FAQ - Opening A Bank Account

Wishing you well

Active member
Sep 4, 2012
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Passport and a letter of recommendation.

They might also ask for a letter from your bank overseas.

It could be as easy as 1, 2, 3 or it could become the biggest headaches you've ever experienced, it'll all depends on who hands you landed at?? 
 
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chico bill

Lobotomy Surgeon
May 6, 2016
6,351
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Too bad the DR can't get their banking act in order. It would benefit this country immensely if banking were easier, less fees and with no transfer fees from the US, Canada & EU.
Investment would increase and more people might keep more in long term deposit - allowing banks to loan more.
As it is now money is taken from accounts with no notice or accounts are closed if inactive for a short period (tough if you travel) and the fees charged and the time it takes on transfers (especially checks) is criminal.

Sometimes it appears the DR doesn't really want to encourage travelers or immigration - And the tourism numbers seem to be dropping on the North Coast.

I am aware the official numbers keep increasing but I wonder if the thumb is on the scale of visitor numbers because as I drive around it seems like fewer have been coming for a while now.
 

beeza

Well-known member
Nov 2, 2006
3,103
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If you're American you are in for a headache.  Dominican banks don't want the hassle of having to declare to the US as per a new ruling that came into effect a while ago.

For everyone else, it's relatively straight forward.

A friend of mine who is dual nationality US and Iceland tried to open an account in Popular with his US passport, almost impossible.  He went to a different branch with his Iceland passport and walked out of the bank with an account all set up.
 

alexw

Well-known member
Sep 6, 2008
1,091
107
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NYC-SDQ BABY!
I opened a bank account very easily at banco reserva. All I needed was my passport and $300. They asked me if I wanted a peso account or dollars. I chose dollars. I tried to open one at Popular and they wanted me to jump through hoops.
 

josh2203

Active member
Dec 5, 2013
707
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I opened a bank account very easily at banco reserva. All I needed was my passport and $300. They asked me if I wanted a peso account or dollars. I chose dollars. I tried to open one at Popular and they wanted me to jump through hoops.
Yep, exactly the same here, although a few years ago... BHD Leon and Banreservas were easy and very friendly service, Popular and Scotia, spent about 5 minutes inside asking for requirements, and did not want to waste more of my day there...
 

chico bill

Lobotomy Surgeon
May 6, 2016
6,351
227
63
I opened a bank account very easily at banco reserva. All I needed was my passport and $300. They asked me if I wanted a peso account or dollars. I chose dollars. I tried to open one at Popular and they wanted me to jump through hoops.
You mean BanReservas ?
 

TropicalPaul

Well-known member
Sep 3, 2013
888
60
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I agree with comments regarding Popular. My first account was with Scotiabank, easy to open but they don't have many branches and their internet banking is really terrible. It took me many months to get the account with Popular, but it's worth the hassle as their internet banking is very good, they have branches everywhere and the service isn't completely terrible. If you're going to use the account to pay bills here and transfer money to other people, Popular is definitely the one to go for in my opinion.