Money

jsizemore

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Aug 6, 2003
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Ok guys.
This is probably covered ground but I have a logistics of living question. I will have my pension on Direct Deposit. I see the problems of rip offs at the ATMs. So my question is there a simple and safe way to get funds from US banks in the DR. Is there any bank branches of US or Canadian banks in the DR that would allow seamless transfer of funds?
If not is there a Bank in the DR that does not have a history of problems that I could have funds transferred into that would not cost me most of my pension to withdraw funds as needed?
I know I can US a stateside ATM if needed and I also know I can have money sent Western Union if I ever have problems with the ATMs.
I witnessed a conversation of a Canadian with the manager of the bank of Scotia employee where the Customer was upset that the ATM in Sosua would not accept his Bank of Scotia ATM card from Canada.
So I know things don't always work like we would expect.
In case you wonder I have 319 days until I retire so I have time to figure out what to do.
John
 

jerryme

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Feb 1, 2004
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The Bank of Scotia has nothing to do with Canada, so the branch manager at Caberete has told me. Two weeks ago I went to Saint Martin where they had a bank of Scotia and they told me they had nothing to do with Canada or the DR.
 

jsizemore

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Aug 6, 2003
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I can remember in the Philippines a few years ago a friend of mine used bank of America. He wanted to get money in Manila and even though the banks were independent they were still owned by the same parent bank. So the Branch in Manila called the stateside branch and confirmed funds and gave money the same day even though the funds would not available there for two or three days.
Customer service works.
John
 

La Profe_1

Moderator: Daily Headline News, Travel & Tourism
Oct 15, 2003
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Depending on the amount you want.....

John, my funds are also direct deposited to a US bank account. For normal expenses, I have never had a problem cashing a check, drawn on the US bank, in Puerto Plata.

It is necessary to establish your "bona fides" first, but afterwards obtaining funds is easy.

One place I use will cash the check for either pesos or dollars. The other charges 1% for dollars.

LP
 

jsizemore

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Aug 6, 2003
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banking problems

Mike I have been watching the board for about a year now and from my understanding there is not an American Bank in the DR. I understand that there are some partnerships with American banks. Now if you look at some of the post about banking you will see many times problems with making withdraws of US funds from DR banks.
Scotia Bank is owned by Scotia bank of Canada but they are independent of each other so many people can not even use ATMs cards from Scotia Bank in Canada at the local Scotia Bank.
Also there is quit a few horror stories about ATM fraud.
There have been horror stories about rip offs whenever money was transferred from a US bank to a DR bank.
I know that I will be able to make everything work out I am just trying to get all my logistics going. For me with a year to go I have time to ask the questions. This is the beauty of this board the memebrs will help with info where the question is direct.
John
 

Escott

Gold
Jan 14, 2002
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I have no problems cashing US Dollar checks here in either dollars or pesos. I have a few accounts at Banco Santo Cruz who's correspondence bank in the states is Watchovia where I bank just incase I need an emergency infusion of moolah via wire.

What part of the country will you be in? If you are on the North Coast I can introduce you to a few folks that can help you out.

Scott
 

jsizemore

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Aug 6, 2003
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Still working out the details of where and how.
My pension will be enough to have a standard of living at about what I have now so I could just come down and make the move but I really do not think 38 is the right age to stop working.
I have spent the last few years getting ready to retire and now I have options and I am not sure what I am going to be doing. I may do a few years merchant marines before I make the move. I may use my benifits and go to college in Santiago or Santo Dominigo.
Or I may get a boat and hang out for the the winters in the DR and summers in the states.
I am leaving for my last six month deployment in a week and will be making up my mind about what I am doing next spring.
Right now I am just trying to get my thoughts in order.
John
 

Snuffy

Bronze
May 3, 2002
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BanReservas Savings Account

What I finally figured out...is to open a savings account at BanReservas. They do not require any kind of references from other banks or creditors. You are required to keep a minimum of 200 USD in their bank. In order to transfer money into the DR bank account, I write checks from my USA Account (Bank of America) into my DR Account. I then withdraw what I desire in dollars and I take those dollars to the best rate exchange house...sometimes on the street. I am not charged by my bank in the USA for writing a check and I am not charge by BanReservas in any way whatsoever.
 

OttawaTom

New member
Dec 15, 2002
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Canadian Bank Cards?

Do regular Canadian bank ATM cards not work in banks in the DR? I thought as long as they were part of the Cirrus, Maestro or Interac network, there would be no problem getting pesos, drawing from your Canadian bank account.

I understand about the risks associated with using just any ATM, but I would think that those inside banks would be less prone to skimming.

Tom
 

MommC

On Vacation!
Mar 2, 2002
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dr1.com
What works for me may be worthwhile considering......

altho' I am not sure if it works for US ex-pats!
I have set up internet banking which allows me to pay bills online. I withdraw pesos using my credit card INSIDE a bank (not using ATM's) then I pay my card online.
In all the years of coming to the DR for the winters I've tried various methods of bringing/transferring funds including direct bank transfers however, I have had problems with ALL of them EXCEPT the method I use now. Banco Progresso did add a surcharge (after the fact) to a withdrawal once but Visa charged it back to them after I submitted a copy of the withdrawal slip so it really wasn't a big deal. I make sure it doesn't happen anymore when I do withdraw by asking about "extra" charges.
Worth considering if you want security, ease of use and quick funds when needed!
 

rendul

Bronze
Feb 24, 2002
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ATM's in DR

Canadian (specifically Scotiabank) ATM cards do work in the D.R. as well as the rest of the world. I do know that other cards, CIBC & Royal Bank seem to have more problems than the Bank of Nova Scotia. The Bank of Nova Scotia does have something to do with Canada as any Canadian who opens an account at the Bank of Nova Scotia will have a T-5 issued every year to go to the Canadian Government for tax purposes for any interest or investment accumulation. I did check with them as well and I am a Scotiabank customer in Canada. They do not have nor do they know when internet banking will occur. I have never had a problem withdrawing at the Banco Progreso in Cabarete (except when there is no money) or in transfering from my home bank to my accounts in Cabarete which I do not access on my ATM card. I do straight withdrawls on my home account from the ATM. Scotiabank has just upped its international withdrawl rates to $5.00 CDN per transaction. I hope this helps!!!! :cool:
 

Dolores1

DR1
May 3, 2000
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Open an account at BPD International bank in New York and have them transfer funds to your peso checkings account at a Banco Popular (BPD) in the DR. The transfer is free, and they usually give a good enough market rate. The BPD International bank in New York is FDIC-insured.
 
T

TiberiusMineola

Guest
Citibank?? In DR?? Status??

I always thought that Citibank [Santo Domingo & Santiago] were, in effect, branch offies of the huge USA Citibank, based in NYC, with branches throught the 50 states & in many So. American countries. But, . . . . on this board on the numerous occasions when many banking issues are discussed, nobody ever seems to mention Citibank, in any positive nor negative way. For example, US $ to DR Pesos. Comments? Information? Suggestions? Experiences? Thank you.
 

toneloc24

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Mar 8, 2004
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Citibank in Santiago

There is a Citibank branch in Santiago on the corner of Calle de Sol between Hotel Aloha Sol & Hotelpa Centro Plaza (or whatever it's called now). It does not have an ATM, and truth be told, I've never seen people in it, but I haven't been looking either.

TiberiusMineola said:
I always thought that Citibank [Santo Domingo & Santiago] were, in effect, branch offies of the huge USA Citibank, based in NYC, with branches throught the 50 states & in many So. American countries. But, . . . . on this board on the numerous occasions when many banking issues are discussed, nobody ever seems to mention Citibank, in any positive nor negative way. For example, US $ to DR Pesos. Comments? Information? Suggestions? Experiences? Thank you.
 

ERICKXSON

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Dec 24, 2002
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Why are you guys so paranoid geeeee! i've been living here for a bit and had no problems whatsoever getting dollars or getting pesos out of my bank accounts just open an account and that's it stop being so paranoid we have alot of people writing crap about this country and don't even live here::::::::::::::::::::::::::::::::::::::: GET OVER IT:::::::::::::::::::::::::::::::::::: LEONEL IS BACK!!!!!
 

Riu

New member
Jun 11, 2004
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you are right

ERICKXSON said:
Why are you guys so paranoid geeeee! i've been living here for a bit and had no problems whatsoever getting dollars or getting pesos out of my bank accounts just open an account and that's it stop being so paranoid we have alot of people writing crap about this country and don't even live here::::::::::::::::::::::::::::::::::::::: GET OVER IT:::::::::::::::::::::::::::::::::::: LEONEL IS BACK!!!!!

You are right. My brother in law, moved over there about 1 1/2 ago, he a retired. He gets his deposit wired to his DR account directly, so far he has not had any problems. He moved to the Bavaro area, everything is peachy so far.
 

OttawaTom

New member
Dec 15, 2002
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Is it just me?

Maybe I'm thick headed, but I still don't understand why someone would actually have to have an account in the DR, except maybe to avoid the daily ATM withdrawal limits. Why would someone (hopefully me in 7 years) on a pension deposited into an American or Canadian bank, not be able to get by just using ATMs? Especially if you're only going to be there for 3 or 4 months a year.