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Snuffy

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May 3, 2002
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awhile back I was informing some on here that I had discovered that I can write checks on my bank in the USA and deposit them to my bank in the DR...BanReservas...the account is a dollar account and so I would just withdraw dollars as I needed and exchange them wherever I needed and when I needed. All was working great. I never had to pay a fee on either end for this service. And my wife in the DR could use it whenever I was here in the USA. Well, I just got a call from my wife the other day and she tells me that they will not let her withdraw anymore money from our joint account. My money is in there but she cannot touch it. They now tell her that because the money was deposited using a check...she must wait three months to touch the money (the policy was two weeks). Lucky for me....I only have her deposit six hundred at a time. Yet my money was transferred into their bank a month ago. Hopefully I will see this money again.
 

Lambada

Gold
Mar 4, 2004
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www.ginniebedggood.com
Snuffy,
If you recall, I asked at the time how long your checks took to clear & you said 10 days or so, & I replied how good I thought that was, since my experience was of the bank here in DR taking 40 working days to clear a U.S. $ cheque, viz 7 weeks. Sounds like Reservas is reverting to same time frame other banks here use.
 

Snuffy

Bronze
May 3, 2002
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Yes, I remember...

I would understand it if my money had not yet been transferred from my USA bank to their bank. But it has been a month. Anyway, when I return I will be closing that account out. It is funny they went from 10 days to three months...three months is what they told my wife...a quarter of a year.
 

Lambada

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Mar 4, 2004
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www.ginniebedggood.com
A bit of advice. Close the account ahead of the time you expect to draw your remaining dollars out.....I would be totally agreeably surprised if you managed it all in one day!
 

marliejaneca

Bronze
Oct 7, 2003
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Coincidentily, and sorry not DR related, but related to this thread, the same is happening here in Canada.
I live in a town which triples in size each summer as we have a lot of Americans that own homes/cottages/islands here that move up for the summer. Whenever they wanted to transfer money to their Canadian bank accounts from the States, they would have to wait 10 working days for their cheques to clear then the money would show up in their Canadian account, now they are being told they have to wait up to 3 months as well, which is straining relations just that much further!!!! The explanation is after 9/11 they are now introducing stricter policies regarding deposits entering accounts in fear of terrorism related activities!!!! They are now introducing a new policy affecting anyone depositing money into someone else's account and there is a myriad of paperwork involved to allow this to happen. An example is if my husband wants to deposit money into my account (other than our joint account) I have to have forms signed allowing him to do so!!! It is becoming a bit ridiculous I would say!!
The option most of the people around here are going with is using travellers cheques and depositing them when they get here, but of course, you have to have the money to buy them upfront not wait until your next cheque arrives to transfer money!!!
So don't feel alone in this, it seems to be happening everywhere, not just the DR!!
Marlie
 

Hillbilly

Moderator
Jan 1, 2002
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You folks won't listen

Why even have a bank account in dollars?

Keep the account in the states
Keep a checkbook in the DR
Open a working relationship with Banco de Santa Cruz
Write checks on your US account and cash them at Santa Cruz
End of Probbbblem. N'cest pas?

AND NEVER< EVER BOUNCE A CHECK!

HB

Edited to add: Or establish a relationship with your neighborhood cambista
 
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Snuffy

Bronze
May 3, 2002
1,462
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I appreciate your help...

Lambada said:
Snuffy,
Have thought of another solution. Does your wife by any chance live in Puerto Plata? If so, PM me.

She lives in Santiago. Well, I am going to be returning in three weeks...so I bit the bullet and gave Western Union 46USD to wire here money. I was actually surprised that they paid her in US dollars. So that was a good thing. She can then exchange it at the best rate. But, I would not do that on a regular basis.

I will research Hillbilly's idea...and PM you. Thanks.