.
Anybody else who actually knows, feel free to chime in.
 
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kristachase

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Wow. A branch manager at $10k? Yikes. Canadian branch managers average about $90k


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kristachase

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No I wouldn't think it would match but I thought they would be maybe half, or a little less than half. Wow


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rubio_higuey

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kristachase said:
Wow. A branch manager at $10k? Yikes. Canadian branch managers average about $90k


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No... I would say about 80,000 - 100,000 pesos per month 21,300-26,700 USD per year

You have to understand that 50,000 pesos per moth and more is a salary that maybe top 10% or maybe top 5% of people earn here.
Even well-paid clerical jobs (such as full time accountant for a small business) amount to about 20-25,000 pesos per month.
 
4

4*4*4

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Per the OP's example, in the U.S., if an investment advisor generates $1 million USD (1.3 million CAD) in revenue, they will be compensated $400,000 to $450,000 plus longevity bonuses at a major brokerage firm. The compensation increases to $650,000 at a private boutique firm without bonus.

In the Dominican Republic, the "pay out" percentage is in line with the boutique firm. However, the variable is keeping the revenue when moving from Canada and the United States with its deposit guarantees and well regulated structure.
 
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kristachase

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JDJones said:
I just got off the phone with my bank manager. She tells me in Banco Popular the salary can run from a minimum of 80K up to 150K.

She also said there are lots of contributing factors such as time in position, duration of employment, size of bank branch, and levels of training, among other things.
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Interesting! Thanks for asking around. Is that 80-150 pesos per month or year or usd? Just to be clear haha


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kristachase

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If that were the case, I could probably afford to live on that there. I'll have to dig around a bit more in person at The banks next time I'm there


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rubio_higuey

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So you think you can just come down here, hop in the first bank you see, and come out an employed bank manager? Good luck with that!
 
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kristachase

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Rubio, no that isn't what I said. But the position I hold is specialized and above a bank manager. I would be eligible for foreign posting or yes, I would be welcomed if I walked in an offered myself willingly. But it takes talking to the right people, and I'll have to network here to connect with the VP's of my division there. But I guess you know everything. Good luck with that.


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kristachase

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I don't even know if I would want to live there. But the point is, if it is feasible to earn a good living then it is worth starting the networking process. Even in Canada it is important to know the VP's to get lateral movement or promotions.


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Eleutheria

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kristachase said:
I don't even know if I would want to live there. But the point is, if it is feasible to earn a good living then it is worth starting the networking process. Even in Canada it is important to know the VP's to get lateral movement or promotions.


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I don't think Scotiabank down here is the same entity as Scotiabank in Canada. Do you speak Spanish?
 
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kristachase

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No they aren't the same entity. I speak a bit of Spanish but it would need some work. I don't do personal banking though, so it may not be as big of a deal if I dealt on the retail side.


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Tamborista

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Why not work in the M&A department of one of the large investment banks in Santo Domingo?
 
caribmike

caribmike

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Let us know when your bubble burst...

Oh. I am German. I will go next week to "Autohaus" in Santo Domingo to become General Manager. For sure they must be waiting for somebody just like me coming along...
 
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