Opening A Us Dollar Account In D.r.

[RAMSES13]

HI EVERYONE! I WANT TO OPEN A US DOLLAR ACCOUNT IN A DOMINICAN BANK CAN ANYONE GIVE ANY ADVICE OR SUGGESTIONS?HOWS THE PROCESS.WHICH BANKS? THANK YOU.

[liam1]

BanReservas (or banco de reservas) is the easiest to deal with. i have a USD account with them and all that was needed to open it was my passport. Banco Popular wanted million other things. the way the process works is simple, you tell them you want a USD account, they take a copy of your passport and send it to Santo Domingo to investigate if you have any criminal record, i was told they also contact your embassy to check your record, i was told the reason was to fight money-laundering. the whole process takes about two weeks, they'll tell you they'll call you back but you have to follow up yourself, if everything is OK they open the account and you're in business.

[Robert]

Like most things in the DR, if you know the right people, opening a dollar account is easy.

If you don't, it can be a pain in the a$$!

If it's business related, send me a PM and I can make your life easier if you deal with Banco Popular.

[mike l]

Originally Posted by RAMSES13

HI EVERYONE! I WANT TO OPEN A US DOLLAR ACCOUNT IN A DOMINICAN BANK CAN ANYONE GIVE ANY ADVICE OR SUGGESTIONS?HOWS THE PROCESS.WHICH BANKS? THANK YOU.

With Banco Santa Cruz I just had a realtors business card and a bank reference

[mike.n.amy]

We opened an account with only a passport at Banco Leon in Sosua. The "two week" rule of thumb turned out to be about 45 days - even with checking in at the bank each week. They do have a decent online banking system so you can check accounts online and it's the same procedure whether you open an account in USD or pesos. No euro accounts yet - though they say they're working on that option for the "future".

[cotuísano]

Originally Posted by mike.n.amy

We opened an account with only a passport at Banco Leon in Sosua. The "two week" rule of thumb turned out to be about 45 days - even with checking in at the bank each week. They do have a decent online banking system so you can check accounts online and it's the same procedure whether you open an account in USD or pesos. No euro accounts yet - though they say they're working on that option for the "future".

Banco Popular in Cotuí, passport and a Euro 500 minimum deposit opens your Euro account, that's it.

[ffritz]

BanReservas offer Euro accounts too 300 Euro minimum

[RAMSES13]

So One Has To Stay In The Country For A Few Weeks To A Month To Wait?

[mike l]

Originally Posted by RAMSES13

So One Has To Stay In The Country For A Few Weeks To A Month To Wait?

Yes and checks take six weeks to clear. You can have funds wired with fees on both ends. Fees, get used to those.