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How about US$ in Banco Popular How about US$ in Banco Popular
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  #1  
Old 02-19-2003, 01:16 PM
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Join Date: Feb 2003
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Texas Bill Level 2 (59)
Post How about US$ in Banco Popular
One person posted an answer to my previous question about a US$ account with Banco Popular which was greatly appreciated.
My next questions are:
1. How strong IS Banco Popular? It has branches(?) in Chicago, Miami and New York (I think) but doesn't publicise such. Is it a strong bank, or a weak one?
2.With correspondants in the States, wouldn't it be easy to draw one's dollars there even though the same were here in DR?

The reason I'm asking is obvious; I'm not familiar enough with banking rules to have the answers myself.
On the other hand, I learn fast.
So, any of you out there who are knowledgable, talk to me. Here, or email me at adams28@hotmail.com.
Thanx
Texas Bill
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  #2  
Old 02-19-2003, 02:13 PM
Ken Ken is offline
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Banco Popular has an excellent reputation, not only among banks in the DR, but among banks in Latin America.
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  #3  
Old 02-19-2003, 03:20 PM
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Tony Cabrera Level 1 (10)
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Texas Bill, the banco popular you're mentioned is the banco popular of Puerto Rico, i don't think that the Dominican Republic
bank has any branch in the US, or maybe i am wrong?.
Tony Cabrera
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  #4  
Old 02-19-2003, 03:21 PM
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jojocho Level 1 (10)
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I´m pretty sure Banco Popular Dominicano doesn´t have a branch in Chicago. You might be confused with Banco Popular de Puerto Rico. They are not related.

My personal view is that dollars are not safe in any bank in the DR at the present moment. Not because of how strong a bank is or isn´t, but because (like in th ´84 crisis) the government could force the exchange of dollars to pesos (like it recently happened in Argentina) and you could be left with zilch!
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  #5  
Old 02-19-2003, 03:55 PM
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Dolores Level 1 (37)
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Banco Popular Dominicano as a FDIC affiliate in NY, the BPD Bank. That bank operates under New York banking laws.
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  #6  
Old 02-19-2003, 04:01 PM
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Porfio_Rubirosa Level 1 (10)
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I'm reminded that our esteemed dear leader has threatened to sue anyone who says anything negative about a Dominican bank.

That piece of dribble said, I agree with Jococho. An underestimated risk is the forced conversion of dollars to pesos if things get bad enough.

As for the BPD of New York, their operations do not appear to be seemless with the Banco Popular in Santo Domingo. The BPD of New York appears to be a "boutique" bank, and may not be entirely owned by the Banco Popular Dominicana.

I had an unpleasant experience moving money from the US through the BPD of New York to an account with the Banco Popular Dominicana. It was treated like a wire transfer rather than an intrabank transfer. Inquiries to the Banco Popular Dominicana seemed to indicate that the problem was with the New York bank, and that they had no control over the New York bank.
Last edited by Porfio_Rubirosa; 02-19-2003 at 04:09 PM.
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  #7  
Old 02-19-2003, 09:07 PM
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Texas Bill Level 2 (59)
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To all;
Thanx for the responses.
I still haven't made up my mind about having my USAF retirement and VA compensation sent Direct Deposit to Banco Popular at this point. I enjoy a good relationship with a cambia in Santiago at present and tink I'll just wait and see, drawing my dollars as I need to convert to pesos.
See you all later,
Texas Bill
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  #8  
Old 02-19-2003, 09:43 PM
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GHABG Level 1 (10)
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Hey Tex, There are 2 North American banks here in SD, Citibank and ScotiaBank. I hope this helps. AM
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  #9  
Old 02-19-2003, 09:46 PM
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Porfio_Rubirosa Level 1 (10)
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Scotiabank and Citibank would not be immune from a government order to convert dollars to pesos (does anyone know if that ever happened in Argentina - a crystal ball for the DR), though I agree that they may be the best bet for local deposits.
Last edited by Porfio_Rubirosa; 02-19-2003 at 09:54 PM.
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  #10  
Old 02-20-2003, 09:20 AM
sjh sjh is offline
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At this particular point in time, i think you would be best off leaving your money out of the country and out of the DR banking system.. Too much stuff going on.
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