How about US$ in Banco Popular

Texas Bill

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Feb 11, 2003
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One person posted an answer to my previous question about a US$ account with Banco Popular which was greatly appreciated.
My next questions are:
1. How strong IS Banco Popular? It has branches(?) in Chicago, Miami and New York (I think) but doesn't publicise such. Is it a strong bank, or a weak one?
2.With correspondants in the States, wouldn't it be easy to draw one's dollars there even though the same were here in DR?

The reason I'm asking is obvious; I'm not familiar enough with banking rules to have the answers myself.
On the other hand, I learn fast.
So, any of you out there who are knowledgable, talk to me. Here, or email me at adams28@hotmail.com.
Thanx
Texas Bill
 

Ken

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Banco Popular has an excellent reputation, not only among banks in the DR, but among banks in Latin America.
 

Tony Cabrera

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Sep 24, 2002
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Texas Bill, the banco popular you're mentioned is the banco popular of Puerto Rico, i don't think that the Dominican Republic
bank has any branch in the US, or maybe i am wrong?.
Tony Cabrera
 

jojocho

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Jul 10, 2002
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I?m pretty sure Banco Popular Dominicano doesn?t have a branch in Chicago. You might be confused with Banco Popular de Puerto Rico. They are not related.

My personal view is that dollars are not safe in any bank in the DR at the present moment. Not because of how strong a bank is or isn?t, but because (like in th ?84 crisis) the government could force the exchange of dollars to pesos (like it recently happened in Argentina) and you could be left with zilch!
 

Dolores1

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May 3, 2000
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Banco Popular Dominicano as a FDIC affiliate in NY, the BPD Bank. That bank operates under New York banking laws.
 
Apr 26, 2002
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I'm reminded that our esteemed dear leader has threatened to sue anyone who says anything negative about a Dominican bank.

That piece of dribble said, I agree with Jococho. An underestimated risk is the forced conversion of dollars to pesos if things get bad enough.

As for the BPD of New York, their operations do not appear to be seemless with the Banco Popular in Santo Domingo. The BPD of New York appears to be a "boutique" bank, and may not be entirely owned by the Banco Popular Dominicana.

I had an unpleasant experience moving money from the US through the BPD of New York to an account with the Banco Popular Dominicana. It was treated like a wire transfer rather than an intrabank transfer. Inquiries to the Banco Popular Dominicana seemed to indicate that the problem was with the New York bank, and that they had no control over the New York bank.
 
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Texas Bill

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To all;
Thanx for the responses.
I still haven't made up my mind about having my USAF retirement and VA compensation sent Direct Deposit to Banco Popular at this point. I enjoy a good relationship with a cambia in Santiago at present and tink I'll just wait and see, drawing my dollars as I need to convert to pesos.
See you all later,
Texas Bill
 

GHABG

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Hey Tex, There are 2 North American banks here in SD, Citibank and ScotiaBank. I hope this helps. AM
 
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Scotiabank and Citibank would not be immune from a government order to convert dollars to pesos (does anyone know if that ever happened in Argentina - a crystal ball for the DR), though I agree that they may be the best bet for local deposits.
 
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sjh

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Jan 1, 2002
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At this particular point in time, i think you would be best off leaving your money out of the country and out of the DR banking system.. Too much stuff going on.
 

Ken

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TexasBill, keep your money in a bank outside of the DR and write personal checks on your account to get money in the DR. I'm doing that and so are a great many other people in the Sosua area. Exchange banks here are very happy to take personal checks. We get a better exchange rate, without paying a fee, than if using an ATM card and we have the security of knowing that the money is safe.
 

philly

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Feb 14, 2003
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KEN:
That is a very interesting concept to me...hum....just a few questions if you wouldn't mind...

How long does it take to change the check? They do it instanteneously? Also how does the exchange rate they offer on personal checks compare to US currency in cash?

Thanks...
 

Ken

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I walk in, write my check, take my money and leave. Just as fast as if I had handed them US bills.

I get as least a good a rate using checks as I would if I was changing cash.
 

Keith R

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Jan 1, 2002
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Porfio_Rubirosa said:
Scotiabank and Citibank would not be immune from a government order to convert dollars to pesos (does anyone know if that ever happened in Argentina - a crystal ball for the DR), though I agree that they may be the best bet for local deposits.
Yes, PR, all banks operating in Argentina were required to convert dollar deposits into pesos at a fixed rate of P1.4:US$1 (at a time when the peso was really closer to 2 per US$1) and all outstanding dollar-denominated loans at that time were required to be converted at a 1:1 ratio. Dollar reserves held by banks were required to be converted at the 1.4:1 rate.
Furthermore, banks were foribidden from selling dollars. The government also forbade any lawsuits in Argentine courts against its measures.
Foreign banks were not exempt by these measures in any sense. In fact, Scotiabank's local subsidiary was actually closed by the government to force it to infuse new capital from abroad. Scotiabank decided to pull out of Argentina and sell off its branches to other banks rather than do so.
Best Regards,
Keith
 

Golo100

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Jan 5, 2002
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Banco Popular Dollar Accounts

Banco Popular has a corresponding bank in New York, Bankers Trust and can easily transfer money for a US$12 fee to Popular in DR. BP charges only US$5 for the operation and places your money in a green book dollar savings account.

My officer at Bankers Trust is Jairo Namur, Vice President(He is bilingual). He handles DR retirement accounts and transfers. His number in New York is 212-635-8067 and Fax 635-8088. You can tell him I referred you. There are two types of transfers. One is the ACH which is for Federal Govt. retirees' funds which come into a lump account and distributed accordingly here, and individual transfers.

Banco Popular's International Division handles these operations from the fifth floor in the tower (544-5000) and Aracelis Almanzar at 544-5810 traces and follows thru on any transfers done for retirees in ACH groups. She is extremely helpful.

As far as I know, until we have a "Cacerolazo" and a "Corralito" Argentinian style, we are safe.

TW
 
Apr 26, 2002
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Re: Banco Popular Dollar Accounts

golo said:
Banco Popular has a corresponding bank in New York, Bankers Trust .

TW

Golo, When did you last do a transaction? Bankers Trust was sold to Deutsche Bank in 1999 and no longer operates under the Bankers Trust name. All of my transfers to the Banco Popular have either been through the Bank of New York or the BPD of New York as the corresponding bank.
 

Golo100

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Sorry Typo

You are absolutely right. I always make the same mistake, even with my officer there. It is Bank Of New York and Mr. Namur is the right guy.


TW
 

Golo100

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Jan 5, 2002
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P.S.

Forgot to tell you...the phone number is right too. That is Bank Of New York's number and direct line to Jairo Namur.

TW
 

Yayow

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Sep 4, 2007
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Hi thanks for the welcome

Well you guys sent me a message that I haven't posted as of yet, so here goes. I don't really have much to say at this point. I am from NY a retired detective, and at the present time I am what you would consider a long time renter. I plan on renting in the Sosua area for the next 6 months or so while I finish up some business in the states. While here I will also be looking around to purchase something, I anticipate living here full time withing the year if god is willing.