- Thread starter dpesante
- Start date
Opening a back account in DR
Opening a bank account in DR
The quick answer is no you can't. But its very easy to open an account here without having to attend in person. Even if it were possible, banks of the same name as US counterparts operate entirely independant from the US or Canadian banks and under Dominican legislation of course.
Many people do pop down and open an account themselves but rates adverstised on the "bank door" are often a lot lower then what is possible to achieve and rates between branches of the same bank can also have a wide variation. In practice its up to the bank manager what they are willing to offer.
Anyway, my advice is stick to dollar investments only for the immediate future to see how things work out with the Peso before emabarking on Peso investments.
The quick answer is no you can't. But its very easy to open an account here without having to attend in person. Even if it were possible, banks of the same name as US counterparts operate entirely independant from the US or Canadian banks and under Dominican legislation of course.
Many people do pop down and open an account themselves but rates adverstised on the "bank door" are often a lot lower then what is possible to achieve and rates between branches of the same bank can also have a wide variation. In practice its up to the bank manager what they are willing to offer.
Anyway, my advice is stick to dollar investments only for the immediate future to see how things work out with the Peso before emabarking on Peso investments.
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Bolt - We can also arrange advertising on DR1 for you for a small fee!
I look forward to your email: robert@dr1.com
I look forward to your email: robert@dr1.com
Re: Opening a bank account in DR
Thanks for the info. I guess I am trying to find out which bank in DR offers the best service and flexibility. I am trying to establish 2 accounts for a business venture. I am planning to use one account to release $$ everymonth to the person that is going to be working for me. I will like to be able to transfer $$ from one account to the other on a monthly basis as needed. I would like to be able to do this via phone call or a wire transfer. Basically, I am trying to understand the best way for me to setup an account for "payroll".
Any thoughts anyone?
Thanks for the info. I guess I am trying to find out which bank in DR offers the best service and flexibility. I am trying to establish 2 accounts for a business venture. I am planning to use one account to release $$ everymonth to the person that is going to be working for me. I will like to be able to transfer $$ from one account to the other on a monthly basis as needed. I would like to be able to do this via phone call or a wire transfer. Basically, I am trying to understand the best way for me to setup an account for "payroll".
Any thoughts anyone?
Checkout the new internet service, c2it, by Citibank. You can transfer funds to just about any account worldwide for US$10. Much cheaper than a wire transfer. You link your free c2it account to a bank account or credit card in the U.S. (just like PayPal) and then 'transfer' your payroll to the foregin account.
You might also consider an U.S. internet bank, like ISPBANK.NET. They will take foreign owned accounts (your employees for example) with just a copy of the cedula or passport so there are no U.S. taxes due and send the owner paper checks and a credit card to use to withdraw funds from the account. In the U.S. you can make deposits to the account electronically - even at any MailBoxes Etc. - and they can wthdraw the pesos at any ATM/H here whenevre they want. Or write a check.
No, I do not have stock, this is not an ad. Just the result of a month of work getting things set up for my comapny and my family. E-Mail if you have any questions or I can help!
Tom
You might also consider an U.S. internet bank, like ISPBANK.NET. They will take foreign owned accounts (your employees for example) with just a copy of the cedula or passport so there are no U.S. taxes due and send the owner paper checks and a credit card to use to withdraw funds from the account. In the U.S. you can make deposits to the account electronically - even at any MailBoxes Etc. - and they can wthdraw the pesos at any ATM/H here whenevre they want. Or write a check.
No, I do not have stock, this is not an ad. Just the result of a month of work getting things set up for my comapny and my family. E-Mail if you have any questions or I can help!
Tom
I agree with XanaduRanch
But, certainly don't limit your searching to one institute. Any bank in the US or Canada worth their salt provides competative accounts that are easily accessilbe by ATM's all over the DR. Simply set one up solely for your employees use and transfer the funds on the given "pay day". That way you have a written record of them receiving the money and the assurance that they have no access to the rest of your funds. You may also save yourself some of the grief going on with the banks in the DR right now by not setting up an account there. Refer to the most recent DR1 news bulletins.
But, certainly don't limit your searching to one institute. Any bank in the US or Canada worth their salt provides competative accounts that are easily accessilbe by ATM's all over the DR. Simply set one up solely for your employees use and transfer the funds on the given "pay day". That way you have a written record of them receiving the money and the assurance that they have no access to the rest of your funds. You may also save yourself some of the grief going on with the banks in the DR right now by not setting up an account there. Refer to the most recent DR1 news bulletins.
Lore, you'd think so, but you'd be surprised how ignorant most U.S. banks are about opening accounts without a dreaded SSN or TIN. A foreigner is someone from Kentucky! The IRS's (rev'noor's) long arms keep getting longer!
It's not an easy thing like here because most don't know how to handle it even if you walk in the door. And to do it remotely over the net?! Well, let's just say when you find one that knows what they are doing - thank them profusely and often. Preferrably with a few cervezas!
Tom
It's not an easy thing like here because most don't know how to handle it even if you walk in the door. And to do it remotely over the net?! Well, let's just say when you find one that knows what they are doing - thank them profusely and often. Preferrably with a few cervezas!
Tom
Not quite sure if you want your whole business account in the DR or just payroll. However if it is simply to pay an employee, another option may be just to have them open their own saving/chequing account in the DR and have your Florida bank wire them the money (for a nominal fee of course) directly into their account on pay day. I have wired money to a DR account from Canada before without a hitch. No matter which way you slice it from all accounts (pun!!!!!), many of which I have seen posted on this board, it is better to keep any kind of chequing/saving account with a balance, at home wherever home may be, instead of in the DR.
I think this is going to be easy to verify. My friends already have bank accounts down there so I can do a "test run" this week by just sending an initial wire for a small amount. If my bank in the U.S. can do it without a problem then I am set. It looks like there are many ways of sending the $$ but I do need to find a way to transfer the receivable pesos from the business in DR back to my account in the U.S. Basically, my partners in the DR are going to make deposits into a joint account in the DR and I need to find a way to wire the money back to the U.S. I guess the banks in DR should be able to do this but I wonder if anyone has any experience doing that.
Later,
David
Later,
David
dpesante,
I understand that transfering US $'s back to a US bank acount is somewhat difficult (if not downright impossible) because the banking system wishes to keep US $'s in this country. I believe (& doubtless will be corrected by those who know better than me) that US's would have to be withdrawn in CASH or bankers order (Guaranteed Bankers Cheque) personally & then secreted on your person when leaving the country!!
I do not know the amounts you wish to withdraw in the US & what frequency you will be withdrawing this figure BUT, my suggestion would be to get a "Debit Card" from the bank down here & then use that to draw the cash out from ATM's in the US. ONE advantage of this .... it probably won't end up on your "Income" statements!!!! You would obviously notify the IRS yourself ......... won't you????
Which bank are you using down here at the moment? Do they have 'Banking-on-line' facilities? Do they have Debit Card facilities?
If you want more (plus a chance of exploring other alternatives) drop me an e-mail or PM. - Grahame.
I understand that transfering US $'s back to a US bank acount is somewhat difficult (if not downright impossible) because the banking system wishes to keep US $'s in this country. I believe (& doubtless will be corrected by those who know better than me) that US's would have to be withdrawn in CASH or bankers order (Guaranteed Bankers Cheque) personally & then secreted on your person when leaving the country!!
I do not know the amounts you wish to withdraw in the US & what frequency you will be withdrawing this figure BUT, my suggestion would be to get a "Debit Card" from the bank down here & then use that to draw the cash out from ATM's in the US. ONE advantage of this .... it probably won't end up on your "Income" statements!!!! You would obviously notify the IRS yourself ......... won't you????
Which bank are you using down here at the moment? Do they have 'Banking-on-line' facilities? Do they have Debit Card facilities?
If you want more (plus a chance of exploring other alternatives) drop me an e-mail or PM. - Grahame.
I have transferred money from the US to the DR - and back again without any problems.
You should do it like this:
1. Get a local bank account in USD. Get it at a strong bank (NOT baninter).
2. Ask the bank for the wire information to make a transfer. They may even give you wire information that goes to a US bank, with a further forward to the DR bank. The advantage in this is that domestic transfers cost less.
3. The money will be in your account in 2-3 days.
My cost for this is US $15, no matter how much money.
Do not transfer via a check, those take something like 40 WORKING days to clear over here. Terrible! The amount you lose in interest is not worth the $15 you save.
To send money back, go into your local branch and tell them you want to make a transfer. The charge to send is $40, no matter how big the quantity. Again, it takes two to three days.
However! I would be cautious about keeping more money over here than you need. The DR appears to have low USD reserves right now and they may well put restrictions on how much money can be transferred back. You won't lose the money, but you may be forced to exchange for pesos like I was (see the thread in the living forum, "baninter problems".
If you need money in the DR, just withdraw USD from your US bank account and take it to the best exchange place you can find. Western Union and (particularly) Coffeesport.com have consistently had the best exchange rates in Santiago. I wouldn't bother with changing on the street, some locals may do it, but the chances of getting ripped off are high and the rates not much better (if it all).
I found the bank transfer process has worked very smoothly for me in both directions when I did it this way.
Adrian
You should do it like this:
1. Get a local bank account in USD. Get it at a strong bank (NOT baninter).
2. Ask the bank for the wire information to make a transfer. They may even give you wire information that goes to a US bank, with a further forward to the DR bank. The advantage in this is that domestic transfers cost less.
3. The money will be in your account in 2-3 days.
My cost for this is US $15, no matter how much money.
Do not transfer via a check, those take something like 40 WORKING days to clear over here. Terrible! The amount you lose in interest is not worth the $15 you save.
To send money back, go into your local branch and tell them you want to make a transfer. The charge to send is $40, no matter how big the quantity. Again, it takes two to three days.
However! I would be cautious about keeping more money over here than you need. The DR appears to have low USD reserves right now and they may well put restrictions on how much money can be transferred back. You won't lose the money, but you may be forced to exchange for pesos like I was (see the thread in the living forum, "baninter problems".
If you need money in the DR, just withdraw USD from your US bank account and take it to the best exchange place you can find. Western Union and (particularly) Coffeesport.com have consistently had the best exchange rates in Santiago. I wouldn't bother with changing on the street, some locals may do it, but the chances of getting ripped off are high and the rates not much better (if it all).
I found the bank transfer process has worked very smoothly for me in both directions when I did it this way.
Adrian
Check this link.
By: Jim Hinsch
"I recently updated a page that covers all the ways I know of to send or receive cash in the Dominican Republic."
See www.BocaChicaBeach.net/money.html.
Thanks
Tim H.
By: Jim Hinsch
"I recently updated a page that covers all the ways I know of to send or receive cash in the Dominican Republic."
See www.BocaChicaBeach.net/money.html.
Thanks
Tim H.