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Thread: advice on banks

  1. #1
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    Default advice on banks

    Hi everyone, I'm in big need of your opinions ...

    I'll be moving in Cabarete for my job in a little less than 3 weeks. I'm from Canada and will be paid from here (Canada) in CAD's... I don't really need a lot of money from my paycheck as I will be in a AI at my company's expenses and I'll be making a little cash with the comissions I'll earn down there. Actually, I'll only need to pay for my personnal stuff (nightlife and personnal hygene (toothpaste, soap, etc)) I want to keep my account here (I guess from what I've read so far, that's the best) but what should I do ?? Open a second account in DR, or in Canada, or not at all and have the money sent to me when I need it ???? I'm really unsure... Thanks

    NubeLuz

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    Cool Banco

    Open accounts here either Caberete or Sosua for pocket change and one for savings. One account in dollars and one in pesos. Most important thing is to bring a letter of introduction from you bank at home.

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    Default Letter of introduction needed to open a bank acct.

    I am planning on leaving for the DR on Nov 1/04 and will be staying for
    6 months as such I was planning on opening a bank account while
    I am there. Other posts regarding banking have not said anything about
    needing a letter of introduction to open a bank account.
    Can anyone clarify if this is a requirement or not?

    Thanks,

  4. #4
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    Default Thanks

    Hey Jerry, thanks for the info.
    So if I understand this. I should have an account back home and another one in DR ??? So I would withdraw the money I need from my Canadian account and deposit it in my DR account ?? Do you think I can withdraw money from my Canadian account in DR, I've been told before I could not do it but I've never tried as the ATM machines in DR are not always reliable... Anyways thank you so much. Does anyone can recommend a reliable bank ?? Thanks



    Quote Originally Posted by Jerry K
    Open accounts here either Caberete or Sosua for pocket change and one for savings. One account in dollars and one in pesos. Most important thing is to bring a letter of introduction from you bank at home.

  5. #5
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    Cool Banks

    Keep your Canadian account w/ATM for withdrawals when needed. I use Banco Popular with no problem, a lot of folks use Bank of Santa Cruz in Sosua.
    Even though it will probably be in English bring a simple letter of introduction from your bank at home. This is NOP with foreign banks.

  6. #6
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    Default Why do anything

    Quote Originally Posted by NubeLuz
    Hi everyone, I'm in big need of your opinions ...

    I'll be moving in Cabarete for my job in a little less than 3 weeks. I'm from Canada and will be paid from here (Canada) in CAD's... I don't really need a lot of money from my paycheck as I will be in a AI at my company's expenses and I'll be making a little cash with the comissions I'll earn down there. Actually, I'll only need to pay for my personnal stuff (nightlife and personnal hygene (toothpaste, soap, etc)) I want to keep my account here (I guess from what I've read so far, that's the best) but what should I do ?? Open a second account in DR, or in Canada, or not at all and have the money sent to me when I need it ???? I'm really unsure... Thanks

    NubeLuz
    Simply use your ATM card for your cash needs while in the DR. I stay for weeks at a time and get a better exchange rate using my bank in the U.S. Any big purchase I put on a credit card,

    Charlie

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    Default

    Thanks Jerry, that's one good option.

    Chuckuindy,
    Thanks to you too, that's also an option but do you think it could be dangerous to use my canadian bank card ?? I've seen posts in the past concerning frauds at ATM machines in Sosua/Cabarete area (If I'm right). The account I have here will be used to save most of the money earned from my salary and I"m kinda scared to loose all my $$$. Let me know what you think...

    Anyone else has an option ???? Thank you

    NubeLuz

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    I have an account in Cabarete at Scotia Bank ( no official ties to Canada) All you need is 500 pesos and a passport. They also pay high interest rates on cds with a minimum of 100,000 pesos. I did not need any letter of introduction from a US bank. A girl in there speaks pretty good English too.

    Although everyone saya this is not a Canadian bank, when I was in Saint Martin last summer I went into a Scotia Bank and they said they were affiliiated with Dr Scotia Bank and said I could access my DR account from St Martin.

  9. #9
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    Bring the letter of reference from your bank in Canada/US. 2 years ago I opened my account with out any letter but things have changed and all the banks I approached in the DR do require one to open a new account.

    I have a Scotia account in Canada, I can access it via ATMs (most of the time) and also check the balance on the internet or request transfers to my Scotia account here in Puerto Plata.

    For a Pesos account you have to have a minimum of DR$500.00 deposit and for dollar accounts US$500.00 to open and maintain that minimum balance to not pay monthly charges although accessing your Pesos account with interact or ATMs from other banks will cost DR$5.00 each time…Note, you can not access Dollar account by interact or ATM.

  10. #10
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    Quote Originally Posted by NubeLuz
    Thanks Jerry, that's one good option.

    Chuckuindy,
    Thanks to you too, that's also an option but do you think it could be dangerous to use my canadian bank card ?? I've seen posts in the past concerning frauds at ATM machines in Sosua/Cabarete area (If I'm right). The account I have here will be used to save most of the money earned from my salary and I"m kinda scared to loose all my $$$. Let me know what you think...

    Anyone else has an option ???? Thank you

    NubeLuz
    Using an ATM card in the DR is a bad idea. When I was there earlier this year my account was fraudulently charged for over $600.00, and it all led back to Banco Popular.

    Perhaps the answer would be to set up two accounts at your bank in Canada, then transfer money into your "ATM" account only when you plan to make a withdrawal, and only for that amount.

    Joe

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