preparing for the move - banking

pierods

New member
Sep 22, 2006
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I am preparing for my move to DR (not a low budget one, anyhow...that's why I am preparing:glasses:).

The only detail I cannot work out is banking.

I have some savings in Euros in Europe, but all the banks I know insist on sending me paper statements through the mail.

I can picture my last 120 statements underneath a giant bunch of mail at some INPOSDOM office in Hainamosa...or worse...some random guy going through them after having found them...

So ideally I would be looking for a bank that:

- will accept a non-resident account
- does not send me paper statements or has an alternative arrangement
- has good or excellent internet banking
- has good or excellent security (like a token with random numbers etc)
- gives me some kind of card to withdraw in emergencies (maybe VISA but not necessarily)

I could convert my money to dollars and use an American Bank, but the dollar is very very volatile right now, I might lose a lot.
So I'd rather stick with Euros.

Any country is good for me, it's only for banking anyways.

Ideas?
 
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Chirimoya

Well-known member
Dec 9, 2002
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I've had accounts with 4 Dominican banks (the defunct Baninter, and Popular, Reservas and Leon). None of them ever sent me a statement. Most if not all now offer online banking.
 

pierods

New member
Sep 22, 2006
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Well, yes.

But it kind of bothers me to have all of my money in a DR bank.

Don't put all your eggs in one basket right?
 

Tamborista

hasta la tambora
Apr 4, 2005
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Well, yes.

But it kind of bothers me to have all of my money in a DR bank.

Don't put all your eggs in one basket right?

BINGO!

Why not keep a EURO account and buy USD as a hedge, or vice versa?

Convert to RD Pesos as you need them for living expenses.
 
Mar 2, 2008
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I don't know of any bank in the US that requires a depositor to get paper statements. Most bend over backwards to get people to go paperless. The same goes for credit card companies.

I have an account in the US and one in the DR, and I do all my banking on-line. To do otherwise in the DR would be foolhearty, in my opinion.

Admittedly, I don't know what the banking requirements are in Europe, but in my opinion, if you can't find a bank that has a paperless option you be doing something wrong.