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  1. #41
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    It’s just as hard being canadian opening an account at popular or Scotia. I would not suggest to do it. Go elsewhere. We had to open popular bc of my wife’s work. Nothing but headaches both accounts took 3 months to open with residency, property owned here, lots of money and all the possible paperwork you can imagine. They wouldn’t let me be on the account bc I didn’t have a job here even though the money came from my account in Canada. Cabarete popular is extra annoying compared to others I think though. They kinda shut my wife’s account down and she has to reapply Which is incredibly annoying. She got a new passport number and that was just too much for them to handle I guess.
    Banks here....SUCK!!

  2. #42
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    Quote Originally Posted by Abuela View Post
    As much as its easy to blame the US for everything in this case the Dominican Republic joined this anti money laundering initiative in 2016...
    http://www.cicad.oas.org/Main/Templa...mework_eng.asp
    "Dominican Republic joined" sounds like there were equal partners at the table and they agreed to some "initiative".
    In fact, D.R. has been coerced to the "initiative".
    First, the parties have never been equal. Do banks in the US ask customers if they have assets in the DR and if yes, do they send data to Santo Domingo?
    Second, the D.R. is a loser this "anti money laundering" scheme.
    Laundering means the money enters the pipeline dirty (USA) and comes out clean on the other end (DR). And clean means the money which has escaped the IRS taxman enters the financial system here: through property taxes, fees, customs, ITBIS, also through employment and more spending.

    The "initiative" sucks and serves the imperial interests of the North.

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  4. #43
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    US financial institutions are required to report to the IRS interest earned by foreign nationals and residents who have accounts in those institutions. The DR can request this info from the IRS if they so choose.

    Any money going from the US to the DR is closely monitored. Transfers over $10,000 are flagged and must be reported to the IRS, so not easy to get "dirty money" down here, but where there's a will, there's always a way.

    Banco Popular and Scotia are the worst banks to deal with. I opened an account with Banco Santa Cruz about 18 months ago. Very simple. Other friends have accounts with BHD and Banreservas. No problems.

  5. #44
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    I open my Banreservas account just a passport and a slip of a few pesos that I found on the floor of the bank

  6. #45
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    Quote Originally Posted by johne View Post
    This week I went to the bank to open an account just so I would have a place to put dollars for the monthly expenses. Nothing complicated. Don't want a loan. Or a mortgage. Nothing like that. The amount of information numb nuts wanted was nothing short of basically telling me...I don't want your business. She presented me a typed list of requirements that included my tax returns that would be reviewed by legal department in SD.
    I said Are you sure? Her answer was "Have a good day". She had a nasty attitude that made feel as if I was back in NYC at the motor vehicular bureau or trying to deal with a public utilities company.

    I walked out which I'm sure made her very happy. SMH at some of the ways of the DR. Of course I understand providing identity. But to say your legal dept will review my tax returns? I should have said even my President doesn't show his returns under court order so why would I show it in a corrupt country? But, numb nuts would not understand so I left and went for an expresso across the street.

    If it was Popular - they required more documents form me than American Mebassy documents for a Visa for an Afghani .... 'nought to say. I went through the process in February last year.

    Banreservas required from me also proof of income so I just gave them Registro mercantil and last Asamblea, that was enough.

    Times are changing, all banks now require more and more documents. But it is for the first time opening only. All additional accounts are easier. So it is just better to start with opening a simple peso savings account. Also, all banks will ask you about expected movement on your accounts and you shuld be able to provide supporting documentation for that if asked (and you probably will be asked) such as pay stubs, contracts, client payments (checks), other bank account statements for past 3 months .

  7. #46
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    Quote Originally Posted by johne View Post
    Popular. JD.

    Aha. Yes. Difficult. And they will not open your account under Cedula number if you are a foreigner, unless you are naturalized citizen. So for all banking with Popular you have to take your passport. But they will ask for your cedula and residency card when opening the account. But they will create it with passport. Stupid. Silly. Unbelievable. But true.

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  9. #47
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    Quote Originally Posted by rubio_higuey View Post
    Aha. Yes. Difficult. And they will not open your account under Cedula number if you are a foreigner, unless you are naturalized citizen. So for all banking with Popular you have to take your passport. But they will ask for your cedula and residency card when opening the account. But they will create it with passport. Stupid. Silly. Unbelievable. But true.
    They are hunting USA citizents, first one to implement to report to USA goverment the banking movemnts for their citizents in DR when started the new money laundry banking law.

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  11. #48
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    Foreign bank accounts are tricky business all over the world - not just RD

    The banking rules have changed dramatically over the past years.

    I have accounts in 4 countries - seen it all - quite a pain

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  13. #49
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    Quote Originally Posted by william webster View Post
    Foreign bank accounts are tricky business all over the world - not just RD

    The banking rules have changed dramatically over the past years.

    I have accounts in 4 countries - seen it all - quite a pain
    Nah, i have just opened a bank account in the UK, on internet, with nothing more than my passport scanned in the app.
    I have done the same in the past with a german banking establishment .
    A French bank account was a bit more tricky lol they asked for passport and a utility bill........

    All that done from here in the dr....... so if it is easier to open a bank account on internet than in person, me thinks dr banks have a problem.

  14. #50
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    I would be curious which UK and German bank would allow that?

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