Banking?

lostgringa

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Jan 26, 2004
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Would you recommend keeping your money in the US and using check/visa cards for a few months, OR opening an account in DR also for ease of exchange??

Advise please! I'm thinking about opening an account there.
 

lhtown

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Jan 8, 2002
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If it is only for a few months, don't sweat it. Your atm arrangement should be fine unless you have a problem with the cards. If you have multiple US accounts and/or multiple cards even that shouldn't be a big concern. If you are staying, it is worth considering (not necessarily recommended) opening an account here. I wouldn't recommend putting a large amount of money here without unerstanding the risks. If you understand the risks, you probably wouldn't anyway if you are already working in dollars.

I have accounts in two banks here (BHD and Banco Progreso) and have been happy with both banks. I have had a bit of trouble with Progreso, but they have been very helpful working out the problems. Their customer service has been outstanding in terms of sincerity and helpfulness. I once went to another local bank that has been recommended for its stability as an institution fully intending to open an account. I was so rudely treated by the receptionist that I gave up and went directly to Progreso where they bent over backwards to help us. My wife even sent our maid there to open a savings account for herself and she (a Hatian) was treated with the same respect as I was.
 

Ken

Platinum
Jan 1, 2002
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I wouldn't recommend bringing a large amount of money here. There is a continuing possibility that dollar accounts might be frozen temporarily by this government, and if you changed it all into peso, you may be sorry in a month or two.

For sure you can use ATM cards, and you should also see if you can establish a relationship with a banco de cambio so that you can cash personal checks.

The financial situation is very volatile right now. Keep your money where it is and through ATM or personal check get just what you need for a week or so.
 

lurker

See Ya!
Apr 24, 2003
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but be sure to pick up ......

2nd Warning!!!!!!!!!!

1 more and your on you way to the SIN BIN!!!!!!!!!!!!

LMAO!!!!!!!!!!!!!!!

Tim H.:cool:
 
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Ken

Platinum
Jan 1, 2002
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lostgringa, pay no attention to lurker. Hopefully the moderator will intervene.
 

Pib

Goddess
Jan 1, 2002
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[B]Ken[/B] said:
I wouldn't recommend bringing a large amount of money here. There is a continuing possibility that dollar accounts might be frozen temporarily by this government, and if you changed it all into peso, you may be sorry in a month or two.
Words to live by.
 

NALs

Economist by Profession
Jan 20, 2003
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I have a quick question about opening an account in the DR.

If I open an account (checking or savings) with Citibank in Santo Domingo or in the United States, will I have the possibility of having access to my accounts where ever there is a Citibank branch in the world or only in Santo Domingo?

I don't trust dominican banks in general (except BHD and the new one that came out called Banco Leon - the Leon I trust because the ones behind it are the Leon Jimenez family, the finest business oriented family on the island in my opinion. The BHD I trust because it has proven to be a good effective bank through the years).
 

lurker

See Ya!
Apr 24, 2003
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is the store in the sin bin?

i want to look over a couple of items. also, i want a CREDIT for the first warning as it was not received.

RFLMAO.
 

usn_mike2005

New member
Feb 3, 2004
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Setting up a DR banking account

Is it possible to set up an account with out actually being in the DR? I am planning to stay the summer in the DR and would like to start sending some money down there a head of time any info would be very much appreciated. Mike
 

BushBaby

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Jan 1, 2002
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Mike,
unless I am missing something very simple here ........... WHY????
Look at what is happening to the RD Peso & you won't want therefor to have a Peso Bank account. US $'s are likely to get filched by this Government (they haven't decided how or when just yet - but it WILL be done), so why even consider sending money down before you get here?

You can bring US $10,000 out of the US without problems (more than enough to last you summer through!!) & if you intend getting fleeced so that you need extra US $'s, you can always draw on your Debit Card or even Credit Card!! Heck, with the right contacts, you can even cash your US $ checks here!!!

PLEASE, don't consider sending money down here into a bank you don't know & don't have an account with yet. Your money WILL be lost somewhere on route, hijacked into Government funds or downright stolen by someone whose needs are greater than yours!!!

If you need to get money out because of excess interest in your financial affairs by the IRS, that is a different matter - drop me an e-mail & we can discuss that at greater legnth & privately!! - Grahame.
 
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pati

New member
Feb 3, 2004
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Nal0whs

The answer to your question is No. I've been trying to find a bank for the last few months where I can have access to it in DR and in the US. I even went to Citibank in DR and besides only giving you 1% interest the same as in the US I would not have access to the account in the US. I also tried Banco Popular. They do offer internet banking where you can check your account and wire money but it's not like you can walk into a Banco Popular in New York and fill out a deposit or withdrawl slip and have access to the account you opened in DR.
 

NALs

Economist by Profession
Jan 20, 2003
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Thank you Pati for the reply. Just what I imagined.
 

Timex

Bronze
May 9, 2002
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CitiBank

I use 2 accounts at CitiBank.

1, My main account for my direct deposit of all monies. And I pay all my bills on-line with this one, including the mailing of Bank Certified Checks, to those Payee's that are not electronically routed.
Both debit cards for this account, are safe, back in NY.

2, My 2nd account, gets weekly transfers from the main account on-line. I limit the amount some-body might have access too, if the card gets lifted, again 2 debit cards, and 1 is here, the other in NY. And up to $1000. US dollars a day.

Remeber, I use Debit cards/= no cash/no debit.

On-line transfers during the week, from 1 account to the other, are a same-day event.

If you have a SS#, and Driver License, you can open a CitiBank account On-line. Their offices here are useless, but there are no fee's for pesos withdrawals from the ATM's on my U.S. account.

Also, I am using American Express, for large transfers, and no fee's, linked to my liquid fund account.

PM or E-mail, if you need details on Amex.

ALSO

MONEY, thanks Jim Hinsch

Thanks
Tim H.
 
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pati

New member
Feb 3, 2004
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Thanks for the info Timex. I've never felt comfortable doing too much business over the internet. Even when I shop online I always opt to call them to place my order. But at least now I know the option is there.