Good afternoon everyone. I really need some help for a great American bank that is expat friendly. After a little research and talking to some of my clients in real estate, I was told Charles Schwab is the best bank for expats. So I opened an account and everything went smoothly. Well after speaking with customer service today, they told me I needed to open a Global account. So I was transferred but they young lady stated "DR is a country in which we're restricted to operate, so if you move to DR we'd close your account and you can no longer make any closing transactions." She stated "even if you don't live in DR full time, the time that you are there we'd do our best to still close the account for the time being." Has anyone else experienced this? Any other American bank recommendations.?
- Thread starter Marines23
- Start date
Charles Schwab or other American banks
I have a Schwab checking account. I don't use my debit card often, but when I do they refund the ATM fee. Never an issue. I don't know what a global account is, so I can't help with that. Your post sounds like you're moving to D.R. If so, perhaps they won't mail documents/cards/checks there, but that's only a guess.
Don't really understand your issue. They do not have any Branch in the DR, so regardless if they do or don't do business with the DR, what
difference does it make. There is no way (by Law) that they want wire your $ to a any Bank in the DR. The way i see it; you need to open an Account with a Dominican Bank and that's it. The only US Bank that i know that has a Location in the DR is City Bank and they really Suck !
difference does it make. There is no way (by Law) that they want wire your $ to a any Bank in the DR. The way i see it; you need to open an Account with a Dominican Bank and that's it. The only US Bank that i know that has a Location in the DR is City Bank and they really Suck !
Hi Manuel, no I’m not trying to open a bank in DR. I just told them I’m moving overseas and they simply stated “we would have to close your account if you moved there.”
Hi Joseph, do you still live in the states or you live in DR full time? I called them morning to get a debit card and while she was helping me I told her I was moving to DR in June. Then the tone changed and she said “we have restricted operation there.” I dunno, maybe I shouldn’t have told her I was moving to DR.
Makes no sense at all. So you don''t move to the DR. You just make a loooong vacation. They can't tell you were to go on vacation. Honestly they can't tell you were to move either. Ask for this policy in writing.
I live in NY but visit frequently. They obviously know when I'm in D.R. because of the ATM transactions, and it hasn't been an issue. In my opinion, don't tell anyone anything they don't need to know. There are some expats who live in D.R. but still have a home address (U.S., Canada, E.U.). Would this be the case for you, or will you have no other address outside of D.R.? Again, and I'm just guessing, but it might have to do with mailing things.
I have 2 Fidelity 401Ks. When I moved to the DR they froze the account to the extent that the mutual funds I was in would become static. In other words, whatever you have can't be changed. However, they also waived the quarterly fee. So I haven't changed investments in almost 7 years. For me, it worked out fine.
I'm wondering if there are restrictions like this for all investment accounts. Note in my case though nothing got closed. Only restricted from investment changes. I still withdraw annually from both accounts with no problems.
Hey Joseph, thanks so much for that info. I think that's what I'm gonna decide to do. Move there but don't let anyone know that I'm living there permanently.
Ahhh so you have experienced something similar. I think I'm just gonna move there and not let them know I'm living there.
I will echo the advice from @Joseph NY2STI . Unless you wont have a permanent address in your home country anymore (and cannot use a friend/family members' addresses) do not tell the government, bank or in fact anyone who does not have to know. It should always be 'I am travelling for a few months'.
Most banks have a requirement to provide accounts/services to residents only (banking license+ anti-money laundering regulations) so they cannot do it or can do so only with restrictions. So the choice is easy - don't tell them as long as you don't intend to do anything illegal. Get your friends/family to forward letters or scan and email.
Do keep up on your KYC requirements and use the card online for purchases to be delivered within your home country and then ship it to the DR. Preferably always claim that you are travelling/visiting for a few months when speaking to the banks.
Please do remember that if you have a mortgage, then it is a bit complicated because if they find out you live overseas, they might ask you to pay the full mortgage balance in a few months (UK banks have terms like this). Check your life/travel/medical insurance terms as well. A lot of expats here have local DR coverage.
Good luck !
Most banks have a requirement to provide accounts/services to residents only (banking license+ anti-money laundering regulations) so they cannot do it or can do so only with restrictions. So the choice is easy - don't tell them as long as you don't intend to do anything illegal. Get your friends/family to forward letters or scan and email.
Do keep up on your KYC requirements and use the card online for purchases to be delivered within your home country and then ship it to the DR. Preferably always claim that you are travelling/visiting for a few months when speaking to the banks.
Please do remember that if you have a mortgage, then it is a bit complicated because if they find out you live overseas, they might ask you to pay the full mortgage balance in a few months (UK banks have terms like this). Check your life/travel/medical insurance terms as well. A lot of expats here have local DR coverage.
Good luck !
There are no "US" banks per se in the DR. There may be a bank owned under a US umbrella company in the DR like "Shiti Bank", but they follow DR banking rules and not US ones.
All banks in the DR are separate entities (Scotia Bank DR is in the same boat versus the Canadian version).
I have and use Schwab. I use it minimally in the DR because I have heard of people that used the Schwab card in ATM machines too frequently in the DR and have had their accounts closed. That happened to me with 2 other US online banks in the past. They don't give a reason, just say get your founds out now.
So I primarily use my DR USD account for monthly charges in the DR and the Schwab card as a backup. I find having a local USD bank account to be essential for living here.
I have a savings/ checking account with a local Credit Union in Florida and a Banreservas account down here in the Dominican Republic. Zero Problems.
I learned many years ago to avoid doing business with large US banks whenever possible. They are not helpful and they will not work with you.
Living outside of the Divided States of America full-time since Spring of 2006. Life is good.
I learned many years ago to avoid doing business with large US banks whenever possible. They are not helpful and they will not work with you.
Living outside of the Divided States of America full-time since Spring of 2006. Life is good.
I have a Schwab brokerge account. I use it to wire money down here to my DR bank account frequently. $15. Never had any problem. i also have a Schwab debit card that gives a better exchange rate that can be found here locally and there are no fees. I use it infrequently. I use a US address for my account. I think a DR address would be a problem. I don't tell them I live here. I don't tell the IRS, SSA, my credit card company, my bank, nobody.
I’ve told SSA, IRS, Chase & Wells Fargo that I, like Bruce Jenner, have retired abroad. No mortgages here. Never had a problem for years, except a year or two ago WF no longer accepted my DR home address “must be American address” they said BMCargo was a business, not acceptable, but “ok to use family member US address”. Done.
The banks make decisions in their best interest. Two US banks so far have cancelled my accounts without explanation since I have lived in the DR.
I do not tell them I am in the DR.
If you think you are the tail that can wag that dog, you are mistaken.
I switched to BOA to be able to withdraw money at the ATM for less. I get charged 5.00 per 10,000. As opposed to chase who would charge me 20 per 6000 DOP which was crazy.
As mentioned above, some credit unions and CS will reimburse ATM fees which was my main priority. I also have a dominican bank account from when i was employed here. mostly useless to me now but i keep some change in there.
As mentioned above, some credit unions and CS will reimburse ATM fees which was my main priority. I also have a dominican bank account from when i was employed here. mostly useless to me now but i keep some change in there.