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.
Expat.com - Bank in the Dominican Republic Forum
Banco Popular www.popularenlinea.com
Banco Leon www.bhdleon.com.do
Citi Bank online.citibank.com