Opening a bank account in Dominican Republic

Julien

Founder

Member since 11 March 2005

Grand Baie

17 years of happy life abroad

Julien

28 September 2011 09:43:18

52408

Julien

28 September 2011 09:43:18

52408

Grand Baie

Hi all,

is it difficult for expats to open a bank account in Dominican Republic ?

Which documents are required to open a bank account in Dominican Republic ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance) ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien

Bob K

VIP Member

Member since 25 June 2007

Sosua/Cabarete

Bob K

28 September 2011 12:48:49

7675

Bob K

28 September 2011 12:48:49

7675

Sosua/Cabarete

We use and most of our clients and friends use Banco Santa Cruz. At least here in the Sosua/Cabarete area they seem to work well with Expats.
To set up an account there you need:
$$
A letter from your bank back home stating that you are in good standing and have banked there for X number of years
A valid passport
Some one here with who is either a Citizen or has a cedula and residency card to "vouch" for you.

You can set up either peso or dollar (US) accounts and transfering money is easy but they do charge a fee. It takes about 1-2 hours to get the account open and working.

You can get loans and local visa credit cards as well

Hope this helps

Bob K