Moving and bringing ur US$$ to DR

oceanbound

On Vacation!
May 31, 2007
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What is the procedure to bring you US $$ to the DR prior to moving there?

Isn't there a $10,000 limit on money that can be taken out of the US?

Any suggestions or tips r appreciated.
 

montreal

Bronze
Apr 17, 2006
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Is leaving your money in the US account not an option? Your money would still be accessible in the DR.

You can bring up to 10 000$ with you, but not sure I would travel with 10 grand on me!
 

Ken

Platinum
Jan 1, 2002
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If you are talking about money for future living expenses, there is no need to bring the money here. It is safer where it is, and you can easily get what you need. I write checks on my US bank account and change them just like I would cash. Bank accounts are not insured here like they are in the US and banks have failed. I haven't lost much because I didn't keep much in bank here, but two banks that I had some money in failed.
 

Jennyfurry

New member
Jul 20, 2007
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I moved here last year and getting set up with banking was not easy. I hope you have connections with someone in getting a bank account. Until I met someone who was willing to stick their neck out for me, each bank asked me for certified letters of recommendation from 3 bank accounts/credit card companies in the states. Perhaps you might want to bring those with you BEFORE you leave. Once I was here, it was a lot harder to get those letters sent to me. Once I had the accounts....I chose one in pesos and one in dollars, I was fine. I wired an inital $10,000 and another $3000 after that. That was what I used to start living with. Then I just used the credit cards and ATM/Check card of my accounts in the states. I continue to do that because like Ken, I am not all that trusting of the banks here. I was okay with wiring the 13,000 because I knew it would be gone fast as I was buying things for my apartment etc. I am fine with a smaller amount of money, but definitely would not keep a lot in a dollar account here. I even bought a new car with my Check card! Also you will find that a lot of businesses will accept US checks. I pay my utilities to my condo administration with a check. It's much better than changing pesos into dollars all the time! best advice I can give is eliminate banking here as much as possible. The lines are REALLY long, the customer service REALLY sucks and there's all sorts of stupid taxes and charges taken out of the account. Your money is definitely safer where it is.
 

Jennyfurry

New member
Jul 20, 2007
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Oh and yes, if you wire or bring more than 10,000 you will be taxed. Also if you wire less than 10,000, but wire frequently, there will be a red flag and it will be questioned. The banks in the states are your guide. They will let you know if it's a bad idea. That was my experience. Wachovia would not send more than 10,000 and the 3000 had to be sent the next month, not in the same month.
 

SKing

Silver
Nov 22, 2007
3,750
183
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Never had a problem

I am an american moving to DR in aug 2008 and I did not have a problem opening a bank acct in DR. I used my passport and it was never a problem. Maybe it depends on the bank. Banco Popular is affiliated with BPD in New York and therefore I trust that bank. I can put money in over here and withdraw from any Banco Popular bank in DR
 

Tamborista

hasta la tambora
Apr 4, 2005
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Banco Popular Dominicano, C. por A.(BPD) is NOT FDIC insured, while Banco Popular North America (BPOP) is FDIC insured and has more than $47 billion in assets. They are NOT the same bank but offer some reciprocal services.

Banco Popular

Popularenlinea.com
 
Feb 7, 2007
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I am an american moving to DR in aug 2008 and I did not have a problem opening a bank acct in DR. I used my passport and it was never a problem. Maybe it depends on the bank. Banco Popular is affiliated with BPD in New York and therefore I trust that bank. I can put money in over here and withdraw from any Banco Popular bank in DR


I think you've got it reversed. BPD New York is affiliated with Banco Popular DR and not vice versa. I certainly would not base my trust to a bank solely on a fact that a certain bank has a foreign subsidiary, especially if it is one-office one.

And BP has the longiest and slowiest lines of all the banks.
 
Feb 7, 2007
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Be cautios on a cash you bring. This January I brought 10.000 USD from Europe and thought I would be OK. But you need to declare them on a special form... woola no forms were available. I got stopped by customs and DNCD after leaving the arrivals area (bad luck I was the first out of the baggage carrousel), was searched, and I had 10.000 dlls PLUS some spare change I forgot about on me, I was threaten to be taken to Santo Domingo, etc., and that the money would be seized because I didn't declare them, fortunately I have some contacts which were shown in my mobile phone (without actually calling them) so I was left "alone". But if you are new to the country and if you are even one dollar over the 10K you may get into a trouble. And, you should declare all money but there are no forms available (typical dominican) and then you get your a$$ shaken because you didn't fill out those very same forms.
 

suarezn

Gold
Feb 3, 2002
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Bringing tons of cash with you is a very stupid idea and I can't believe people still do that. At a minimum you will be questioned (if you declare it), worst case you'll lose it because they will either confiscate it (they can because it's the law) or you may get jacked as the custom person can just give a call to his buddies and provide the info about the person who's carrying all that money and they will be waiting for you outside...

Anyhow, best thing to do is open an account. You should be able to open one easily at Banco Popular (only bank I trust a little bit in The DR) with your passport. Then just wire the money. Always wire less than 10,000 or your money will be delayed until you can explain where it came from. Also wait until one wire clears, before doing the next one as it will also cause it to get delayed. I'm speaking from experience as I do this every month. If you withdraw these funds before they've been in your account for a month you'll get charged a fee (something like 0.065% of the total amount).
 

SKY

Gold
Apr 11, 2004
13,470
3,604
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You can bring a check in dollars for any amount with you. You can use this to open an account here.
 

aross

New member
Nov 15, 2007
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I noticed there is a Bank of Nova Scotia in Cabarete. I assume it is just a "Branch" of the Canadian bank, is that correct? If yes, then for us Canadians, would having an account at BNS in Canada and one in the DR and then transferring funds between accounts (no matter what the amount), not work fine and be safe?
 

Tamborista

hasta la tambora
Apr 4, 2005
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Scotiabank DR deposits are not CDIC insured. They are considered a Dominican bank.