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  1. #1
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    Question Banking Questions

    Sorry to bring this topic up again, but I've been poking about looking for information on banking but I noticed that most of the posts are pretty old.

    My husband and I are planning to move to the DR (Sosua) in September and we're trying to get as much as possible organised before we arrive. So far so good, and now we're wondering what's the best way to go with banking.

    Hubby has a Canadian Forces pension that is direct deposited into our chequing account. Assuming for a second that the CF would actually deposit into a DR bank account (something else to research... the list is endless! ) would you say that that would be a wise choice? Or should we simply keep our bank account here and transfer money / withdrawl though ATM as needed?

    Thanks very much!

    Lynn

  2. #2
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    Default There, not here.

    Quote Originally Posted by travelchik View Post
    ... Or should we simply keep our bank account here and transfer money / withdrawl though ATM as needed?
    That's what I recommend.

    m'frog

  3. #3
    Chip00
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    Default Citibank

    You'll gets lots of advice from people here but take it from somebody who lives here and has a bank account in the US.

    International Wire transfer is the way to go. Right now I send my mother an echeck from BofA(from online) that gets to her house and clears in about 10 days. Then she goes to her local bank and does the wire transfer from there and it takes about three days to clear. The first time will take longer of course because they will need to verify info. The cost is US30.

    The best option is to get a Citibank account and then you can do your wire transfers online for a cost of US15.

    Again a lot of people will give you advice but I personally have not seen any system that works better or cheaper.

  4. #4
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    Default

    i would keep money in a Canadian bank that has internet banking............you should be able to transfer funds to a DR account, as needed, from your home PC.... the drawback is that the DR bank might put a hold on your money for a while, this can be a blessing though as you can't spend on impulse................you will have to shop banks, some allow a certain number of transfers per month with no fee.,,,,,,,,,,,in SDQ scotiabank is all over the place and i know that they are a canadian bank, check with them before you go down............you may also be limited by the choices of banks available in Sosua........you may not have scotiabank in sosua..........

  5. #5
    Chip00
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    Quote Originally Posted by amparocorp View Post
    you should be able to transfer funds to a DR account, as needed, from your home PC
    Unfortunately more than likely this will not be true unless the bank is Citibank.

  6. #6
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    Quote Originally Posted by amparocorp View Post
    you should be able to transfer funds to a DR account, as needed, from your home PC....
    I would use your ATM card to make withdrawals, I know plenty of people that do this.

    Plan B is to open a Banco Popular account here and also a BPD account (NY bank), they have an office in Santo Domingo. They are owned by Banco Popular here, so any transfers can be done online and are usually processed within 24hrs, sometimes quicker depending on the time of day you make the transfer.

    I also know plenty of people that write cheques on their US personal accounts and cash them here. Just need a relationship with a local cambio.

    As you can see, many options

  7. #7
    Chip00
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    Quote Originally Posted by Robert View Post
    I would use your ATM card to make withdrawals, I know plenty of people that do this.
    Yes it is possible to use your ATM card but the fees are very high. I pay US11-12 for each transaction to the local DR bank that owns the ATM.

  8. #8
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    Default

    Quote Originally Posted by amparocorp View Post
    i would keep money in a Canadian bank that has internet banking............you should be able to transfer funds to a DR account, as needed, from your home PC.... the drawback is that the DR bank might put a hold on your money for a while, this can be a blessing though as you can't spend on impulse................you will have to shop banks, some allow a certain number of transfers per month with no fee.,,,,,,,,,,,in SDQ scotiabank is all over the place and i know that they are a canadian bank, check with them before you go down............you may also be limited by the choices of banks available in Sosua........you may not have scotiabank in sosua..........
    Totally wrong, they are NOT a Canadian Bank, they merely francise the name, they are completely run by Dominicans. I have accounts in 4 different banks and am about to close my Scotiabank accounts (There are branches in Sosua and Cabarete ) because of all the new regulations. The bank called me recently and informed me I needed to use my account every month or I would face penalties. Apparently there are new rules which will greatly affect your money. You need to investigate this with the bank. Also they are the worst bank for getting access to your dollars.

  9. #9
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    Lightbulb

    Quote Originally Posted by Chip00 View Post
    Yes it is possible to use your ATM card but the fees are very high. I pay US11-12 for each transaction to the local DR bank that owns the ATM.
    Obviously for all the advice you give to others Chip you are using the wrong bank. I dont pay anything for using my ATM card, NADA and the exchange rate, as many know is always much better than the exchange rate we obtain here;

  10. #10
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    Default Personal Cheques Work.

    ATM's and banks here are for people with strong nerves.
    I no longer have banks accounts in this country and you don't really need them.
    Follow Robert's advice.
    Anyway I've been doing it for more than ten years.

    m'frog

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