DAVIDA,
The possibilities in a Peso Denominated account include both Savings and Checking.
In Dollars, expect to be able and establish a Savings Account only. US dollar checking accounts are not currently available in the Dominican Republic. For an International dollar denominated checking account outside the US, I would suggest Panama or the Bahamas.
There are no Money Market Accounts in the Dominican Republic, but as an alternative for a shorter term vehicle offering higher interest, US dollar 90 day commercial paper is available.
The only American Bank with a presence here is Citibank. But with Citibank or Banco Polular, understand that these are independant and completely separate banking entities than the branch offices with the same name in the US. The meaning is, you will not be able to establish an account in the DR via a US branch of Citibank or Banco Popular (or vice versa for that matter). Likewise, they may or may not be intergrated with respect to banking systems. This especially has been the case with Citibank in the past and I am sure with Banco Popular. Of course, you will be able to use a debit or visa card at any ATM cash machine that is a member of Cirrus or Plus - But I gather your main concern is to establish a bank account that would also allow you to write checks to the US or transfer balances easily.
My suggestion again is to consider an account in the Bahamas or Panama. If not, you can obtain US dollar checks should you wish to send payments to the US, but you must actually purchase a US dollar check the way you would a money order in the states. A bit of a hassle.
Should you have any additional questions regarding banking or investments in the Dominican Republic, Please visit:
www.ascotadvisory.com
