Bank of Nova Scotia in POP

[jw2004]

1) Is this really a foreign branch of the Scotia Bank in Canada or some kind of franchise? How "credible" is this bank?
2) I was thinking setting a $$ transfer link between Scotia Bank in Canada and this one in POP
3) Any suggestion of what is the most reliable way of doing a monthly transfer of us$/cdn$ out of Canada and into DR.
Appreciation in advance.

 

[planner]

It's real

It is a real bank honey.....not a franchise.

It will be very simple to arrange the transfers, not a big deal at all.

Go on in and open an account....

 

[mountainfrog]

Money Transfer

As for "real banks":
Baninter, todas las posibilidades....

If it is yourself drawing money from your Canadian account you do not need a bank really.
Just bring your cheque book and establish a business relation with some casas de cambio.

 

[jerryme]

It is "real", yet if the bank goes under, Scotia Bank of Canada will NOT bail it out. It is a seperate entity. I bank with Scotia in Cabarete and I talked to a bank manager at Scotia in Saint Martin and he expalined how they were all different.

 

[mikeyone]

My understanding too!!

It is "real", yet if the bank goes under, Scotia Bank of Canada will NOT bail it out. It is a seperate entity. I bank with Scotia in Cabarete and I talked to a bank manager at Scotia in Saint Martin and he expalined how they were all different.

Seperate Entity is my information although I understand that Scotiabank, Canada, sends down auditors every three months etc. etc. A manager in one branch tried to tell me that my deposits would be guaranteed to a certain amount ala Canada..Nope!!!!. Unfortunately if they go bust I would think all the others will have gone before. Scotiabank is considered safe by many monied Dominicans.....So my few Shekels are with them........Cheers. M.

 

[jerryme]

I'm sure Scotia of Canada is glad to take the profits from its Latin American branches, but if something goes wrong, you better believe they will find a way not to pay out. How can a US or Canadian bank justify paying anyone 20% interest on a small cash cd? ( although I am not compaining)

I think they are a safe bank and I do business with them.

 

[sweetdbt]

I'm sure Scotia of Canada is glad to take the profits from its Latin American branches, but if something goes wrong, you better believe they will find a way not to pay out. How can a US or Canadian bank justify paying anyone 20% interest on a small cash cd? ( although I am not compaining)

I think they are a safe bank and I do business with them.

They justify it based on the even higher rates they charge to those who are in the unfortunate position to need to borrow from them! I suspect that if they don't find enough takers on the borrowing end, they limit the issuing of the CDs or lower the rates.

 

[jw2004]

Just talked to a local Scotia Bank in Canada

1) "they said" yes it is one of their foreign branch
2) however the system is different, meaning Canada deposite insurance does not apply
3) there is no interbranch electronic fund transfer because the "system" is different
4) I will have to do a wire transfer, in which case, under the new law, a small % will to the DR government as a "tax". (only in DR )
5) or I can get a bank draft to my name and cash it there .. then go from there

I am looking at bring cdn fund over to make a realestate purchase and yet hope to bypass the new "tax". May be I just stuff a **** load of us cash in my money belt and walk out the airport .... just kidding.

 

[beachlv]

1) "they said" yes it is one of their foreign branch
2) however the system is different, meaning Canada deposite insurance does not apply
3) there is no interbranch electronic fund transfer because the "system" is different
4) I will have to do a wire transfer, in which case, under the new law, a small % will to the DR government as a "tax". (only in DR )
5) or I can get a bank draft to my name and cash it there .. then go from there

I am looking at bring cdn fund over to make a realestate purchase and yet hope to bypass the new "tax". May be I just stuff a **** load of us cash in my money belt and walk out the airport .... just kidding.

Hi jw2004,
Did they tell you the amt of the "small %" that goes "to the DR govt as a tax" upon a direct bank to bank transfer? Thanks
beachlv (Kay)

 

[jerryme]

I bought RE in Cabarete and just got a bank check or money order from my US bank in the name of the DR lawyer and brought it with me to the closing. You don't have to have money ina DR bank to buy Real estate.

Cost $ 4.00 USD for the bank check. Avoided any taxes or transfer fees.

 

[ricktoronto]

I am looking at bring cdn fund over to make a realestate purchase and yet hope to bypass the new "tax". May be I just stuff a **** load of us cash in my money belt and walk out the airport .... just kidding.

Keep in mind (and the bank will know when the draft is cashed) if you take more than CDN$10,000 out of Canada and a bank draft counts, you have to tell Canada Customs before you leave, or fill out the form and give it to Canada Customs at the airport (and it is no cinch finding them on the departure side). If you connect in the USA AND when you arrive in the DR you also have to declare the funds (if over $10,000 US) tothe US and Dominican authorities. I wouldn't be wild about telling the DR authorities anything in this respect,frankly.

I wouldn't fail to disclose but a wire transfer gets rid of all these issues.

 

[Aguayo]

When the argentinean economy went bust a pair of years ago, the ScotiaBank in Argentina wasn't better than the local banks.

All them froze the accounts and customers had to wait months to receive back the money.
Finally deposits in dollars were given back in pesos using a 1:1.8 exchange rate when the real exchange rate was 1:3.
May be the Scotia is good for transfers, but IMHO if you want to keep your money safe better put it in some English carribean territory based bank not in the DR.