Banking in the DR (in USD)

voleibolchica

New member
Mar 31, 2009
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Hi there,

I'm moving to the DR in six weeks and will have bills that I need to pay in USD. I'm being paid partially in USD, so I'd like to find a way to deposit my money and keep it in USD instead of pesos.

I can pay all of my bills online, so I don't need to worry about mailing checks or anything like that. My question is - how do I make this work? :ermm: Obviously, I need a local bank and I don't really want to pay to wire money to the US each month.

Any suggestions are greatly appreciated!
 

Chirimoya

Well-known member
Dec 9, 2002
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All DR banks offer the option of US$ savings account - the drawback being that they don't have ATM cards or chequebooks, only savings books.
 

voleibolchica

New member
Mar 31, 2009
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Thanks! :bunny:

Does anyone else happen to know the answer to my question? I'm mainly wondering about paying bills back home in USD.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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i have it.
the US$ bank accounts are like written above saving accounts.
no check book.
no card to take money from the ATM.
no online banking money wire as far as i would know about.
for a payment from my actual BHD bank US$ savings account to somebody else i would need to go to the bank, tell them to write me a check in the name/bank account number aso of that person, this they do right away, then i could send the money/check to somewhere. costs:
$57.-US per check signed plus a small % fee per transaction, in other words, not worth to use it.
i am myself happy with the dollar account at BHD, no complain about that, but i do exclusively need/use it to receive US$ here in the country. i can move by online banking funds from my american and from my european bank accounts over here, hassle free and running reliable since years. to wire money from that account to the outside:
no way.
would be glad to get corrected.
Mike
 

voleibolchica

New member
Mar 31, 2009
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i have it.
i can move by online banking funds from my american and from my european bank accounts over here, hassle free and running reliable since years.

So, my question is: how do you get your money from the bank in the DR to your American accounts without paying monstrous fees? Sorry, I'm a bit confused here. :paranoid:
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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sorry if confused,
but i don't know.
i do not need to get it out, i am on the opposite and need to get it in, and that's working just fine.
be a bit patient, i would assume some guys on the board are on the same boat and will let ya know how to get some bucks outside.
Mike
 

tass56

New member
Aug 31, 2006
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just a thought but can't you get a credit card with a bank and pay your bills via the card
 

Black Dog

Bronze
May 29, 2009
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I bank with Banco Santa Cruz in Sosua. I send wire transfers and it costs me US$25 on average. They also now offer internet banking but I don't know if you can do an overseas transfer on line. I am going to the bank shortly and I will check. Santa Cruz have given me great service but they don't have many branches so it will depend on where you will be if they will be right for you
 

mountainannie

Platinum
Dec 11, 2003
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I know this sounds incredibly complicated. And, unfortunately, it is. I have a dollar savings account at BanReservas. With that, I also have a shining new VISA DEBIT card which they assure me that I can use over the internet and with those businesses here which are dollarized (like the resorts).... Alas, I have never tried this so I cannot testify if it works. HOWEVER.. IF it does work, then you could theoretically send payments perhaps to some of your billers via the VISA debt? Yes?
 
Mar 2, 2008
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If you have a US account now, and pay your bills on-line already, why not just keep that account and continue to use it? There is no law requiring you to move all your assets to the DR just because you move here.

Many people maintain accounts in their home countries. It is an intelligent way to keep open a safety value in case of an emergency, and it provides a back-up in the unlikely, but possible event of a banking problem in the DR.
 

wuarhat

I am a out of touch hippie.
Nov 13, 2006
1,378
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Hi there,

I'm moving to the DR in six weeks and will have bills that I need to pay in USD. I'm being paid partially in USD, so I'd like to find a way to deposit my money and keep it in USD instead of pesos.

I can pay all of my bills online, so I don't need to worry about mailing checks or anything like that. My question is - how do I make this work? :ermm: Obviously, I need a local bank and I don't really want to pay to wire money to the US each month.

Any suggestions are greatly appreciated!

Who will you be working for? If it is a US or maybe even an international company with US presence, have them direct deposit an appropriate amount of your pay into your US bank account.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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If you have a US account now, and pay your bills on-line already, why not just keep that account and continue to use it? There is no law requiring you to move all your assets to the DR just because you move here.

Many people maintain accounts in their home countries. It is an intelligent way to keep open a safety value in case of an emergency, and it provides a back-up in the unlikely, but possible event of a banking problem in the DR.

hi David,
to me the OP sounded like she would work down here, get partially paid in pesos and partially in US$ curency and needs to transfer money to her US account on monthly bases for those bills or pay on monthly bases those bills.
she/he would need the full amount of necessary money for the bills for the whole time period she/he stays here on that account upfront, and i guess that's not the case, otherwise of course i would highly recommend to keep that account and use it as online banking for what ever needs, including the bills.
Mike
 
Mar 2, 2008
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Yes, I understand now, Mike. I misunderstood her first post. She will need a bank in the DR for that.

Thanks for the correction.

By the way, Mike, one more week and my home will be Sosua. I'll get over for a visit sometime after I'm settled, or versa visa.;)
 

Black Dog

Bronze
May 29, 2009
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I have checked the on-line service with Banco Santa Cruz and you cannot transfer overseas on line but I have used their wire transfer service many times without problems! They offer dollar and peso accounts and a Visa card with 2 lines of credit, one is US dollars and the other is Pesos, again have used mine with no problems!
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
13,766
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Yes, I understand now, Mike. I misunderstood her first post. She will need a bank in the DR for that.

Thanks for the correction.

By the way, Mike, one more week and my home will be Sosua. I'll get over for a visit sometime after I'm settled, or versa visa.;)

sounds liek a good plan.
let me know when you come down here.
i will be out of the country mid september for around 2 months.
good luck.

so we still do not have a DR bank with a dollar account for online banking?
darn, what's the rason why such doesn't exist?
Mike
 

alexgrun

New member
Apr 30, 2007
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I am a Canadian living in the DR, all my money is invested here in pesos 19%.
So how do I get money from DR to Canada or USA.
My daughter in Canada has a credit/debit card to my BHD account here, she takes money out each month in Canada and deposits it to my Canadian Bank account.
 

linmagic

New member
Sep 20, 2009
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Alexgrun, was just checking your post and wondering if you invest in pesos here, are you saying the return is 19%?

Lin
 

linmagic

New member
Sep 20, 2009
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Alexgrun, was just checking your post and wondering if you invest in pesos here, are you saying the return is 19%?

so we still do not have a DR bank with a dollar account for online banking?
darn, what's the rason why such doesn't exist?
Mike

Mike, is there still no DR bank will dollar account for online banking?

Lin

:bunny: