Is it best to have your account at BancoReservas in pesos or US dollars?

live_for_life

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Mar 4, 2007
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Is it best to have an account at BancoReservas in pesos or US dollars with a US passport? I guess that would be a savings account.
 

J D Sauser

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Nov 20, 2004
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Is it best to have an account at BancoReservas in pesos or US dollars with a US passport? I guess that would be a savings account.

I am not sure how your question relates to a US passport.
I think most here will tell you that they have both, a USD and a DOP account. I suspect most keep the bulk of the money in USD and have some weekly or monthly cash on the DOP account. All that independently of your nationality and the bank you choose.

... J-D.
 

ExtremeR

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Mar 22, 2006
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It would be a better business to have it in pesos due to the huge interest rates, but still people are wary of the exchange rate (which hasn?t changed more than 5 pesos since 2005) and still keep their savings accounts in dollars.
 

MikeFisher

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Feb 28, 2006
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it is usual to have both, pesos for the expenses here and the $ account because a buck is a bick when you one day wanna visit home or purchase something from the outside on a internet sales aso, independent of a stable or unstable regulated peso.
Mike
 

Sanation

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May 21, 2007
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I agree with Mike - have both.

I recently opened accounts with my Australian Passport with no problems. It is best if you can have a (reputable) Dominican/current customer introduce you to the bank.
 

MikeFisher

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Feb 28, 2006
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yes,
for the first opening it is a good idea to have somebody local, dominican or expat, the procedures are easier. after you are a client of a bank for any account you have no problem to open additional accounts at the same bank or at any other banks. the next bank by your cedula or passport number or name can see that you are a trustable customer of an other bank and they will easily give you accounts at their branch, too. it is just at the beginning when all the stuff get's asked, or for a 'confiable' aso.
Mike