Bank Account Requirements in DR

toneloc24

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Mar 8, 2004
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Doing research for a friend. Can anyone tell me, in general, what the minimum requirements are to open a bank account for a Dominican?

- minimum deposit required (I know this probably varies)
- documentation needed
- etc.

Someone just got a job and needs this information. I figured I'd start here, before digging any deeper. They probably could go into a bank and wait the 30-60 mins in line to find out, but I'm trying to be helpful here and give them a start. Maybe someone has experience with this.
 

XanaduRanch

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Sep 15, 2002
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A bank account in what country? The U.S.A.? La Republica Dominicana? Somewhere else? Is the person a Dominican here in the DR with a cedula, or a Dominican in the U.S.A. with no ties to the DR?

If you clarify this we can point you to the correct answers, no problem.

Didn't we meet in the Orlando airport about 8 years ago, Mr. Funky Cold Medina? :: smile ::

Tom aka XR You can't have everything. Where would you put it?
 
Sep 20, 2003
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Is it possible to get a safety deposit box at a bank in the DR? i would like to store some american money in a safe place. I don't want to risk having my dollars converted into peso's in an actually account.
 

toneloc24

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Mar 8, 2004
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Response to XanaduRanch

The person is a Dominican, living in RD, now working in RD as well.

Nothing to do with the USA, or dollars for that matter.

Don't believe we met. Never been to Orlando's airport, just the city itself a few times.
 
Sep 20, 2003
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mountain frog, do safety deposit boxes get items stolen from them often in the DR?

i plan to stay for two months and bring about 1000$ cash and a few hundred in amex traveller's checks. i just want asafe place to keep them. i don't think ti is safe to walk around with that much money, and apartments don't seem all that secure either.

anyone have a sincere suggestion on how best to store my money while in the DR?
 

XanaduRanch

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Sep 15, 2002
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A Different Tone Loc I Guess.

toneloc24 said:
The person is a Dominican, living in RD, now working in RD as well. Nothing to do with the USA, or dollars for that matter.
I was just confused because I don't see why it's such a big deal then. Alba has opened accounts here with RD$1000, no problem. Of course the peso was worth a bit more then. These were at larger banks like (then) Bancredito and Banco Popular and included an "ATH" card to access the money and a small bankbook. I know smaller banks in places like Esperanza or Mao will start little savings accounts for you with just about any amount that you hand them.Documentation? A cedula and an address or phone number. That's about it. Now these were savings accounts. I would assume a checking account might be different. But, we don't keep any money in any Dominican Banks at this time for obvious reasons so we're not likely to find out directly.

Tom aka XR Nothing is impossible for the man who doesn't have to do it himself.
 

toneloc24

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Mar 8, 2004
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Thx for the info

XanaduRanch said:
I was just confused because I don't see why it's such a big deal then. Alba has opened accounts here with RD$1000, no problem. Of course the peso was worth a bit more then. These were at larger banks like (then) Bancredito and Banco Popular and included an "ATH" card to access the money and a small bankbook. I know smaller banks in places like Esperanza or Mao will start little savings accounts for you with just about any amount that you hand them.Documentation? A cedula and an address or phone number. That's about it. Now these were savings accounts. I would assume a checking account might be different. But, we don't keep any money in any Dominican Banks at this time for obvious reasons so we're not likely to find out directly.

Tom aka XR Nothing is impossible for the man who doesn't have to do it himself.

The deposits will be in pesos. RD$1000 seems fairly low, about $22-25 USD??? But wo am I to question it? I'd advise them to deposit more, just in case things have changed with the peso fluctuations, and also if there are tiered-interest levels based on minimum balances. I would think a checking account would be more advisable in their situation (ATH card, bankbook to keep record).

Thx for the info on the documentation requirements. I will pass it along, and may be even tag along to help them set it up. I'm sure things are different than with American banks. I figured I'd ask here, as opposed to assuming that I know. Thx again.

By the way, did I read that you're in Santiago? I come there every month or so, and lay over on the way to Cabarete the following morning. I actually like the town (Santiago) and its people. I've had nothing but pleasant experiences there. Very friendly people all around.
 

XanaduRanch

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Sep 15, 2002
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toneloc24 said:
By the way, did I read that you're in Santiago? I come there every month or so, and lay over on the way to Cabarete the following morning. I actually like the town (Santiago) and its people. I've had nothing but pleasant experiences there. Very friendly people all around.
I like Santigo, except for the lack of UBH's, and all the noise! Our home, Xanadu, is on the north coast a few miles from Cabarete. But Laba and I keep a house in Santiago as well, mainly to allow easy access to schools for our three children, and as a layover when we need to shop for items for Xanadu in Santiago.

Tom aka XR Too many clicks spoil the browse.
 

toneloc24

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Mar 8, 2004
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@xr

Can you clarify what a UBH might be?

I never thought of Santiago in the noisy sense, at least compared to Santo Domingo, Sosua, Puerto Plata, or Cabarete (only cities I've visited so far). Guess I've been in the right areas.

Since you're much more familiar with the situation there, why does the Citibank on Calle del Sol in Santiago not have an ATM???

Is it due to security, as I saw a couple of the other banks with 24 hour banking had employed armed guards at night?
 

toneloc24

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Mar 8, 2004
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Hey....HEY!!!!

UBH isn't very nice, Xanadu. I walked right into that one. Shoulda known better on this board. I should be offended, or mad, considering that I am black. I'll leave the racial crap alone for those that it seems to matter most. I just needed info.

I did see a boatload of ugly chicks on the northside, black and other-wise, for that matter. And a few gems at that. Guess XR is referring to his exploits in High Caribe.

I had another question, but I'll stop while I'm ahead. Thanks for responding to my initial question.
 

MrMike

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Mar 2, 2003
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www.azconatechnologies.com
Banco Popular:

You don't need much to open an account or make a deposit, I opened one with a driver's license. When I went to make withdrawal, it was a different story. They said I needed a passport for that. Not having one made this quite a problem. I yelled and screamed, went to several different branch offices, talked to some managers, threatened things that only muslim extremists would stoop to, waved my arms around and finally got my money, but then went and got a passport for "next time".
 

Escott

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Jan 14, 2002
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www.escottinsosua.blogspot.com
joel pacheco said:
mountain frog, do safety deposit boxes get items stolen from them often in the DR?

i plan to stay for two months and bring about 1000$ cash and a few hundred in amex traveller's checks. i just want asafe place to keep them. i don't think ti is safe to walk around with that much money, and apartments don't seem all that secure either.

anyone have a sincere suggestion on how best to store my money while in the DR?
Jesus, 1000 bux? Just get stinkin travelers checks and stop wasting time. Bank doesn't even want 1000 bux US as that is too little to steal.
 

toneloc24

Bronze
Mar 8, 2004
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Thx Mr. Mike...

for bringing the topic back to the question.

I'm assuming you're Dominican, and thank you for sharing your experience. Here's one of mine, pertaining to bank and passport.

When on one of my trips, my ATM card did not work in any bank machines in Sosua. Checked my account (fine), called my bank (fine), purchased dinner with it (fine). Withdrawing my funds from the ATM, no way, no how. This happened in 6 different machines in Sosua. Was finally successful at Breezes resort, but had to cough up $6 transaction fees for every $100 withdrawn. Sucked, but needed money, and it did disburse USD.

Following Monday, went into Banco Reserva (sp?) and had to do a cash advance off of my card, required passport and identification, and they made me sign the back of my card (over the huge CHECK ID notation) before performing my transaction. 2 official pieces of ID and they need my signature on the banking card?

Anyway, I'll share this info with my friends for when they set up their account, and transact business at the bank.

Passport to withdraw money, wow!
 

tourjoy

New member
Mar 13, 2004
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Is it typical that ATM's do not work in the North?

I have learned to use ATM's when traveling to get the best exchange rate and easy access to cash, while not worrying about losing traveller's checks or cash.
Is this not possible on the North Shore?
 

conor

New member
Feb 6, 2004
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Which ATM's work in DR

I was just wondering what atm's work in the DR. I currently use my Merrill Lynch card/w Visa,CMA,Plus,The Exchange endorsments. I am currently in Spain and it work fine but i can not check my balance except online. Does anybody know if this card will work and if i a can check my balance. Thank You