Banking and Credit cards

I have been a happy Scotiabank customer since 2006.

Their daily ATM limit is two separate transactions of 10,000 pesos each. I hold a US Dollar and Dominican Peso account with them and use their banking online facility to transfer funds between USD to Peso account and pay third parties. I avoid using the debit visa card mindful of historic reports of fraud, and even now with more secure embedded chip. I simply prefer to work with cash for my daily needs. I use an offshore credit card for airline and hotel bookings and such similar transactions.

My work is varied and not always in DR so I have yet to get credit card. An employers letter proving income was the Scotiabank requirement with a reserve sum held in account. I am sure a local credit check would be involved too.

Thanks for the Intel on Visa cards.  I have been coming here since 2014 and never had any problems.  Typically I go to one of the local bank branches in Luperon.  Usually to get 300 to 400 USD converted to pesos at about 50 to each $ 1 USD.   I know everyone at the bank including the guards.   I also don't have to wait in line. 

I rarely use my Visa for POS purchases.  I was in POP last week, and did use it at Jumbo.  Most small businesses in Luperon do not accept them.  Including the marinas.  Only the main market in downtown Luperon.

Stan most banks here are the same and customer service really sucks. 

I use Scotia, Banreservas and Banco Popular.   My withdrawal limit daily is 45,000 at Scotia and 40,000 at the other twoLenmox you can ask to have your limit raised.

I use debit / visa cards here at POS without issue so far and hoping it stays that way.  Those are all local cards not foreign.

Bigbob are you referring to getting cash off your foreign cards?

Stan it isn't easy to get a credit card here!  Maybe a prepaid card that your company can top up?

Thanks Planner. It is a pre-paid card I want. I don't want to use credit.

StanR wrote:

Thanks Planner. It is a pre-paid card I want. I don't want to use credit.

BHD León has pre-paid credit cards,  I had bad experience with their customer service, also their feeds are hight.   You can compare between your bank and them to see wich one offers you best option on pre-paid card.

Can you open a savings account even if you are not a resident?   We are purchasing a home in the DR, but will not get residency until we retire.

If yes, we can open an account.  Curious do you know what the interest rates are at?  As a savings vehicle would you recommend certificate of deposit instead?

Any thoughts or comments would be appreciated.

Yes you can open a savings account.  You will need to do it while your tourist  visa is still in effect,   bring a letter of reference from your current bank and you will need someone who banks at the bank you choose to "vouch" for you.

Savings rates depend on if the account is in pesos or dollars. Some banks do not let non residents open  US dollar accounts.

Rates depend on the bank, the amount and the term.

I wouldn't recommend anybody to have a peso savings account right now with the currency depreciating so much. Dollar rates are very low.

Holding a dollar current account and changing to pesos as and when needed is advantageous in these times, as the peso exchange rate tumbles ahead of any inflationary effect on goods.