Opening A Bank Account

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
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What is required by a Canadian, to have a bank account opened in the DR, north shore? I heard somewhere a letter must be given from your Canadian bank, is this accurate? If so, what is this letter called exactly?
Thanks,
Steve
 

tjmurray

Bronze
Aug 11, 2006
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I'm from the U.S. and Banco Popular told me they required two things: passport and a letter of good standing from my bank back home. I'm assuming this is the same letter they are asking you for. Fortunately, I had a letter of good standing written up at my bank back home months ago for another purpose. Needless to say, when I went to open the account all they asked for was the passport. So thankfully I didn't have to go through the hassle of getting this since they really didn't need it. Try your luck without it if it's gonna be a pain to get. Hope this helps.
 

Russian

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Aug 27, 2004
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It is a reference letter from the bank where you currently have an account, something very common here and almost unheard of in US (not sure about the Canada).

By strict requirements such reference letter must be presented in original (some banks will accept fax, some not), must be printed on the letterhead of your bank, must have a seal and a signature of the authorized person, must state how long do you have account with the issuing bank, and should include either balance amount or statement that "the account is in good standing". Some banks will go as far as calling or e-mailing issuing institution to re-confirm information on the letter.
 

PlantaFULL

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Oct 21, 2004
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Not that I don't believe you that they told you they want to see this letter... I just can't imagine that anyone would be refused to open an account when standing in the DR bank with passport in one hand and say U$ 5000 initial cash deposit in the other hand.
 
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gary short

Guest
Not that I don't believe you that they told you they want to see this letter... I just can't imagine that anyone would be refused to open an account when standing in the DR bank with passport in one hand and say U$ 5000 initial cash deposit in the other hand.

............ 10-4...............
 
G

gary short

Guest
I'm sure you could open an account with a hundred bucks and an expired drivers licence......I'd bet on it....
 

BostonMary

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May 18, 2002
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I opened a pesos account with a passport. Afew years later I opened a US dollar account no problem. I was told I would need recommendations from some individuals which I had, but I wasn't asked for anything?? Maybe things have changed??
 

rendul

Bronze
Feb 24, 2002
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As a Canadian, I was required to have a letter of reference from my bank in Canada and passport. I was advised this before I came and it was still difficult as opening bank accounts strictly by a worman, I got the chauvinistic run around. Even with the reference letter BHD and Popular wouldn't open an account for me. Progreso did finally!

I would think they are less chauvinistic now!
 

kdeer

New member
Mar 28, 2006
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Our Experience

Hey Steve,

We tried to open an account at Banco Popular and they wanted a reference letter from our bank in Toronto (which we had), passports (which we had), a letter from somone in the DR who knew us (which we had) plus our complete financials...how much we made and proof of employment in Canada!!!! BTW, we had about $5000 US in Cash plus money to open a peso account.

We went down the street to Banco Santa Cruz and all they needed was our passports and a letter from our DR lawyer saying he knew us. We opened both a US and peso account.

Banco Santa Cruz has been great. The manager speaks really good english and, although they are not on-line yet, I am able to do banking via email with the manager.

Kdeer
 

PlantaFULL

New member
Oct 21, 2004
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Maybe it just has to do with "where" you open the account. Perhaps the branches on the north coast have witnessed more "Gringo-scasms" and are therefore more careful.

I never heard of such problems opening an account in the capital. Just recently I opened a Polpular Dollar savings account with only passport and U$ 200 initial deposit. That was in the SD Bella-Vista mall branch.
 

moviemouth

New member
Jul 12, 2005
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Hi Neighbor,

I suggest that you have a bank reference letter in hand - I had to have one to open a peso account at ScotiaBank in Cabarete. (See Suzel Mendoza, 809-571-0292 x222, she speaks perfect English). However, if you plan to open the account with a cash deposit, and want to avoid a BIG hassle, make sure the amount is less than US$10,000 equiv. Later you can wire in as much as you want from your home bank no questions asked.
 

relaxed

New member
Feb 18, 2006
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I opened an account at a bank is santiago in the summer. it was a pesos account, i opened it with about 500$ in pesos.

the only thing they asked me for was my passport and a couple of local references.
 

zak023

Done and dusted!
Feb 8, 2006
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2 different answers

When I opened both a peso and Dollar account Banco Popular wanted a letter of reference..It's better to have it anyway.In case they do ask you..It's no big deal..Just go to your bank and ask them for it..Takes about 5 minutes and make sure it is notarized..If you need it than you have it..If you don't at least you were well prepared...This is the best way to approach it..
 
Oct 29, 2006
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My wife and I opened I savings acount (in US dollars) last August at Banco Popular in Santo Domingo (Malecon Center Branch).
There were 2 requirements:

1.-Our valid passports
2.-Letters of recomendation (proof of good character) from 3 Dominican
Citizens.

In the end, one of these letters was sufficient, since it was from a well known developer in Santo Domingo.
 

isabelle13

New member
Mar 8, 2006
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Banco Popular

Hi

I am a canadian citizen and my husband is dominican. I want us to open a joint bank account at banco popular on my next visit.

From reading the above post, I will get a letter of reference from my bank in Canada and my husband will be there also as a reference for me. Will that be sufficient or will I need more reference from other dominicans?

Thanks
 

mikeyone

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Apr 16, 2003
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Try the Scotiabank

What is required by a Canadian, to have a bank account opened in the DR, north shore? I heard somewhere a letter must be given from your Canadian bank, is this accurate? If so, what is this letter called exactly?
Thanks,
Steve

This is news to me.. Friends of mine opened bank accounts in Scotia Bank and Banreserva with passport and deposit.. So...I know banco Popular want references, which is kinda stupid since you have just arrived....M.
 
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naturelover

Guest
you need a letter from your bank confirming how long you have had your account with them...if you are transfering money you need statements to show the money in your account then one showing the money has gone,Otherwise some banks will return the money and charge you.I think there maybe something else you need ..this is only at banco santa cruz...i believe it all depends where you go and what day of the week it is.
 

moviemouth

New member
Jul 12, 2005
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I just opened a peso account at BHD Bank in Cabarete last week. Requirements: passport or cedula, name and phone numbers of 2 Dominican citizen references, initial deposit (can't remember the minimum but it was not much).