An example, if you have 100K in US do you have to deposit more every three months? I transfer between accounts, use my cards from accounts, pay bills from accounts. Any of these will keep an account active. Which bank are you using? Some are worse than others in ALL regards..................
- Thread starter Alltimegreat
- Start date
Best Banks in the Dominican Republic
Would someone please explain what I am missing re a DR bank. I've coming here since 1988. Whenever I need pesos (often!!)
I write a check on my US bank checking account, Under $1,000 US there is a $5 fee. I get a good rate. Whenever possible I use my CC and pay in pesos. The exchange rate is often better than the street rate. What is wrong with this approach???
I write a check on my US bank checking account, Under $1,000 US there is a $5 fee. I get a good rate. Whenever possible I use my CC and pay in pesos. The exchange rate is often better than the street rate. What is wrong with this approach???
Nothing. I also use the check deposit method to a USD account. The only difference is I don't use credit cards here. I do use a Schwab ATM card from time to time and the rate is better than Western Union/Caribe Express.
Yes indeed, there are fees to make deposits from oversees, but none between accounts as stated above.
I went into Banco Santa Cruz today and you're right - no deposits required to keep your accounts open. You just need to maintain a $500 balance in your USD account and 5000 pesos in your RD account and show activity- which can be done by transferring money from one account to the other which can easily be done online.
This thread actually has some useful information in it. I have enjoyed following it.
I understand the points made by both the individuals that want a bank account in Republica Dominicana and those that operate without one.
I opened my bank accounts in DOP and USD within a month of moving here.
I also got the fee surprise.
I did not use my accounts much because it was easier to pay my landlord using xoom in USD and pull DOP out of the ATM.
Now that I am doing more transactions, having an account here is invaluable to me and I am looking to open one in another bank here also.
I cannot comment on the quality of banking here because I have only used one.
But as my knowledge and understanding improved and by bring myself up to speed on online banking here my banking experience has improved.
But life here for me is still mostly effectivo.
I understand the points made by both the individuals that want a bank account in Republica Dominicana and those that operate without one.
I opened my bank accounts in DOP and USD within a month of moving here.
I also got the fee surprise.
I did not use my accounts much because it was easier to pay my landlord using xoom in USD and pull DOP out of the ATM.
Now that I am doing more transactions, having an account here is invaluable to me and I am looking to open one in another bank here also.
I cannot comment on the quality of banking here because I have only used one.
But as my knowledge and understanding improved and by bring myself up to speed on online banking here my banking experience has improved.
But life here for me is still mostly effectivo.