Scotiabank Canada or DR whats the diff??

Expat13 · Aug 21, 2009

Well as a Canadian i had decided to open an account last year with Scotiabank, thinking the Canadian relationship might provide a little more reliability.
Well of course there are no Canadians working there so what are the chances of it being any different than the typical DR Bank? Not much!

Apart from the constant long lineups and two counter staff that seem to take 30minutes with each customer,and the ATM machines that are usually empty, forcing one into this waiting game inside. But there always seems to be alot (non-supportive) support staff in the background roaming around doing nothing but ignoring the distraught clients.

Well today I had a lovely experience at the branch on Romulo Betancourt. I went to withdraw 10,000pesos from the machine,,(yeah right good luck) and it displayed the action of dispatching my money-"but no" just alot of machine noise, and no card, no money.
As this machine is inside the bank and the employees were witnessing this, they simple stated be patient it will work- the truth be told it was obvioulsy empty and everyone was too lazy to deal with it. OK, after a 5 minute wait it released my card, but no dinero..Now i proceeded to dreadful (my time has no importance) lineup and use the direct approach.Well when i received my money and receipt,guess what?? i compared it to my previous transaction receipt from the night before, and you guest it. I am now 10,000pesos poorer.
Of course the workers just put their hands in the air without answer blaming the machine of which has no human qualities therefore not their problem. After discussing with the highest ranking supervisor- the outcome is, you can return next week and fill out a request form as to why i should be reimbursed this 10K when it was simply my stupidity for using a dominican bank in the first place.(sorry im venting) but this seemed to be the sentiment of the staff members.
Anyway, when i do go through this lengthy process they say within 2-3 weeks they should have an answer whether my money will be returned..
3 weeks, lots of wasted time, and no certainty, or acccountability at any level...
So now i feel so much better as I am a financial consultant that advises offshore advice within some of the largest fund management groups..One of the reasons why our companies have such a large presence in latin america is primarily because of these ridiculous volatile, unregulated, unaccountable finacial institutions... no wonder they offer such great returns on their PESO accounts for term deposits...You have the same regulations, standards and accountability of the "wild west"...
Sounds almost Bernie Madoffish- he gave great monthly returns as well, but dont expect your principle back...
Be careful using ATM s or banks here with any serious amounts of money...

juanita · Aug 21, 2009

And another "good news"...because you are a Canadian, no interests will be paid to your saving account! I was also refused a credit card there ... when my payroll is even deposited into a Scotiabank. Go to Banco Popular, they have small counters everywhere, even open on sundays in supermarkets.

Expat13 · Aug 21, 2009

juanita said:
And another "good news"...because you are a Canadian, no interests will be paid to your saving account! I was also refused a credit card there ... when my payroll is even deposited into a Scotiabank. Go to Banco Popular, they have small counters everywhere, even open on sundays in supermarkets.

interest,that i would never expect here. just basic low level service with steep banking fees..i keep my assets outside of 3rd world countries for the many obvious reasons..yes popular may be the next option.

william webster · Aug 21, 2009

I only like the Cdn Scotia connection because I FEEL it is closer. I may be wrong - they are different corporate entities.

But your Cdn bank may have more clout chasing a problem than you do - on your own.

I have international accounts-- Cdn, US, DR and others. As much as possible, I try to use Scotia to Scotia thru Canada - or another Caribbean bank. They seem to understand each better !!??

I ahve always used the DR ATM's with no problems BUT following a lot of posts here I am becoming wary.
Most problems seem to happen in the high traffic, tourist areas. Cabrera has presented no problems -- touch wood!

Always good to keep more than one bank on the string..... and you're right -- keep the capital in a safe place - safer place.

GringoCArlos · Aug 21, 2009

This is yet another example of why God created "casas de cambio " en la Republica. Why does ANYONE still use a bank in the DR, and pay their fees, have no insurance or guarantee on their funds, endure lines and crappy service, and put up with this schitt????

william webster · Aug 21, 2009

Money

GringoCArlos said:
This is yet another example of why God created "casas de cambio " en la Republica. Why does ANYONE still use a bank in the DR, and pay their fees, have no insurance or guarantee on their funds, endure lines and crappy service, and put up with this schitt????

Well, sometimes people build a house or buy a car.

Can the local cambio hombre hand over $100,000 or $150,000 US ? Oh, BTW.... no $5's $10'S and so on... I like $100's

If he can, I want you to be with me when we pick up "our" money.
You'll see me --- driving the get-a-way vehicle-- call me 'Moto Concho Man"
Listen for the squealing tires..

People need a bank ..... yes, petty cash from the local cambio works perfectly and is VERY good advice for the visitor.

I am sorry if I have missed something here.

I'm sure I'll hear about it

WW

Adrian Bye · Aug 21, 2009

i don't track things closely, but have never noticed a single problem with taking money out, etc. i ask for a withdrawal and the money comes, period. I'm in the DR since 2001.

AlterEgo · Aug 21, 2009

Expat13, the exact same thing happened to me last October. I withdrew $15,000 pesos [or tried to] at a BHD ATM inside the Hispaniola Casino. Made all the right noises but no $ came out. It did give me a receipt saying that it gave me the money. The casino mgr went out of his way for me, and my brother-in-law came down to try to straighten it out [he's an exec at BHD]. Brick walls everywhere, I was sure that $ was gone forever. When I got home I called PNC Bank and they sent me a form to fill out. They gave me the $$ back into my account 'temporarily' while they investigated, and lo and behold, about a month later a letter came saying they got the money from BHD and the temporary $ were permanently in my account. So have some faith and hope....
Apparently they have to prove out the machine balance against transactions daily, and even the Dominicans don't fool around with that.

Amazing, huh?

GringoCArlos · Aug 21, 2009

ww, I've witnessed transactions for US$500k+ happen in 2 minutes inside the inner offices of my casa de cambio - no doubt a call was made the day before for advance warning. They will also deliver directly to a bank for a deposit if that is what their customer prefers, and the money is theirs until it hits the bank teller's counter.

But hey, what's the difference between $100 and a million $$ here out on the streets - if somebody plans to rob someone else, they will be just as dead if anyone talks about the transaction beforehand, or the bearer does something stupid out on the street, right?

The ONLY person I trust absolutely in the DR is my guy at the casa de cambio. I trust bank emplyees so little, that even after I watch them count the money 5 times before they hand it over, I still count it again in front of them.... and I have never counted it at the casa de cambio until I get where I am going, and it has ALWAYS been correct.

william webster · Aug 21, 2009

I call bs ---- bigtime

GringoCArlos said:
ww, I've witnessed transactions for US$500k+ happen in 2 minutes inside the inner offices of my casa de cambio - no doubt a call was made the day before for advance warning. They will also deliver directly to a bank for a deposit if that is what their customer prefers, and the money is theirs until it hits the bank teller's counter.

But hey, what's the difference between $100 and a million $$ here out on the streets - if somebody plans to rob someone else, they will be just as dead if anyone talks about the transaction beforehand, or the bearer does something stupid out on the street, right?

The ONLY person I trust absolutely in the DR is my guy at the casa de cambio. I trust bank emplyees so little, that even after I watch them count the money 5 times before they hand it over, I still count it again in front of them.... and I have never counted it at the casa de cambio until I get where I am going, and it has ALWAYS been correct.

I appreciate your comments BUT in any other country , a half million dollar transaction will/should attract attention.

How in the world does your man come up with 1/2 a Million in hard currency ? Think on that.

Does he have a Roller parked out back ?

Call me crazy ... I don't think the local cambio can float $US500k
It comes from somewhere ... Line of Credit, Cash on Hand.

I call BS ..... BIGTIME!!
Where does your local cambio lay his hands on that kind of hard, cold cash in a poor country?

I am in the check cashing business in the USA... This does NOT happen

Wash your typing fingers with soap and try again.

The rest of you .... THINK..... people hand out US$500k... in Pesos. does anybody know what that looks like ... how big that pile is ?

I do !

Try this on for size..... $10,000 in 20"s = a small gym bag. $10,000 in 100's fits into your jacket pocket.
Its HUMILIATING .... $10k in your pocket.... very small size.

US$500k in pesos at 35:1 .... call for a vehicle !!!!

As for "dead on the street no matter what the amount"...........
absolutely correct...... the worst cases are when the dead man had nothing but coin... it happens.

$500,000 US How many people have seen what it looks likes, let alone cash a check for it in the DR

I CALL BULLSH*T.......... BIG TIME !!!!

GringoCArlos · Aug 21, 2009

Say what you want, ww. It was a cash for cash transaction, it was two big dufflebags, two big serious-looking guys armed to the teeth and it was before any reporting requirements were supposedly enacted in the DR. The stack of $100s WAS big, and the stack of pesos was bigger....the two piles covered the desk. And I will always question who's business is it if someone has a bunch of cash as long as it's theirs -

Comparing a typical check cashing joint in the US to a serious casa de cambio in Santo Domingo is like comparing a colmado in the campo to a Super Wal-Mart. The DR may be a poor country, but that doesn't mean there isn't serious cash floating around.

For almost any transaction, a casa de cambio in the DR beats a bank any day in my book.

Adrian Bye · Aug 21, 2009

+1 GringoCArlos (complete with upper/lowercase!)

GringoCArlos · Aug 21, 2009

ww. if I am spouting BS, then look at my original post of about 5 years ago, here:

http://www.dr1.com/forums/living/33026-value-peso.html

You are right about one thing - it IS hard to forget seeing that much cash in one place..

bryan1258 · Aug 22, 2009

I was in a particular town down south two years ago trying to cash some traveller cheques. What an idiot I am in that I should have brought cash. Anywhoo I was directed to a cheque cashing place up a flight of stairs past two grinning capable looking well armed fellas into a room that had two picnic tables loaded with cash.
I figure a half inch of hundreds is 10k. There were 1 foot stacks all over the place.

The man looked up at me and laughed and promptly cashed my cheques.....

I Love this place

ExtremeR · Aug 22, 2009

william webster said:
I appreciate your comments BUT in any other country , a half million dollar transaction will/should attract attention.

How in the world does your man come up with 1/2 a Million in hard currency ? Think on that.

Does he have a Roller parked out back ?

Call me crazy ... I don't think the local cambio can float $US500k
It comes from somewhere ... Line of Credit, Cash on Hand.

I call BS ..... BIGTIME!!
Where does your local cambio lay his hands on that kind of hard, cold cash in a poor country?

I am in the check cashing business in the USA... This does NOT happen

Wash your typing fingers with soap and try again.

The rest of you .... THINK..... people hand out US$500k... in Pesos. does anybody know what that looks like ... how big that pile is ?

I do !

Try this on for size..... $10,000 in 20"s = a small gym bag. $10,000 in 100's fits into your jacket pocket.
Its HUMILIATING .... $10k in your pocket.... very small size.

US$500k in pesos at 35:1 .... call for a vehicle !!!!

As for "dead on the street no matter what the amount"...........
absolutely correct...... the worst cases are when the dead man had nothing but coin... it happens.

$500,000 US How many people have seen what it looks likes, let alone cash a check for it in the DR

I CALL BULLSH*T.......... BIG TIME !!!!

This guy couldn't be more clueless. Webster you would be really surprised at the amount of cash (US$) that is being dealt in an everyday basis in the DR. While it is a poor country it is not a village.

william webster · Aug 22, 2009

Legitimacy

GringoCArlos said:
Say what you want, ww. It was a cash for cash transaction, it was two big dufflebags, two big serious-looking guys armed to the teeth and it was before any reporting requirements were supposedly enacted in the DR. The stack of $100s WAS big, and the stack of pesos was bigger....the two piles covered the desk. And I will always question who's business is it if someone has a bunch of cash as long as it's theirs -

Comparing a typical check cashing joint in the US to a serious casa de cambio in Santo Domingo is like comparing a colmado in the campo to a Super Wal-Mart. The DR may be a poor country, but that doesn't mean there isn't serious cash floating around.

For almost any transaction, a casa de cambio in the DR beats a bank any day in my book.

Forgive me, CArlos. I refer to legitimate business and stand by my opinions in that regard.

I understand there must be some really serious cash floating around the DR within the illegitimate community - a community I avoid.

You can't have all those drug shipments without money changing hands somewhere. I suspect that the cash exchanges you witnessed are "between friends and business partners" - laundering maybe or just making payment for goods.
Remember, these boys can't go to a bank.

Smuggling the drugs into the country is one problem. Moving the cash out is another. Actually its even a bigger problem.... figuratively and literally.

So, I stand corrected.
Of all the cambios in the country, what percentage do feel have $500,000 US of their own capital invested ?

mountainannie · Aug 22, 2009

This is not the US

william webster said:
I appreciate your comments BUT in any other country , a half million dollar transaction will/should attract attention.

How in the world does your man come up with 1/2 a Million in hard currency ? Think on that.

Does he have a Roller parked out back ?

Call me crazy ... I don't think the local cambio can float $US500k
It comes from somewhere ... Line of Credit, Cash on Hand.

I call BS ..... BIGTIME!!
Where does your local cambio lay his hands on that kind of hard, cold cash in a poor country?

I am in the check cashing business in the USA... This does NOT happen

Wash your typing fingers with soap and try again.

The rest of you .... THINK..... people hand out US$500k... in Pesos. does anybody know what that looks like ... how big that pile is ?

I do !

Try this on for size..... $10,000 in 20"s = a small gym bag. $10,000 in 100's fits into your jacket pocket.
Its HUMILIATING .... $10k in your pocket.... very small size.

US$500k in pesos at 35:1 .... call for a vehicle !!!!

As for "dead on the street no matter what the amount"...........
absolutely correct...... the worst cases are when the dead man had nothing but coin... it happens.

$500,000 US How many people have seen what it looks likes, let alone cash a check for it in the DR

I CALL BULLSH*T.......... BIG TIME !!!!

In the US, every transaction over 10k has to be reported to government. Here in the DR, there are probably as many Casas de Cambios as there are Banks.... really, where do you think all the drug money gets laundered? And all the people who just sell their places in Europe but may not want a record for the tax man since they did not actually pay the tax man.

I do not think that you are really seeing the reality of this country. Have you traveled to the Capital recently and seen the construction or are you stuck up on the North coast somewhere.

I am here looking at the real estate book of the new high rise apartments for sale in Santo Domingo, starting around $125,000 going the sky -- 45 pages worth of all new construction... and almost all of these will be sold before they are completed for 100% cash. I mean who is going to take a mortgage when you only get a fixed rate at 9.5% for one year.

Sometimes I think that those of you live in the beach communities should be required to travel to the Capital or Santiago before you can post about the country.

donP · Aug 22, 2009

A Laughable Sum

william webster said:
Of all the cambios in the country, what percentage do feel have $500,000 US of their own capital invested ?

You do not seem to know how things work here.
With a few phone calls made most cambieros can exchange ANY amount of $$$.

ExtremeR · Aug 22, 2009

william webster said:
Forgive me, CArlos. I refer to legitimate business and stand by my opinions in that regard.

I understand there must be some really serious cash floating around the DR within the illegitimate community - a community I avoid.

You can't have all those drug shipments without money changing hands somewhere. I suspect that the cash exchanges you witnessed are "between friends and business partners" - laundering maybe or just making payment for goods.
Remember, these boys can't go to a bank.

Smuggling the drugs into the country is one problem. Moving the cash out is another. Actually its even a bigger problem.... figuratively and literally.

So, I stand corrected.
Of all the cambios in the country, what percentage do feel have $500,000 US of their own capital invested ?

Although there is a significant amount of US$ Dollars floating around in the DR due to illicit money laundering, legitimate casa de cambios also has the capacity of dealing that kind of money with a few phone calls made as other poster mentioned. Even if they have to share profits they just won't let that kind of business pass by.

simpson Homer · Aug 22, 2009

Banks

Banks at all in the Dominican are very helpless you might encounter
some staff that are helpfull the manager of course if he knows that
you are a potential to get money out of you that he can make his
own comission "proffit"

They got some lousy rules:

No hat
no sunglasses

Wait a minute and if you have any problem you can not solve it on the
phone you have to go in person. i dont think that is worth it at all to have a
bank account in DR.

NO to mention that my wife try to open a bank account in Scotiabank santiago went with the Canadian passport and after almost 30 minute wait
and yes staff was helpless and requested a cedula that the canadian passport was not enought.

Bank in DR you never know the surprise that you can get, because you dont
have anyone to back up in case the bank goes down like Baninter and Bancredito.

Banco Leon I tried checking my Platano leaf account, account was blocked
I called the bank and they said because there is not transaction on the past 6 month they have to do that. that for me to fix the issue I have to go in person. I clear told them I live in Canada and that already is costing me money to call the bank either you are on hold and then transfered several time and who believe that can help you want you to come in person. ya right
wait for me in January that I will take all out every single.

Scotiabank Canada or DR whats the diff??

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