How to Open a Bank Account in the Dominican Republic

One of the most important parts of re-locating anywhere is having a bank account, somewhere you are able to deposit, send and withdraw money from.

In the Dominican Republic there are numerous banking institutions, all of which are backed by the central bank, which means that your money will always be safe.

In the Dominican Republic you can open an account in the local currency, Dominican Peso (RD$), American Dollars (US$) or Euros (EUR).

These are the names of some of the banks in the Dominican Republic.

Banco Popular
Banco De Reservas
Banco Leon
Banco Del Progresso
Banco Santa Cruz
Banco BHD
Scotiabank
Citibank

To open an account in any of the above institutions you will be required to provide a reference letter from a bank where you have an existing account, a personal/commercial reference, a copy of your passport and currency – the usual minimum amounts for opening an account are US$200, EUR200 and RD$5,000.

There are also some banks which now offer online banking services, which means you don’t have to wait in line to be served, yay!

For more information on opening a bank account in the DR talk to Tay, he will be able to assist you with bank accounts, certificates, credit cards and other bank related matters in the Dominican Republic. Considered a safe banking system, the DR banks are all backed by the central bank, where you can obtain high interest rates for your pesos. When considering a life changing move, think about the DR, still the cheapest in the Caribbean yet still one of the least discovered places to visit.



Source by Taylan Oz

Ben Wills

I am a professional finance expert and business lover.

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