Transfering funds - Scotiabank Canada to Scotiabank DR

Fiesta Mama · #1 05-14-2004, 06:10 PM

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?

Jimmydr · #2 05-14-2004, 06:12 PM

I am an American and with my passport opened an account. It took 20 minutes.

miguel · #3 05-14-2004, 07:05 PM

Anybody can open an account in the DR, dominican or not. In my case, it's easier for me to just transfer/wire money from my account here in the US straight to my account in SD. My bank charges $30 US for any amount I wish to transfer/wire. I also would advise anybody to open a dollar account over there instead of pesos since we all know that the pesos in very unstable.

simpson Homer · #4 05-14-2004, 08:02 PM

Fiesta,

I don't know if that possible to open a bank acount with Scotiabank in the DR,
in May 2003, my girlfriend and I went there to open a bank acount in Scotiabank Santiago the lady that was working at the desk she said that is not possible for my girlfriend to open a bank acount with Scotiabank if she is not having the "Cedula", I recomend you Banco Popular or Citybank.

About having pesos, I dont know but every single day Dominican money loose point every single day. Then any time you want you money, you can take it Back to Canada.

Make sure that any time you want to take you money out from the Bank they don't give you hard time. "Banks make you feel like Queen/King while they have you money"

miguel · #5 05-14-2004, 08:15 PM

Quote:

Originally Posted by simpson Homer

Fiesta,

I don't know if that possible to open a bank acount with Scotiabank in the DR,
in May 2003, my girlfriend and I went there to open a bank acount in Scotiabank Santiago the lady that was working at the desk she said that is not possible for my girlfriend to open a bank acount with Scotiabank if she is not having the "Cedula", I recomend you Banco Popular or Citybank.

About having pesos, I dont know but every single day Dominican money loose point every single day. Then any time you want you money, you can take it Back to Canada.

Make sure that any time you want to take you money out from the Bank they don't give you hard time. "Banks make you feel like Queen/King while they have you money"

My brother is an american citizen and he opened an account at Scotiabank with his US passport only.

Fiesta Mama · #6 05-14-2004, 08:45 PM

Okay, I agree that the American dollar is more stable BUT on another post a few days ago about the Scotiabank in Sosua, people were saying don't bother opening a U.S. account in the DR because you can just use your bank card from Canada. People - I am opening an account in the DR, one way or the other - so... would you recommend U.S. dollars or pesos???

Miguel thank you. From what you have said I don't think I will need to open an account in Canada with Scotiabank as I already bank with another institution and if I can just pay aprox. $30 to wire funds to my DR account I will do that.

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?

Lastly, can I write a check from my Canadian account and deposit it into my DR account while there (in the case that I am there for an extended period and just need some extra cash) and if so, will they hold the funds for so many days?

Sorry everyone for so many questions, but I just want to get this right, especially considering the current political situation. I understand that some people have advised me not to open an account at all but I will keep the funds to a minimum until I see what is happening in the country. Also, I will not be doing this until July.

Nelly · #7 05-14-2004, 08:51 PM

I was informed that a passport and a letter of reference from my bank in Canada was required to open an account with Scotiabank in Sosúa. They also required a minimum deposit ( I think it was 5000 RD) that would be held for a period of time.

miguel · #8 05-14-2004, 09:18 PM

Quote:

Originally Posted by Nelly

I was informed that a passport and a letter of reference from my bank in Canada was required to open an account with Scotiabank in Sosúa. They also required a minimum deposit ( I think it was 5000 RD) that would be held for a period of time.

I am just talking about an episode that happened to my brother. The only thing that they needed was his US passport and nothing more. He opened it with RD $ 2,000 in SD. I guess that it's different in every Scotiabank in the DR.

mountainfrog · #9 05-14-2004, 09:31 PM

Remember?
You'd be surprised how much they can have in common.
But it seems that some mistakes are just too good not to do them over again.
Leave your money where it is (safe) and use your personal cheques here to cash them (into RD´s) according to your needs.
A few thousand pesos can always be hidden somewhere. They are just as safe there as in any Dominican bank.
Unless you tell your novio the secret spot ...

m'frog

rendul · #10 05-15-2004, 11:18 AM

We have a place in Cabarete. When I was down in March I went to the branch in Cabarete and was told that they do not have online banking yet. I wanted to do the same thing as you. I was also told by someone who lives there full time that if you are a Canadian and you open an account in the D.R. Scotiabank, they have to issue T5's on your account to be sent to Canada for tax time. When I opened our accounts in the D.R. I needed my passport, letter of reference from my home bank and a minimum deposit. At that time, the only branch of Scotiabank on the north coast was in Puerto Plata and they were not helpful at all. I finally opened my accounts at Progreso and have had no difficulty in transferring funds from my account in Canada to my accounts at Progreso. Also if you notice on your tax returns, if you have in the past year purchased a property out-of-country exceeding $100,000.00. I'm not sure of the tax implications but given past experience, it can't be good.

It is a definite learning curve!!