Rumor on opening a new bank account

windeguy

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Jul 10, 2004
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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.
 

Riva_31

Bronze
Apr 1, 2013
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San Pedro de Macoris
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.
 

ctrob

Silver
Nov 9, 2006
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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.
 

cavok

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Jun 16, 2014
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Cabarete
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.
 
Feb 7, 2007
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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.
 

SKY

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Apr 11, 2004
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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.

And enforcement might not be equal at different times of the day and with different bank employees.
 

AlterEgo

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Jan 9, 2009
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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.
 

lifeisgreat

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May 7, 2016
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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)...
 

irsav

Well-known member
Jan 26, 2019
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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.
 

NanSanPedro

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Apr 12, 2019
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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.
 

Cdn_Gringo

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Apr 29, 2014
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Perhaps three years ago, there was talk about more restrictive account creation requirements. The main gist of what was said at that time pertaining to needing residency to open an account may just now be coming into production. Maybe not. Certainly all of the "where are your funds coming from" documentation seems a tad excessive.

I'm in no rush to open a bank account here anytime soon.
 

irsav

Well-known member
Jan 26, 2019
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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.

A good friend of us had to go to the USA to see his doctor there. In the USA some serious illness was discovered. So he had to stay there for treatment about 4 years.
When recently he came back here and went to the bank he discovered that all the money from his dollar account (about $600) DISAPPEARED. Bank people told him that they charged him $10 for EACH MONTH OF INACTIVITY.
They stole all his money.
A Third World banana republic. It will never change.
 

irsav

Well-known member
Jan 26, 2019
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Perhaps three years ago, there was talk about more restrictive account creation requirements. The main gist of what was said at that time pertaining to needing residency to open an account may just now be coming into production. Maybe not. Certainly all of the "where are your funds coming from" documentation seems a tad excessive.

I'm in no rush to open a bank account here anytime soon.

I do not think you will be able to anyway.
But the whole process of several many hour long INTERROGATIONS (with demanding various CRAZY supporting documents) is HUMILIATING to say the least.
 

Cdn_Gringo

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Apr 29, 2014
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When it comes to banking in this country, the take away that I came to: The banks feel they are doing you a service/favor by allowing you to deposit your money so they can use it.

I'm not sure I like the banks at home much better, but they are more mature in Canada and opening an account is less painful than going to the dentist unlike here. 2 pieces of ID, some cash to deposit, a few signatures and you are handed all the rules in a language you can understand, an ATM card, maybe a bank book or some cheques to get you started and you are on your way. 30 minutes max.

That level of customer service is not yet available here and there seems to be some need on the part of the pencil pushers to use up as much paper and time as is possible while ensuring that you appreciate all they are doing for you when they for one last document that can only be had if you travel 2000 Km to go get it.

It took me almost 5 hours to open a peso chequing account and a USD savings account. After that, the US account was frozen until approved by someone in a windowless office next to the SD metro - They gladly let me put USD into that account, but I couldn't then ask for any of it back.

Many of the DR account fees are predatory and those bank agreements are all but intelligible to anymore not fluent in Spanish legalese. So we learn by watching the charges at the end of the month and asking that each one be explained.

That charge is for cashing a cheque to get some of your money cuz you can't withdrawal from a chequing account without writing a cheque.

That charge is for having less than the minimum balance in your account at anytime in the previous month. You ask and you now know the minimum amount.

That charge is for not conducting enough transactions in a month (write more cheques)

That charge is because we had to close your account because you were not here to make deposits every month.

That charge is for using an ATM from another bank even if there wasn't one of our own anywhere nearby.

Yeah, banking here can be a draining experience. The future can only get better :).
 

lifeisgreat

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May 7, 2016
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Bianco Cruz if you keep over 2g in account no monthly fees, easy to open account.. online banking pay all bills and tickets...
 

windeguy

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Jul 10, 2004
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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.

Do you mean that they were in the country too long and were not residents as being the reason they could not open accounts as in my original question in my OP?
 

windeguy

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Jul 10, 2004
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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.

That is one reason I am here legally with a Cedula, along with driving legally with a DR license.
I have been using DR banks since I have been here (16 years) for funding local expenses. Being legally in the country makes a difference. True that Western Union or ATM cards could be used instead of a local account.

Still looking for more information on if visitors are in the country for more than 2 months, that they will not be allowed to open bank accounts. Rubio_higuey seemed to indicate that he had heard of this happening.
 
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Drro

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Mar 22, 2006
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I'm glad I opened my accounts many years ago. To avoid service charges I go online and move money from my US account to my peso account and vice versa every 3 months. Been doing it for years and never had a service charge. Only once upon my return did my debit card not work and had to go to the bank to reactivate it. So I'm hoping it will continue to work when I am off island for 3-4 months.
 

Riva_31

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Apr 1, 2013
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San Pedro de Macoris
I Talked with a friend that works in Popular he said they are way more restrictive now with foreigners too. He is cashier and couldnt give me more info about the changes
 

irsav

Well-known member
Jan 26, 2019
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I Talked with a friend that works in Popular he said they are way more restrictive now with foreigners too. He is cashier and couldnt give me more info about the changes

Yes. Our friends tell the same thing. There is an assault on foreigners in Dominican banks. Even on long time clients who have a government support like us. This last week`s experience was TRULY SHOCKING!