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  1. #61
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    Quote Originally Posted by malko View Post
    Depends what you mean by bank service.

    If it is just to access funds easily and cheap-ish go with fintechs and/or neo-banks.
    However I wouldn't recommend using them as a primary bank account----- not yet at least.
    The only thing i " miss " is the ability to hold dominican pesos in those accounts ( think change money when the rates are in your favour ) ---------those type of banks give you that option in all major currencies ( 1 account and sub-accounts in €,¥,£,$, etc.....).
    1. To have a dollar account. To deposit and keep local in-payments and earnings in dollars.
    2. To have a peso account and peso ATM card.

    Also sometimes to wire transfer funds from the States to buy properties.
    Last edited by irsav; 02-04-2020 at 03:29 PM. Reason: gt

  2. #62
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    Quote Originally Posted by irsav View Post
    1. To have a dollar account. To deposit and keep local in-payments and earnings in dollars.
    2. To have a peso account and peso ATM card.

    Also sometimes to wire transfer funds from the States to buy properties.
    1. No idea, as i don't have a $ account. I use chf and € with " main street " banks, and then transfer w/o fees to " internet" banks. They are labelled in € but you can pay in $ ( or whatever currency ) with no fees and they use the inter-bank exchange rate.
    I can also have a sub-account in $ so say the $ crumbles today against the €, well i can change a chunk of € into $ for future use. Sadly the dominican pesos is not considered a main currency, so no sub-account in pesos is possible.

    2. I cannot imagine many banks outside the dr offer the possibility of a pesos account.
    I use Revolut for free ATM withdrawls in the dr.....again at the inter-bank exchange rate.
    However with the free bank account i am limited to 400€ per month equivalent, but you can get premium accounts for higher limits ( or no limit )

  3. #63
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    Call me crazy....
    but if I could open a bank account online... just an uploaded passport/etc
    I would NOT be in that bank.

    Just give a us few details , sir - and you'll be on your way

    No thank you........
    not my definition of a bank

  4. #64
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    Quote Originally Posted by malko View Post
    1. No idea, as i don't have a $ account. I use chf and € with " main street " banks, and then transfer w/o fees to " internet" banks. They are labelled in € but you can pay in $ ( or whatever currency ) with no fees and they use the inter-bank exchange rate.
    I can also have a sub-account in $ so say the $ crumbles today against the €, well i can change a chunk of € into $ for future use. Sadly the dominican pesos is not considered a main currency, so no sub-account in pesos is possible.

    2. I cannot imagine many banks outside the dr offer the possibility of a pesos account.
    I use Revolut for free ATM withdrawls in the dr.....again at the inter-bank exchange rate.
    However with the free bank account i am limited to 400€ per month equivalent, but you can get premium accounts for higher limits ( or no limit )
    I want another account in a different bank in DR. To transfer all my business from BP.

  5. #65
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    Quote Originally Posted by william webster View Post
    Call me crazy....
    but if I could open a bank account online... just an uploaded passport/etc
    I would NOT be in that bank.

    Just give a us few details , sir - and you'll be on your way

    No thank you........
    not my definition of a bank
    Welcome to the 21st century

    As long as they have an EU banking license, you are afforded all the same guarantees as a main street bank........ so probably safer than any dr bank ( just guessing though, recalling a newspaper story or 2 where they bugged off with the deposits ).

    That said, i still use a main street bank for incoming salaries, and then dispatch as needed to online banks------ always nice to have a physical branch you can go to in case of problems ( and take hostages if needed )

    Also if you scratch the surface a bit you realise that a fair amount of those " new" on-line banks actually belong to big players in the banking world........ as they seem to also think on-line banking is the future.

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  7. #66
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    Quote Originally Posted by william webster View Post
    Call me crazy....
    but if I could open a bank account online... just an uploaded passport/etc
    I would NOT be in that bank.

    Just give a us few details , sir - and you'll be on your way

    No thank you........
    not my definition of a bank
    In the USA you can open bank account online (with SSN) without ever stepping to a bank or speaking to anyone. You go thrugh online identity verification (by answering options A-D to questions such as on which address you lived in 2003 and which bank you had mortgage in in 2010, or who lived on the same address as you in 2012)... then, you just mail in your signature card which they send to your registered postal address. You just sign the form and send back (they don't even ask for copy of ID). And that's like this with all USA banks. Same as account, you can apply for a credit card the same way. By your own parameters, you would exclude yourself from banking in the USA.

    Btw a friend's wife is somewhat nicely positioned at a major US bank. She handles major clients. They just bank over the phone like "transfer for me a million dollars to this and this account..." or "I need a credit card for my daughter I will be sending a messenger tomorrow at 10 am to pick it up from the branch (card printing center will have to do impossible to have it delivered to the branch by 9 am next day)" or "prepare for me a cashier's check for 100k and I will send my driver to pick it up in one hour".... etc...
    Last edited by rubio_higuey; 02-05-2020 at 09:46 AM.

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  9. #67
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    Seems they're still smoothing out the wrinkles on the new systems -
    =========================================================



    Taxpayer-backed Royal Bank of Scotland has been forced to ask up to 30,000 customers of its banking app Bó to destroy their cards because they fail to comply with new Brussels banking rules.

    Bó customers who joined the app before January 3 will be sent a new card and their original one will stop working on March 14, RBS has said.

    It is the latest in a string of problem at Natwest RBS, which is racing to compete in online-only banking with newer digital rivals such as Monzo and Revolut. The move comes just months after Alison Rose took charge as chief executive.

    The European Union's Strong Customer Authentication regulation forces banks to regularly verify customers’ identities when making contactless payments.

    Martyn James from consumer rights group Resolver, said that RBS sending out thousands of new cards is likely to be "confusing" to customers.

    He said: "Whenever a card is reissued but when there's two cards in circulation, there's a danger of one falling into the wrong hands. Postal fraud is still very common and it occurs very regularly."

    Customers are also unable to change their address through the Bó app, meaning they will need to contact RBS customer support if they have moved house or want their replacement card to be sent to a different address.

    The cost to replace thousands of Bó cards could run into tens of thousands of pounds for NatWest-owner RBS.

    Challenger bank Monzo estimated that it spent between £20,000 and £30,000 replacing 6,000 of its cards in 2018 after it found that details of some customers had been leaked in a data breach at events website Ticketmaster.

    RBS has not disclosed exact customer numbers for Bó, but estimates from analytics firms Sensor Tower and App Annie given to industry website AltFi suggest that more than 30,000 people have downloaded the app since its launch.

    An RBS spokesman said the number of replacement cards sent is likely to be significantly lower, however.

    The replacement of thousands of cards two months after the digital bank launched comes after it was reported last month that its head Mark Bailie will leave RBS, which is still 62pc owned by taxpayers following a £46bn bailout 12 years ago.

    John Cronin, a banks analyst for Goodbody, said: “In the context of Mark Bailie's departure and given we have not seen the likes of Revolut or Monzo make such a move yet, it will undoubtedly serve to fuel further speculation concerning the bank’s commitment to Bó.”

    RBS is understood to have spent more than £100m building Bó, which has around 170 employees.

    The bank denied last year that it encouraged employees to write fake positive reviews for the digital operation in Apple's App Store, after a series of glowing five star reviews were published online before its official release.

    An RBS spokesman said: “In order to comply with new legislation designed to protect customers from fraud and increase security around all forms of payment, Bó will be re-issuing cards to all customers who received their Bó card before January 3 2020.”

    “The new Bó cards will message the customer via the payment terminal when they need to make a chip and pin transaction.

    "We’ve chosen this option because we believe it provides a better customer experience.”

  10. #68
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    Quote Originally Posted by etolw View Post

    I have an account with Banco Santa Cruz, which only required my passport and a recommendation/signature from a local resident.
    What year was this?

  11. #69
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    Quote Originally Posted by healimonster View Post
    What year was this?
    Oct 2018, Cabarete.

    I have one account in euro and one peso. I transfer from my bank abroad to the euro account and then using their online app to convert eur to dop for the debit cards.

    Very happy with their customer service the few times I have needed it.
    Last edited by etolw; 02-12-2020 at 05:43 PM.

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  13. #70
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    grease the wheel .... no aggravation with a little grease

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