Can I Have a Bank Account ?

althebeast

Member
Mar 26, 2020
77
33
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La Romana
Hey guys, I've been living here almost for two years and I don't want to go to the bank whenever I have the send money or do something, so my question is it possible for me to have a bank account here? Maybe bank of popular and if I can, what do I have to do for it? Just grab my passport and go there or how would it work?
 

Danielle_

New member
Apr 2, 2020
11
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1
Hi there, as i know most banks in the DR will allow foreigners to open an account with a current and valid passport as ID, there is no restriction for a foreigner to open a bank account.
 

cavok

Silver
Jun 16, 2014
4,533
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There's several threads on this. Every bank has different requirements. Go to the bank and ask. Banco Santa Cruz is one of the easiest to open an account. You don't need to be a resident.
 

althebeast

Member
Mar 26, 2020
77
33
18
La Romana
Thank you for your answers, and every bank works the same way right? Like I can do everything with any bank because everyone tells me the best is popular
 

cavok

Silver
Jun 16, 2014
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Thank you for your answers, and every bank works the same way right? Like I can do everything with any bank because everyone tells me the best is popular
I have accounts at BHD and Banco Santa Cruz. Very happy - no problems. Everyone tells me that Banco Popular is one of the hardest banks to open an account. More requirements than others.
 

drstock

Silver
Oct 29, 2010
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Cabarete
I opened an account ten years ago with Banco Popular (not bank of popular). I needed my passport, a reference from my UK bank, a reference from a Dominican and a pile of cash. I think that was about it, but I think it maybe more difficult now.
 

alexw

Gold
Sep 6, 2008
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NYC-SDQ BABY!
I opened an account ten years ago with Banco Popular (not bank of popular). I needed my passport, a reference from my UK bank, a reference from a Dominican and a pile of cash. I think that was about it, but I think it maybe more difficult now.
That's ridiculous already. At BHD Leon I just needed my passport.
 
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william webster

Platinum
Jan 16, 2009
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alex
As I’m sure you know... it varies
Bank to bank... branch to branch

My advice?
Take a Dominican with you... find a friend who’s relative works there
 

bienamor

Kansas redneck an proud of it
Apr 23, 2004
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Also would depend on how long ago he got his account! was easier prior to the tax agreement with the US. :ermm:
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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Playa Najayo & South Jersey
Also would depend on how long ago he got his account! was easier prior to the tax agreement with the US. :ermm:
Oh that’s a fact! We opened ours many years ago at BHD in about 5 minutes. When they locked the account a couple of years ago, because there was no activity for 3 months, it took us two days of jumping through hoops, answering questions, providing documents, etc, to make a deposit into an existing longtime account.
 

CristoRey

Silver
Apr 1, 2014
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Also would depend on how long ago he got his account! was easier prior to the tax agreement with the US. :ermm:
Having lived in multiple countries in the last 15 years, this is true.
Banks overseas sometimes do not want to deal with the headaches
of having American passport holders opening accounts.

It took me three attempts at three different BanReservas locations in
Santo Domingo before they would open my account which is very typical
of the way things move in this country. When someone tells you they
can not help you, go to someone else, eventually you'll get what you need.
 

nortenomore

Member
Jul 26, 2019
54
23
8
BHD for years and no complaints. Even got the Gringo Secured Credit Card.

Wanted the other card, forget the name, that would have given me 5% off at Super Pola but you can't have everything.
 
Feb 7, 2007
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I have acconts in several banks. So far the most difficult has been POPULAR, opened last year. It was like requesting US VISA for a Dominican. Lengthy, lots of paperwork. I wanted to tell them to forget about it when they called me the account had just been approved.

Another account I had in Progreso, it got blocked for no use (several years). It took a week or so to reopen it (they just wanted updated ID). But now that they want to increase minimum no-fee balance from 5k to 10k pesos (they were acquired by Scotiabank) I wanted to request a checking instead of savings account, and was told I have to go through the process again.

Lots have changed since US crackdown on foreign accounts. If you have US passport, it will be much more difficult to open accounts than for any other nationality.
 

william webster

Platinum
Jan 16, 2009
23,797
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Extraordinary reporting procedures called for...

My asset manager - investment company - will NOT accept Us citizens or residents
Onerous oversight
 

nortenomore

Member
Jul 26, 2019
54
23
8
Are American passport holders more troublesome than other nationalities?
No, they don't like dealing with the onerous and Orwellian dictatorial FATCA reporting requirements of the IRS.

It's a big hassle and I don't blame them for not wanting American customers.
 
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NanSanPedro

Well-known member
Apr 12, 2019
1,013
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No, they don't like dealing with the onerous and Orwellian dictatorial FATCA reporting requirements of the IRS.

It's a big hassle and I don't blame them for not wanting American customers.
What happens if foreign banks tell the IRS to go screw themselves and ignore the IRS rules? I mean there is no jurisdiction.
 

CynthiaCom

Member
Nov 22, 2019
55
7
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What happens if foreign banks tell the IRS to go screw themselves and ignore the IRS rules? I mean there is no jurisdiction.
They have jurisdiction if its an American citizen. Most, if not all, Dominican banks request the FATCA if the applier is American.
 

Cdn_Gringo

Gold
Apr 29, 2014
7,335
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Foreign banks hat do no comply with FACTA are prevented from operating and transacting within the USA.