Another banking question

TimeOut

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Nov 4, 2007
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Do banks in the DR move funds as in the US?

I'm thinking if an account is opened in a DR bank and funded through a quarterly transfer from a US bank:

a second account can be opened in the same DR bank and funds moved electronically with online access from account #1 to account #2 on a monthly basis.

details of each account would be separate

any ideas?
 

rogerjac

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Feb 9, 2012
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I bank at santa cruz. I have a dollar account I send money to. I transfer to my peso account. I transfer again to joint account for wife to use. I do this all online.
 

RGLRM

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Jun 25, 2013
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Mauricio is correct it can be done with Banco Popular and with Banco Popular you can also electronically transfer to accounts at other banks. I have personally done it with a BanReservas account but other banks are listed for online transfers also. It is a good system.
 

Scorpio777

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Jun 28, 2013
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BHD will do the same as the other posts; however, there is a 6 month wait before you can move funds from the US
 

TimeOut

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Nov 4, 2007
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Mauricio is correct it can be done with Banco Popular and with Banco Popular you can also electronically transfer to accounts at other banks. I have personally done it with a BanReservas account but other banks are listed for online transfers also. It is a good system.
Are there any fees to transfer from Popular to another DR bank?
or any fees to receive funds by the second bank?
 

TimeOut

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Nov 4, 2007
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I bank at santa cruz. I have a dollar account I send money to. I transfer to my peso account. I transfer again to joint account for wife to use. I do this all online.
Does this sound right?
Open a dollar account @Santa Cruz in single name.
Deposit a check from a US bank (ie. $4500) every quarter.(no fees involved, only waiting period)
Open a second peso account in joint name @Santa Cruz.
Have a monthly electronic transfer set up to move and convert $1500 USD to the peso account.
Only the individual owner will have online access to the dollar account.
Both joint owners will have online access to the peso account.
ATM card can be issued for peso account and used by both.
 

TimeOut

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Nov 4, 2007
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you are looking for trouble. let me tell you a little story--my wife, who is Dominican, had 10000 pesos withdrawn from her account on a Saturday and again the next day. when she noticed on Monday that 20000 had been withdrawn, she went to the bank and was told that they would investigate. well, that was more then 3 years ago and she has not been reimbursed. it was naturally an inside job since they have all your info but nothing was done and if they can do that to a Dominican, guess what they can do to you? why not have the ck deposited in a us bank and then find a person here that will cash the check. ask chris colon how he does it
So stay away from banks in the DR altogether?
 

Criss Colon

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Jan 2, 2002
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yahoomail.com
An, "Inside Job" here in the DR often means your Wife!!!!! :bandit::bandit::bandit:
Stay away from opening an account in a Dominican's name, ALTOGETHER!
There will ALWAYS be funds missing that they know nothing about!
"No Fui Yo", :rolleyes::rolleyes::rolleyes: is all you will get in return.
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KEEP Total Personal Control of your money
The only account I have here, NOW, is a "CC" with Banreservas.
I owe them, not visa versa.
Just be VERY SURE to never fail to pay it off every month, BEFORE the due date!!!!
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