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  1. #1
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    Default Non-Domincan opening a Bank Account

    A non-Dominican friend of mine just tried to open a bank account at Scotia Bank in Sosua, and they told him he can't open a bank account just with his passport.

    They are saying he needs a letter from his previous bank (in Europe) and a letter from a lawyer in the DR to open a bank account????

    Have things changed that much in the past 3 years since I lived there?

    I previously had a bank account with Progresso, Ban Reservas and Popular, and all I needed was my passport and my money to open an account and no problem!

    Can anyone verify that this is correct? We got the email address of the bank manager, because that seems a bit strange to me, that someone would have to go to all that trouble to give them money...

  2. #2
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    Quote Originally Posted by alicious View Post
    .....seems a bit strange to me, that someone would have to go to all that trouble ....
    Most things do seem strange in DR, I agree.

    Lately to open a bank account, you need a passport and a letter from a previous bank. I never heard about the letter from a lawyer requirement.

    Depending on the amount of money you transfer to the account and the source (employer, client, etc.) of the funds, you may need an additional letter from source the to the effect that the money is not associated with narcotics or money laundering etc. I am pretty sure you can thank Uncle Sam for this nuisance.

  3. #3
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    The rules haven't changed that much in 3 years, its always been difficult

  4. #4
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    ban reservas only requires a passport

  5. #5
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    Default Banco Popular

    A few days ago I asked Banco Popular about their requirements for openíng a bank account. They gave me a paper, which says as follows:

    "DOCUMENTS NECESSARY TO OPEN ACCOUNT IN BANCO POPULAR

    1-passport
    2-reference letter of your bank or local bank where you have an account
    3-three reference letters of Dominican persons who knows you and are clients of Banco Popular
    4-income certification"

  6. #6
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    Quote Originally Posted by adrianb View Post
    The rules haven't changed that much in 3 years, its always been difficult
    Really? Where at?
    3 years ago...I only needed a passport at all 3 banks I had accounts opened at..Popular, Ban Reservas (hammerdown...thanks for the info...I guess they at least haven't changed their requirements) and Progresso.

    Chareena - That's crazy all the info Popular requires!! Wow!!

    I guess the DR banks are doing pretty good to be able to turn down money like that, huh? lol..

  7. #7
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    Typically, if you know somebody in the bank you will be able to open an account with just your passport. I did, no Problem.
    When I tried at the same bank before I was introduced by a mutual friend, they told me that I need all the above paperwork.

    "You can get by with a little help from your friends."

    By the way - DO NOT BE LULLED INTO THINKING THAT SCOTIABANK IS IN ANY WAY CONNECTED TO SCOTIABANK YOU HAVE SEEN IN OTHER PLACES!!!! THEY ARE WORSE THAN USELESS!!!

  8. #8
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    Quote Originally Posted by alicious View Post
    ..........and they told him he can't open a bank account just with his passport...........
    Here is my experience............

    http://www.dr1.com/forums/living/770...ssport-id.html

  9. #9
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    Quote Originally Posted by pedrochemical View Post
    Typically, if you know somebody in the bank you will be able to open an account with just your passport. I did, no Problem.
    When I tried at the same bank before I was introduced by a mutual friend, they told me that I need all the above paperwork.

    "You can get by with a little help from your friends."

    By the way - DO NOT BE LULLED INTO THINKING THAT SCOTIABANK IS IN ANY WAY CONNECTED TO SCOTIABANK YOU HAVE SEEN IN OTHER PLACES!!!! THEY ARE WORSE THAN USELESS!!!
    Scotiabank is a very good bank, solid and has very good CS.

  10. #10
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    Default

    Check with other banks, letter of reference are commonly asked for but not always. And the references certainly shouldn't be required to have an account with the same bank.

    If this is to transfer funds from outside of the DR, it really would behoove you to consider just writing personal checks from your foreign bank and cashing them here at a local cambio. You will literally save yourself hundreds of dollars every year, many lost hours and the headache of having to deal with these local banks and the fees they like to charge. There really is no advantage for having a bank account here in pesos. I know, I live here and had two and I closed them. I have one that I opened a BP last year with two references but it is in dollars and I use it to cash my and the wife's income tax checks.

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