Banco popular new account as a gringo

[Luperon]

Went to the Santiago colinas mall Banco Popular, was given a sheet of requirements. The bank officer was very vague about the requirements when asked. I must be approved by popular, please dont recommend another bank. Does anyone have experience with popular or better yet a connection at the bank to help fast track. Would rather not go back and forth many times if not necessary. Willing to go to any branch in Santiago. Thanks.

 

[MariaRubia]

I have been with Popular for many years. They have tough requirements for new customers, and there is no way around these. They ask for things like proof of how much money you have and references from other banks before they will open an account for you. Nothing particularly difficult but it takes time.

The fastest way to get a bank account is to get a Cuenta de Nomina (payroll account) if you are a resident and employed. If a company gives you a letter saying you are working for them, then banks normally open accounts immediately. But you have to be resident and you have to have a company which will do the letter. If you don't have residency, then it won't be possible as those on tourist visas cannot work legally and banks know this.

 

[windeguy]

And I read somewhere that to open a new account without being a legal resident, you have to do that within 30 days of arrival into the DR.
Since Luperon is unlikely to have any of the second paragraph requirements in post 2 above, the battle must be fought from the gringo standpoint by providing the correct information in a timely fashion before time runs out.

 

[rubio_higuey]

I am resident, was banking with multiple banks, and it still took me 3 months to open account with Popular. They just kept asking for more documents. On the day I actually got fed up and was about to go to the branch and tell them to just let it be, they called me to inform me the account was open and to pass by to sign some final paperwork. And even though I am resident and have cedula, they only open accounts with Passport as ID for foreign residents, even though they asked for my residency and cedula. So for any customer service issue at Popular, I have to haul with me my passport.

 

[windeguy]

I am resident, was banking with multiple banks, and it still took me 3 months to open account with Popular. They just kept asking for more documents. On the day I actually got fed up and was about to go to the branch and tell them to just let it be, they called me to inform me the account was open and to pass by to sign some final paperwork. And even though I am resident and have cedula, they only open accounts with Passport as ID for foreign residents, even though they asked for my residency and cedula. So for any customer service issue at Popular, I have to haul with me my passport.

As a legal resident, which was attained before a I moved to the DR, I have used only my cedula at Banco Popular. Never used a passport there. There must have been something different in your case.

 

[SantiagoDR]

I'm with a different bank, they always ask me for passport, I give them my cedula.

 

[rubio_higuey]

As a legal resident, which was attained before a I moved to the DR, I have used only my cedula at Banco Popular. Never used a passport there. There must have been something different in your case.

Maybe new thing with Popular but they said residents cannot use cédula in Popular, only passports, and cédulas only for Dominican citizens. Maybe it's something they instituted only few years back. And I specifically asked, and they said, no, residents but not citizens cannot have account linked to cédula as ID. It seemed very strange to me at that time but they said it's their rule.

 

[La Profe_1]

As always in the DR, there is a bit of "who you know" involved in things like opening a bank account.

Several years ago I went to Popular with an expat friend who, in spite of decades in the DR, never learned Spanish. She usually asked me to translate for her when it can to business type things.

During the meeting with a Popular official, I mentioned that I had been put off by the list of requirements to open an account. The official told me that she would open one for me right then.

Evidently, there are some people at the bank with the authority to bypass the paperwork.

 

[Gadfly]

It’s Interesting that in my home country (usa) banks make it so easy to open new accounts. They WANT your money (and data and business, etc).
Many banks here in the DR seem the opposite.
I can imagine a couple reasons why… but still…

 

[drstock]

Maybe new thing with Popular but they said residents cannot use cédula in Popular, only passports, and cédulas only for Dominican citizens. Maybe it's something they instituted only few years back. And I specifically asked, and they said, no, residents but not citizens cannot have account linked to cédula as ID. It seemed very strange to me at that time but they said it's their rule.

About four years ago, I lost my UK passport, with which I had opened my Banco Popular account. My new passport had a new number, so they suggested that as I now had Residency it would be better to use my Cedula as ID, rather than my passport, as a cedula number never changes. After jumping through many hoops (similar to opening a new account) my Resident's cedula is now my registered ID at the bank. I prefer using it to my passport, which remains safely under lock and key at home.

 

[NALs]

Keep in mind that if you are a US citizen, more will be asked of you before they open an account. Thank Uncle Sam for this. The US government will know every single cent in your account(s) as the giant of the north requires all financial insitutions to send a report to them with all the accounts owned by US citizens, even dual nationals.

 

[El Hijo de Manolo]

Keep in mind that if you are a US citizen, more will be asked of you before they open an account. Thank Uncle Sam for this. The US government will know every single cent in your account(s) as the giant of the north requires all financial insitutions to send a report to them with all the accounts owned by US citizens, even dual nationals.

Some color is needed here. FATCA requires cooperating institutions to report any one account with asset value USD50,000.00 or greater. That said the FinCrimes form requires the individual to report aggregate assets of USD10,000.00 or more.

 

[fuchs4d]

As a legal resident, which was attained before a I moved to the DR, I have used only my cedula at Banco Popular. Never used a passport there. There must have been something different in your case.

You have to show the identification stored in the database which is whatever you used when you opened your account. I never had a problem with my german passport for about 20 years until I wanted to register a new passport. For that I sould have presented some documents: proof of income, tax declarations of the last 3 years, a bank recommendation and other I forgot. All in spanish language of course. I had 3 accounts there. Finished by drawing all money and stopped using the accounts. However, BP is first choice for density of locations and ATMs, online banking, USD and EUR accounts and Paypal.

Alexander

 

[rubio_higuey]

Keep in mind that if you are a US citizen, more will be asked of you before they open an account. Thank Uncle Sam for this. The US government will know every single cent in your account(s) as the giant of the north requires all financial insitutions to send a report to them with all the accounts owned by US citizens, even dual nationals.

EU, not a US citizen.

 

[El Hijo de Manolo]

EU, not a US citizen.

Yeah, Popular is a pia. I only ever did business with them because of PayPal and thats another nightmare in an of itself. Better off with BHD. IMO

 

[zoomzx11]

Went to the Santiago colinas mall Banco Popular, was given a sheet of requirements. The bank officer was very vague about the requirements when asked. I must be approved by popular, please dont recommend another bank. Does anyone have experience with popular or better yet a connection at the bank to help fast track. Would rather not go back and forth many times if not necessary. Willing to go to any branch in Santiago. Thanks.

I have never had anything but poor service and nitpicking charges from any Dominican Bank.
If you are used to first world banks this will be a real eye opener.

I was charged fees for not using my account and later charged fees for using my account too much.
When I opened an account one time the bank wanted proof of source of the funds which were transferred from a large US bank.

Scotia Bank in Sosua always treated me with indifference and gave me a hard way to go.
When I was closing the account clerk said I had to see the bank pres. who asked me why I was closing my account.
First and last time he spoke to me.

Found a debit/ credit card on the sidewalk outside a bank in Sosua.
Went inside the bank to turn in the card.
Being suspicious I wanted a written receipt saying I turned in the card.
Bank refused so I told them no receipt I was not giving them the card.
Cut it up myself.
Hard to imagine them not giving a damn about protecting their customers accounts?

I finally gave up and shut the accounts.
My wife is Dominican and more used to craziness here finally tossed in the towel and closed her Banco Popular account.
She outlasted me.

For brevity's sake I am leaving out the long lines, tellers stopping for a chat, and delivering coffee while the lines wait.
Overall impression is they do not care.
Ending on a good note they do let the pregnant women go to the head of the line, last I was in a bank here.

 

[zoomzx11]

EU, not a US citizen.

The DR will lay down for any request made by US officials.

 

[melphis]

And I read somewhere that to open a new account without being a legal resident, you have to do that within 30 days of arrival into the DR.
Since Luperon is unlikely to have any of the second paragraph requirements in post 2 above, the battle must be fought from the gringo standpoint by providing the correct information in a timely fashion before time runs out.

Have some friends that just went through that hoop. It's 90 days with a passport stamp as prove at Ban Reservas so they took a day trip to Haiti. They are still shaking and are asking themselves why they didnt just fly to Puerto Rico for the day.

 

[bob saunders]

I don't have an acct in the Popular, although my wife does. I don't think I would have any issues opening an acct there though. I am a citizen , not American, easy proof of income and both the manager and asst manager are clients. I had no hassles opening an acct at the BHD, and that was before I was even a resident. There are lots of things I don't care about with the Dominican banks policies, but I have always had quick response to any issues and I get along with all the tellers. Of course I am there twice a day and do all the schools banking. I also am treated very politely at the Banco Popular. Usually if you are polite and friendly to people they are the same back to you.

 

[CristoRey]

Keep in mind that if you are a US citizen, more will be asked of you before they open an account. Thank Uncle Sam for this. The US government will know every single cent in your account(s) as the giant of the north requires all financial insitutions to send a report to them with all the accounts owned by US citizens, even dual nationals.

Indeed.
I do not bank with Popular however to open my account with the bank I chose back in 2014, I had to go to three different branches in Santo Domingo before I found one willing to do the extra paper work for me (as I was told) because I have an American passport.