Documents needed to open bank account

S

SneakyDV

Guest
Hi all,

I am a fairly new DR citizen but don't live on the island. I am going there next week to hopefully open a bank account.

I have an office address but don't have a residential address.

Do you know what they will require to open the account?

Thanks!
 
C

cavok

Guest
It varies widely from bank to bank. You need to check with the specific bank you're interested in.
 
N

nekokatt

Guest
Scotiabank (and probably others) requires REFERENCE letter. Personal or Professional (ie, attorney)
 
E

etolw

Guest
Opened an account at Banco Santa Cruz last october.
Only needed my passport and one reference person (used an dominican friend)

I believe Santa Cruz has the least stringent requirements for opening a bank account.
 
C

ctrob

Guest
I just finished at Banco Popular. If you stop in, they'll give you a list of stuff.

2 reference letters from locals. The higher up the better of course. I took four, two were from upper echelon types.
Notarized Letter of "Good Standing" from your home bank, in Spanish. (good luck getting it in spanish, my bank looked at me like I had a 3rd eye on my forehead)
Color copies of passport
Letter from self stating your "intentions". "2nd home, need a local bank acct., blah blah blah"
 
W

william webster

Guest
Always a good idea to ask... in doing so , you meet a bank representative and have a contact for your application
 
M

mountainannie

Guest
Hi all,

I am a fairly new DR citizen but don't live on the island. I am going there next week to hopefully open a bank account.

I have an office address but don't have a residential address.

Do you know what they will require to open the account?

Thanks!

As others are posting - it will all depend on the Bank -

And on Who You Know and Who Is Referring You.

If you have an office? Who are you renting from? And where? In what town?

When I moved into Las Terranas many years ago - all I needed was my passport and then a nod from the one person that I had met there through a referral on this forum.

The DR is full of Folks Running From the Law in various nations - and the laws are getting tighter. The banks want to know that you are not going be laundering large amounts of dirty money. Of course, if you are going to be laundering large amounts of dirty money - you would not be on DR1.com asking how to open a bank account.

There is one bank that is way ahead of the others in being able to do electronic sorta "pay your bills" on line... I am not sure which one it is?

But you will be in for a bit of "Culture shock" when you get there - and see that even in Santo Domingo - you will have to Go To the Electric Company - or the clerk inside the drug store or wherever - to pay your electric and phone bill - with cash.

In SD, when I first got there, I arrived home one day to find my apartment in the dark. The rest of the building had lights. So I went to the electric company. I said "but I did not get a bill!" They said "but you knew that you must have owed money, did you not?"

Things Are Different There
 
R

Riva_31

Guest
Being Citizent will give you some advantages, first you dont need to show your passport, only your Cedula, and all the pepers they will ask you will be the same for Dominicans.

If you do not work they will ask you for a letter telling from where you will get the funds to deposit in the bank, if you work will ask you only for a letter from your employer.

If you receive remitances from aboard take the receips with you, as you says you have an office then take a copy of the papers of your business and Im sure not problem with that.
 
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L

lifeisgreat

Guest
I just finished at Banco Popular. If you stop in, they'll give you a list of stuff.

2 reference letters from locals. The higher up the better of course. I took four, two were from upper echelon types.
Notarized Letter of "Good Standing" from your home bank, in Spanish. (good luck getting it in spanish, my bank looked at me like I had a 3rd eye on my forehead)
Color copies of passport
Letter from self stating your "intentions". "2nd home, need a local bank acct., blah blah blah"
Did they want your tax records from back home?
 
B

bob saunders

Guest
Sure glad I didn't have to go through all that. I got my account at BHD before I had residency, but my wife already had several acct there. All I provided was my current bank statement of my acct in the Royal bank in Canada, my passport, and my most recent income tax return. I think my wife being Dominican with long standing in the bank made the whole process much easier.
 
R

Riva_31

Guest
Sure glad I didn't have to go through all that. I got my account at BHD before I had residency, but my wife already had several acct there. All I provided was my current bank statement of my acct in the Royal bank in Canada, my passport, and my most recent income tax return. I think my wife being Dominican with long standing in the bank made the whole process much easier.

yes, for Dominicans is more easy.
 
N

NanSanPedro

Guest
As others are posting - it will all depend on the Bank -

And on Who You Know and Who Is Referring You.

If you have an office? Who are you renting from? And where? In what town?

When I moved into Las Terranas many years ago - all I needed was my passport and then a nod from the one person that I had met there through a referral on this forum.

The DR is full of Folks Running From the Law in various nations - and the laws are getting tighter. The banks want to know that you are not going be laundering large amounts of dirty money. Of course, if you are going to be laundering large amounts of dirty money - you would not be on DR1.com asking how to open a bank account.

There is one bank that is way ahead of the others in being able to do electronic sorta "pay your bills" on line... I am not sure which one it is?

But you will be in for a bit of "Culture shock" when you get there - and see that even in Santo Domingo - you will have to Go To the Electric Company - or the clerk inside the drug store or wherever - to pay your electric and phone bill - with cash.

In SD, when I first got there, I arrived home one day to find my apartment in the dark. The rest of the building had lights. So I went to the electric company. I said "but I did not get a bill!" They said "but you knew that you must have owed money, did you not?"

Things Are Different There

Annie, FYI, I pay my electric bill with credit card. They actually have a kiosk in Jumbo for it.
 
E

etolw

Guest
Banco Santo Cruz has an app where you can pay for some services like the electric bill (edexxx,claro,DGII,DGA,humano,viva)
The rest of my bills can be paid online too, except water and garbage where I still need to go to the respective office.

The app also tracks all use of the account, and you can do transfers between your usd/eur account to dop account.
 
R

Riva_31

Guest
Banco Santo Cruz has an app where you can pay for some services like the electric bill (edexxx,claro,DGII,DGA,humano,viva)
The rest of my bills can be paid online too, except water and garbage where I still need to go to the respective office.

The app also tracks all use of the account, and you can do transfers between your usd/eur account to dop account.

Actually here you can pay almost all services online, I do with Electric Bill, top Cellphone, interbanking transactions in the case you have diferent banks credit cards.
 
N

NanSanPedro

Guest
Actually here you can pay almost all services online, I do with Electric Bill, top Cellphone, interbanking transactions in the case you have diferent banks credit cards.

I agree, but it really helps to know Spanish and how to navigate the websites in Spanish. I haven't been able to figure out EPS or Altice yet.
 
R

Riva_31

Guest
I agree, but it really helps to know Spanish and how to navigate the websites in Spanish. I haven't been able to figure out EPS or Altice yet.

True, Scotiabank app give you the option in english and spanish.
 
E

etolw

Guest
I agree, but it really helps to know Spanish and how to navigate the websites in Spanish. I haven't been able to figure out EPS or Altice yet.
Altice can be paid online through their app, mi altice, once registered. Only Spanish though.
 
D

Dr_Taylor

Guest
Hi all,

I am a fairly new DR citizen but don't live on the island. I am going there next week to hopefully open a bank account.

I have an office address but don't have a residential address.

Do you know what they will require to open the account?

Thanks!
Several years ago, Banreservas required either a passport or cedula (give the latter as the number does not change); copy of Social Security card for U.S. citizens (this is fairly recent); a local address; and a telephone number. If you get an ATM card, you also need an e-mail address.
 

Gadfly

member
Jul 7, 2016
1,032
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Banco Santo Cruz has an app where you can pay for some services like the electric bill (edexxx,claro,DGII,DGA,humano,viva)
The rest of my bills can be paid online too, except water and garbage where I still need to go to the respective office.

The app also tracks all use of the account, and you can do transfers between your usd/eur account to dop account.

if that is correct it is very good news, i did not think i could transfer dollars from my usa bank account to a dominican bank account like banco santa cruz. i will go to banco sant cruz asap, thank you