Best banking options in the Dominican republic

Greetings all, was informed by my attorney that I will need to open a bank account upon applying for residency visa. Any suggestions on the best institution?

I have found that banco Santa Cruze, especially here in Sosua/Cabarete do a great job with expats opening an account.  We have had an account there for over 12 years.

Bob K

Depends where you are and what you need. Some banks have way more ATM s and others have better online banking.

Personally I like scotiabank and banco popular and I really dislike banca reserva!!!

Thanks to both planner and Bob. You guys have been the best in assisting in the process !

Well as I have said before I can only tell you what has worked for me, your circumstances may be different.  Banco Popular by far over Scotia or  Ban Reservas.  Banco Popular is more "user friendly" and requires less documentation.  Also I found that english speakers are more prevalent in Banco Popular.  In my case a bank reference, employment reference or salary validation.  It also helps to have a Dominican address.   I have had my account here for more than 12 years.

Good luck,

Another question about banking. I need to open a bank account that will allow me to withdraw funds in US dollars as well as Pesos. Is this possible.

Hi Stan,

Most if not all Dominican banks allow you to have either Dominican peso, US dollar, or Euros accounts. Once the account is open you can physically go to any bank branch office to make the withdrawals from the bank teller. To my knowledge you cannot take out dollars from an ATM. Keep an eye out for the fees related to a US bank account which are typically higher than peso accounts.

Thanks Maria.

Your welcome Stan. Please feel free to reach out to me or my husband via email with any DR related questions.

Stan you will need to open two accounts. One USD and one RD.  All banks will let you do this.  We use Banco Santa Cruz for the last 12 years.


Thanks Bob.

You are welcome

Bob K

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