Transfering funds - Scotiabank Canada to Scotiabank DR

[AnnaC]

Originally Posted by Fiesta Mama

Homer, maybe Popular or Citibank would be a better option. Does anyone know if Citibank would be insured since I assume it would be a subsidiary of the American Citibank? Does anyone recommend either of these banks?
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It's been written many many times on this board that the laws of other countries do NOT apply to banks in the DR even if you think they are a subsidiary.

[baileyboy]

Originally Posted by Fiesta Mama

Okay, I know this was briefly discussed in another thread but I am hoping to get some more specific answers. I have decided to forget about opening a U.S. dollar account in the DR. However, I would still like to have a small slush fund account in the DR in pesos. What I want to do (and don't know if it's possible) is the following:

Open an account at Scotiabank Canada. Open an account at Scotiabank DR. Be able to do internet banking to manage both accounts and be able to transfer funds between each account.

When I have been in the DR in the past and have taken pesos out of my Canadian account I have been gouged on the exchange rate and this is part of the reason I want to have pesos available there.

Also, because I am not a resident of the DR, will I have any problem opening a Scotiabank account in the DR?

Are there any Canadians out there who have a Canadian Scotiabank account and also a Scotiabank account in the DR and are able to do the things I want to do?

I'm sure you probably have your answer and made your decision, but I thought I'd let you know about Scotiabank... I work for Scotiabank in Canada, and the only way to trsfr money btwn accounts in Cda, and the DR, is through a wire transfer. Although the name is the same on the door in the we do not have accessibility to Scotiabank accounts in the DR. I have accounts here at Scotiabank, and if I want to transfer funds to a bank account in the Dr, it's a wire transfer, which can take a long time, and can be costly, depending on how much your transfering, although you have the option to transfer in pesos or US funds.

Now opening an account in Cda at Scotiabank, you need to be a resident of Cda, now whether this is the same in DR, I'm not sure of the internatinal rules and regulations and policies of the DR. I could find out if you would like to know....
Lisa

[MommC]

with Scotiabank in Santo Domingo (now closed as I now bank with Popular for my pesos and no longer need to transfer money from Canada). So I don't know how "current" this info is but here goes!
I had no problem at all to have Scotiabank transfer funds from my Canadian account to my SD account-no charge for transfers.
SD DID NOT issue t5's for Canada Revenue! I needed only my passport to open my SD account (same goes for opening any bank account in RD).
That's it......
If you'd like to know more FM send me a PM and I'll answer as best I'm able.....

[Toronto2inDR]

Things have changed with all the banks. I opened my account in Scotiabank Puerto Plata 2 years ago with nothing more then my Canadian Passport. Minimum for the US dollar account was and still is $500.00 in order not to be charged monthly fees. In Pesos it’s the same $500.00 minimum.

Now to open an account you need a letter of reference from your bank in Canada, US or where be it and that goes for all the banks I visited just last week…Because I was upset with the service at Scotiabank and wanted to close my accounts there.

As for transfers, I also have an account in Scotiabank in Toronto, Canada and 2 years ago I transferred money with nothing more then an email request from my hotmail email account while I was here in the D.R. and the money was sent from Canada in 48 hours it was in my Puerto Plata account. Note - it was more then $50,000.00 US, with no questions asked.

A few weeks ago I transferred more money, about the same as 2 years ago and it took 14 days to get the money into my account, Puerto Plata wanted proof of where the money came from etc. Funny that Scotiabank in Canada would have already done all that checking so you would think that there is no problem but we had to go all the way to the top in Toronto and Santo Domingo to get the money into my account and it cost me $129.00 U.S.

Things have changed somewhat