Commercial Banking

[mikeo1313]

I am a young fellow that intends to derive proper banking strategy possibly wholly in DR for commercial use.

Please either comment on a fault of my logic and/or provide your strategy as it may seem plausibly superior based on your experiences or knowledge.

In considering banking in DR, I tend to speculate very much hearsay and what a bank rep claims.. Furthermore I find it may be allot more convinient to ask of specific data and commentary via this post instead of making a religious track down and round of calls to people which may address a personal commentary in one respect but not be able to do so in another respect of commercial banking. Furthermore I am sure everyone understands that time is very precious and highly unavailable lately for tracking down this information.

my interests Chiefly are :
1. a bank with a well versed & professional International Commerce Department that handles drafts, T & back to back LC's.
2. a bank that has webaccess and special wire transfer services,,, at that providing a high quality service with same or next day execution. With very reasonable fees
3. Advanced protection mechanisms for fraudulent activity.
4. international savings in Euros. { I never heard of it but maybe I am wrong }


Misc supportive comments
1. I understand BAnco Leon needs a confirmation by the account owner for a check to be paid... EXCELLENT... do other banks do the same?

2. EVEN Here in Miami ,, banks are HIGHLY reluctant to do a PRE-advised LC though its in the UCP 500 guidelines.. in general you have to go to the top and inspire expertise and knowledge of the international law of banking procedures and utensils... I just imagine it may require the same "teaching" or building repertoire of high banking personell likewise..

3. I have a wire by phone service here with pincode... I understand that in DR or any 3rd world country this may not be available but I may be wrong, furthermore there may be other methods or practices that I probably wasn't ever exposed to that are used in DR and understand anything is possible.

4. With BOA I am pretty much re-imbursed for any fraudulent activity... when banking with REgions I can request a religious daily SUMMARY of all activity for a given day as a safeguard / security measure. Do people get this service in DR also?



Conceptions I derived on my own pending the continuous process of validation:

1. In the back of my mind, I have allways ruled out toiling with ANY sizeable amount of money in a Dominican Bank but am unsure if my suspicion is mainly out of ignorance... I understand POPULAR and RESERVAS are the main franchises... but how far do they go to cater to a client as myself... can they be depended on for a mere simple wire transfer that ought to be done ASAP? In general I understand that I am not a millionaire but am in the 5 figure range... considerably special and with serious utmost need of full professional compliance.. is the one franchise better than the other as far as the professional attentiveness of their international transactions department... I have nothing special to comment on Leon but I stand to believe that their are businessmen in DR that read these forums that do more then simple day to day common banking..

2. The reason for this post is very valid... I do tend to move to DR and/or establish a more frequent solid presence mainly between DR and South American countries... Considering I don't have intentions to re-visit USA unless utterly necesary I tend to believe that my banking likewise should change. And chiefly would like to ponder that besides using the tax havens for securities and holdings.... Why not bank with them all the way?? why not DR??? I still have a hesitant doubt and seem to sway towards either a Panamanian, Belize, Ecuador or similar "ideal" region to establish an account of an american franchise bank for considerable commercial activity and just use a DR account for personal expense funds. Any comments? Any Foreign bank recommendations / experiences? I am a man of details and the more specific and technical you get the better... I can appreciate this..

Thanks!




note: Furthermore please treat this post seriously, though I do understand I have made 2 or 3 jokes and posted silly remarks... I have made my apologies and since have matured.

[Lambada]

I banked with Banco Mercantil when they were Banco Mercantil, then they became Republic and now they are BHD. Good service throughout but the personnel remained the same. I have never had complaints about their service, Maribel Valdez, the Manager has always gone out of her way to be helpful. I've been with them 13 years. I think it has much to do with the personal relationships you form with the Manager and staff. I don't keep much money in DR banks because I still remember February 2004 (!) but slowly my confidence is coming back.

[mikeo1313]

damn.. a typo... lesser of 250k quartile definitely more then 5 figures.. what an idiot... don't blame me I never gave it mind and always thought the # refered to the amount of zeros... giving it mind it really doesn't matter, it was stupid to mention,, whatever,, mistakes like that happen,, but anyhow I understand the below 250k marker is peanuts and humble I understand but in that moment thought it had some relevance as far as my concern in the possible eventuality of being able to be heard in a 3rd world country when it comes to challenging a financial institution procedures and methods.

Its too bad I had to write this long winded post to realize the following day of the proper place and 3 sentances that would've gotten straight to the heart of what I seek...




Lambada: thanks for your response... it does remain clear to not handle any significant amount of money in DR... I have heard your hypothetical answer many times...

[mikeo1313]

the most resourcefull site I ran across on the topic. Offshore Banking, Asset Protection Archives and Reviews

The answer.. HSBC

[Ishido]

This site may be of some help. It analyzes the financial condition of dominican banks. Although it may not answer your questions, u may contact them for details.

BetaMetrix

[jillsandr]

Hi everebody
What are the cheapest countries for tourism in Europe
Thank you

[priji]

* Commercial bank is the term used for a normal bank to distinguish it from an investment bank.

This is what people normally call a "bank". The term "commercial" was used to distinguish it from an investment bank. Since the two types of banks no longer have to be separate companies, some have used the term "commercial bank" to refer to banks which focus mainly on companies. In some English-speaking countries outside North America, the term "trading bank" was and is used to denote a commercial bank. After the great depression and the stock market crash of 1929, the U.S. Congress passed the Glass-Steagal Act 1930 (Khambata 1996) requiring that commercial banks only engage in banking activities (accepting deposits and making loans, as well as other fee based services), whereas investment banks were limited to capital markets activities. This separation is no longer mandatory.