Opening a bank account in the DR

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stallion

Mr. Main Event
May 28, 2004
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hello,

Maybe the members in DR1 living in the DR can help me with this question.
What are the requirements in opening a bank account in the DR (savings/Chequing account). What do I need to open the account. Any info is greatly appreciated. Thanks all.
 
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Naufrago

New member
Sep 1, 2004
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My Passport and some cash was all I needed to open a savings account in 2 different banks, a dollar account and a peso account. I've heard that some banks might require references or credit reports, but just shop around, somebody will want your money. A checking account might be harder to get, and watch out for the fees, but again shop around and let us know if you find a good, easy to get, checking account.
 
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BostonMary

New member
May 18, 2002
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All I needed to open a peso account was a passport and of course pesos. Then 2 years later I opened a dollar account at the same bank, no problem. But I did hear that if you want to open a dollar account and you have no pesos account you need references, If you have the references again no big deal. I would suggest you speak to people who have accounts at the bank you want to use. my accounts are at Banco Leon, formerly Banco Credito.
 
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stallion

Mr. Main Event
May 28, 2004
813
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Thank you all

Thanks for the great info, I found it helpfull and you all answered my questions.
 
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euuusi

New member
Jan 2, 2005
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Banco Popular?

Escott said:
Bring letters of recommendation from 2 banks or brokerage houses to the bank with you. Some banks require this such as Banco Popular.
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Do you have experience with Popular? We're looking to open a US account later this month and appreciate all the tips we're reading here. We've heard from several that Popular is one of the better DR banks. Would appreciate info on conditions, fees, etc. Thanks.
 
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Escott

Gold
Jan 14, 2002
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www.escottinsosua.blogspot.com
Personally I wouldn't bank at Popular. Do a search here and you will hear some horror stories. I sign on the accounts of the condo complex I live in only.

I have a few accounts at Banco Santa Cruz with very little money in them. One pesos and one dollars just for convienence.

Scott
 
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HAPPYDUDE

New member
Jan 16, 2004
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I OPENED AN ACCOUNT WITH BANCO POPULAR UNTIL I FOUND OUT THEY WANTED TO CHARGE ME TO PUT MY MONEY IN THEIR BANK. THIS WAS A DOLLAR ACCOUNT. THEY WANTED TO CHARGE ME ONE PERCENT ON MY DEPOSITS. I COULD NOT BELIEVE IT.BE CAREFUL.... :bandit: BANDITS AFOOT
 
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stallion

Mr. Main Event
May 28, 2004
813
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That's Robbery and a half

HAPPYDUDE said:
I OPENED AN ACCOUNT WITH BANCO POPULAR UNTIL I FOUND OUT THEY WANTED TO CHARGE ME TO PUT MY MONEY IN THEIR BANK. THIS WAS A DOLLAR ACCOUNT. THEY WANTED TO CHARGE ME ONE PERCENT ON MY DEPOSITS. I COULD NOT BELIEVE IT.BE CAREFUL.... :bandit: BANDITS AFOOT
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Sounds like a highway robbery. I don't know if anyone else experienced this problem.
 
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stallion

Mr. Main Event
May 28, 2004
813
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HAPPYDUDE said:
I OPENED AN ACCOUNT WITH BANCO POPULAR UNTIL I FOUND OUT THEY WANTED TO CHARGE ME TO PUT MY MONEY IN THEIR BANK. THIS WAS A DOLLAR ACCOUNT. THEY WANTED TO CHARGE ME ONE PERCENT ON MY DEPOSITS. I COULD NOT BELIEVE IT.BE CAREFUL.... :bandit: BANDITS AFOOT
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Has anyone tried to open a US account and been told this aswell? This souns odd and strange. There is no point in opening the account if they will charge you a percent of your deposit.
 
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miguel

I didn't last long...
Jul 2, 2003
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Listen here!!!!

stallion said:
Has anyone tried to open a US account and been told this aswell? This souns odd and strange. There is no point in opening the account if they will charge you a percent of your deposit.
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As I told the poster via PM:

You can open an account in any bank in the DR with your US passaport.

I opened 2 accounts when I was there a few months ago and I also opened 2 more the previous year. They WANT your money so they WILL take your US passaport as ID. Things have not changed at all. I know this, not only because I opened those acccounts, but also because my 2 half brothers work in banking and they told me today that it could be done that way.

No, they do not charge a percent on your deposit. If you let it happen, then it's on you and the person who took care of you, laughed all the way to the colmado and had some presidentes at your expense.

People come up will all types of bullsh**!!
 
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stallion

Mr. Main Event
May 28, 2004
813
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miguel said:
As I told the poster via PM:

You can open an account in any bank in the DR with your US passaport.

I opened 2 accounts when I was there a few months ago and I also opened 2 more the previous year. They WANT your money so they WILL take your US passaport as ID. Things have not changed at all. I know this, not only because I opened those acccounts, but also because my 2 half brothers work in banking and they told me today that it could be done that way.

No, they do not charge a percent on your deposit. If you let it happen, then it's on you and the person who took care of you, laughed all the way to the colmado and had some presidentes at your expense.

People come up will all types of bullsh**!!
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Thanks Miguel for clarifying things.
 
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wc3

New member
Oct 14, 2004
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stallion said:
Thanks Miguel for clarifying things.
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Right! Bank account - $US savings - at Popular - no fees, no charges. Also ditto for peso account (however, with debit card - RD$10. per month charge)
wc
 
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Escott

Gold
Jan 14, 2002
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Banco Popular would NOT even let me sign on a Condo account until I brought in a letter from another bank. I had a cedula, passport and good looks but still needed the letter to sign on an already existing account. I wouldnt have an account with my personal money in that bank anyway and tried to get the condo to move their money. They moved some accounts but wished they all would be moved.
 
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wc3

New member
Oct 14, 2004
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Banco Popular would NOT even let me sign on a Condo account until I brought in a letter from another bank.

This is indeed curious. I am certain that it would not have been my "good Looks" :bandit (though my mom would differ): that would have resulted in my opening a us$ bank account (Cibao area) at Banco Popular; nor that a peso account exists - I would think that Popular's policies are uniform in DR (?), and would prevail. I only presented my (US) passport and was able to open savings - no charges.

Popular seems a reasonable bank to me (interests rate kinda low on cd's but...what the heck, I "feel" safer there as a Dominican bank). If there are issues I am not familiar with that would make my relationship with them a not to my benefit, I would appreciate input on the matter.

I plan longterm DR investment (property) and need a "solid-based" bank - on all front. My wife rates highly Banco reserve....she swaers by it - thus we bank seperately. But I know that pending investment/interests would require that we "mingle" banking interests - not sure if I would "make the switch" or should she.

wc
 
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stallion

Mr. Main Event
May 28, 2004
813
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Escott said:
Banco Popular would NOT even let me sign on a Condo account until I brought in a letter from another bank. I had a cedula, passport and good looks but still needed the letter to sign on an already existing account. I wouldnt have an account with my personal money in that bank anyway and tried to get the condo to move their money. They moved some accounts but wished they all would be moved.
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Did they say the letter had to be from a Dominican bank, o can you bring one from abroad.
 
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imtickledpurple

New member
Jan 15, 2005
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When I was in DR in Nov 2004 all I needed to open my dollar account at Banco Popular was my passport and my dollars. When I am there more permanently in Feb I will also open a peso acct.

Kelly
 
J

juancarlos

Bronze
Sep 28, 2003
676
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imtickledpurple said:
When I was in DR in Nov 2004 all I needed to open my dollar account at Banco Popular was my passport and my dollars. When I am there more permanently in Feb I will also open a peso acct.

Kelly
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My guess is that you opened a savings account or perhaps a CD. By the way, do you, or anyone else, know how much interest this bank pays on dollar and peso CDs?
 
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