clearing checks

Danny W · #1 10-07-2003, 02:07 PM

I will be depositing a U.S. Citibank check ($2500) in a Banco Popular Dominican account. Any idea how long it will take to clear? Thanks, D

Dolores · #2 10-07-2003, 04:26 PM

This could take 30 working days -- as is the practice at some banks. We are not aware of the BPD practice. Double check with the bank before making the deposit. You may also need to find out if the check will be held in dollars or if you will only be able to take money from the account in RD$.

It would be better if you opened an account with the BPD International Bank in NY and then just had them transfer the money to your account. Then the check could clear in the same amount of time it would take to clear in the US. This is a Dominican bank, but it operates under NY banking regulations.

NYC_Girl · #3 10-07-2003, 04:49 PM

Hi Dolores,

Curious about BPD International. If I open an account in NY, could withdrawals be made in Santo Domingo in US$.

Also, are they FDIC ?

Thanks,
Lucy

Dolores · #4 10-07-2003, 04:57 PM

No cash withdrawals in US dollars here. But you will have checks issued on your bank account in NY as you would have if you opened a bank account in most any other commercial bank in the US. Yes, the bank is FDIC insured.

NYC_Girl · #5 10-07-2003, 05:04 PM

Hi Dolores,

Thanks for your reply.

Just wondering... What is the best way to withdraw/transfer US$.

My husband is in Santo Domingo working on a project. He likes to be able to have US$ to get the best exchange since he pays the workers in pesos.

Thanks,
Lucy

Danny W · #6 10-07-2003, 06:23 PM

Thanks, Dolores. I'll check with them. - D

XanaduRanch · #7 10-07-2003, 07:35 PM

Danny, much better to find a check cashing house, and get the cash instantly, and take that to the bank for deposit. If you don't have someplace like that that knows you and your checks, have a friend who uses such companies introduce you.

No waiting for the pesos to clear, you'll have your money right away.

Tom (aka XR)

Dolores · #8 10-08-2003, 10:30 AM

Quote:

Originally posted by XanaduRanch
No waiting for the pesos to clear, you'll have your money right away.

Tom (aka XR)

The BPD International-NY transfer to the BPD branch in Santo Domingo actually enters as cash, thus there is no waiting for the pesos to clear.