- Thread starter drstock
- Start date
Banco Popular v BHD
September 2024 Bulletin
I'm beginning to consider going for a short-term mutual certificate.
I'm beginning to consider going for a short-term mutual certificate.
So, I talked to my bank oficial, and told her I'm interested in getting another "Oferta Corto Plazo" (Mutual Popular)
Now keep in mind, I have done this before and she knows that. Here are the requirements:
Attached is the Investment Bulletin, with the indicative annual rates of return based on the latest update.
To invest in these instruments, you must open a brokerage account at our Stock Exchange. This account
It has no cost to you and allows you to access any investment opportunity that is available in the market.
To start the process of opening a brokerage account on a personal basis, you must answer the following questions:
questions:
1) Residence address (specify street, house number, sector, province and country):
2) Home phone:
3) Cell phone:
4) Personal email:
5) Do you have a Second Nationality? Please specify the country:
6) Academic level (If you are a university student, please indicate your profession):
7) Place of work:
8) Occupation:
9) Your work email:
10) Work phone:
11) Main monthly income and what is the source:
12) Other additional income and what is the source:
13) Marital status:
If you are married, you must provide us with the following information about your spouse:
Full name:
ID number:
Workplace:
Profession:
14) Are you a Politically Exposed Person or Related?
15) Number and type of bank account to receive the interest on your investment; specify the currency. Preferably
from Banco Popular. If it is from another bank, indicate which one:
2
16) Do you have any ties (family members) to the Popular Group?
17) Do you have any current loans or Financial Obligations? (If the answer is Yes, please
indicates the approximate amount)
18) Total Liquid Assets (financial certificates, current accounts, savings, among others)
19) What is your total net worth?
20) What percentage of your total assets do you plan to invest at this time?
21) What is your risk tolerance level (Low, Medium or High)?
22) How long have you been trading in the local or international stock market?
23) How many transactions do you carry out annually in the local or international Stock Market?
24) Indicate with which of the following products you have carried out Stock Market and Financial operations as
Investor: None, Government Bonds, Corporate Bonds of private companies, Treasury Bills and Notes
Central Bank, Mutual securities, Open-end investment fund shares, Investment fund shares
closed, Public Offering Trust Shares, Stocks.
25) What time frame would you like to invest in? In other words, how long in years are you willing to wait to invest?
make a profit on your investment?
26) Estimated amount to invest (Specify currency):
In addition to this, you must send us the following scanned documents in PDF format as applicable:
Dominican Identity Card legible on both sides. Note: If you have another nationality, you must send us your passport
with said nationality. If you reside in a country other than that of your nationality, you must provide us with your current residence or
immigration status card.
Justification of your monthly income. Please confirm which of the following options applies to you:
1) Private Sector Employee:
Employment letter from the company where you work (valid for no more than 2 months).
Bank account statements showing the payment for payroll. This must be
display: The client's name, the type of account (savings or checking) and the currency (RD$ or US$).
2) Public Sector Employee:
Consultation of the public payroll on the web portal of the institution where you work or another portal
governmental.
Letter or certification from the institution or company where you work (valid for no more than 2 months).
Affidavit of Assets from the Chamber of Accounts Portal.
3) Pensioners or retirees:
Certification from the institution from which you receive your pension/retirement payment (pension letter).
Account statements from the bank where the recurring pension payment is displayed (Last 3
months) or any other auditable document where the same are evidenced. The following must be displayed:
client name, type of account (savings or checking) and currency (RD$ or US$).
4) Removed:
Documents that show the accumulation of funds to be invested and their origin and that the
The client has them at the time of opening the account or carrying out the transaction, such as:
Account transactions, cancellation of certificates, savings accounts, etc.
Bank or commercial references.
Retirement statement.
5) Self-employed workers: Provide documents that prove what activity they are engaged in and their income.
that they receive from it, such as:
Tax return (IR1) from the General Directorate of Internal Revenue, if applicable.
Tax return for the last year in the country where you filed (foreign).
Latest account statements or copies of checks through which they receive the income they generate from
your business activity (last 6 months).
Invoices that show the income and movements of your business.
Copies of customer or supplier invoices
3
Photos of the business premises
Any other auditable document where said income is evidenced.
6) Partners/shareholders of companies:
Current corporate documents registered in the corresponding Chamber of Commerce and Production,
where the number of shares or social quotas that you own is shown (not older than 2 years); or in your
default, a certification issued by the company certifying the number of shares or quotas that
possesses, signed by the authorized person.
Certification of the RNC or evidence of the consultation in the DGII portal where it is evident that the company is
find active.
Tax Return (IR2).
Audited financial statements, in case the first fiscal year has not been completed, financial statements
unaudited and bank statements.
7) Housewives/Students:
Declaration or letter justifying the source of your income.
Proof of remittances received, if applicable.
Documentation of the origin of funds and income. The income provider must be subject to the process
due diligence.
8) Unemployed:
Proof of settlement from the last job.
Check issued by the company where liquidation, eviction or any auditable evidence is specified
where you can check your unemployment status
9) Lease (Rent):
Copy of the rental contract for the real estate or personal property.
Account statement or movement where said income is evidenced.
10) Savings: When the client indicates that their funds come from savings, they must provide the following:
Account statements for 6 months showing that the funds to be invested are bank savings.
Evidence of certificate cancellations, if applicable.
Any other auditable document showing evidence of savings.
11) Legal entity (Company):
Bank account statements, showing liquidity.
Indicate the origin of the funds to be invested.
Tax Return (IR2). Note: only for companies that have been registered for one year or less.
constituted.
Audited financial statements for the last 2 years.
Current Commercial Registry.
DGII Certification.
Bylaws.
List of shareholders.
Minutes of the meeting designating the current administrative body (Managers and Board of Directors).
Document indicating the persons authorized to open and manage brokerage accounts.
Copy of the identity documents of the shareholders and current administrative body.
12) In the event that the funds to be invested come from a Transfer of funds, please specify it, for
send you the required documents.
Note: If the account is Joint (Between 2 or more people), the questions must be provided for all persons
answered, identity documents and income justification documents.
If you have any questions, I'm at your service.
Sounds like a piece of cake! Apparently my old brokerage account is not valid anymore.
Now keep in mind, I have done this before and she knows that. Here are the requirements:
Attached is the Investment Bulletin, with the indicative annual rates of return based on the latest update.
To invest in these instruments, you must open a brokerage account at our Stock Exchange. This account
It has no cost to you and allows you to access any investment opportunity that is available in the market.
To start the process of opening a brokerage account on a personal basis, you must answer the following questions:
questions:
1) Residence address (specify street, house number, sector, province and country):
2) Home phone:
3) Cell phone:
4) Personal email:
5) Do you have a Second Nationality? Please specify the country:
6) Academic level (If you are a university student, please indicate your profession):
7) Place of work:
8) Occupation:
9) Your work email:
10) Work phone:
11) Main monthly income and what is the source:
12) Other additional income and what is the source:
13) Marital status:
If you are married, you must provide us with the following information about your spouse:
Full name:
ID number:
Workplace:
Profession:
14) Are you a Politically Exposed Person or Related?
15) Number and type of bank account to receive the interest on your investment; specify the currency. Preferably
from Banco Popular. If it is from another bank, indicate which one:
2
16) Do you have any ties (family members) to the Popular Group?
17) Do you have any current loans or Financial Obligations? (If the answer is Yes, please
indicates the approximate amount)
18) Total Liquid Assets (financial certificates, current accounts, savings, among others)
19) What is your total net worth?
20) What percentage of your total assets do you plan to invest at this time?
21) What is your risk tolerance level (Low, Medium or High)?
22) How long have you been trading in the local or international stock market?
23) How many transactions do you carry out annually in the local or international Stock Market?
24) Indicate with which of the following products you have carried out Stock Market and Financial operations as
Investor: None, Government Bonds, Corporate Bonds of private companies, Treasury Bills and Notes
Central Bank, Mutual securities, Open-end investment fund shares, Investment fund shares
closed, Public Offering Trust Shares, Stocks.
25) What time frame would you like to invest in? In other words, how long in years are you willing to wait to invest?
make a profit on your investment?
26) Estimated amount to invest (Specify currency):
In addition to this, you must send us the following scanned documents in PDF format as applicable:
Dominican Identity Card legible on both sides. Note: If you have another nationality, you must send us your passport
with said nationality. If you reside in a country other than that of your nationality, you must provide us with your current residence or
immigration status card.
Justification of your monthly income. Please confirm which of the following options applies to you:
1) Private Sector Employee:
Employment letter from the company where you work (valid for no more than 2 months).
Bank account statements showing the payment for payroll. This must be
display: The client's name, the type of account (savings or checking) and the currency (RD$ or US$).
2) Public Sector Employee:
Consultation of the public payroll on the web portal of the institution where you work or another portal
governmental.
Letter or certification from the institution or company where you work (valid for no more than 2 months).
Affidavit of Assets from the Chamber of Accounts Portal.
3) Pensioners or retirees:
Certification from the institution from which you receive your pension/retirement payment (pension letter).
Account statements from the bank where the recurring pension payment is displayed (Last 3
months) or any other auditable document where the same are evidenced. The following must be displayed:
client name, type of account (savings or checking) and currency (RD$ or US$).
4) Removed:
Documents that show the accumulation of funds to be invested and their origin and that the
The client has them at the time of opening the account or carrying out the transaction, such as:
Account transactions, cancellation of certificates, savings accounts, etc.
Bank or commercial references.
Retirement statement.
5) Self-employed workers: Provide documents that prove what activity they are engaged in and their income.
that they receive from it, such as:
Tax return (IR1) from the General Directorate of Internal Revenue, if applicable.
Tax return for the last year in the country where you filed (foreign).
Latest account statements or copies of checks through which they receive the income they generate from
your business activity (last 6 months).
Invoices that show the income and movements of your business.
Copies of customer or supplier invoices
3
Photos of the business premises
Any other auditable document where said income is evidenced.
6) Partners/shareholders of companies:
Current corporate documents registered in the corresponding Chamber of Commerce and Production,
where the number of shares or social quotas that you own is shown (not older than 2 years); or in your
default, a certification issued by the company certifying the number of shares or quotas that
possesses, signed by the authorized person.
Certification of the RNC or evidence of the consultation in the DGII portal where it is evident that the company is
find active.
Tax Return (IR2).
Audited financial statements, in case the first fiscal year has not been completed, financial statements
unaudited and bank statements.
7) Housewives/Students:
Declaration or letter justifying the source of your income.
Proof of remittances received, if applicable.
Documentation of the origin of funds and income. The income provider must be subject to the process
due diligence.
8) Unemployed:
Proof of settlement from the last job.
Check issued by the company where liquidation, eviction or any auditable evidence is specified
where you can check your unemployment status
9) Lease (Rent):
Copy of the rental contract for the real estate or personal property.
Account statement or movement where said income is evidenced.
10) Savings: When the client indicates that their funds come from savings, they must provide the following:
Account statements for 6 months showing that the funds to be invested are bank savings.
Evidence of certificate cancellations, if applicable.
Any other auditable document showing evidence of savings.
11) Legal entity (Company):
Bank account statements, showing liquidity.
Indicate the origin of the funds to be invested.
Tax Return (IR2). Note: only for companies that have been registered for one year or less.
constituted.
Audited financial statements for the last 2 years.
Current Commercial Registry.
DGII Certification.
Bylaws.
List of shareholders.
Minutes of the meeting designating the current administrative body (Managers and Board of Directors).
Document indicating the persons authorized to open and manage brokerage accounts.
Copy of the identity documents of the shareholders and current administrative body.
12) In the event that the funds to be invested come from a Transfer of funds, please specify it, for
send you the required documents.
Note: If the account is Joint (Between 2 or more people), the questions must be provided for all persons
answered, identity documents and income justification documents.
If you have any questions, I'm at your service.
Sounds like a piece of cake! Apparently my old brokerage account is not valid anymore.
The above craziness comes back to my original point in opening this thread. Banco Popular makes it so difficult to do business with them that it seems they don't want your money!
It's easier to get Residency!
It's easier to get Residency!
I dont get it ! If you are a US Citizen than you have plent of investment Platforms available tht you can set up within minutes. Non Us Citizens can use etorro etc. Why give your $$$ to somebody (Popular) that makes your life so dificult !?
I can't imagine very many gringos or Dominicans wanting to go through that hassle. Years ago I bought some certificates of deposit at Banco Central and don't remember having to provide much more than my passport. Same with BHD. I had to open a brokerage account with them(already had bank accounts) and didn't have to give any of the info Banco Popular is requiring. It was very easy.
The incredibly long list JD posted may not be solely a BPD requirement, but could stem from the type of certificate he was seeking. Perhaps it involved the Dominican stock exchange (BVRD) and thus the need for a brokerage account according to that long list. Crazy, yes. I never needed anything close to that to open a mutual fund account in the US. But, the certificates that pay peanuts in interest may only need the basic info as most other bank accounts.
We need to hear from someone that is buying certificates on the stock market at BHD. BHD's brokerage arm is Cevaldom. I had to create an account with them when I was buying them about 10 years ago. They might require the same amount of info now but back then it was very simple to do. I already had bank accounts with them and don't remember having to provide any additional information.
Same for me. I used Cevaldom and it was almost effortless to have an account.
They are the largest (or second largest if includes the commercial bank owned by the government) bank in the DR worth billions of US dollars. They also function in a market segment that the very Grullón people involved with the bank their family created say has monopolistic tendencies.
To put it shortly, they don’t have to be more client friendly then they have to as long they continue to be among the kings in the Dominican banking sector. If they loose their position to the competition and it isn’t a relative change but an absolute change where they fall in the rakings not just because other banks got bigger, but also because they are getting smaller in absolute terms; only then they will become easier to deal with out of necessity. Until then…
At least BPD has things to sit on while you wait your turn now. They haven't got around to having enough cashiers to occupy all the windows and serve the clients yet.
With all the investment options in the world and the many simple and cheap ways to send yourself money why do most here even bother with Dominican banking?
I have accounts in a DR bank but have not used it in years and see no reason to bother again in future. I’m much happier and feel safer using insured 1st world banking and investments. So please fill us in on reasons to jump through all the hoops for inferior DR banking when most if not all have better banking elsewhere.
I have accounts in a DR bank but have not used it in years and see no reason to bother again in future. I’m much happier and feel safer using insured 1st world banking and investments. So please fill us in on reasons to jump through all the hoops for inferior DR banking when most if not all have better banking elsewhere.
One reason so many Dominicans have accounts in BPD is just about every hotel in PC pays wages by Direct Deposit into BPD. That is tens of thousands accounts right there. They have a virtual monopoly on this. Probably in other cities also.............In PC you can get to Miami faster than a bank teller in BPD..........
Not everyone thinks like that. Some that live in the DR like to have an account in the DR for small purchases, etc...I do not think anyone needs to give their reasons for it. It is a matter of preference.
They won't be, and BP will zero out and close your account with NO notice. I know many Dominicans that it happened to...........