Bank Accounts - Pesos or US Dollars

For many years we had both pesos and dollar accounts.  Then about 6 years ago when we gave up our Dominican Visa Credit card we canceled the peso account and now only have a USD one.  When we need pesos I just exchange money as I need to (about 2x a month).  This also makes it easy to transfer money from the US to the DR.

Bob K

Open a USD$ account also. I did in 1998.  Banco SantaCruz in Sosua.  Carlos, the mgr. speaks fluent English. Tell him that the Gypsy sent you & watch the smile on his face grow

Yep we use the same bank since 2004.  Carlos is a good guy.

Bob K

Depends what you need. If you receive dollars open dollar Acct. If you receive Canadian dollars open pesos acct.

Which bank is better in Sosua, Santa Cruz or Popular? Which have online apps? Best for USD account?

Thanks

For me,  I do most of my banking online, I find Banco Popular is the best for online transactions,  has the most ATM's but has the most ridiculous customer service and lines ups in branch!

I also use Banco Pop for all my business needs and payroll so online is critical for me.

I agree with Planner.  We are with Santa Cruz in Sosua.  Great customer service, short lines, one ATM in town.  Popular has many ATM's, but the line today to pay Planner for healthcare was a 45 minute wait.  I don't think it matters whether you chose US or Peso account, it would be the convenience you're looking for.  That being said, it was easy enough opening an account at Santa Cruz.  They both have Apps and do online banking.

UncleBuck see if you can set up the payment online with Santa Cruz to my account at Popular!  Need help just message me.

The customer service experience at Banco Santa Cruz is excellent. Very little waiting time.

I average over 30 minutes every time I go into a Banco Popular.

Dollar is always going up against the peso though.

Also, side note you cannot open a bank account if you are overstaying your visa.

I do not use a U.S. dollar based acct. because, lets face it, Canadians are getting crushed by the U.S. exchange rate. If you view the 5 year graph on the Canadian dollar / Peso, you will see a relatively stable exchange rate between the 2 currencies. Dominicans prefer pesos and it eliminates confusion when you are buying services. Pesos over
U.S. dollars.....

US or DOP ??

It depends........

I have both b/c I send chunks of money here at a time....
then I switch from $$ to Pesos.

It is just as easy to send those chunks and have them go to a DOP account...
no difference....unless the rate goes wild and you win/lose on the exchange which only affects the last wire transfer.

Ultimately - you need to walk out of the bank with Pesos.
So, logically, a Peso account is all you need.

The $$ is the luxury.... Peso is the necessity.... and you get n ATM card for island travel & withdrawals.

If you are not planning to keep the account with a balance over 500.00 dollars better pesos account, most of the banks when the balance is under 500.00 they start to charge you with a monthly fee of 10.00 and when you blink no money in your account.

We all need to be aware of the fee structures here.   Not using an account can cost you money. Using the account can cost you money.  Transferring between accounts will cost you money.   Going below minimums will cost you money......

Pretty much its gonna cost you money.