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So I am from USA and looking to live in the dr.for a year to make sure I like it before I make final decision to live there..but the problem I'm seeing is that say I get 2000.00 dollars deposited into my USA account here and am in dr and go to ATM to take out 2000.00 ,,its only actually gonna give about a 1000.00 pescos ..for the exchange is .47 cents to 1.00 American dollor?? So I am losOmg half my income?? Any way around this or information on this???

First you might want to open a local bank account and then just transfer your money as you need it.
Second you can go to the ATM every day if you want but remember the fees may eat you alive.
Third find a checking cashing business in the town you are going to and use them.
Fourth.  Bring money with you when you move
Fifth get  a Credit Card that has no transaction fees and use that for many of your purchases and bill paying.

Bob K

2,000 us is  2,000 times 47.25 pesos to the dollar. 

You will lose a bit in exchange rate and in atm fees. Likely you will not be able to take it all out in one day due to withdrawal limits. Just plan to take out as needed!

Remember when you withdraw you may also be limited per transaction. For example I can withdraw 20,000 rd per day. But i have to do it in 2 transactions of 10,000 rd each ot just over US 200 per transaction.

So do I need residency to open a bank account??  And so I can transfer money from my us account to a dr account?? Can I take out American dollor or bank account???

You can do it with your passport

If you have US $ account you go into the bank to withdraw dollars.

Peso accounts you can use ATM card to withdraw or go into the bank.

Hi Mikbri--if you would allow me to chime in.  One of the worst experiences I've ever gone through in my entire lifetime was opening a bank account here.  You do not have to have residency, however, even after reading all the posts on this forum under the topic of opening a bank account--it didn't ease my ability to do so.  Here's what I mean:

As stated within this forum under several topics, it DOES matter which branch you go to.  They have different requirements per branch.  I was somewhat prepared for this.  My dilemma was, I had 3K on me when I arrived and wanted to quickly open a savings account and deposit the money (which was the purpose for me having the 3K on me).  I wanted to quickly do this because it would definitely be my luck to either lose it or have it stolen from me (more than likely, lose it).  And having to carry 3K around everywhere time I went to a branch wasn't idea.  I kept this locked in my suitcase because I was "OCD" knowing how hard it is for me to keep up with things at times.  Got here on a Tuesday and after going to 9 different bank branches of 5 different banks, I finally found one the following Monday.  I am thankful that I didn't lose my money for 6 days.  Any way, make sure you have:

2016 tax return
letter of reference from friend or family member in U.S.
letters of reference from 2 Dominicans
passport
drivers license and/or social security card, retired military id
ready to pay $26 for a credit check (a BHD LEON branch in Santo Domingo required this)--when I saw this on their list of requirements I just got up and left
letters showing you have $1500 coming in monthly
letters from your bank to show solvency/last 3 bank statements
letters in Spanish would help (Banco Popular in Air Port required this, and so did Banreservas in a difference location--not the one in the Air Port)

This list is a mixture of things I can remember that I knew about and didn't know about.  I finally went to Banreservas in Bella Vista Mall the following Monday.  I was able to open an account immediately with what I had.  I was not prepared for the 1st three in my list above, nor was I prepared to hear some of the braches say I was denied because the letters weren't in Spanish.  Bottom line, you could have perfect credit, perfect FBI background check, never been in trouble with the law, perfect whatever, but almost treated as the opposite when trying to open a bank account.  Now.....with this said......this was MY experience.  I'm sure others will say they had no problem because they've been here a while, the laws have changed due to criminal activity etc.  Sorry to all if this was too long, but please come prepared with all in the list above (except the $26)--any bank requiring that--I would suggest just leaving.  Being prepared with these items will allow you to prevent the anger and frustration that I went through with my first week here.  The part that was so mentioned on this topic was "make sure you become friendly with someone there at the bank".  I'm not really seeing this work or understanding this advice TBH???  I guess, if you're looking for a loan, credit card, etc. but I just needed a savings account to keep my money and that's it.

Great information and thank you ..I think I will just keep my money in my USA account and will use my debit card from USA and draw out money from ATM as needed...even though it's a 4.00 fee every time...I'm not going to play with the banks..I'm coming for a year to try it first ,,so I will just play it that way I think ...I was just afraid of losing money from American to pescos in which I think every 200.00 I take out in pescos I lose I believe like 16.00 between the exchange and ATM fee...ugh...

Yeah, during those 6 days I had resorted to go ahead and keep my 3K, or by then 2K locked up and continue to keep all of my other in where it is (US Bank accounts).  But when I tried to open an account for the very last time, it worked.  One more thing...........I would advise you to do research on some forums in regards to ATM card usage.  Apparently, many foreigners have experienced fraud as a result of using ATM cards for various purchases.  I've seem too many testimonies on this.  I just simply put my money in savings here and go by the bank on Saturdays and withdraw 100.00 to be used for the week.  This way, if I lose it, it will only be 100.00.  On the other hand, it keeps me living here at $400/month and it's good this way for budgeting.  Not to mention ATM fees.  Will probably have one of my pension checks coming into my savings here at Banreservas to save and live off of and wont have a need to be charged ATM fees. 

I would definitely suggest that you try to open a savings account here in pesos and dollars and live off of it, and also maintain your US accounts.  Your eggs will be scattered instead of all in the same place. Just my two cents.

Ok so I have a pension that goes in us bank account every month ,,would I just transfer that to the dr account....??? And can I take out US dollars?? I feel I am losing money on my American dollor to their pescos ...

Yes you can have your pension direct deposited here.  You would get an internatl direct dep form from your pensioner (which allows you to put the 8 digit bank letters that they have here instead of 9 digit routing numbers) and your account number from your bank here and give back to your pensioner.  Since you will be here for a year.....just have a pesos account.  I dont know if you will be losing money this way but this is the method i use, will be using here.  As of yet I personally dont see a need to use or have US dollars.  From what ive seen its when i used US dollars when i have lost money.  DR 101 ........ Use pesos

I was lucy. Opened dollar & peso accounts in 2002.  When I had to return to the US, my bank de-activated  my accounts but didn't close them( they were at zero balances).  When I returned, they activated them. It cost $15.00 a year while I eas gone. Within 30 minutes I was up & running.  I cash one check a month on the US bank in pesos.   The oeso has been very stable.  The only way to lose money is if the US dollar drops sharply in value. That is if you pay in pesos. IE. $100.00 Us is 4,750 pesos. if the dollar drops the peso down to 40 then the $100 us gets you 4,000 pesos. there fore you lost 750 in pesos, or about $i5,70  in local buying power.   You are better of in pesos. I"m doubtful that the dollar will cause that big a drop.    My pension is in US funds, I take it in pesos retaining  the option of taking it in dollars.  I hope that you can make heads or tails from this. Keep reading all of the threads.

The loss is incurred in 2 ways - wire transfer fee and bank internal exchange rates. They are never as good as the street rate. If you can tfr in $, withdraw $ and then exchange at your local exchange house you will be ahead.

BUT to make it worthwhile it needs to be a fair amount of dollars being exchanged

Thank you for he information ...so you have a us bank account into the dr???  I have one check a month that goes into my us bank account in which that is what I will be living my off and drawing from in the dr.. I think that it is not that easy to open an account there in the dr for an American??

At least it wasn't easy for me.  At least try though.  Its entirely worth it to have an account here.  Keep the US bank account and put some of those dollars in an account here.  One of my pensions will go to US bank and I'm considering having one come directly here.

I have a us dollar savings account and a pesos savings account here in dr

So guestion??  10,000 pescos is 211.75 in us..if I go to ATM ,to withdraw I will get 210.00 pescos or 10-1000 bill pesos?? I can't remember when I went evertyime I would do 10,000 pescos and I can't remember if I hit the 10.00 and I think I lose the 1.75??

One other thing about banks here......they are open on Saturdays.  I saw a post before I came here that some branches are open on Sundays.  Well on a whim I just decided to come to Angora Mall because I just heard about this mall 30 min ago.  I took a taxi here and......its 6:15pm eastern time Sunday and the banks here are still open!!!!!!  If that aint a reason to open an account here, then..........seeing this was perhaps pretty much worth the trouble I went through

I meant to put today is Saturday 6:15 but they are open on Sunday from 9 to 2.  Anyways im not sure how that works woth the atm thats why i play it safe and just stick to pesos.  You WILL lose money withdrawing from atm using your USA bank card.

Ok ..thank you ...

I do not want my ssi deposted into the Dominican banks ,,therefore so the best thing is open a dr acc But and then call my bank USA to do a transfer each month into the dr account???

Even though I have peso & dollar accounts here, I keep a minimum in each. The check cashing guy I use makes it simple. I write a check on my US bank, show my pass port & he gives me pesos. He takes 3 bucks off the top & pays the daily rate. No ifs, or buts about it.  Fill in the date, amount, your phone # & sign it. They fill in the payee. Never asks for a local bank account.   Sounds fast & easy?  It is.  I'm in Sosua, however I'm sure there are places around the island performing a similar service.

Each bank and atm machine is different. When I withdraw 10,000 rd so.etumes I get 10 x 1,000. Sometimes I get all in 500 peso bills. Sometimes i get combinations from Scotiabank atm. 

It changes also based on how much cash is in the machine. Never leave your atm withdrawal for the end of a long weekend here! Sometimes it will dispense 200 peso bills only. Sometimes they run out of cash!

Also never try to go on or near payday here. Its brutal!

Sorry for the newbie question...can you just go to the bank directly and withdraw the money from your account without the ATM fee?  I hate paying fees.

Thanks.

If the money is in your dominican bank account then yes. If it is in your america  or foreign account then no.

If i use the atm machine for my bank i pay no fees.

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