Bank account minimums

I believe it to be 500 USD or Euro if foreign currency or 5,000 Pesos Dominicanos if national currency.

On top of that, if there's no movement in the account for 6 months; it will be turned inactive.

Actually, I learned the hard way, it's 501 USD...The account must be over the minimum.  They don't tell you that until after they bleed your account dry...

Depends on the bank.  Pesos at Santa Cruz is $3,000.  US$, no minimum, but $500 to open.  Likely the same for inactivity.

Yeah, it varies from bank to bank. Best always to keep an eye on the online banking platform.

Thanks all.  Good to know.

UncleBuck wrote:

Depends on the bank.  Pesos at Santa Cruz is $3,000.  US$, no minimum, but $500 to open.  Likely the same for inactivity.

UncleBuck - is that daily or average for the DOP account? We have only moved money over from our USD to DOP as we need it, but there have been times when I was at the ATM and have to transfer on my phone to get enough in my DOP account to withdraw. Do you know what the penalty is if you go below the 3000 DOP?

ddmcghee wrote:

UncleBuck - is that daily or average for the DOP account? We have only moved money over from our USD to DOP as we need it, but there have been times when I was at the ATM and have to transfer on my phone to get enough in my DOP account to withdraw. Do you know what the penalty is if you go below the 3000 DOP?

I am not positive, but when I just opened our US$ it was $500 to open.  Now that I'm thinking of it, that may be the minimum as well, but it was month to month, not daily.  As long as you were back up to $500 by the end of the month, no service fees.  I didn't pay attention to what the fees are, as my account is gonna do what my account is gonna do.  If I need $$, I'm getting it our, whatever the service charges are.

Did anyone have to put a minimum amount into the account after opening it.  We had to put 200,000.00 pesos.

Hilda1959 wrote:

Did anyone have to put a minimum amount into the account after opening it.  We had to put 200,000.00 pesos.

Holy Crap!!!  No, not for the bank.  For DGM?  Yes, they wanted $250,000 in separate accounts for my wife and I.  Not $500,000 in the one joint we had, no no.  Open another account, apply for residency, get approved, drain the second account.  Strange, but the Government wants what it wants.  You've already been approved for Residency, so I have no idea why the bank wants that much.  Hopefully that is just the initial deposit, not a monthly minimum?

No it's not a monthly minimum.  I'd be on my way back to Canada. Lol  i guess it was to prove we had money to move there.  I was just hoping we didn't have to keep the balance that high.

Wow! We provided bank statements, but only from our primary bank. We didn't provide investment and retirement account info so we were nowhere close to $250k in just checking and money market accounts. Were you coming in as a pensioner?

I certainly don't maintain a balance like that with Scotiabank. Their only stipulation was $250 USD when opening a savings account which I did after I got my cedula and Temp Residency. Once I finish working and return forever to Moca, I'll be looking more closely at different banks. Some good info learned here. Cheers.

Not $250K, $250,000.00 pesos which is between 4 or 5 thousand dollars lol.  We are retired so living on tight budget.