Banreservas in Spain / USA

NALs

Economist by Profession
Jan 20, 2003
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No. Only opening accounts. They say no deposits or withdrawals, but how does one open an account without depositing money??
They have to send it via the money transfers companies to their Banreservas savings account. Minimum of RD$300 to open a savings account.

They can also apply for home loans and car loans during the Banreservar car fairs, but only for homes and cars in the DR. The office in Madrid already has initiated applications to loans for over RD$30 million. A greater amount is expected for the NY office during the same length of time given that the Dominican community is bigger in NY.
 

NALs

Economist by Profession
Jan 20, 2003
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According to Andrés van der Horst, 6 of every 10 low cost homes/apartments bought in the DR are financed by Dominicans living abroad (NYC is ground central for this as there are more Dominicans living within that city and suburbs than anywhere else outside the DR.) What comes to mind are the Bisonó apartment complexes which tend be huge in the outskirts of GSD.


Ironically, he mentions this when he begins to talk about the Banreservas office in NYC (at the time of the interview it wasn't open yet) at 47:16. This podcast was aired about 4 days ago.
 

NALs

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The Miami office.

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JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
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I wonder if there's a line to get in there too?
 

NALs

Economist by Profession
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There is a Dominican consulate in Miami. Dominicans can't be two or three in that place.

The one in Los Angeles is different as that is the Dominican consulate basically for the entire west of the USA. California alone is huge, imagine the whole region.
 

Radical

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Jan 5, 2021
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Dominicans refuse and/or have no clue about online banking. A typical working class will wait on line at the bank for an hour just to check their savings balance. Yes folks, believe it. Slowness at the tellers is also attributed to tellers having to explain a simple thing to a customer 10 different ways over 20 minutes. They will also be happy just to chit chat with you. When they are called to the counter, no one is ever even remotely prepared with the necessary documents/ID etc. This is an everyday occurrence folks. It's ALL the banks, not just BR. It's truly like every time is their first time going to the bank.

Banking in this country has got to be the most excruciating thing to do, period - I officially hate it to the bottom of the ninth
 
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NALs

Economist by Profession
Jan 20, 2003
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This past weekend Banreservas celebrated its first DR real estate event in New York City and in Lawrence, Massachussetts for residential properties in the DR. In today’s Listín Diario an article in page 14 says Dominicans in the USA applied for Banreservas loans for 1,800 properties. This is greater than RD$8.5 billion. Attendance in both fairs was of around 4,000 Dominicans.

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NALs

Economist by Profession
Jan 20, 2003
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The mayor of Lawrence, MA (who is Dominican, btw) makes the case in favor of Banreservas opening another office there like it did in NYC and Miami.

Around 5:09 in Spanish.
 

Fulano2

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Jun 5, 2011
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No. Only opening accounts. They say no deposits or withdrawals, but how does one open an account without depositing money??
In theory you could. Just open the account and transfer money from your US bank account?
So now they will open in Madrid for the same purpose.
It makes no sense to me to do all this just to open accounts. They will be mainly Dominicans abroad who cAn open their account during there yearly visit. I think.
 
Jan 9, 2004
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So they only provide loans?
No. They cannot provide loans.

What they can do is take applications for loans, applications for accounts, and receive documents relative to those functions, etc. No funds can be sent or received by a representative office. No deposits or withdrawals can be made. No funds can be wired or transferred.

They are merely a marketing/advertising/customer service office conduit for those who may already have accounts and want questions answered or to solicit new information for those who may want to open a new account.

To put it in perspective, any ATM in a bodega has more banking authority than any representative office...........


Respectfully,
Playacaribe2
 
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NALs

Economist by Profession
Jan 20, 2003
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From about 8:05 they touch (in Spanish) on the importance of Banreservas having offices in NYC, which is allowing for this real estate event to take place (the first of its kind of Banreservas in the USA.) This was a few a days before the event took place in NY and MA. It leads to the question: Banreservas would had done this if it didn’t have representstion in the USA? Agsin, it was the first of its kind for this bank.

 

NALs

Economist by Profession
Jan 20, 2003
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Cover in today’s Listín Diario. Basically, exalting what was accomplished in the 1st Banreservas Real Estate Event in the USA for properties in the DR.

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JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
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I wonder how many of those 1800 properties are apartments?
 

NALs

Economist by Profession
Jan 20, 2003
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Most likely most are apartments. That seems to be the “in” thing to do now, especially the many mass apartment complexes that are (and popping up) around SD and Santiago. Even in cities like La Vega, San Francisco de Macorís, etc there are areas of recent apartment buildings developments. In all those towns and areas real estate exist because of Dominicans. Places like Las Terrenas, Sosúa/Cabarete and a habdful of other places get a noticeable presence of foreign buyers, but other than those places it’s Dominicans either completely or very near being the complete source of buyers.

This was one of the real estate projects that was promoted in the real estate event. All of that exist because of Dominicans for the most part.

 

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
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There are tons of apartments all around Santo Domingo.

These buyers are following the suggestion of "Don't buy anything in the morning that you can't move into in the afternoon" that is repeatedly mentioned here.
 

Tom0910

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Sep 28, 2015
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I just bought a three bedroom two bathroom apartment brand new in Manizales Colombia for $40K usd. I'm glad I didn't build that villa in Sosua.
 
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