Banking question

Larry

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Mar 22, 2002
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As some of you know, I am moving to Santo Domingo in a few weeks. I plan to open a bank account there, however, I intend to keep the majority of my cash where it is in a bank in NY. I am hoping I will be able to by-pass the hassle and expense of wire transfers by simply writing a check from myself to myself from my account in the NY bank and depositing it into the account in SD. Is this feasible and if not, what is a safe and convienent way for me to transfer the money. Also, considering the option of withdrawing directly from my NY bank via ATM, what positive or negative experiences has everyone had using this method.

Larry
 

Robert

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Jan 2, 1999
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Larry said:
As some of you know, I am moving to Santo Domingo in a few weeks. I plan to open a bank account there, however, I intend to keep the majority of my cash where it is in a bank in NY. I am hoping I will be able to by-pass the hassle and expense of wire transfers by simply writing a check from myself to myself from my account in the NY bank and depositing it into the account in SD. Is this feasible and if not, what is a safe and convienent way for me to transfer the money. Also, considering the option of withdrawing directly from my NY bank via ATM, what positive or negative experiences has everyone had using this method.

Larry
I would go and have a chat with BPD (http://bpdbank.com) in New York.
They're a FDIC insured US bank.

Passing money from your BPD US$ account to a Banco Popular RD$ account here is a very quick and easy process. Both have online access.

You can also email Miriam Gil and ask her the same question.
email: mgil@bpdbank.com
 

THE GAME

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Jul 13, 2005
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Larry said:
As some of you know, I am moving to Santo Domingo in a few weeks. I plan to open a bank account there, however, I intend to keep the majority of my cash where it is in a bank in NY. I am hoping I will be able to by-pass the hassle and expense of wire transfers by simply writing a check from myself to myself from my account in the NY bank and depositing it into the account in SD. Is this feasible and if not, what is a safe and convienent way for me to transfer the money. Also, considering the option of withdrawing directly from my NY bank via ATM, what positive or negative experiences has everyone had using this method.

Larry
or you can open a citibank acct in ny,,, and get cash in pesos in citibank in santo domingo or santiago.

there's i think 3 citibank branches in sd and 1 in santiago.
 

Robert

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THE GAME said:
or you can open a citibank acct in ny,,, and get cash in pesos in citibank in santo domingo or santiago.

there's i think 3 citibank branches in sd and 1 in santiago.
Have you ever done this?

People I speak to tell me the process is not very fluid with CitiBank.
 

Larry

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Mar 22, 2002
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I should have mentioned that my current bank is Bank of America. If possible, I would retain it as my bank but of course I'll open another account if necessary. Thanks for the responses. Keep them coming please :)

Larry
 

Larry

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Mar 22, 2002
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Talldrink said:
Larry, I know this is off topic...

Will you become a friggin blogger too?
Haha. I was considering it but have not yet decided if I am the blogging type.



Larry
 

jackquontee

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Larry, sorry I don't have anything to offer. But, could you in the future please share what route you took and your experience in going that route. I would like to do this as well, and I, too, Bank with Bof A. Thanks in advance.
 

Redscot

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Dec 10, 2004
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My experience

I am in a similiar situation Larry and tried the Citibank route first, being that my account is with them in the States, they were impossible. It is as if they have no relationship at all, and they required the post painstaking procedures of any banks we visited.

For one, my citibank nice card works at all atm's and garners a fair enough exchange rate. Other than that I set up an account with Banco Progresso (my wife worked fror them for 10 years in D.R.) and have had no problems makeing a lump sum wire transfer or 2. Amazingly the wire's have been credited within 48 hours. With our account at progresso we have a debit card which we can use at the supermarkets and various stores etc.

Good luck.

Ian
 

SKY

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Apr 11, 2004
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If you know someone at a reputable exchange house you can just write a check to yourself, endorse it and get the money in Pesos at the current rate.
 

Larry

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Mar 22, 2002
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SKY said:
If you know someone at a reputable exchange house you can just write a check to yourself, endorse it and get the money in Pesos at the current rate.

I have heard people on the north coast doing this but does anyone in SD have experience doing this? Also, no one answered my original question regarding if I could write a check from ny bank in NY to myself and deposit it directly in a bank in SD. That would simplify things.

Another thing I want to know is exactly what I need to open a regular savings account in a bank.

Larry
 

SKY

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Apr 11, 2004
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You can write a check to yourself on a U.S. dollar account, endorse it and deposit it in a bank in the D.R.

To open an account you need a Cedula or a Passport. If you are not a resident you just show your U.S. passport. As far as a reference goes, some banks want a Dominican reference that they know, but you know enough people on this board to arrange this easily.

As far as your other question regarding what I suggested to you in an earlier post about cashing a check for Pesos. Of course you can do this in the Capital, you just need to know someone there to stand good for you. Again, many Dr1 people, I am sure someone can help.
 

Robert

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Larry said:
I have heard people on the north coast doing this but does anyone in SD have experience doing this? Also, no one answered my original question regarding if I could write a check from ny bank in NY to myself and deposit it directly in a bank in SD. That would simplify things.

Another thing I want to know is exactly what I need to open a regular savings account in a bank.

Larry
Yes, but it may take 30-40 days to clear with some banks.

Have you spoke to the people at BPD?
 

Larry

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Mar 22, 2002
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Robert said:
Yes, but it may take 30-40 days to clear with some banks.

Have you spoke to the people at BPD?
No I haven't. The one branch in NY is about a 3 hour drive from where I am. I want to aviod opening another account here if possible because I am happy with my current bank and hate complicating things.

What I think I might do for now is simply bring down enough cash to last a 'while', open an account with it and withdraw as needed. Then when it is close to exhausted, I will simply wire down enough to last another 'while'. The wire transfer fee is not that much as far as I know but I will find out exactly what it is. If I can develop a relationship with an exchange house like Sky suggested in the meantime and have them cash my checks for me, that would be fine. I can also use my ATM card in case of an emergency.

edited to add: Nope, not a great idea. The wire transfer fee is expensive..$45.00.
Larry
 
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Robert

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Larry said:
No I haven't. The one branch in NY is about a 3 hour drive from where I am. I want to aviod opening another account here if possible because I am happy with my current bank and hate complicating things.
You would still keep your current US bank account, but just transfer the money to BPD in New York, then down to Banco Popular here. Also you can open a BPD US account while your in the DR, it will save you the 3hr drive. They are 20 mins from my place :)

US bank to US bank wire transfers are usually cheap or free.

The beauty is you can do everything online.
 

Larry

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Mar 22, 2002
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Robert said:
Also you can open a BPD US account while your in the DR, it will save you the 3hr drive. They are 20 mins from my place :)

US bank to US bank wire transfers are usually cheap or free.

The beauty is you can do everything online.
Thats what I will do.

Larry
 

Larry

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Mar 22, 2002
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Escott said:
Just come to the North Coast and I will get your checks cashed in any amount, no problem.

You are getting short my friend, see you soon!

Thanks buddy! Yeah, I am. I am looking at Sept. 2nd to fly down.

Larry
 

HOWMAR

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Jan 28, 2004
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Larry said:
Thanks buddy! Yeah, I am. I am looking at Sept. 2nd to fly down.

Larry
We're playing poker Sept. 1. Sorry you'll miss it. (Really wanted to win some of my money back). Please advise when you'll be up North for a game.
HOWMAR