I'm getting a $17,000 check from an insurer....how do I cash it?

[johne]

My car was totaled last month and the insurer is preparing a check for me. I told him I don't have a bank account in the DR. He didn't seem to grasp the significance of that. My Charles Schwab people say they will take the check, hold it for 15 days and deposit to my account. I of course need to get the check to them by Fedex or similar carrier. Insurer won't wire the funds.
Any recommendations as to how to do his entirely in the DR?

 

[JD Jones]

Do you not have a casa de cambio de confianza?

 

[NALs]

Go to Banreservas and use the check as your deposit towards opening a bank account. They will jump through hoops to make sure you don't leave without opening a checking account with them. They also have sn app (well, all major Dominican banks do) that allows you to access your account from anywhere in the world.

When you hear Banreservas went bankrupt is when the DR is finished. lol


The downside to Banreservas (and Popular and a few others) is that often their branches have a line. Banco Santa Cruz's branches hardly has one though.

Banco de Haro is another one that hardly has a line. I don't think they have a branch in Juan Dolio or in nearby towns.

 

[Nobody]

BanReservas told me it takes 45 days to clear a check deposited to a U.S dollar account.

 

[chico bill]

Go to Banreservas and use the check as your deposit towards opening a bank account. They will jump through hoops to make sure you don't leave without opening a checking account with them. They also have sn app (well, all major Dominican banks do) that allows you to access your account from anywhere in the world.

When you hear Banreservas went bankrupt is when the DR is finished. lol


The downside to Banreservas (and Popular and a few others) is that often their branches have a line. Banco Santa Cruz's branches hardly has one though.

Banco de Haro is another one that hardly has a line. I don't think they have a branch in Juan Dolio or in nearby towns.

They won't jump through hoops for any amount.

 

[Nobody]

How about cashing the check at the bank it is written on?
You may have to open an account with them.

 

[Nobody]

If you are American, remember, if all foreign accounts combined, you have $10,000 or more, the IRS requires financial disclosure reporting.
Even if for just one day the combine total reaches that amount.

 

[johne]

How about cashing the check at the bank it is written on?
You may have to open an account with them.

My first idea. This is what I will try first. I understand it is BHD. My plan B is I can always Fedx to NY for CS account. I am now in states on business until mid oct.

 

[johne]

Do you not have a casa de cambio de confianza?

I am not familiar with what that is JD but will research later today.

 

[johne]

If you are American, remember, if all foreign accounts combined, you have $10,000 or more, the IRS requires financial disclosure reporting.
Even if for just one day the combine total reaches that amount.

I have no accounts at this point in the DR. Part of my current "problem". Each time I thought/went about an account in the DR I thought better of it until now. And even now I'm not over joyed about an DR bank account.

 

[johne]

My third option will be going to Banco Haro de Lopez because this is the bank of my landlord. They obviously have strong ties there and I'm thinking that with a letter of reference from the office, along with the check , I "should" be good. In addition, I need a bank because I will need addition funds for the new purchase of another car.

 

[william webster]

Why not endorse the check to the car dealer... or go to the bank w/ them?

They will make sure they get the money for you-- AND FOR THEMSELVES !!!

 

[johne]

Why not endorse the check to the car dealer... or go to the bank w/ them?

They will make sure they get the money for you-- AND FOR THEMSELVES !!!

Good idea but have not selected what I'm buying until I get back there 1 and half weeks.

 

[william webster]

The check will keep !
haha

How about asking the Insurer for a money order/cashier's check ?

 

[Nobody]

The check will keep !
haha

How about asking the Insurer for a money order/cashier's check ?

BanReservas wants $70 U.S. for a "Cashiers" check in U.S. dollars.
One in pesos is MUCH cheaper.

 

[johne]

How about cashing the check at the bank it is written on?
You may have to open an account with them.

I WISH it was as easy as that. My broker said this is the best idea. Hope you're/he are right.

 

[johne]

Duplicate post

 

[rubio_higuey]

The check will keep !
haha

How about asking the Insurer for a money order/cashier's check ?

This will most likely be cashier's check. You can not write a USD check in the DR, becuse there are only savings USD accounts here, no checking accounts in USD in the DR. Only DR banks can issue USD checks for you here, drawn on their US corresponding bank and the checks look like any USA-issued check in USD. So in effect they are cashier's checks. I transfer money to the USA this way. I have my DR bank issue USD check from my USD savings acciunt (costs me nothing only the obligatory 0.0015%) and I mobile deposit the check into the USA account.

For the OP, can you mobile deposit the check into your Charles Schwab account?

 

[cavok]

My first idea. This is what I will try first. I understand it is BHD. My plan B is I can always Fedx to NY for CS account. I am now in states on business until mid oct.

If you end up sending it back to the states, use DHL. Cheaper than FedEx. I just sent some documents DHL from Pick N Send in Sosua - 2450 pesos. Both have announced a 7% increase in rates coming soon.

 

[johne]

This will most likely be cashier's check. You can not write a USD check in the DR, becuse there are only savings USD accounts here, no checking accounts in USD in the DR. Only DR banks can issue USD checks for you here, drawn on their US corresponding bank and the checks look like any USA-issued check in USD. So in effect they are cashier's checks. I transfer money to the USA this way. I have my DR bank issue USD check from my USD savings acciunt (costs me nothing only the obligatory 0.0015%) and I mobile deposit the check into the USA account.

For the OP, can you mobile deposit the check into your Charles Schwab account?

I'll check it. Thanks