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  1. #1
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    Default Rumor on opening a new bank account

    I just saw this post on FB and wanted to know if anything changed very recently about opening bank accounts:

    I was told today that anyone not a resident of the DR, who wants to open an bank account, and has been here over two months cannot open an account. Is that a rumor or true....
    I advised the poster to call the local banks.

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  3. #2
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    Quote Originally Posted by windeguy View Post
    I just saw this post on FB and wanted to know if anything changed very recently about opening bank accounts:



    I advised the poster to call the local banks.
    There is a new monetary law that makes also more dificult for Dominicans to open a bank account, if you do not have an employer that can write a letter telling that you work for them you must write a letter to the bank under your name telling how you will get the money to deposit in the account.

    I will ask to a friend that works in Popular Bank.

  4. #3
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    I am jumping thru hoops right now, and performing all sorts of circus acts trying to open an account.

    That restriction hasn't come up......yet.

  5. #4
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    I was recently required by my bank to provide an official document from the SSA or pension fund showing where my money was coming from and how much. I wouldn't be surprised if this is now required of those wanting to open accounts now.

  6. #5
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    This is true. I know of people in SD who were unable to open accounts because of this requirement. Enforcement though might not be equal in all banks and branches.

  7. #6
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    Quote Originally Posted by rubio_higuey View Post
    This is true. I know of people in SD who were unable to open accounts because of this requirement. Enforcement though might not be equal in all banks and branches.
    And enforcement might not be equal at different times of the day and with different bank employees.

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  9. #7
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    Quote Originally Posted by SKY View Post
    And enforcement might not be equal at different times of the day and with different bank employees.
    Isn’t that the truth!! The branch where we opened out accounts and knew the staff closed. So we’ve used another location for awhile now. In early 2018 we arrived there to deposit a check into the dollar account, only to be told they locked and closed it because there had been no activity for 3 months. Not only couldn’t we deposit, we couldn’t withdraw any of the thousands of dollars in the account. It took us 2 days, reams of paper, identification in addition to passports. Mr AE lost it when they started asking about social security deposits, which do not go to DR. Finally reopened the account, what a rigamarole. And this was an existing account opened almost 10 years ago!!!!!

    Now we leave dollars with my BIL, and he makes a small deposit every month to keep it active.




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  10. #8
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    Quote Originally Posted by AlterEgo View Post
    Isn’t that the truth!! The branch where we opened out accounts and knew the staff closed. So we’ve used another location for awhile now. In early 2018 we arrived there to deposit a check into the dollar account, only to be told they locked and closed it because there had been no activity for 3 months. Not only couldn’t we deposit, we couldn’t withdraw any of the thousands of dollars in the account. It took us 2 days, reams of paper, identification in addition to passports. Mr AE lost it when they started asking about social security deposits, which do not go to DR. Finally reopened the account, what a rigamarole. And this was an existing account opened almost 10 years ago!!!!!

    Now we leave dollars with my BIL, and he makes a small deposit every month to keep it active.
    Same thing will happen when you get new passport (bring your old one sometimes it helps)...

  11. #9
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    Quote Originally Posted by lifeisgreat View Post
    Same thing will happen when you get new passport (bring your old one sometimes it helps)...
    With a new passport update now you go through ten times more hell than it was to open a new account 10-15 years ago. What really helps - to have a Dominican Cedula. If not - be prepared for a week of torture. And your account will be frozen indefinitely.
    And to open a BRAND NEW account for a foreigner? You tell me it is possible? Well, well...

    We were not allowed to receive our wire transfer from the USA (also in our name) for over TEN DAYS. To pay for a new condo.
    We had to make a BIG noise to get it. Their explanation - THE AMOUNT IS TOO BIG. WE WANTED TO PERFORM A GOOD INVESTIGATION. And we know workers in this branch for many years. Including the Chief of the Branch.
    We know several Europeans who literally have nothing to eat. They got new passports. And their accounts immediately were closed.

  12. #10
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    Is it worth it? Right now, I'm just Western Unioning/Moneygraming $ to myself when I need cash. I have a $5000 or $6000 monthly limit on each account. I will never need that much money a month here or even half of that.

    Hearing all the BS that is needed to open an account and then risking it being frozen if you get a new passport or the wind blows from the southwest, it just doesn't seem worth it to me.

  13. Likes Jaime809 liked this post
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