Bank Accounts

rover

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Aug 19, 2007
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Can i open a joint bank account with a Dominican that we both would have equal access too ??

From the little that I understand if you open the account with dollars unless you convert it the balance remains in dollars and is redeemed in dollars upon withdrawal. is that accurate ?
 

mountainannie

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Dec 11, 2003
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There are two different types of accounts - peso accounts and dollar accounts. I have both but they are both savings accounts. I do not know if you can have a checking account in dollars. Anyway. Your dollar account stays in dollars. The money is withdrawn in dollars. The bank can then convert your dollars to pesos (although they do not usually give you a great exchange rate)

As for a joint account with a Dominican, I have no first hand knowledge but would not see any problem with it.
 

SKY

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Apr 11, 2004
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Yes you can open a joint account with anyone you want. What mountannie said is correct, and all checking accounts are in Pesos here.
 

rover

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Ok a savings account is fine with me. So dollars in equals dollars out. Do you still acquire interest on your balance ?
 

rover

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Thanks everyone for the replies. One final question any banks that do business in both the U.S. and the DR that I could wire/transfer funds and avoid a wire fee ?
 

jrjrth

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Mar 24, 2011
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~Not on this planet....you are always charged a fee to wire money PERIOD whether its US or Dominican....and more then likely you get hit twice with fees....
 

rover

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When I've transfered money from Canada it has gone the the Bank of American in Miami in to my BHD account.
Is BHD the name of the bank ?? Do you know what the initials stand for ?

that was probably it.. but Derfish is also probably right about the wire transfer fees.

If the OP is going to be in the States and just wants to send money to a Dominican, he may want to check out remittances which are very common here and may be a cheaper way to go.
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No I am looking to sack some money away there because I am planning on buying a property.
 

mountainannie

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Is BHD the name of the bank ?? Do you know what the initials stand for ?



No I am looking to sack some money away there because I am planning on buying a property.
OK..
Now I am just going to warn you.
For the RECORD.
That if you are planning on stashing some money here in order to buy property and putting it in a dollar account.. ok, no worries. At least I would have no worries putting it in one of the major banks here.

BUT I would have a worry putting a substantial amount of money in an account and then giving an access card to my Dominican friend.. (hey, I would have the same reservations about ANY friend!)

Because when I returned for the next trip, the money might not be there. Because her uncle, or brother or someone might have found this really good deal on a piece of land.. blah blah blah.. really...

So perhaps the other really mean and nasty posters on DR1 want to jump on you or perhaps one warning is enough.

If you were just sending someone enough money for living expenses, that is one thing. But to be putting something with six figures -- US -- which will be in the millions in Dominican system.. Now THAT is REALLY ASKING for trouble.

Just imagine if someone left you with a bank card for a joint account with a couple of million DOLLARS in it? And they were not even in the country?

WHY put her in such a position?


(And wow, that must be a rico, no? because this is just money on the side, money that he would not miss, right?)
 

Fernandez

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Jan 4, 2002
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Bank account

Some quick notes.
BHD- Banco Hipotecario Dominicano.
Correspondent Bank in USA - Bank of America, Miami Office for USD checks.
Check cost: US$25.00 for an Official Cashiers Check drawn vs. BofA USA.

Banco Popular
Correspondent Bank in USA- Standard Charterd Bank- NY, New York for USD checks
Check cost: US$25.00 for an Official Cashiers Check dran vs. Standard Chartered USA.

3 day clearing on USA Fed.

Also, you can establish Euro Currency Savings Accounts drawn on European Banks.
Euro payments do not move through the USA Fed System.
Good luck.
 

SKY

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Apr 11, 2004
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BHD bank does not charge anything for a US dollar check made out to whom you want. As long as you have a US dollar account you can get a check in dollars for free.
 

rover

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Aug 19, 2007
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Somebody said that they were able to deposit in their Dominican bank account personal U.S. checks drawn on their U.S. bank account without incurring any extra foreign check fee etc. thus eliminating any wire fees.

Anyone try this ?
 

puryear270

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Aug 26, 2009
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Somebody said that they were able to deposit in their Dominican bank account personal U.S. checks drawn on their U.S. bank account without incurring any extra foreign check fee etc. thus eliminating any wire fees.

Anyone try this ?
I have deposited my own checks and others' checks written to me to my dollar account here at Banco Popular without incurring any fee. There is one catch, however: the funds are not available for withdrawal until the check clears, a process that (I was told) will take an average of 45 days.

That works fine for my particular situation, and I have been satisfied with the results.
Plus, Banco Popular is a very trustworthy bank. I greatly appreciate the peace of mind knowing that they have lots of security in place to prevent fraud, even though it means a couple of extra steps when I want to withdraw funds.
 

AlterEgo

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Jan 9, 2009
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Somebody said that they were able to deposit in their Dominican bank account personal U.S. checks drawn on their U.S. bank account without incurring any extra foreign check fee etc. thus eliminating any wire fees.

Anyone try this ?
We do it all the time - If I deposit a $3,000 check from my US bank into BHD, $3,000 goes into my account, and I can withdraw it as soon as it clears [averages about 3 weeks].

We do that with our dollars account, I've never tried to deposit a dollar check into our peso account.

AE