Money and bank account?

jellylegs2002

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Apr 9, 2005
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Im leaving next week, and im just wondering what to do with my money. A friend is changing his into american $US travellers cheques and then opening a bank account in DR to pay them into. Is this possible and the best way. I dont want to have to keep paying the fee to take money out my account by ATM, and a transfer to another bank will cost about ?40 ive been told. What do u suggest is the best way to keep or have my money so that i wont be getting charged each time i wanna get some out!!
Jess
 

carina

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Mar 13, 2005
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This have been discussed in some threads before, do a search.

To open a bank account here you need:

At Banco Popular, Progresso:
1) A letter of recommendation from your original bank
2) Copy of passport
3) 3 Dominican citizen references

At Republic Bank:
Only 2), 3)

If you open a dollaraccount keep in mind that transactions can take time, and not a good idea if you are not here for long. To deposit a check can take up to 30 days. You don?t get an ATM card on a US account.

You do get an ATM card for pesos acounts.
 

jellylegs2002

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Apr 9, 2005
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bank

its not really the bank im worried about as such, im more interested in what people think i should do about money, if u were gonna be movnig for 6 months, how would you keep ur money, in ur own account and just deal with the ATM charge, or put it in a DR bank, or what? opening a bank account itsnt really what i wanna know about, altho its very useful info, thanx
 

carina

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Mar 13, 2005
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Well, one of your two questions you asked, was about bank accounts and if it was possible, and that was what I replied to.
 

jellylegs2002

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Apr 9, 2005
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sorry

ah ok, sorry i think what i meant was is it possible for my friend to take $US travellers cheques and put them in a bank, if he was able to open the bank account and all that already done, is it possible to put money in through the cheques. I just sorta wanna know what u think would be the best way for me to keep my money. Thanx carina, sorry for confusion, i should have written it better!
 

carina

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Mar 13, 2005
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That is what I replied to, if you despoit cheques in US, it might take time to clear them at a bank. SOmetimes it takes up to 30 days.
But yes, it is possible.
For that you need a bank account in US.
AMT cards for US bankaccounts is not possible.

Cheques can be cashed at banks and also at exchange offices, such as RUSA.

You need identification ( i.e passport of cedula ) for both the above.
 

Tor

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Jan 1, 2002
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In Banco Progreso you can take out 20.000 pesos in one ATM transaction. The fee is not that big, don't understand the problem.
 

carina

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Mar 13, 2005
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Tor said:
In Banco Progreso you can take out 20.000 pesos in one ATM transaction. The fee is not that big, don't understand the problem.

I think she meant using her ATM card connected to her UK bank, and that they would charge a fee.
 

purefolie

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Apr 1, 2005
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don't worry too much!

I've been living in DR for 3 months and I was taking money from my Royal Bank account at the Banco Popular. I didn't need to use my credit card at the ATM, they accepted my bank card (it doesn't work with all banks though). Royal bank charged me 5$ CAN by transaction. So if you want to avoid fees, you can withdraw the money you need for a month, for example.
I never worried about having an account in DR, don't complicate your life!
 

carina

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Mar 13, 2005
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We are not talking about credit cards, we?re talking about ATM cards.

The bank where you hold the account can tell about the fees they keep.
ATM cards with plus function, visa electron etc works fine.
Some banks charges for a transaction in another country, and some does not.
Jelly, just ask your bank, and then you?ll know.