Opening A US$ Account (I know btdt)

You said  "the USD is the way to go", but didn't say for what.  In years, I haven't had any case where anybody didn't accept pesos.

Someone on an earlier thread said that it use to be common to open two accounts. 1 dollars, 1 pesos. Then someone else said they only recommended a dollar account, using money changers for pesos. I was wondering which approach you all recommend.

You are unlikely to make it happen in one week. You will need a letter of reference from your current bank.  Likely you need someone who actually uses the bank to vouch for you.  You may need to show account activity  where you are for the last several months.  EACH bank is different and its getting tougher and tougher.

Thanks. I think we will have what we need. Appreciate the tip of having a personal reference.

Yes Santo Cruz is the bank that many Expats (including us) use in the Sosua area. Carlos is the manager/president of that branch as well as the Cabarete branch.  There are branches in Santiago and Santo Domingo as well as many other places country wide.
For an account there you need a letter from your bank back home stating that you are in good standing, never late on loan payments and have maintained an account there for a while.  NO money amounts need to be stated.  You also need someone with a cedula (can be Expoat or local) who has an account and can vouch for you.  I am not sure of the minimum amount needed to open the account but it is not much (a couple hundred dollars).

This can be done in a day.  We started out with both a dollar and pesos account as well as a couple of CDs.  We now only maintain our USD account.

Hope this helps

Bob K

What do you buy with dollars? I've never met anyone who didn't take pesos.

I think the dollars come into play if you want to bring or transfer money from the states to a Dominican Bank account.

I have read on a couple other sites that there are various ways to pay utilities and such. I just think if we are going to maintain a home there (granted, part time for now) we should have an established bank account. We might need it for Orange or Claro or to get a Magic Jack.

Day to day will either be pesos or credit card. Credit card for the miles. It is pretty pricey to fly to STI from Indiana. Even more $$ to Puerto Plata.

Christie you have it correct.  Be very careful with CC here and use it only at major places. AND NEVER let the card out of your sight.  If they do not use a mobile card reader then follow you card to the cashier and watch the electronic charge there.  NEVER let them swipe the card the old fashioned way with a hard copy made.
Bob K

Couple points -  if you open a dollar account you will not get an ATM card.   if you want a card and easy access then also open a peso account.

With a dollar account you must go  to a teller to do a transaction. 

The reason Colonel that many open dollar account is to receive wire transfers in dollars and not get ripped off by exchange rates the banks use internally.

Found we never needed a Dominican ATM or CC and turned them both back (after CC cloned and used for a huge purchase...bank stood behind us   ) and do quite well with just the USD account.  I do go twice a month to the bank to exchange to pesos but not a big deal as I am in town those days paying bills or shopping anyway.

Bob K

Bob, thanks for corroborating that you don't really need dollars at all. And so , every gringo changes them to pesos. And no ATM fee for Americans with Schwab bank, or Canadians with Scotiabank.

Bob, thanks for corroborating that you don't really need dollars at all. And so , every gringo changes them to pesos. And no ATM fee for Americans with Schwab bank, or Canadians with Scotiabank.

When in the DR I have not carried a USD in my wallet in 12 years

Bob K

What does  dtbt  mean? I'm ignorant. Please tell me. thanks

Lolol... BTDT...been there, done that.

I knew that this topic had been covered. But, lots of the info was old. There are a few people on here who get a bit snippy if someone asks a question they feel has already been answered.

I was saying yes, I know this topic has been done, but hey, how about a refresh. 😊

It probably does get old for some to answer the same questions, but if it bothers them, they should just not reply, right? New people don't want to get chastised right outta the gate. 😂

And, I got some great info by the way...

We will get snippy with people who don't want to do any research at all and want us to do all the work.

All that's said a refresh is often a good idea here as things do change. Sometimes a small change is a big deal!

Hello everyone:
I am new to all this and don't even know that I don't know which questions to ask. Wonderful to read through various threads and learn something new I have to pay attention to. This expat moving to the DR stuff is exhausting!

But thanks for all the valuable information!
Cheers!

Welcome and glad we can be of help to you. Keep reading!

Wow, you don't need a dollar account at all?  So the fact that all of your money is in pesos and the peso becomes near worthless overnight like it has in the past does not give you a reason to stay with a currency that is more stable and has seen a continuous increase in value against the peso for many years?  Not to mention bank transfers?  Open your eyes colonel and get out of the woods. There are more reasons for having a dollar account than spending daily pesos.  It's a personal preference that each person must decide based on their needs.  Perhaps, you could share your experiences rather than give advice as you are far from having the ability to do so.

Lets not make this personal please!   On this forum we keep the tone nicer than some other places.  Place nice!

The dr peso has never become "near worthless overnight'. I'm kinda like the guy who said he's been here 12 and never needed a dollar.    Most have most of their money in their own countries, then just take out lessons here by ATM.....no fees with several banks.

Never said I never needed a dollar just don't carry any in my wallet.  Use pesos on a daily basis but still occasionally need dollars, still need to transfer funds down here, and still to exchange (at a better rate almost every week) for living expenses.

Bob K

Good morning,
Could people who are living in DR please comment on the factors contributing to the falling DR peso when I read that the country's GDP has been a strong 6% the last few years. Thank you.

Little has to do with the  Dominican economy, we are tracked against the US dollar and that is what effects us.

our economy is relatively strong but the gov't plays all kinds of games with the exchange rate.  You will see a continues falling of the peso against the dollar but it should not be sudden or steep.

The USDDOP traded at 48.3900 on Wednesday January 3. Historically, the Dominican Peso reached an all time high of 54.09 in January of 2004 and a record low of 25.50 in November of 2004.

Best to have a little of both if you are living here and offset the odds in my opinion...

Still no answer to:  what does dtbt mean?  Is it something so salacious that it would embarrass whomever answered & defined it?

Hi Tinker,

Think you missed ChristieE's response.....


"Lolol... BTDT...been there, done that.

I knew that this topic had been covered. But, lots of the info was old. There are a few people on here who get a bit snippy if someone asks a question they feel has already been answered.

I was saying yes, I know this topic has been done, but hey, how about a refresh. 😊

It probably does get old for some to answer the same questions, but if it bothers them, they should just not reply, right? New people don't want to get chastised right outta the gate. 😂

And, I got some great info by the way..."

Thanks Christie. Not growing up with cell phones,texting & the plethora of non human contact gadgets, I find myself not being a member of the technological elite. Thank you again for my edification. Now, if I only could spell.

Moving to Las Terrenas in a few weeks from US. Preferences/recommendations as to which bank(s) offer best rates, least hassle, etc? Thank you.

They are all brutal,  stuck with too darn many rules and regulations.  You will need someone local to "vouch" for you with an account at that bank.  You may want to see what banks are close to you.

If there is a santa cruz bank near you they do well dealing with Expats and I find far fewer hoops that banco popular

BObK

Yes, Banco Santa Cruz   Been with them 16 years. I don't know if they have a branch near you.

Great, thank you. I'll ask friends in LT. Going to get my bank docs now.

I keep a $USD account and a Peso, debit card account. The $ account allows me to write checks to Banco Popular monthly as my Pension will not deposit out of Country. Then I just transfer $$ to my Peso account. If you are you are transferring more than $2,500 at a time, they give you close to the highest rate of exchange. For example, last week they gave me 48.15.    One stop shopping ! I only take out $$ when going to the States or other Countries from here.

What paper work do we need to bring from the states to open the account?
***I think its better to ask this directly to the bank. Then you have information from first hand which i think is the best because everybody here ha its own version.

We are hoping to open an account during the week we are there in February. Is that timeframe too optimistic?
***For sure is possible if you have all documentation asked for. The bank can sent you all the information you need to bring with you.

Is there a minimum deposit you need to make to open/keep the account?
***Also something better ask directly at the bank.

A couple of thousand pesos & a few hundred dollars. Every one makes it sound like a dreadful chore. That is nonsense, Some banks accept an e-mail inquiry from them to your bank to establish your honesty. Actual paper work can be faxed. Start small, the in a day or two blast them with the big bucks. I don't know why so many ex pats want to make everything so complicated,  Patience, a little research & a modicum of logic  will alow most to sail through the bull sh.t That permeates life anywhere.  Laugh & have another beer, the sun will always rise in the morning.   Sometimes behind clouds, but always there.

It is a piece of cake. When you arrive have a Busimess manager. Or any reputable busines owner/individual write you a letter of recommendation of your charactee (preferably an account holder at the bank. Possibly notarized (easy at amy attorneys office) Give em cash - you're in !

Talk nice, show respect, which you should have been doing your whole life anyway & you'll skate the process.  No respect, you deserve the results. Dignity comes in only one form, if you don't know it, you are S.O.L.  Tah- Tah all!