Bank account(s) in pesos or dollars (or both)?

wondering9 Contributor

Member since 28 August 2023

wondering9ContributorYesterday 19:14:02

108

I finally got a bank account 馃榾馃榾馃榾 and all I can say is to echo other people's comments that the requirements can vary from one bank/branch/employee/day to another so bring as much paperwork as you can think of and be prepared to roll with it. FWIW, YMMV, etc.: Banco Santa Cruz gave me a pretty clear written list of requirements and stuck to it.

I chose an account in pesos just to get something on paper and be able to move ahead with the visa process. I understood (hopefully correctly) that I could open a dollar account later if I want to.

Now I'm wondering if anyone would care to summarize what the pros/cons are of having a dollar account, a peso account, or both?

Alfonso Ayala Active member

Member since 20 June 2021

Alfonso AyalaActive memberYesterday 19:36:53

I have both and it would have probably been a good idea to open both at same time

1st reason is even though you have a visa for residency the banks look a date of entry to country and you have that 30 day window. 2nd reason you don't have to return and go through process again.聽 Pros and cons may be different for others, for me I can transfer funds from USA USD account or write a check from my USA USD account at no charge to my Dominican USD account. My Dominican Peso account I use for my expenses in the DR, usually take out dollars out and change at money exchange places, normally better exchange rates than bank. Keep some for pocket money and deposit rest into Peso account to pay for local bill etc.

ondami Contributor

Member since 25 July 2023

ondamiContributorYesterday 21:36:01

158

@wondering9 congratulations!聽 I remember that feeling.

ddmcghee Dominican Republic Expert

Member since 15 May 2017

ddmcgheeDominican Republic ExpertToday 18:35:06

1819

We have both at Banco Santa Cruz. We transfer our pension into our USD account each month, then move money to the DOP account as needed for cash withdrawals and paying bills here.

Opening a second account will be much easier! It's easy to transfer money between the accounts with the app, and your ATM/debit card is only tied to the DOP account. Be sure to activate your online account and download the app.

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wondering9 Contributor

Member since 28 August 2023

wondering9ContributorToday 21:16:55

108

Thanks for that, @ddmcghee -- that sounds like an efficient way to do things. Do you mind sharing what you have found is the simplest and/or cheapest way to transfer funds from your US bank to Banco Santa Cruz?