new bank account

VJS

Bronze
Sep 19, 2010
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What is a decent bank to open a new account in? I am not a resident of DR but stay here frequently and would like to have a USD bank account in a local bank. Online access is a must, english speaking staff is a plus.

I came to a Scotiabank branch but they want a reference letter from another bank and some other paperwork, which I don't have right now.

Vlad
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
You don't say where you are in DR, so it's hard to recommend a particular branch with English speaking employees...

That being said, our USDollar account is with BHD, but if I had to do it again I'd go with Banco Popular because every time I withdraw funds from BHD they don't have dollars, only pesos. So far that's not been a problem - but it will be if I actually need dollars one day. My Dominican sister-in-law claims Banco Popular is much better for dollar accounts.

AE
 

SKY

Gold
Apr 11, 2004
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You don't say where you are in DR, so it's hard to recommend a particular branch with English speaking employees...

That being said, our USDollar account is with BHD, but if I had to do it again I'd go with Banco Popular because every time I withdraw funds from BHD they don't have dollars, only pesos. So far that's not been a problem - but it will be if I actually need dollars one day. My Dominican sister-in-law claims Banco Popular is much better for dollar accounts.

AE

Where is the BHD branch you use? I have taken out amounts in US dollars well over $10,000 and the only hitch sometimes is coming back the next day to get it.
 

BushBaby

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Jan 1, 2002
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www.casabush.org
..........because every time I withdraw funds from BHD they don't have dollars, only pesos. So far that's not been a problem -
AE

THAT AE is a cop out!!! BHD nearly always DO have U$D but they say they do not because their rate of exchange makes them money (therebye reducing YOUR exchange rate). If you had the cash in U$D & then went down to the local cambio ........... you would be offered at least RD $0.50 more than the bank offers. US $100 = RD $50!!!!!!! YOU do the arithmetic for what you normally draw out!! :chinese:

INSIST on U$D next time & check it out for yourself! ~ Grahame.
 
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Reactions: Bronxboy
Feb 7, 2007
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Banco Leon doesn't make a fuzz about opening USD account to foreigners. If you have a reference letter it's always good, but not required. Then you can also open a Pesos Savings account with them with a debit card, get a prepaid VISA card, link them all up in Internet Banking, and you are all set up for banking, Internet purchases, etc. You can then transfer exact money to the prepaid card via Internet banking every time you go make an online/phone purchase, so your card is secure.
 

Eddy

Silver
Jan 1, 2002
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You don't say where you are in DR, so it's hard to recommend a particular branch with English speaking employees...

That being said, our USDollar account is with BHD, but if I had to do it again I'd go with Banco Popular because every time I withdraw funds from BHD they don't have dollars, only pesos. So far that's not been a problem - but it will be if I actually need dollars one day. My Dominican sister-in-law claims Banco Popular is much better for dollar accounts.

AE

I second that. Been with BP for over 2 decades. They are the best.
 

Girbaud101

New member
Dec 16, 2010
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Im interested in opening an accout in DR. I just called my bank and ordered a letter of reference /good standing. Per request from Banco Popular and Scoctia bank. I was given a long list of other requests by banks in Sosua.

Will I need anything else besides my passport and letter from my bank to open an account in DR? This time im going to trying Santo Domingo.
 

Anastacio

Banned
Feb 22, 2010
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Like many have said every bank is different, I would add to that, that even where the banks are can make a difference. For example Banco popular in the capital request a letter from your home bank, but it has to be sent direct to them, you personally handing it over is not acceptable, depending on who your home bank it may not do that for you due to the faff of getting it registered courier. The same bank in bavaro only require your passport and a temporary address to opena debit account. I know BHD and possibly Leon in Veron are the same. So I wouldn't expect the caPital to be a push over if this is your expectation. I think the eastcoast are a little more relaxed as they are used to part timers needing accounts.
In my experience anyway.
 

Sosuatrecker

New member
Mar 17, 2011
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Do not bank at Banco BHD

I have money taken from my account at Banco BHD and transferred to another account. It has been nearly a month and the money has not been returned. I have incurred $1,500 in legal expenses and RD$5,000 in court fees plus the expenses of a trip to the Superintendencia de Bancos. Banco BHD had been uncooperative and insulting throughtout this ordeal and the Cabarete branch manager openly made comments in Spanish about foreigners on the phone in front of us. The head of security has been an egotiistical ass and has actually hung up the phone on us. The bank took absolutelly no precautions and handed our money out to the Dominican who received the money in his account without waiting for a response to an email that was sent to me. They never even attempted to call me.