Opening a bank account in the Dominican Republic


Do you wish to open a bank account in the Dominican Republic? Find out how to proceed in this article.

If you intend to make a long term stay in the Dominican Republic, you will probably want to open a bank account. This will be even more appropriate if you are going to work or retiring there as it will allow you receive your salary or pension respectively. The country hosts many banks such as the Banreservas, Banco Popular, Banco Leon, as well as the ScotiaBank which is the only international bank in the country.

Note that the local currency is the Dominican peso, referred to as the DOP while its symbol is DR$. A peso is divided into 100 centavos, which is almost equal to a penny. In general, you will handle 1 peso, 5 pesos, 10 pesos and 25 pesos coins. You also have 20 pesos, 50 pesos, 100 pesos, 200 pesos, 500 pesos, 1,000 pesos and 2,000 pesos banknotes.

On the other hand, Dominican pesos are easily converted into dollars and euros. At the airport, for instance, you are more likely to pay for a tourist card and settle the departure tax in dollars or euros.


To open a bank account in the Dominican Republic, you just have to visit the bank of your choice with the following documents:

  • your passport
  • a letter of recommendation issued by your current bank
  • your statements of accounts
  • proof of income.

Procedures are rather easy, especially due to the fact that you do not have to be a resident to be authorized to open a bank account in the country. But you are advised to contact the bank director and develop a cordial relationship with the latter so as to relieve you from administrative obligations, especially in the case of language barrier.

Types of accounts

You can chose between opening a dollar or peso account, or both. However, you will be eligible to a checkbook, debit and credit card only by opening a pesos account. If you prefer to open a dollar account, note that a 10% interest rate applies and you will also receive a transaction booklet.

 Useful links: - Bank in the Dominican Republic Forum 
Banco Popular
Banco Leon
Citi Bank

We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.
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Member since 01 June 2008
Small earth, Mauritius
1 Comment
6 days ago

Does anyone have any information on any local bank that will lend to a foreigner for a home there?


See also

Relocating to Dominican Republic requires appropriate planning. It is better to hire removal experts who will take care of all related formalities.
If you intend to make a more than 90 days stay in the Dominican Republic, you will need a visa. There are different types of visas to travel there.