Banks in the DR

sayanora

Silver
Feb 22, 2012
1,586
7
38
Does anyone know if banks in the DR try to verify income sources after holding a certain amount in them like US accounts do? Everytime I have a wire over 10k USD to my US account it's a huge hassle about proving to them that my internet marketing company is providing a legitimate service and if DR banks are going to put me through the same ringer I'll just keep buying land instead of depositing into an account. Thanks for the help guys!
 

jaguarbob

Bronze
Mar 2, 2004
1,362
42
48
When a transaction is 10000$usd,and over, it is a hastle as this has to be reported to us banking officials and IRS.
 

SKY

Gold
Apr 11, 2004
9,951
262
83
It is amazing what one country like the US can do to make life miserable for people in other countries just trying to live a peaceful life.
 

VJS

Bronze
Sep 19, 2010
846
0
36
I've been contacted by a bank officer from Reservas over email after I opened a new account and sent in a few wires (i tend to keep them just under 10k). He asked what the money is for, and from what source, I gave my explanation and he went away. Dont remember if there was a form to be filled but overall it was slightly annoying but not too bad at all; banks in any country are way too nosy nowadays.
 

Timotero

Bronze
Feb 25, 2011
689
29
48
lesser of two evils.

And the criminal element that uses laundered money for crime, terrorism, etc. etc. .......they make our life better? :confused:
 

Riva_31

Bronze
Apr 1, 2013
2,155
2
38
Yes, Banks in Domincan Republic do that too, if your deposit is 10,000.00 dollars or equivalence in Dominican Pesos the cashier gives you a Form that you have to Fill and Sign telling from where is coming that money.
 

jinty05

Bronze
Feb 11, 2005
883
7
38
Why do you find legitimate checks on deposits so inconvenient? In most developed countries there are money laundering requirements to be satisfied when depositing funds? This is not unduly inconvenient.

Does anyone know if banks in the DR try to verify income sources after holding a certain amount in them like US accounts do? Everytime I have a wire over 10k USD to my US account it's a huge hassle about proving to them that my internet marketing company is providing a legitimate service and if DR banks are going to put me through the same ringer I'll just keep buying land instead of depositing into an account. Thanks for the help guys!
 

Dandman

Member
May 17, 2004
81
2
18
Most airlines now require a search before boarding for the DR, if you have over $5000 in cash. It is legal to bring that amount but that want to count it and search all of your carryon luggage to see if you are carrying any more money. This has happened to me and several of my friends. Now when asked, I never have over $5000.
 

davetuna

Bronze
Jun 19, 2012
1,074
0
0
Cabarete, Dominican Republic
I recently flew in with LIAT and when they searched my carry on bag they saw some money in a pocket, the woman asked me how much it was and i said '95 hundred'

she misheard me and thought I said 95 thousand. I suggested to her that If I was carrying 95 thousand dollars, Did she really think I would be flying LIAT?

that ended the conversation.

dave