Banking

Pyza

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Jan 3, 2007
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Hi,
I was just wondering if there are any north american banks in the DR. Like TD,CIBC,Scotia, or anything else that would be easy to setup.
 

Tamborista

hasta la tambora
Apr 4, 2005
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Scotia Bank is all over the country. They are a seperate entity than Scotia Bank in Ca. .

tambo'
 

DavidZ

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Aug 29, 2005
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Citibank no longer does retail banking in the DR.

There are dozens (maybe hundreds) of Scotia Bank and Banco Popular offices here, but as Tambo said, they are both seperate entities from their US counterparts...
 

PabloPaul

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Dec 21, 2006
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Seperate as they may be, they are still controlled by Scotiabank and they helped Scotiabank to a record quarter as of the last report. Their Caribbean assets and banking are paying off huge (they are also in Haiti) and many other nations in the Caribbean basin area, more recently in Costa Rica.
Seperate as they may be they are still the same. Same logo, same bank, same huge profits.....the only difference is you can't go complaining to Canada about them if you don't like the service down here. Apart from that they are exactly the same bank. They are not really different at all.
 

Tamborista

hasta la tambora
Apr 4, 2005
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Since you seem to knowledgeable of Scotiabank and their balance sheet, I have a question for you. If you open an account @ Scotiabank in Santo Domingo, are the assets insured by CDIC in the event of a bank failure?

tambo'

What's Covered, What's Not?
 

PabloPaul

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Dec 21, 2006
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That my friend I have no idea about. However, the information I have is public knowledge, being that I heard it on the radio in Canada when I was there.
: p.
 

Robert

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Jan 2, 1999
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No, you're not covered. Scotia Bank in the DR runs under local laws and rules, so forget about any insurance coverage :)

If you looking for a USA bank that's FDIC insured and has an office here in the DR, then you need to speak to BPD (http://bpdbank.com). They have an office in Santo Domingo at the Banco Popular building on JFK.
 

Charlielyn

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Jul 31, 2005
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I heard that if you have an ATM card from Scotia Bank in Canada and use the ATM at the Scotia Bank in Puerto Plata that you don't get the service charges. Does anyone know this to be true first hand?
 

Spicedwine

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Apr 25, 2006
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Have used Canadian-issued Scotiabank ATM card at Scotiabank ATM's in Sosua, Cabarete, PP and Santiago.....no service charges.
 

rendul

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Feb 24, 2002
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When withdrawing from a home account using your debit card, there is a one time international transaction charge of CD $5.00. There is no commission on the amount you withdraw. I usually max out the amount I can withdraw at once so that I don't have to continually withdraw and get charged the CD $5.00. This applies to Scotiabank. I do not know what the other home banks charge but this is Scotiabank's.
 

Spicedwine

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Must depend of the type of account you have with Scotiabank - I have a "basic banking" account, that charges a once-month fee ( I think $7 CDN ).
The only $5 service charge I get using the card here is if it's NOT a Scotiabank ATM.
 

PabloPaul

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Dec 21, 2006
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Yes, it depends on the type of account.
While I was here I noticed I was being charged $5CND per transaction. Even from my Scotia account in Canada. Using TD Canada Trust is the same $5. The way I got around it was to phone TDCT and transfer my account from straight valuplus chequing to their premium account which includes among other things like a deposit box, free international unlimited withdrawals from ATM's. Don't get hosed! Get in the know!
: p.
 

Pyza

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Jan 3, 2007
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hey pablo,
so if i were i were to the whole td premium account its free transactions. But a main question would be where could i deposit money but be able to not have to do anything from when im back in canada after the summer. Instead of carrying a X amount of cash through an airport lol.
 

PabloPaul

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You could maybe open an account in DR like I did and deposit there. That way you could write cheques out of that account into whatever other account you wanted.