Opening Bank Account - USA Passport for ID

bigbird

Gold
May 1, 2005
7,375
163
0
Has anyone had success in opening a $USD Savings Account in Santo Domingo? I went to three different branches of Banco Popular and one branch of Banco Leon. Each branch had a different excuse as to why they could not open an account using a USA Passport for ID. I had no problem opening a peso account with Banco La Nacional using my passport.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,766
2,195
113
Punta Cana/DR
www.mikefisher.fun
heard lately from several people that the rules for opening accounts changed a lot.
not that long back you brought $300.- cash for the first deposit and you had a US$ bank account, today you have to fill in a bunch of paperwork. it's all about money laundring, been time for that. go the usual way:
get your residency, walk into the bank with your then up to date cedula, bring the $300.- bucks, fill in some papers with your address, labor aso and all is done.
for what reason they dclined your request?
Mike
 

bigbird

Gold
May 1, 2005
7,375
163
0
for what reason they dclined your request?
Mike

Banco Popular website list the requirements for opening a $USD Saving Account as $500 cash, Passport or cedula. I had $500 cash and my USA Passport. Two branches outright refused to open an account without Dominican ID. The third branch gave me a slip of paper with documents I needed in addition to my USA Passport. I don't remember the details of the slip of paper but something like, letter of reference, Police Conduct Report, and some other stuff. Banco Leon took my passport information and told me to come back in two weeks after they can verify I am who I am.

La Nacional took my passport info and in fifteen minutes I had a Savings Account in pesos plus the usual debit card.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,766
2,195
113
Punta Cana/DR
www.mikefisher.fun
sounds like a funny trip just for opening a bank account, ha ha.
here on bank caribe and on banco bhd they also ask for letter of reference and police conduct papers when you are not a resident with up to date cedula.
stick with the La Nacional where you opened the pesos account, show up some nice account movements in and out and as a known customer they will make it easy to give you a additonal account, this time in US$ after a while.
in case of the banks it is always very helpful to stick with the smaller offices where you know the person in charge in person, they can move a lot, because they can 'recommend' you to their main-office as a customer or not.
it is the same when you request a credit, huge differences from one spot to an other, and to be known in person helps more than a lot.
Mike
 
  • Like
Reactions: badpiece33

bigbird

Gold
May 1, 2005
7,375
163
0
.....in case of the banks it is always very helpful to stick with the smaller offices where you know the person in charge in person........

Thanks for the advice Mike.

It didn't take long to know ALL five employees at this branch. The hotel owner where I was staying called the bank in advance for me, which I am sure helped a lot. This particular branch is the one he uses for his business accounts.
 

danely

New member
Apr 23, 2004
101
8
0
I tried at Banco Popular in Sosua. I had all the basics including bank reference letters in Spanish from a bank on a neighboring island, but was told that I needed two letters of recomndation from Dominican citizens to open an account.
 

bigbird

Gold
May 1, 2005
7,375
163
0
I tried at Banco Popular in Sosua. I had all the basics including bank reference letters in Spanish from a bank on a neighboring island, but was told that I needed two letters of recomndation from Dominican citizens to open an account.

That's comforting to know it just wasn't me who had a hard time. :knockedou
 

kmorris

New member
Feb 20, 2006
37
2
0
Does anyone know which bank is located in Rio San Juan, and if so, does anyone know what they require? Thanks in advance...

Kelsey
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
I did it recently at a Banco Popular in Santiago and I provided my passport, two references from Dominican nationals and I believe two years of my tax records.
 

J D Sauser

Silver
Nov 20, 2004
2,940
390
83
www.hispanosuizainvest.com
Most banks require:

  1. Current passport or Dominican (residents) Cedula.
  2. 1 or 2 bank recommendations from any bank in the DR or abroad (does not need to be your "home"-country) where you hold accounts in YOUR NAME. Others will be OK with just a current statement showing from such accounts in your name.
  3. A few banks will insist on 1 or 2 recommendations by "local" businesses. This is though for some new comers, but some places like your hotel, or a shipping place (Business Mail etc) will gladly issue one to you if you can befriend a manager or director. (I had a big discussion about this with the branch manager of a mayor bank in Sosua on day 2 of my stay here. It seemed that would not understand that somebody who just arrived here couldn't possibly produce business recommendations one day after arriving to the country and yet needing an account to start operating. Well, I finally pointed out to the office window to a copy shop on the other side of the window and asked if a recommendation letter confirming my business worthiness from that place would suffice and after receiving a positive nod, I grabbed a 100 pesos note, marched over to the place, made the guy there an offer he couldn't refuse, wrote the letter myself on his computer and had him sign it and went right back to the bank's manager who accepted it with no comment. Sometimes, you are told things here, without being told.)


Also note which some banks will tell you right up front and others only after the problems occurs: Try to keep your wire transfers bellow USD 10'000.oo to avoid a lot of additional paper works before your funds get cleared into your account. Banks have to file papers with Banco Central for all wires over USD 10K. You can have multiple wires of USD 9'999.oo in a short time periods, no questions asked.

... J-D.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,766
2,195
113
Punta Cana/DR
www.mikefisher.fun
absolutely right JD,
i trid only once to send a big amount of money at once,
so the head-lady of the BHD told me right away Mike, let's split it and from now on just send less than the 10K$$$ in one wire, if you want do that every day, but stay below that limit per transfer.
if you know anybody on the island who has a bank account just ask him to sign you the recommendation paper, bring 2 from 2 different friends just in case and your passport or cedula, with that there should be no prob to open a account.
as a first deposit the banks ask for $300.- m- $500.- for a dollar account and for RD$100.- -RD$ 500.- pesos for a pesos account.
good luck
Mike
 

jalencastro

Bronze
Dec 15, 2004
1,938
104
63
www.myspace.com
hey

Thanks for the advice Mike.

It didn't take long to know ALL five employees at this branch. The hotel owner where I was staying called the bank in advance for me, which I am sure helped a lot. This particular branch is the one he uses for his business accounts.

where is this bank located exactly? I would like to open an account there as well to keep some spending money laying around, thanks! :)
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
As far as wiring over 10k goes, I have done this numerous times and never had a problem.

The first time I did it with Banreservas they asked me for some additional info but after that it went like clockwork.

The last time I did it for US15K by a visa cash advance on my debit card at Banco Popular and they didn't even require that - it took all of about 5 min. once they swiped the card, this was in May.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
113
The last time I did it for US15K by a visa cash advance on my debit card at Banco Popular and they didn't even require that - it took all of about 5 min. once they swiped the card, this was in May.

I am sure Banco Popular was very happy to expedite that transaction @ 2%/month!

tambo'
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
I am sure Banco Popular was very happy to expedite that transaction @ 2%/month!

tambo'

I got the advance from my Bank of America Card to pay off my home loan for the Cooperativa San Jose. As far as my research went, BOA only charged me US100 and BP nothing as far as I remember.

The loan I have with SJ is at 17% but fortunately I will have it paid off when I get back soon.

I also am going to take some advice from a good friend and longtime expat and start cashing personal checks at the Taveras cambio in Santiago every week instead of using my visa check card, as someone stole my data recently. They also don't charge anything and pay a good exchange rate.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
113
Another Non Sequitor!

What does your cash advance have to do with the OP's question about what documents are required to open a USD account in the RD?

tambo'
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,766
2,195
113
Punta Cana/DR
www.mikefisher.fun
Tamborista,
he just answered to the upper post about transfer limits,
those themes are close to each others, should not be seen as a highjack on the OP. Chip, til now(last tranfer few days ago) i neither pay a fee to the destin bank(BHD US$ account), just 10 Euros per wire to the German bank where the money comes from (for up to 3KUS$).
happy money wirering
Mike
 

bigbird

Gold
May 1, 2005
7,375
163
0
where is this bank located exactly? I would like to open an account there as well to keep some spending money laying around, thanks! :)

La Nacional
Avenida Bolivar & Socorro Sanchez
Gascue, Santo Domingo
M-F 8:00-4:30
S 9:00-1:00
 

Chip

Platinum
Jul 25, 2007
16,772
429
0
Santiago
What does your cash advance have to do with the OP's question about what documents are required to open a USD account in the RD?

tambo'

BTW, my post #10 answers the OP's question directly, please read more thoroughly in the future tambo.