Inf. requirements to open a Bank account in the Dominican Republic

Thanks ajjs for this great summary. Opening a local bank account will be the next step I have to solve! Thanks for your great support on this, will help me to be prepared.

Best
Thomas

Also of note you must do this within the 30 day window of your tourist visa  unless you applied for residency.

OK, thanks for the hint, planner.

@ajjs:
Sent you a pvt message.
Thanks in advance for taking a look at whenever the time is right for you.

Thomas

Hello

Scotiabank is not an American bank, its Canadian.   

You have to be careful what you read here, because , just like social media, you dont personally know the people who are providing the facts.  I'm not complaining, just clarifying.  Simply go into the bank of choice, and they will give you the document that says what you must provide them.

https://corporatefinanceinstitute.com/r … -republic/

The above article lists the top banks.  Ban Reservas is at the top, so we chose them.  Also Scotiabank, since I bank with them at home (in Canada) and they manage my investment porfolio.

I also chose Ban Reservas because I can transfer money within 30 minutes (using WorldRemit) and it ends up in the account.  All others take 2-4 days.  This is very important to me.  I did this previously with my husband who banks at this bank.

To open the accounts, I provided the same documents for both banks (16 documents).  Tax documents, passport, drivers license, etc. More than necessary but I didn't want the process to go on for days.   This resulted in success.  I did it all by submitting the documents to the bank, in one email, after we went to the bank to get the process started and the email address of the clerk. 

I dont know if your experience will be the same, but this was mine.

One more thing, the physical passport is required to be shown before you get the final account opened.  It seems you need it for any kind of account you want to open in Dominican Republic. Including cable/internet company, sign a lease with someone, etc.

Either a passport or a cedula is needed, yes.  The original and not a copy.

ScotiaBank in the DR is Dominican, not Canadian.  They have a loose affiliation, but are Dominican through and through.

If you have a Canadian Scotiabank ultimate account it includes ATM services in the DR.  I just opened one here for use in the DR soon.
https://www.newswire.ca/news-releases/s … 35665.html

And that's all it gets you. To open an account locally you need everything posted above. That was the point of the thread.

The parent company of Scotiabank Republica Dominicana is Bank fo Nova Scotia.

There is no loose affiliation.

It therefire comes with a high bank rating being a subsidiary of this Canadian bank. AAA

https://www.fitchratings.com/research/e … 28-09-2020

Just to add it that the service I have encountered at this bank is excellent with very quick service (no queues) at the many branches I have used.

Uncle buck....Scotiabank s owned by scotiabank canada...its the parent company. A few years ago they bought Banco Progreso.. When they did..the local Scotia branch gave me an automatic account opening.

Modaisky..yes and when you use the atm card here, the branch in canada doesnt charge a Penny.

Yes it is a fully owned subsidiary (not a branch) and so you get some benefits but not most for having an account in Canada.

Think of it as an indepenent bank having the values and security of a solid parent bank.

I have had Scotiabank accounts in several islands and many have now been sold on by the parent bank as low benefit and high risk subsidiaries. Ruthless yes but that way you know your funds are being kept safer.

So if I have an account at Scotiabank in Canada, would I be able to deposit/withdraw funds at Scotiabank in DR?

Hi  No, your account in Canada is not linked to any account you might open in DR, with Scotia Bank.  Thats how it is for me anyway and I have accounts in both countries.  Please be aware, the Scotia bank  in DR charges alot more money for the minimum monthly balance which is $295 pesos (vs banreservas which charges $50 pesos).   Also, when I transfer from one account to another, they tend to take taxes multiple times, ridiculous, and no explanation is provided.  Put the money into account A (take out taxes) then move the money to account B (take out taxes again).  No people, you are ripping me off.  Its not Scotia bank in Canada. There is no better service except the lines are not as long because this bank is not as popular.  I closed my accounts as the fees are too high.

I transferred money from one bank to another and it was missing for one week. $1000 dollars. Sorry, this  Scotia bank is not any better than the rest.  Finally they returned the money but how does that help when your rent payment is late one week.  Not the same bank as in Canada, just want to be the same but just does not cut it in my opinion.

I agree with you. I was personally disgusted with the lack of service at Scotiabank.  I am used to poor service and theirs was way way worse than average!

agree with that for us at megacentro. we move our account to agora where our banker went far beyond her duties.

@planner

Any more suggestions on what I can bring for my bank account

• ID Canadian passport, birth certificate and drivers license
• Letter of Employment Verifcation with the Toronto School Board (stating income and # of years employed
• 2022 Income Tax
• 3 months bank statements
• Purchasing Documents for Condo in Las Terrenas

That letter of employment isn't needed but bring it.  What you need is a passport stamp well under 30 days.

That's it? I've been reading all the above is necessary and maybe more....

Amazing how a lot has changed to open an account. I am lucky and glad I opened my bank accounts in 2001...wasn't difficult back then..but understand in todays world why there are so many restrictions and requirements

Each bank is a bit different.  The most important that all require is proof of legal status.  That's the stamp in your passport, a cedula or work visa!  After that check with your bank. Most require letter of good standing of your current bank. Some require letter of reference or other person with an accountant that bank.  After that each bank is different.

@planner

Are you sure? maybe it  depends on the bank. I just confirmed this yesterday ,that its needed for a checking account @ Banco Popular.

As I stated some things exactly the same for the law, others by bank. I found banco popular more difficult but it can also depend on the branch

So we might be able to open an account in the DR during the time when we are visiting as tourists? We wouldn't open one right away, but after a few visits if everything is looking good we might open one a year or two before we drop the hammer on retirement. Also, as I understand it our pension (or at least one of them) has to be deposited in a local bank, is that correct? As always thanks for the help!

Yes you can open accounts here as a tourist.  I do not think your pensions must be deposited here.  You do need 6 months proof of deposit to an account.

    Yes you can open accounts here as a tourist.  I do not think your pensions must be deposited here.  You do need 6 months proof of deposit to an account.
   

    -@planner

Cool, I am thinking we'll set things up with our US account getting the direct deposit for one pension and the DR account getting the other. One helpful tip that I've read was to write a check from the US account and deposit it into the DR account to avoid transfer fees.

Writing a check  to deposit your pension may  nulify the proof of pension needed. I am not sure, that is something to speak to an attorney about

Ah, all of the sweet memories this thread brings back from our BHDL accounts!!

• Gathering all of the paperwork was the easiest part of the process! 
• The 1 hour 15 minute wait -- JUST TO START TALKING TO AN ACCOUNT REP -- gave us many opportunities to enjoy the fragrant aroma of hot sweaty bodies (it was summer) packed into the branch.
• The branch was air conditioned, but the full house definitely caused the AC to strain.
• And everyone came into the branch already hot and sweaty, as it was a VERY hot and humid day outside.
• And oh, those lovely hard plastic seats were a true joy .
• Once at the Account Rep desk, the chairs were padded, fortunately.  And we then started the process of filling out form after form after form. 
• We had brought our lawyer along as an interpreter -- the account rep did speak reasonable English, so that helped...but as we insist on understanding all the legalese before we sign anything, we had lots of questions...and so our lawyer and the AR would chat in Spanish for 3-5 minutes about what a particular clause or phrase meant, our lawyer would then turn to us and provide the 30 second summary. 
• In other words, it took a lot of time.
• If you, or the account rep, made ANY errors in the paperwork or ensuing data entry...for some reason, it takes even more time to fix the error than it took to enter everything in the first place. 
• Then the AR would take the paperwork and disappear somewhere else in the branch for 10-20 minutes.  I never figured out what he was doing, or where.  This happened several times.
• It took well over 2 hours once we were at the AR's desk.  So, total, about 3.5 hours to open our very simple accounts (one in dollars, the other pesos). 
• Remember: It's a marathon, not a sprint. 

Now, here's some ADVICE for new account openers...or Lessons Learned, if you prefer:

• Choose a good time to visit your selected branch -- figure out when the lowest wait times are.
• That was our biggest mistake...we got diverted from the planned bank visit on a Thursday, and HAD to open the accounts the next day, Friday, in the mid-afternoon, because of flights on Saturday. BAD IDEA!  The place was packed wall-to-wall.
• Since then, we've found that non-Friday weekdays, about 30 minutes after the branch opens, are the best time to see account reps for opening or changing accounts. 
• FRIDAYS (pay-day) ARE THE WORST DAY TO SEEK IN-PERSON ASSISTANCE AT THE BANK.
• Take along a bottle of water...maybe two.  Maybe a snack, too.
• Use the restroom BEFORE arriving at the bank. 
• DO take an interpreter if your Spanish is poor or non-existent...the odds of encountering an English-speaking AR are very low.  The one you saw last week/month/whenever may have gotten transferred.
• We HAVE struggled through a bank visit or two using only Google Translate...and it is very helpful.  However, the voice function on Google Translate doesn't handle financial or banking terminology very well.  The interpreter is money well-spent if you're time-limited.
• PREPARE FOR THE BANK VISIT, if you're not bringing an interpreter.  Over the long term, yes you DO need to learn Spanish.
• But in the short term, if you don't have an interpreter, use Google Translate and/or SpanishDict (another app we've found useful) to translate out the key phrases and/or questions you'll need during your visit.  WRITE THEM OUT IN SPANISH.
• If you can start your engagement with a teller or AR with a few Spanish pleasantries, and then hand them a note (in Spanish) explaining your limited Spanish proficiency, but that you need to [for example] obtain written instructions for how to wire funds to/from your DR accounts from your home country, that helps the whole process along immensely.
• Select the branch you visit very carefully, depending on what you need to accomplish
• If you're just getting cash or making a deposit, any branch or even an ATM will do.
• If you need in-person assistance with questions or account changes, though, try to choose the larger branches or centers, probably in the financial districts or higher-end neighborhoods.
• Much better odds of getting English speaking ARs. 
• ARs at larger branches in business districts probably will be more experienced and/or better trained than reps at smaller branches out in the hinterlands.
• For example...one time we inquired about certificate of deposit rates at a branch in one of the smaller towns around Punta Cana.  THE REP HAD NO IDEA WHAT WE WERE TALKING ABOUT, and just gave us the APR rates for their regular savings account.  Repeated explanations of what we were looking for didn't help -- she simply had no clue that anything beyond the regular accounts existed.  There was no manager available to elevate the question...so we lost about 50 minutes between the wait and the language challenges and didn't get a thing done.
• So, a few days later (at our lawyer's recommendation) we went to a business-oriented, higher-income -oriented branch inside of Blue Mall in Santo Domingo.  FAR BETTER EXPERIENCE, starting with excellent English language skills...but we did take along our lawyer for translation purposes, anyway.
• Those folks knew exactly what we needed and fixed us up quickly (for a DR bank, anyway; still took about 45 minutes total, not including wait time, but we got it done in one visit).

As with anything in the DR, if you don't speak the language:

• NEVER raise your voice.  Dominicans are very LOUD compared to Norte Americanos, but they DO NOT appreciate foreigners raising their voices back in English. 
• SMILE.  A lot.  Speak kindly. 
• BE GRATEFUL.  Say gracias, a lot.  Tell them how much you appreciate their assistance. 
• SMILE SOME MORE. 
• If you receive truly exceptional, helpful service, consider taking a minute to tell the manager how much you appreciated your AR's or Teller's expertise and helpfulness.  If your language skills are limited, use Google Translate to prepare what you want to say BEFORE you speak with the manager. 

My parting thought:  preparing for your bank visit is essential. ARs understandably hate wasting their time on gringos that show up ill-prepared, without necessary documents, etc. 

Okay, that's enough opinionating for one post.  Best to everyone!!

ExpatRusher

        Yes you can open accounts here as a tourist.  I do not think your pensions must be deposited here.  You do need 6 months proof of deposit to an account.        -@planner

Cool, I am thinking we'll set things up with our US account getting the direct deposit for one pension and the DR account getting the other. One helpful tip that I've read was to write a check from the US account and deposit it into the DR account to avoid transfer fees.
   

    -@sparks1093

I do not recommend having your pension go directly to your DR account! Ours goes to our US account and we move it over as needed! For your residency visa, and initial residency application, you can just show proof of the pension going to your US account. For renewals, we have had to show the amount of our pension being deposited to our DR account. DR bank account statements, at least those from Banco Santa Cruz, don't contain details about the source of the deposit. All they check is that you are bringing the amount you said you would to the DR each month. We don't need all of it here every month, but you only need 6 months worth of bank statements when you renew. I have a reminder on my calendar for 7 months before the renewal to start transferring the specific amount each month.

Also, if you have one pension that is enough to qualify both of you ($1750), I highly recommend using just that one to qualify. If you meet all the other requirements for residency, $1750/month vs. $17k/month won't make a difference, but if you use both pensions to qualify, you'll have to move the full amount each month before renewing!

My SSA pension can direct deposit to my Banco Popular dollar account.

@sparks1093

retired here in DR since 2020,  you  do not need to deposit pension check in local bank,  have account with BHD, use Remitly to transfer funds,  pretty quick within minutes, of course money deposited in pesos a little lower rate than going rate, that is how Remitly makes its money, but $500 or more no fee. would never open a dollar account, Issue trying to withdraw your money when you want it

I to have been here for 23 years and have fouruntely and lucky to have had no banking issues or delays with my PESO and Dollar accounts for 20 years.

I am also very lucky to have a private bilingual bank officer that I am able to contact via what's app, and handles any and all banking issues that may arise.

Extremely lucky to have this perk and personal banker. So, my feedback on DR banking is probably not the normal experiences for many.

@CHRISTOPHER DAVID56

Th e personal banker is a different touch in the DR. They may not solve all the issues but not of lack of trying.

.

@DRVisitor

Again, As I shared I have had no major banking issues for over 20 years that could not get mutually resolved. Let's just say been lucky in that area...

@ddmcghee thanks for the advice!

    @sparks1093
retired here in DR since 2020,  you  do not need to deposit pension check in local bank,  have account with BHD, use Remitly to transfer funds,  pretty quick within minutes, of course money deposited in pesos a little lower rate than going rate, that is how Remitly makes its money, but $500 or more no fee. would never open a dollar account, Issue trying to withdraw your money when you want it
   

    -@om2252001

Ok, I get that. I figured having on pension going to our DR Bank would provide the necessary proof of income for visa renewals and give us operating money for expenses without having to transfer money, while having the other pension deposited in a US account would serve as backup and give us operating money for when we are in the US.