Getting credit and debit cards in DR

abe

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Tried to Search for this--need help please.

What is the process for obtaining credit and debit cards in the DR. Not the type designed to hide money and access it offshore, just an ordinary credit and debit card for use while living or visiting there. Obviously one needs to open an account or two--please fill me in or direct me to previous posts.

Thanks.
 

Robert

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Jan 2, 1999
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Debits cards are easy to get with any new account.
Often, you need some banking history in order to get a credit card.

The other option to obtaining a credit card is to take out a CD and the bank will give you a line or credit up to 80% of the value of the CD. This is a popular method for small businesses and foreigners to establish credit in the DR. Pretty much all banks now offer this facility.

Banco Leon now offer pre-paid cards that you can use like a normal credit card for RD$ and US$ transactions.
 

abe

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Thanks, Robert.

Are these cards branded Visa and Master Card and therefore useable in the States and elsewhere just like my US Card is useable in the DR?

I can put you in contact with our account manager at Banco Popular. She is great, speaks English and get's stuff done :) Send me a PM if you want her details.
 
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Robert

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Yes. They are international cards, so can be used around the world. You can usually choose either Visa or Mastercard.
 

carina

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There are also local VISA creditcards etc, that works only here.
For those it is required employment, salary of min 10 000 pesos, and a bank history, or references at least from your last bank.

Debitcards you get automatically on the ATM card usually.
 

abe

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Cedula?

Do you need a cedula for both credit cards and debit cards?

Also, very specifically, if I came down with a bank check on a US bank, how long would it take to get access to those funds to start an account?

Or is wire tx the preferred way to open an account in the DR?

Thanks
 

carina

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I think it might be different at different banks.

Popular and Progresso requires to open an account ( comes with debit and ATM ) card:
1. Copy of passport if you don´t have a cedula
2. 3 local references
4. Letter of recommendation from your home bank

Republic bank asks for 1. only

At all the above banks you also need to deposit a min. of 500 pesos.

For an international credit card I believe you need a cedula, and for a local creditcard it is enough with confirmation of employment, salary of min. 10.000 pesos monthly with history that you can prove that is the case, and 1 local reference. + passport.

If you open an USD account and deposit your bank cheque it will take 2-4 weeks before you will have access to the money.
 

abe

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Thanks.

This seems like an elementary question, but I want to assume nothing...

Once you open that account can you deposit money via wire tx from the US or Canada?
 

carina

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abe said:
Thanks.

This seems like an elementary question, but I want to assume nothing...

Once you open that account can you deposit money via wire tx from the US or Canada?

Sure you can do that.
If you have a us account and send us, you get us.
If any currency is sent to a peso account you get pesos.
You can also send just moneygram in your name and deside how to deposit/cash here.
 

planner

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abe - if you wire money from Canada it must be wired in US funds. Convert in Canada then wire it. Otherwise it is a massive hassle trying to convert here to pesos.
 

abe

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Thanks one and all...

and as a token of my appreciation for the info, if you will all just send me your bank account numbers I will deposit some money for you to show you I have learned from your wise counsel.

(If you believe that, I have a hotel in Sosua to sell you.)
If I didn't hate them, I would post a smiley face right here.
 

planner

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No thanks of course we prefer chocolate......... the legal tender of DR1 posters.....LOL
 

JRR

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crdet cards

I have accounts with both Banco Popular and with BHD. I still have bank accounts in the U.S.

Debit cards with both banks came when I opened the accounts. My credit card is with BHD..Gave them $1000 U.S. and can charge up to 80% of that
( peso equivalent-local card) Transfer funds from the U.S all the time to both my peso and U.S. dollar accounts. U.S. bank charges fees, none charged here. Peso credited day of exchange. Usually takes two-three days for money to clear in either bank from U.S.
 

riravaga

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For a credit card is more difficult, they will ask you for a Dominican persona as guarantee.
 

Pib

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riravaga said:
For a credit card is more difficult, they will ask you for a Dominican persona as guarantee.
If you have a local job (or business) and have a cédula chances are you will be granted a CC. I know plenty foreigners who have Dominican CCs, my husband included.
 

carina

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Pib said:
If you have a local job (or business) and have a c?dula chances are you will be granted a CC. I know plenty foreigners who have Dominican CCs, my husband included.

I have helped many newbies here in Puerto Plata, both to get local and international credit cards. None of the banks have refused a passport instead of cedula. They do not ask for a local citizen to give a garantuee either.

They do ask, as PIB, says, a local job or business, that is documented, ans 1-3 references. That is all.
 

abe

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But what about a person who visits regularly, has no job in the DR, and is simply laying groundwork for retirement there? The references are easy enough for me, for example, to provide, but I have no job in the DR. Does this limit me to debit card?
 

carina

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abe said:
But what about a person who visits regularly, has no job in the DR, and is simply laying groundwork for retirement there? The references are easy enough for me, for example, to provide, but I have no job in the DR. Does this limit me to debit card?

I am not sure, have never experienced that situation when assisting someone.
My guess is yes it will limit you to a debitcard, but I can be wrong.