Debit and credit card in DR

[Luperon]

Been using amex Propel Wells Fargo. No international fee and 3% cashback on restaurants, travel and gas.

Only encountered one place that said no amex.

$300 extra cash after $3000 spend in 90 days.

And dont need to call them to activate international use.

 

[KATIEJAY]

We use our Canadian credit card where we can to avoid exchange fees and withdrawing cash,Automatically charged in Pesos at LaSirena,Playero etc..converted at the posted rate! We try to avoid using CC at sketchy locations..had issue at BM Cargo in POP and a PIA to get fixed!

 

[thomasj]

Never have more money in a Dominican bank account then you can afford to loose.
Suppose someone claims to have a legitimate fictitious claim against you or just wants to harm you:
They will send their lawyer to all the banks in the area to find out if you have a bank account there. The banks are happy to
supply the information since there seems to no secrecy laws here. The lawyer can freeze your account with only
an unsubstantiated claim that you owe someone money. This could come from a domestic worker, contractor, worker etc.
The account can remain frozen forever.
I have lived here for more than 20 years and the above scenario has happened to me and several friends,
I have a US$ account which is a bit harder to get when you need it fast. My balance is $US.50,yes 50 cents.
For 2 decades I have lived comfortably on US and Canadian Credit cards. I pay with credit cards wherever I can to save on withdrawal fees.
The unfortunate part of living in this country is that this country lived for centuries on maritime piracy. When this dried up they simply moved their tactics on land, directed toward tourists, travelers and foreign residents.
The more civilized a country you come from the higher will be the tuition fee to learn of the schemes employed to separate you from your money or even your life. I myself know of several close acquaintances most over the age of 50, most well to do foreign residents, law abiding people who died in violent conflicts with Dominicans or Haitians
Be careful, be vigilant.
Good Luck

 

[tflea]

"The lawyer can freeze your account with only
an unsubstantiated claim that you owe someone money. This could come from a domestic worker, contractor, worker etc."
When I have work done at the house, aside from pool maintenance and a domestic cleaner once week, both having worked for us for about 13 years, I have any contractor(s) sign a waiver of liability and attach scanned copy of their cedula or passport. I had waiver done by a local lawyer whom I trust for $500 pesos, and made copies. If workers don't sign, I get one who will.

 

[JD Jones]

Never have more money in a Dominican bank account then you can afford to loose.
Suppose someone claims to have a legitimate fictitious claim against you or just wants to harm you:
They will send their lawyer to all the banks in the area to find out if you have a bank account there. The banks are happy to
supply the information since there seems to no secrecy laws here. The lawyer can freeze your account with only
an unsubstantiated claim that you owe someone money. This could come from a domestic worker, contractor, worker etc.
The account can remain frozen forever.
I have lived here for more than 20 years and the above scenario has happened to me and several friends,
I have a US$ account which is a bit harder to get when you need it fast. My balance is $US.50,yes 50 cents.
For 2 decades I have lived comfortably on US and Canadian Credit cards. I pay with credit cards wherever I can to save on withdrawal fees.
The unfortunate part of living in this country is that this country lived for centuries on maritime piracy. When this dried up they simply moved their tactics on land, directed toward tourists, travelers and foreign residents.
The more civilized a country you come from the higher will be the tuition fee to learn of the schemes employed to separate you from your money or even your life. I myself know of several close acquaintances most over the age of 50, most well to do foreign residents, law abiding people who died in violent conflicts with Dominicans or Haitians
Be careful, be vigilant.
Good Luck

What about the millions of people who have money in bank accounts here? Are they all committing a big mistake?

 

[malko]

What about the millions of people who have money in bank accounts here? Are they all committing a big mistake?

In a nutshell, yes.

I completly agree with having a strict minimum in dominican banks/account.
Most of us come from countries where, if a bank happens to collapse/fail, a big chunk of your money is covered/garanteed by a stable state/goverment. (And yes, not all your money, i know. Use multiple accounts in diffrent banks after you have checked the amount that is garanteed ).
Something tells me that this will not be the case down here.

Also, depending on your country, your bank will not accept large-ish chunks of money coming from the dominican republic ( they will but with a bunch of proof and whatnot on the origin of the funds ).
Whereas there is no-questions-asked bringing money into the dr.

So why take the risk ? Leave your money back home, wire it to yourself when needed and/or use debit/credit cards.

 

[Cdn_Gringo]

There is precedent for the DR Govt to cover some of the funds that have been lost in past bank failures. As far as I know, there is no law requiring the Govt to do this and the banks themselves do not carry deposit insurance on behalf of their customers.

There are a lot of countries where it is very easy to get money into the country but much more difficult to get it out. These countries like deposits of hard currency which they immediately put towards their own objectives. In some places you can only get so much cash on any given day, or large amounts of foreign currency such as US dollars requires several days advance notice.

I simply have no faith in the banking system in this country. The fees are exorbitant and in some banks a customer can wait 30 days for a USD cheque they deposit to become available for use even though the money is withdrawn from the US bank within 36 hours.

Some bureaucrats are nuts and so are some banking execs. The money laundering rules in this country are bizarre and it is not uncommon to have large transactions put on indefinite hold pending some sort of obscure investigation. This usually occurs when trying to get your money out of the DR either by a transfer or a cashiers cheque etc. Everyone is a potential crook except the banks themselves and they don't hesitate to apply all sorts of archaic policies to cover their a$$ or to delay until they can round up the funds and get permission to send it offshore.

These days, sell a house and try to move $250K off the island in one go, you'll see what I mean. Best to have large deposits deposited directly into offshore accounts.

It's not always a hassle, but it wouldn't take much to shut the banks here - think hurricane that wipes out the internet infrastructure, local banking networks, or just blows down a bunch of bank branches and everyone runs to get their money all at once.

Best to have some cash here in the bank and in a safe place at home so you are never stranded without money. It's definitely best not to have all your eggs in a bank in this country.

 

[william webster]

Canada is the leader in 'fee income' generation

USA has a dream of 50% fee income in banking
Canada reached that in the 80's - as I remember

 

[Dr_Taylor]

I simply have no faith in the banking system in this country. The fees are exorbitant and in some banks a customer can wait 30 days for a USD cheque they deposit to become available for use even though the money is withdrawn from the US bank within 36 hours.

That seems excessive. I have had a check for several thousand clear in three business days or so. Now, I do have withdrawal limits via ATM, but many banks have that.

 

[william webster]

See above re fees

My wires arrive in less than 2 days.... free & clear

 

[Wishing you well]

Also, depending on your country, your bank will not accept large-ish chunks of money coming from the dominican republic ( they will but with a bunch of proof and whatnot on the origin of the funds ).
Whereas there is no-questions-asked bringing money into the dr.

ROFL......so funny and so counterfactual.

Egregious!

 

[malko]

ROFL......so funny and so counterfactual.

Egregious!

Care to expanded ?

I have never been asked any questions in the dr on where my money comes from, and it all arrives in cash......... ( obviously we are not talking millions........ just a couple of thousand a month....... and a larger amount once a year, say to buy a car )

 

[william webster]

Wiring in is different -- try declaring the 'over $10,000' limit at the airport

We had reports here of people not getting too far from the airport before being 'relieved' of their cash

BTW
I have wired over $100,000 during house construction -- no questions
Mind you - I wire that kind of money to my lawyer

 

[malko]

Wiring in is different -- try declaring the 'over $10,000' limit at the airport

We had reports here of people not getting too far from the airport before being 'relieved' of their cash

BTW
I have wired over $100,000 during house construction -- no questions
Mind you - I wire that kind of money to my lawyer

Yeah, my original post was on bank transfers/ cash transfers.

On the 10k $ in cash, it would make me more nervous in transit in the US, than arriving in the dr.
I have never been asked/frisked for cash at any customs, neither have i ever declared over 10k. I always stay under the limit.

 

[Wishing you well]

Care to expanded ?

I have never been asked any questions in the dr on where my money comes from, and it all arrives in cash......... ( obviously we are not talking millions........ just a couple of thousand a month....... and a larger amount once a year, say to buy a car )

My experiences tell me that usually any amount received by a DR bank from overseas as Wire or Transfer do get scrutiny. I've had to answer many questions, more than once due to wire transfers to DR Banks.

DR Banks are forced to do it by the USA - same may not be true for monies coming from any other continent other than America, but rest assure that if the monies are transferred from the USA to the DR, and the amount is to the right of 10K, strap yourself on and be ready to answer where the monies originated.

 

[william webster]

Precisely why I bury my bigger transfers in a VERY large pond... A lawyer's account

Becomes their problem , not mine and is minuscule in their account

 

[Dr_Taylor]

Wiring in is different -- try declaring the 'over $10,000' limit at the airport

We had reports here of people not getting too far from the airport before being 'relieved' of their cash

BTW
I have wired over $100,000 during house construction -- no questions
Mind you - I wire that kind of money to my lawyer

I am with WW. First, I do not deal in anything close to the USD$10K threshold. It is not worth the trouble. I write myself a check drawn on my US bank account every few months, and deposit it over the counter. It clears in two to three days. If I need funds for something like a house, then it goes from my US bank account to the lawyer's bank account. The US bank always places the reason for the transfer on the wire documents as well as the law firm name (not the lawyer) as the recipient.