Bank Accounts

[Snuffy]

The only other advice I will give you is this. If that ATM card gets taken by the machine...you may not be able to get it back. The bank here in the DR may force you to go through your home bank to get a replacement card. You might be sitting here without access to your money. So you have to have a backup card, another account with card, or some other type backup system. With a separate account you may be able to move money....Online from one account to another in an emergency. I have several accounts and can move money around as I need it. An example...I have one card that I make online purchases with...I move money into it as I need to pay for those purchases. This way I assure myself that no one is going to tap into my main accounts.

You need a backup or just deposit one lump sum in an account here in DR.

Best of Luck

 

[carina]

Snuffy is right all the way.
I have had my card to my Swedish bankaccount as well as my Popular account eaten up many times here. Most of the times it is possible to get them back, other times they are completely destroyed.
I do as Snuffy, online and can transfer my money between my accounts, and I also have an extra card for my Swedish Account that keep for any emergencies.

There are no local banks here issuing cards for other banks, that goes without saying, and if you rely on a foreign bank ATM card, it might bring you trouble.

If it is not an enourmous amount you are bringing here, why not just bring it
and deposit it here. You say yourself you want to get it all out at once...
So why not just do that and bring it, in cash or by a cheque.
????

 

[PeachezNcream84]

There are no local banks here issuing cards for other banks, that goes without saying, and if you rely on a foreign bank ATM card, it might bring you trouble.

If it is not an enourmous amount you are bringing here, why not just bring it
and deposit it here. You say yourself you want to get it all out at once...
So why not just do that and bring it, in cash or by a cheque.
????

Well I will need to withdraw it when I am there, and do not know if I feel safe carrying a large sum of money around with me, and do not want to loose a large amount if I deposit it all in my Dominican bank account, and the value goes down???

What Dominican banks are online?

Is there ay I can transfer money to online from my Canadian Account? Or do I have to check with my local bank to find that out?

 

[carina]

Well I will need to withdraw it when I am there, and do not know if I feel safe carrying a large sum of money around with me, and do not want to loose a large amount if I deposit it all in my Dominican bank account, and the value goes down???

What Dominican banks are online?

Is there ay I can transfer money to online from my Canadian Account? Or do I have to check with my local bank to find that out?

Check with your bank in Canada.

As for exchange rates, of course they go up and down.
This is something you cannot avoid if you are talking money in different currencies. If it is not a large amount, and just for living expenses, it would be something you just have to take and live with under the situation.
If you are talking larger amounts, as for investing, other deals are done.
But my guess is you are talking about taking money here to live on.
Just bring what you are sure you will use in cash, and the rest in cheques if you don?t want to change all to pesos, or have too much cash.

Or check out online banking.

 

[PeachezNcream84]

Check with your bank in Canada.

As for exchange rates, of course they go up and down.
This is something you cannot avoid if you are talking money in different currencies. If it is not a large amount, and just for living expenses, it would be something you just have to take and live with under the situation.
If you are talking larger amounts, as for investing, other deals are done.
But my guess is you are talking about taking money here to live on.
Just bring what you are sure you will use in cash, and the rest in cheques if you don?t want to change all to pesos, or have too much cash.
Or check out online banking.

Do you know what Dominican banks are online and have online banking?

 

[carina]

Most of them have.
The thing you must see is that your Canadian bank have online banking when it comes to other accounts in other countries.

I wouldn?t worry too much of the exchangerate, as I guess you are not talking about huge amounts.

Example:

Rate 28 for 1 US or rate 29 for 1 US.
Difference in value for 10.000 USD is 1000 pesos ( 34-35 US ).
That is less than a Western Union transfer for 1 time.

 

[clara]

I have an account in USD here in the DR at Banco de Reservas. When I first moved here, I brought some USD in cash and the rest in a check (checks take a while to clear). While I cannot do direct transfers from my US account to my DR account, I am only charged 10 USD to do a wire transfer, which only takes about a week. Having the money in dollars allows me to change money when I want (and when the exchange rate is strongest).

I am not sure how this would work with Canadian banks, but it may be an approach to consider. Suerte.

 

[rendul]

When I first opened my accounts at Progreso, wire transfers from Canada to the D.R. are routine but they only did US $ transfers as the Progreso's transfer through account in New York is US currency. When I would put through a transfer a flat fee of $15.00 Canadian was applied no matter how large the wire transfer of US dollars was. Then when I got down to the D.R. I would move some of the cash over to my peso account. The withdrawal fee that I am charged by my bank here is a flat $7.50 but there is no exchange commission. It is based on the daily Interbank Rate. I don't know about the Banco Reservas and how they handle things or where their transfer through accounts are located but presumably it would mean US dollars as well.

 

[rendul]

I would also like to point out that the banks and cambios in the D.R. do not like Canadian $$$. That is why the exchange rates are ridiculous for Canuck cash. The cambios regularly knock off at least three pesos under the current exchange rate. US dollars by comparison get a better exchange.

 

[dropitlikeithot]

Do you know what Dominican banks are online and have online banking?

try banco popular.

http://www.bpd.com.do/ingles/home+page.htm

 

[dropitlikeithot]

Do you know what Dominican banks are online and have online banking?

if CITIBANK has branches in Canada, then you can open acct in CAN
and withdraw money from Citibank in Santiago. The only thing is that
citibank in DR will give you your money in pesos.

i have citibank in US and i can withdraw money from citibank in santiago
and no withdrawal fees.

 

[DianaC]

Scotiabank

In response to an earlier question:

if your account in Canada is with Scotiabank and you are withdrawing from a Scotiabank ATM in the DR, there is no service charge on the DR side - there is only the service charge at the Canadian end for withdraws from a foreign ATM. Scotiabank service charge was $2.75 per transaction up to the last time I used it... about half the charge at most other banks. With no service charge on the DR side and branches in many locations, it makes it the easiest and most economical choice for Canadians in the DR.

 

[johne]

I know this is an old post but.... Citibank Posting

if CITIBANK has branches in Canada, then you can open acct in CAN
and withdraw money from Citibank in Santiago. The only thing is that
citibank in DR will give you your money in pesos.

i have citibank in US and i can withdraw money from citibank in santiago
and no withdrawal fees.

I went to a Citibank branch yesterday in NY so that I can have a banking relationship with Citibank in Santo Domingo. The information I received is that I must open an account in both Citibank here in NYC AND the Citibank branch in Santo Domingo. (2 proofs of ID etc.) After this is done one can then have the ability to deal internationally between the two countries .
I have started the process and will do the SD end next month.
Has anybody else had this experience and does what the rep said here in NY make sense?

JOHN