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Thread: US Bank Branches in DR???

  1. #1
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    Default US Bank Branches in DR???

    I've tried the search function, but couldn't find an answer.....

    Is Banco Popular in US the same as BP in DR? I'm wondering if we open an account in NJ can we withdraw money in DR?

    Are there any other US banks that have branches in DR? My husband thought there was a Bank of America branch in SD, but not according to their website.

    AE

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    in NJ banco popular is a portorican bank(BPPR). Banco Popular dominicano es a different bank. BPPR uses a different name in DR of which I cant remember.
    But I would thnk there would be a Citibank, BOA or Chase somewhere in SD. I remember when I was Mexico in Guerrero there was citibank in the zocalo. It would dispense in dollars or pesos too.

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    Different banks. The best you can find are "correspondant" banks, sort of like cousins.

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    I found out there's a Citibank in SD. So I called Citibank in US [I have a couple of their credit cards but no checking or savings] and I was shocked to find out that :

    If we open an account in US, and go to the branch in DR, we have to pay a 3% fee on any withdrawals of our own money from our own accounts. I asked the rep to double check that, because it sounded outrageous to me. They put me on hold and came back and said it was true, because it's an international transaction.

    Anyone experience this? Or did I just reach someone who didn't know what he was talking about. He did sound about 12.

    Geesh.

    AE

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    -Just cash your USD check in RD Pesos, at a cambio you have a relationship with and avoid this BS fee!

    tio tambo'

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    I was in the same boat after we first moved here. I also tried to get a Citibank US account with the idea that I could do an online transfer of funds economically to my DR account as I told they were completely separate accounts. The advantage to me was that supposedly I could do these transfers online as opposed to have to be present in the States to authorize it. I didn't go through the whole process as there was no bank branch in Florida and I would have had to travel to another State and too I found out at the same time that I could cash my US checks here at the highest exchange rates one can get.

    If in the future I have any large sums of money but still less than US 10,000 I believe I will just work out something with my local cambio house, otherwise I'll just do a wire transfer. For example, when I bought my SUV in 2006 I did a wire transfer for US14k and was charged US100 for the transaction and whatever nominal amount due to the lower exchange rates the Dominican banks give.

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    Quote Originally Posted by Tamborista View Post
    -Just cash your USD check in RD Pesos, at a cambio you have a relationship with and avoid this BS fee!

    tio tambo'
    Exactly what I do.

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    Quote Originally Posted by AlterEgo View Post
    I found out there's a Citibank in SD. So I called Citibank in US [I have a couple of their credit cards but no checking or savings] and I was shocked to find out that :

    If we open an account in US, and go to the branch in DR, we have to pay a 3% fee on any withdrawals of our own money from our own accounts. I asked the rep to double check that, because it sounded outrageous to me. They put me on hold and came back and said it was true, because it's an international transaction.

    Anyone experience this? Or did I just reach someone who didn't know what he was talking about. He did sound about 12.

    Geesh.

    AE
    Yes, but it is a CURRENCY translation fee nothing more. Chase does the same thing when I withdraw from Cibao Ahorros y Prestamos(actually they charge 2.75% for the currency exchange).

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    Quote Originally Posted by AlterEgo View Post
    I found out there's a Citibank in SD. So I called Citibank in US [I have a couple of their credit cards but no checking or savings] and I was shocked to find out that :

    If we open an account in US, and go to the branch in DR, we have to pay a 3% fee on any withdrawals of our own money from our own accounts. I asked the rep to double check that, because it sounded outrageous to me. They put me on hold and came back and said it was true, because it's an international transaction.

    Anyone experience this? Or did I just reach someone who didn't know what he was talking about. He did sound about 12.

    Geesh.

    AE
    I had a Citibank account before moving to SD. At that time, the Citibank in SD was for commercial accounts only, not private or personal accounts. Imagine my surprise when I went to withdraw money from the ATM and discovered there was NO ATM there!

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    Quote Originally Posted by windeguy View Post
    I think of it this way. The banks in the DR are separate corporations with separate rules. There is no advantage that I have found to using a bank in the DR with a similar name to one outside of the DR.
    Bingo!

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