U.S. Banks that are also available in the DR?

J NewBeginning

New member
Dec 23, 2008
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Hi all, before I move to the D.R. from the U.S., I would like to open an account with a bank in the U.S. that also has branch locations in the D.R. Does anyone have reccomendations?

Are there any Wells Fargos or ING's there?

I am assuming there could be some benefits to banking with a bank that has locations in both countries..maybe less money transfer fees? Are there other details I should consider?

I just want to get an idea on the easiest way to access my U.S. money in the DR without constant ATM withdrawal fees from banks with whom I do not have an account with.

Any advice is great.
 

FernieBee

Bronze
Feb 20, 2008
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By the way, banks here insist to me that they do not charge any ATM fees and that any fees are from your home bank.
That sounds correct to me, too...and in line with this quote...
Outside North America, ATM owner fees are uncommon at bank ATMs, but are becoming more common at private ATMs inside shops, convenience stores, etc.
link

If you use a Bank of America ATM card at Scotiabank--thanks to Tambo' for this info--you should be charged no fees.

If you use a Capital One Direct Banking ATM card, you should be charged no fees.

If you use a PayPal ATM card, your fee should be $1 plus 1% of the transaction.
 

FernieBee

Bronze
Feb 20, 2008
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Here is some added info about using ATM's abroad.

ATM's Abroad

Whether you need euros, shekels, pesos or pounds, making a withdrawal from an ATM is generally the easiest and cheapest way to get cash abroad. The biggest advantage of exchanging money with your ATM card is that all cash withdrawals, regardless of size, are exchanged based on the wholesale exchange rate, which is usually reserved only for very large interbank exchanges.

This rate is often 2 - 5 percent better than what you can get from exchanging traveler's checks at a local exchange counter. In addition, local banks or money change bureaus will add on transaction fees, which can easily eat up another 2 percent of your money.

That's not to say there aren't any fees associated with international ATM withdrawals -- see below -- but if you need cash, you will still almost always get the best exchange rate at the lowest possible cost by using your ATM card.


[snip]

What Fees to Expect

At the very least you will probably be charged the same transaction fee, if any, that your bank charges you when using another bank's ATM. However, many banks now charge higher fees for international ATM withdrawals -- either a flat rate (typically $1 - $5) or a set percentage of your total withdrawal (usually 1 - 2 percent). Check with your bank before each trip abroad, as these fees can change often and without warning. To add insult to injury, you may also be charged a fee by the owner of the foreign ATM.

Because these small fees can add up quickly, you will probably want to withdraw larger amounts than you might normally do at home -- so be sure you have a safe, well-concealed place to keep your cash. (See Money Safety for more.) When deciding how much to withdraw, try to choose an uneven amount (90 euros rather than 100, for instance) so that you don't wind up with huge bills that you'll have trouble breaking.


link
 
Feb 7, 2007
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Wamu, now part of Chase, still has its free checking account with free ATM withdrawals worldwide. you only pay 1% foreign transaction conversion fee on ATM withdrawals and 2% on purchases.
 

Domwolf

New member
Mar 22, 2004
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The best Option is the Bank Of America

Free ATM's at all ScotiaBank ATM.

You can pull out US$500 per day

You can get ACH tranfers and free bill pay

and the Free Checking account is that 100% Free