Banking in the DR - Recomendations

sealuva

Member
Jun 12, 2018
59
5
8
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.
 
Sep 4, 2012
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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!
 

sealuva

Member
Jun 12, 2018
59
5
8
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. :)
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
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.
 

sealuva

Member
Jun 12, 2018
59
5
8
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.
 

nekokatt

Active member
Feb 25, 2012
84
28
28
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.
 
Sep 4, 2012
5,931
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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.
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
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.
 

jstarebel

Silver
Oct 4, 2013
3,330
333
83
I also vote for ScotiaBank. They are aligned in some way with BOA which is my stateside bank. I'm able to move money from BOA to Scotia easily, and neither charges me ATM fees when using one card at the others ATM. ScotiaBank is also available on most other islands throughout the Caribbean which is another reason I use them. They make my Caribbean travels easier.
 

Caonabo

LIFE IS GOOD
Sep 27, 2017
7,339
2,949
113
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.

Although there may be some subtle differences, all in all banking is still banking. I find most that incur difficulties or complications bring them upon themselves. Not always the case, but certainly in most. A grasp of the host nation language would assist matters greatly.
 

sealuva

Member
Jun 12, 2018
59
5
8
Although there may be some subtle differences, all in all banking is still banking. I find most that incur difficulties or complications bring them upon themselves. Not always the case, but certainly in most. A grasp of the host nation language would assist matters greatly.

I'm fluent in Spanish as my parents are from DR and that is all they spoke growing up even though I was born and raised in the states and speak both. Funny when I was a kid I hated translating but I thank them for knowing both now.
 

nekokatt

Active member
Feb 25, 2012
84
28
28
I also vote for ScotiaBank. They are aligned in some way with BOA which is my stateside bank. I'm able to move money from BOA to Scotia easily, and neither charges me ATM fees when using one card at the others ATM. ScotiaBank is also available on most other islands throughout the Caribbean which is another reason I use them. They make my Caribbean travels easier.

Indeed ScotiaBank operates thruout the Carribean. Do you get charged fee for using their ATM which is NOT the same country that issued the card?
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Banco Popular is my recommendation for local banking.

I use a Charles Schwab card in ATMs . I get better rate at an ATM than money changers like Western Union will give you along with refunding any and all ATM fees.
 

nekokatt

Active member
Feb 25, 2012
84
28
28
Absolutely! Charles Schwab Bank rebates all ATM fees. If you have a brokerage account with them, ask for it!
I use that wherever I don't have a local bank account.

And Chase United Mileage Plus is one of those credit cards that have NO foreign transaction fee when used outside the USA.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
neko
I use Mileage Plus for big stuff and now the Amazon Prime Visa for all else.
No foreign fees and you get credit for your purchases.....

Amazon Prime... 5% at Whole foods, 2% restaurants.... long list
 

jstarebel

Silver
Oct 4, 2013
3,330
333
83
Indeed ScotiaBank operates thruout the Carribean. Do you get charged fee for using their ATM which is NOT the same country that issued the card?

Not as long as it is a ScotiaBank in the Caribbean or BOA in the states. It goes both ways too. BOA in Scotia, or Scotia in BOA. The only issue I have had is Transferring money from Scotia Anguilla and Antigua to BOA in the States. BOA to either works well.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
Not as long as it is a ScotiaBank in the Caribbean or BOA in the states. It goes both ways too. BOA in Scotia, or Scotia in BOA. The only issue I have had is Transferring money from Scotia Anguilla and Antigua to BOA in the States. BOA to either works well.
Using your BoA card in Scotiabank in DR is not free though. USD5 fee + 3% of the withdrawal amount.