Is it possible to open a bank account without being a resident of the DR?Do any banks have agreements on low transaction fees with US banks? My annuity will be in my US bank so hoping to avoid high fees to access in DR
It can be a little strange.
When I opened an account here the bank wanted me to prove source of the funds.
It was a wire transfer from Chase Bank to the DR.
When I told them the source of funds was a major US bank they gave me the Dominican equivalent of oh.
I think they were under some lookout system for drug money laundering.
Not much service in banks here. They charge you extra if you use the account a lot and charge you extra if you do not use the account much.
My bank here pretty much ignored me and everything took forever.
They virtually never said a word until one day I went to close the account. They wanted to know why I was leaving.
Its pretty strange if you are used to a full service system as here its a zero service system.
I wanted to buy a car in Santo Domingo and went to the branch bank.
Not possible as the bank does not issue large checks on Saturdays I was told.
We gave up and now use credit cards, WU and some little money sending store that we found when WU closed their Villa Altagrasia office.
Some banks are easier than others - differing documentary requirements, guarantors etc.
Remember where you are. It can be easier to send money to the DR than it is to send money out of the DR. Banking practices and policies can change frequently without much advanced notice. Do not keep more money in an account here than you need and be prepared to lose some or all of it over time - in fees, inactivity or incompetence.
Nonresidents should keep their ears to the ground as their lack of recognized status in this country leaves them particularly vulnerable to the foibles of the system.
For Americans opening an account will require some extra steps due to FACTA regulations.
For some, banking is another frustration induced headache they add to their portfolio of headaches here in Paradise.
Everyone seems to have different experiences with banks here but in my experience don't bother trying with Popular or Scotia unless you are in the process of residency. They both took us 3 months to get accounts and we had to basically give them our first born lol.
Banco Santa Cruz and Progresso I think are easier to get accounts at, i forget the ones now that are easier, yikes i should know that. Banking here caused me to go more grey I am sure of it!! So there should be at least 2 banks that you can get accounts with if you aren't a resident. They are more strict then when I arrived 7 years ago.
Go from bank to bank and ask and you will get different answers I am sure...
One person asked me for what it seemed like my left kidney. Another person called me over to their desk and I was able to open an account with just my passport. Banco Popular. They seem to be no clear rules.
It's super easy if you are working! I received a letter from my company to go and get it. It was done same day. This was recent.
A few years ago it was fairly simple to open an account.
The only difficulty I experienced was when I wanted to change my passport number. You would've thought I change my name and sex. I spent almost two hours in the bank to do so. I changed my signature as well, they are very particular about that. If you can prove financially solvency from your home countries it makes it a little smoother, but can be considered invasive to some.
BHD required my U.S. federal tax return for last year, an American bank account with a printout of transactions for the past year, passport and cellular. Also got my foot in the door from my friend whose company does business with the bank. Very difficult process but was needed on my end