Banresearvas Opens Branch in NYC & Miami

[MiamiDRGuy]

I wonder will this allow me to make deposit and my wife in DR to receive the money down at branch in DR?

If that is true, which by means no more wire transfer, no more xoom, remit, etc.

All for free of charge.

 

[El Hijo de Manolo]

I wonder will this allow me to make deposit and my wife in DR to receive the money down at branch in DR?

If that is true, which by means no more wire transfer, no more xoom, remit, etc.

All for free of charge.

This is most likely not the case due to the strict anti money laundering regulatory environment. The bank in the states will have a different SWIFT code, and the two different branches do not share other account identification characteristics like ABA, ie the account routing systems are different.

The same goes for Popular, which I had looked into years ago

 

[RDKNIGHT]

This is most likely not the case due to the strict anti money laundering regulatory environment. The bank in the states will have a different SWIFT code, and the two different branches do not share other account identification characteristics like ABA, ie the account routing systems are different.

The same goes for Popular, which I had looked into years ago

I would hate to correct you but popular has no affiliation with the bank of popular here in the Dominican Republic,,

 

[El Hijo de Manolo]

I would hate to correct you but popular has no affiliation with the bank of popular here in the Dominican Republic,,

I was not saying that, but correct away.

 

[SKY]

Banreservas opens its first representative office in the US in New York

<p>New York.- Banco de Reservas of the Dominican Republic inaugurated its inaugural representative office in the United States on Wednesday evening. This significant event featured the participation of President Luis Abinader, who was in New York attending the United Nations General Assembly on...

dominicantoday.com

 

[zeferus]

This is most likely not the case due to the strict anti money laundering regulatory environment. The bank in the states will have a different SWIFT code, and the two different branches do not share other account identification characteristics like ABA, ie the account routing systems are different.

The same goes for Popular, which I had looked into years ago

Not necessarily means transfer will not be possible even with different swift codes. TD Bank (USA) and TD Canada Trust allow for transfers between accounts, so does RBC and perhaps a few others. HSBC does as well in some other countries.

 

[El Hijo de Manolo]

Not necessarily means transfer will not be possible even with different swift codes. TD Bank (USA) and TD Canada Trust allow for transfers between accounts, so does RBC and perhaps a few others. HSBC does as well in some other countries.

Please read the thread. Playa Caribe2 has explained.

 

[NALs]

Banreservas open only the NYC office. The one in Miami will open some time in October. The way the title is written, one could think both offices were open at the same time. Considering there was an event when they open the office in Madrid and again in New York, I think it's likely one will be done with the opening of the Miami office.

 

[Father Guido]

great news, the next time I'm in NYC I can pay the ticket I got from the one Digeste cop that doesn't 'collect' the fine himself

 

[keepcoming]

great news, the next time I'm in NYC I can pay the ticket I got from the one Digeste cop that doesn't 'collect' the fine himself

I do not think you can do this at the NYC branch....

 

[playacaribe2]

I do not think you can do this at the NYC branch....

Correct.

About the only thing that you can do at the representative office is receive a "free" pen with the banks name on it.......................while supplies last of course.


Respectfully,
Playacaribe2

 

[El Hijo de Manolo]

Correct.

About the only thing that you can do at the representative office is receive a "free" pen with the banks name on it.......................while supplies last of course.


Respectfully,
Playacaribe2

The sad part of this is that this was billed as a great next step in banking for Dominicans abroad, the "great" expansion of Dominican banking system to simplify financial transactions for its people. That's the vibe I got while reading this in LD and DL

 

[playacaribe2]

The sad part of this is that this was billed as a great next step in banking for Dominicans abroad, the "great" expansion of Dominican banking system to simplify financial transactions for its people. That's the vibe I got while reading this in LD and DL

Well they certainly hyped it with a Presidential visit/church blessing and all. I understand it coincided with the President's visit and commentary at the UN and all.............but it really was much ado about little..................and that includes his UN appearance.

It does make for a nice campaign photo op though...............and its almost the silly season Again.


Respectfully,
Playacaribe2

 

[NanSanPedro]

Correct.

About the only thing that you can do at the representative office is receive a "free" pen with the banks name on it.......................while supplies last of course.


Respectfully,
Playacaribe2

🤣🤣 🤣

Seriously then, what value does it have?

 

[El Hijo de Manolo]

🤣🤣 🤣

Seriously then, what value does it have?

Marketing

 

[playacaribe2]

🤣🤣 🤣

Seriously then, what value does it have?

As was said above....marketing.

And adding..........a kind of a falsely perceived view of some form of status by Dominicans.

But as that long line found out when they opened, there is literally very little business that can be transacted.

Their next stop might be to open a holding company to provide wealth management services to the more affluent US Dominicans..............but as was stated in another post about this....................they are a long way from being approved as a "branch" bank and able to carry on normal banking functions.


Respectfully,
Playacaribe2

 

[johne]

🤣🤣 🤣

Seriously then, what value does it have?

Those people get to vote ( NYC Doms) next year. A calendar given away with Luis's picture by the bank will go a loooong way. Doms like the word "FREE". This exposure is invaluable. It's interesting in the announcement Thewords "office"and "branch are used interchangeable. Each has it woun special meaning but...that's a small detail that can be overlooked.

 

[NALs]

great news, the next time I'm in NYC I can pay the ticket I got from the one Digeste cop that doesn't 'collect' the fine himself

That can't be done, but everything that can be done has been explained and is said in the publicity of Banreservas of its NYC office.

In addition to that, the office (along with the to be open Miami and the already open Madrid offices) will be converted to branches so Banreservas can offer all its products. As of right now it's meant to facilitate certain processes to Dominicans, particularly those planning to return to the DR, by being able to open a savings account, apply for mortgages of property in the DR, apply for loans for vehicles in the DR, etc without having to go to the DR. The same with many other functions that have bern abilitated in recent months such as with DR driver's licenses which csn be renewed in Dominican consulates and a few weeks ago they reached an agreement between the DR and the stste if New York that further facilitates this among other things. They are also offering assistance to Dominicans in the USA that requires it for the Banreservas/TuBanco apps for smart phones and are able to accept certain documents that before the office only the Dominican consulate could accept them.

 

[NALs]

A new Banreservas Expomóvil event will take place in the DR soon. You don't have to be in the DR to apply for a car loan for any of the vehicles that will be on sale during that event. All loans will be Banreservas loans, not from other Dominican banks (for now.)

PS. I think the Miami office will be open by the time the Banreservas Expomóvil starts.

PS2. This would be a good option if you have a son/dsughter in the DR, he will pick the car they want but you will be the one paying and you live in the USA, there is no need to go to the DR to apply for a Bsnreservas car loan. You save the costs of the airplane tickets, not a small change for many people.

 

[CristoRey]

A trip to my local Banreservas branch in the ceneter of Santiago this afternoon.
Nothing wrong with a little taste of the old DR.