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Thread: Banking in the DR - Recomendations

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    Default Banking in the DR - Recomendations

    Sorry if this has been posted before, but I could not find what I was looking for so I'm just going to ask again. Can you all give me some recommendations on a bank to use in the DR. I'll be moving there early next year and I would like to see where is a good place to bank from. I will still have an account in the US (perhaps give me a recommendation on a US bank that works well with the DR) and would like a bank that can except money transfers some way or another. I'm assuming that banks in the DR do not accept Google Pay, which would be great. Other than having a bank locally to pay bills and start setting myself up as a local, the above mentioned is what I am looking for. Also perhaps one that is also spread out a bit throughout the country. Thanks all.

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    Banco Popular, Banco Progreso, BHD, Reservas. For me in that order as far as quality, as far as a US bank - CITI and Chase proven to be solid when it comes to transfers and having a relationship with DR banks.

    ps: DR banking sucks badly, be very patient!

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    Quote Originally Posted by Wishing you well View Post
    Banco Popular, Banco Progreso, BHD, Reservas. For me in that order as far as quality, as far as a US bank - CITI and Chase proven to be solid when it comes to transfers and having a relationship with DR banks.

    ps: DR banking sucks badly, be very patient!
    Thanks for the insight. Anyone else out there is also welcome to comment. In regards to being patient, I'm married to a Dominican/American for the past 22 years. Patience is the only way to live.

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    Popular is fine. Work well with BofA for me. Wires from BofA to Popular either usd to dop or usd to usd are in my DR account in less than 30 minutes. I have three accounts in Popular, DOP, USD and EUR and can transfer money between these accounts online with immediate effect (always via the DOP account so you wouldn’t do that all the time, because you pay the spread twice). And international wires out can also be done online and at least to Europe arrive the next day (more likely due to my Dutch bank handling t slow than Popular being slow).

    They are advanced with mobile banking too, token is now in-app and most of the things you can daily handle with the app.

    If there’s one thing where DR is not that much behind its in banking.

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    Quote Originally Posted by Mauricio View Post
    Popular is fine. Work well with BofA for me. Wires from BofA to Popular either usd to dop or usd to usd are in my DR account in less than 30 minutes. I have three accounts in Popular, DOP, USD and EUR and can transfer money between these accounts online with immediate effect (always via the DOP account so you wouldn’t do that all the time, because you pay the spread twice). And international wires out can also be done online and at least to Europe arrive the next day (more likely due to my Dutch bank handling t slow than Popular being slow).

    They are advanced with mobile banking too, token is now in-app and most of the things you can daily handle with the app.

    If there’s one thing where DR is not that much behind its in banking.
    Great to know. Thanks Mauricio.

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  9. #6
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    The banks are good for the most part....
    Once you get in....use your spouse for that ...joint account

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    Always good service and English speaking at ScotiaBank for 5 years now. They are used to working with and helping foreigners. Used cedula, bank reference, and personal references (Realtor)

    You didn't say if you have residency (or naturalize thru marriage) but surely your spouse can help with the opening, assuming he/she maintained passport/cedula.

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    The easiest bank for a foreigner to open an account is Banco Santa Cruz.

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  13. #9
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    Quote Originally Posted by Mauricio View Post
    If there’s one thing where DR is not that much behind its in banking.
    The hump to go over isn't the technology portion, DR its rather updated at all; the same thing could not be said on the methodology, policies and procedures to be followed by a customer as each bank has their own and change them as the day goes by it seems.

    New rules established by every other employee one talk to for the same issues. That is the main hurdle IMO.

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    Quote Originally Posted by sealuva View Post
    Sorry if this has been posted before, but I could not find what I was looking for so I'm just going to ask again. Can you all give me some recommendations on a bank to use in the DR. I'll be moving there early next year and I would like to see where is a good place to bank from. I will still have an account in the US (perhaps give me a recommendation on a US bank that works well with the DR) and would like a bank that can except money transfers some way or another. I'm assuming that banks in the DR do not accept Google Pay, which would be great. Other than having a bank locally to pay bills and start setting myself up as a local, the above mentioned is what I am looking for. Also perhaps one that is also spread out a bit throughout the country. Thanks all.
    I would recommend Banco Santa Cruz, if you want to avoid inactivity fees.

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