Banking in the DR

You might want to keep your bank in your home country if possible, as do a lot of expats. You will need to build a relationship--usually get introduced by someone else, with an exchange house or bank so that they will cash your checks.

Dominican banks have all kinds of issues you don't expect. For example, you may be surprised when you deposit a check and have to wait up to 90 days to get access to the cash. Meanwhile, they are using your money and collecting interest off it.

If your income will be from the DR, you may feel you need to have a local account. Read the fine print. I was surprised to find that they actually charged me monthly for my statement to be delivered, even though it was not optional. They also charge me a tax, per check, and a monthly fee to maintain the account. There are all sorts of little nickel and dime charges that do add up.

As for depositing money to collect interest, think carefully about it. If the  exchange rate suddenly changes, you could lose money. On the other hand, the peso has been stable (somewhat artificially) for quite some time. I understand there are high interest rates, so maybe you can look into this more, and find it beneficial to your situation.

Don't get me wrong; I like living in the DR. I'm just not a fan of their banking practices.

The best interest rate you could expect at a bank here with a large deposit and in Pesos not Dollars is about 7%-8.5%  Remember in the last 3 years the peso has lost over 10% of its value.  So over the last three years at 7% you are losing money.

Bob K

I too had some questions about banks in DR.   I have heard that banks in DR do not have a good reputation.  Are some better than others for efficiency and honesty in their transactions with customers? 
What does it take to open a bank account?    Do they really hold a deposited check for so long, even 90 days, as stated in an earlier post?   What kind of fees are usual? 
One post stated the interest rates on deposits are high, but also pointed out that the DR peso has dropped in value.   (Of course, I think American dollars may be in the the same fate in the coming months.)
Do any banks cash travellers checks for noncustomers?   (I know fraud has made this difficult everywhere.)
Thanks for your time and information.
Best wishes,
estella

I totally agree with alabemos. Banks in DR are quite tricky.
THey charged you on everything.
Banking statements can be change to onlinebanking.
Also, the rates are in constant change. So be careful on that.

Depending on the bank there can be lots of fees, just be careful.
To open an account where we have ours you need:
passport
A letter from your bank at home stating that you are in good standingAt least $200 to deposit.
An introduction from someone who banks there and already has thier cedula.

We pay no fees for banking or having a Dominican Credit card. If however we deposit a check we cannot get the funds for 60 business days which can actually be up to 90 days.  This is even if you show them proof that the check has been cleared and already deposited into the banks account.  Just a way for the bank to make money on you.

Most banks will not cash traveler's checks for non account holders and even then they charge a pretty hefty fee.  DONT bring those whith you.

Hope this helps

Bob K