Bank Account Minimums

Last activity 29 June 2022 by planner

347 Views

20 replies

Post new topic

DRVisitorSerial expat25 June 2022 02:28:58

711

What is the minimum before fees and everything starts? Also, any different for kids accounts?

plannerDominican Republic Expert25 June 2022 11:12:38

17047

Depends on the bank and account type!

DominicanadaMikeViP25 June 2022 13:49:17

1049

Planner is correct but I have always encountered "over" $500 USD. 500 doesn't cut it...

ddmcgheeDominican Republic Expert25 June 2022 15:56:09

1709

At Banco Santa Cruz, the minimum in a DOP savings account is 3000. For USD, I think it's $500 as well.

DRVisitorSerial expat25 June 2022 16:27:16

711

Higher than I thought but good to know.

gmccarginMember27 June 2022 00:11:30

I opened a bank account at the Puerto Plata Airport location of BanReservas three months ago, the minimum was $300 U.S. I live near the airport. I'm a retired veteran and wire what I need for monthly expenses in I.S. dollars the first of every month, my wire fee is $25. My bank always tells me 7-20 days, the money has been arriving in 2 business days. I researched several banks before I chose BanReservas. It's best to go to the braches directly, I went to another BanReservas bank location and their requests for documentation were different. The airport location processed everything in about 30-45 minutes. This is a big step, check it out personally.

ExpatRusherActive member27 June 2022 00:33:13

@gmccargin

Good info, thanks.

Do they have any English-speaking staff at that branch?

Jim

lawrence2johnsonMember27 June 2022 01:19:32

@gmccargin Thanks for the info.

gmccarginMember27 June 2022 03:14:06

There wasn't anyone fluent when I opened my account but I'm not fluent in Spanish. Between both of us speaking Spanglish and using the translator it went really well.

TippjSerial expat27 June 2022 06:53:20

#10

563

I too open an account in BanReservas in puerto plata about 4 years ago just using the translator on my phone had all the necessary paperwork with me and had no problems with them and did find out recently that the branch in playa Dorado has a manger that speaks English so that’s my new branch…👍

arisandmarionMember27 June 2022 11:38:50

#11

Scotiabank in Cabarete has multiple English speaking staff. They require $500 US.

DominicanadaMikeViP27 June 2022 12:15:51

#12

1049

@arisandmarion - I can't stress this enough...over $500 USD. This is important for those that open an account while in the DR and then return their country and find out they are unable to access the account to watch it and return several months later to find out they have been charged $10 USD per month for the account because it wasn't over the 500 mark. 501 is fine...

plannerDominican Republic Expert27 June 2022 12:58:47

#13

17047

EACH bank and EACH account type have their own rules. Make sure you understand YOUR BANK!

TippjSerial expat27 June 2022 17:18:59

#14

563

I think BanReservas charges $5 a month if it is inactive so if you can transfer $ 5-10 dollar a month into the account your good , I usually leave $50 with a friend and they stop by and deposited $5 into the account…. Banks never have a problem with people putting money in only when you want to take it out….

DRVisitorSerial expat27 June 2022 18:47:34

#15

711

@Tippj

What time period is considered inactive?

polo1clubSerial expat27 June 2022 19:11:23

#16

200

I opened an account with Banco Popular in Dollars (minimum is $500.00 and you can not use the ATM to withdrawal you have to go into the bank) and I open one in pesos. With both accounts I am able to deposit from the USA via Xoom.

I have a Debit card on the pesos account and can take money out from US anytime with a $60.00 pesos charge on transaction.

Just in case anyone needed this information

TippjSerial expat28 June 2022 08:04:48

#17

563

@Tippj

What time period is considered inactive?
- @DRVisitor

They said 1 month , and then the

Inactivity surcharge of $5 is put on the

Account . When I come I call

( text ) the girl I opened the account with

To make an appointment

So I never need to wait on line , very

Accommodating , for some of the lines

here can stretch for a quarter of a block

Profe AgayuActive member29 June 2022 19:07:23

#18

@gmccargin I just wanted to say that you are paying way too much for those wire transfers that take 2 days. If you use Ria Money Transfer or Remitly, you can send money for $3 and $5 respectively to your Dominican bank account and the funds arrive instantly or within the hour or so, at the most the next day (all depends on the bank and relationship with the platform). $25 to wire money is way too high! I just wanted to share if you did not know.

Profe AgayuActive member29 June 2022 19:08:50

#19

@arisandmarion Same with Banco Santa Cruz, $500 USD minimum to open the dollar account, but $3000 pesos to open the peso account

Guest7932Guest29 June 2022 19:30:23

#20

214245

You might want to look into a company called “Wise”, used to be called “Transfer Wise”. They work world wide and their fees and exchange rates are very fair. I’ve been using it for years now and am very satisfied. The only caveat is your bank may charge a fee for accepting a transfer. There is not much that you can do about that because that’s how the banks make money. If your bank is charging you an unfair amount for fees, try talking to them about a discount or failing that change banks. If you don’t complain, they won’t do anything about it!

plannerDominican Republic Expert29 June 2022 19:46:18

#21

17047

Can we stay on topic please!!?

Articles to help you in your expat project in Dominican Republic

Working in the Dominican Republic
If you are looking for a job in the Dominican Republic (DR), here are some tips and suggestions. Job hunting can ...
Dating in the Dominican Republic
Just like anywhere else in the world, people in the Dominican Republic want to find love, their significant other, ...
The healthcare system in the Dominican Republic
If you are moving to the Dominican Republic, one of your primary concerns is likely to be the healthcare system ...
Education in the Dominican Republic
This article will cover the Dominican Republic's educational system, including public schools attended by 80% ...
Setting up a business in the Dominican Republic
The Dominican Republic has indeed been attracting foreign investment over the past few decades, with notable ...
Driving in the Dominican Republic
What is driving like in the Dominican Republic and how do you obtain a driving license? Find out all about it in ...
Death in the Dominican Republic
What customs and procedures are common when dealing with death in the Dominican Republic? Find more about it in ...
Phones, internet, mail, and television in the Dominican Republic
If you are moving to the Dominican Republic, like anywhere else in the world, you will most probably want Internet ...