Opinion on Best Bank

chico bill · Jul 25, 2016

OK I won't name my bank because disparaging it might cause me to be found floating in Sosua Bay.
But needless to say this "Lion" takes forever to post transferred money, and charges too much. And let's just say their online banking and alerts needs a facelift.

So how about a consensus on which bank provides the 'most painless' experience for Europeans and Gringos for deposits,
ATM, Credit Card and online software, alerts (including to cell) - while minimizing fees.

I'm ready to switch as I find it cheaper to transfer money to myself through WU or Caribe Express - but I feel like a white Reverse Sanky Pank.
But I have met some interesting 'ladies' while queuing up for the cash.

chico bill · Jul 25, 2016

That title should read "Opinion"

dv8 · Jul 25, 2016

chico bill said:
That title should read "Opinion"

fixed it

Squat · Jul 25, 2016

I enjoy Banco Santa Cruz...

bob saunders · Jul 25, 2016

chico bill said:
OK I won't name my bank because disparaging it might cause me to be found floating in Sosua Bay.
But needless to say this "Lion" takes forever to post transferred money, and charges too much. And let's just say their online banking and alerts needs a facelift.

So how about a consensus on which bank provides the 'most painless' experience for Europeans and Gringos for deposits,
ATM, Credit Card and online software, alerts (including to cell) - while minimizing fees.

I'm ready to switch as I find it cheaper to transfer money to myself through WU or Caribe Express - but I feel like a white Reverse Sanky Pank.
But I have met some interesting 'ladies' while queuing up for the cash.

The lion charges me about $7 per online transfer regardless of the amount transferred and the time can be anywhere from 1 - 4 days, usually 3. Is your experience different?

chico bill · Jul 25, 2016

bob saunders said:
The lion charges me about $7 per online transfer regardless of the amount transferred and the time can be anywhere from 1 - 4 days, usually 3. Is your experience different?

~ $15 US is approx. the fee to me for a couple stateside bank to bank transfers. It is not the fee that bugs me, but a couple of times it took almost 10 days to show up in my account. I understand the amount does have something to do with the time.
I can transfer cash through Xoom for a little over $5 and it is same day.
Of course I do not feel comfortable going to Charamico and leaving with a few grand in cash while motoconchos loiter outside the office. I feel like a sanky-hooker with a "rob me" sign on my back.
When living in Puerto Rico and Florida I had both Banco Santander & Popular - which were OK but there they were under US banking laws.
I guess my best bet is to stop complaining and do the painful task of opening an account at another bank and see if it works better.
I had been going to the US frequently (every 4 months) so bringing in cash then depositing some and putting some walk-around funds in my honey hole was the norm, but now I will be traveling less.
I was hoping to find grizzled bank veterans on DR1 who may have experience at multiple DR banks and found which is the least hassle.
Several people told me Popular is good, but it always so crowded and I don't want to spend a whole day opening an account (life is short)

Derfish · Jul 25, 2016

chico bill said:
~ $15 US is approx. the fee to me for a couple stateside bank to bank transfers. It is not the fee that bugs me, but a couple of times it took almost 10 days to show up in my account. I understand the amount does have something to do with the time.
I can transfer cash through Xoom for a little over $5 and it is same day.
Of course I do not feel comfortable going to Charamico and leaving with a few grand in cash while motoconchos loiter outside the office. I feel like a sanky-hooker with a "rob me" sign on my back.
When living in Puerto Rico and Florida I had both Banco Santander & Popular - which were OK but there they were under US banking laws.
I guess my best bet is to stop complaining and do the painful task of opening an account at another bank and see if it works better.
I had been going to the US frequently (every 4 months) so bringing in cash then depositing some and putting some walk-around funds in my honey hole was the norm, but now I will be traveling less.
I was hoping to find grizzled bank veterans on DR1 who may have experience at multiple DR banks and found which is the least hassle.
Several people told me Popular is good, but it always so crowded and I don't want to spend a whole day opening an account (life is short)

What do you mean 'Life is short?' It is the longest thing you'll ever do!
Der Fish

william webster · Jul 25, 2016

I think we all find that is little consistency to the banking and funds clearing..... in most banks.

I wire to Progreso and it arrives and clears in 2-3 days..... immediate clearance -- US $$ to US account in RD
Scotia was good too

DRdreaming · Jul 25, 2016

I find Poplar to be good. Wire transfer sent from US Monday evening was available Tuesday morning last week. The longest wait time I've experienced was 3 days.

Sent from my SAMSUNG-SM-G930A using Tapatalk

chico bill · Jul 25, 2016

Derfish said:
What do you mean 'Life is short?' It is the longest thing you'll ever do!
Der Fish

I thought a bad marriage or going to court in the DR was the longest thing one could do.

chico bill · Jul 25, 2016

DRdreaming said:
I find Poplar to be good. Wire transfer sent from US Monday evening was available Tuesday morning last week. The longest wait time I've experienced was 3 days.

Sent from my SAMSUNG-SM-G930A using Tapatalk

Maybe I'll bight the bullet and wait in Popular to open an account (Are your talking next day for a wire transfer from the US ?).
Oh and what did they charge and do you get good alerts when you use the ATM to your Samsung phone

DRdreaming · Jul 25, 2016

I don't have the alerts set up for my phone. And yes, it was a US dollar transfer from my bank in the US to a a USD account at Popular. I don't pay fees to my US Bank (because of the type of account I have ), but the normal fee to them would be $40usd. I believe Popular charges around $20 to receive the transfer. I don't do it often, but it is convenient.

Sent from my SAMSUNG-SM-G930A using Tapatalk

fifilein · Jul 25, 2016

DRdreaming said:
I find Poplar to be good.

good luck trying to get a bank account as expat at banco popular, their requirements are ludicrous.

DRdreaming · Jul 25, 2016

fifilein said:
good luck trying to get a bank account as expat at banco popular, their requirements are ludicrous.

As an expat I needed the following: reference from a Dominican (my real estate agent did this), reference letter from my bank at home simply stating that I had been a customer in good standing since 19XX, provide proof of income (paystubs, pension, etc), copy of my passport. I will admit that at first they said I would have to wait while they reviewed my documents and that they would call me. I told them that I would just go to the bank down the street and open an account. The customer service rep immediately said never mind - we can process this now.

Sent from my SAMSUNG-SM-G930A using Tapatalk

fifilein · Jul 25, 2016

DRdreaming said:
As an expat I needed the following: reference from a Dominican (my real estate agent did this), reference letter from my bank at home simply stating that I had been a customer in good standing since 19XX, provide proof of income (paystubs, pension, etc), copy of my passport. I will admit that at first they said I would have to wait while they reviewed my documents and that they would call me. I told them that I would just go to the bank down the street and open an account. The customer service rep immediately said never mind - we can process this now.

I tried it like 3 years ago and there was some requirement to get a letter from some government guy, can't remember.

information was both from sosua and puerto plata branch and I saw it also on paper, can't find it anymore on the homepage - maybe it changed.

DRdreaming · Jul 25, 2016

I opened my account in Bavaro. Haven't had any issues since. Although I did need to fulfill the same requirements when I opened a peso account even though I had already had a USD account for several years.

Sent from my SAMSUNG-SM-G930A using Tapatalk

fifilein · Jul 25, 2016

DRdreaming said:
I opened my account in Bavaro. Haven't had any issues since. Although I did need to fulfill the same requirements when I opened a peso account even though I had already had a USD account for several years.

when was that?

DRdreaming · Jul 25, 2016

The dollar account was about 6 years ago. The peso account maybe 12-18 months ago. I remember trying and them asking me for all the requirements again so I had to return with them another day. I wasn't prepared as I assumed it would be easy as I already had an account.

Sent from my SAMSUNG-SM-G930A using Tapatalk

lifeisgreat · Jul 26, 2016

fifilein said:
good luck trying to get a bank account as expat at banco popular, their requirements are ludicrous.

Polar was ridiculous on requirements like they didn't want you to open account totally crazy requirements...even wanted my tax return from Canada.. I said WTF ...he said you pay taxes in Canada what's problem he says ..I said non of your %*#+^~ business
Walked out into Cruz no problems...

chico bill · Jul 26, 2016

lifeisgreat said:
Polar was ridiculous on requirements like they didn't want you to open account totally crazy requirements...even wanted my tax return from Canada.. I said WTF ...he said you pay taxes in Canada what's problem he says ..I said non of your %*#+^~ business
Walked out into Cruz no problems...

Yeah I agree. I don't want the bank to have access to my tax returns. As long as I qualified for residency and have showed the minimum income to be in DR as a resident that's all they need.
Look banks if we open an account you benefit. Feel free to report it all to the home government. We can't avoid taxes from income in the US, Canada or UK & Germany. Give extranjeros the benefit of the doubt. If we provide letters from our bankd, including deposits that should be enough.
Do rules change with a Dominican passport ?

Opinion on Best Bank

Dogs Better than People

Dogs Better than People

Gold

Tropical geek in Las Terrenas

Platinum

Dogs Better than People

Gold

Platinum

Member

Dogs Better than People

Dogs Better than People

Member

New member

Member

New member

Member

New member

Member

Enjoying Life

Dogs Better than People