Opening a Bank Account in the Dominican Republic: A Comprehensive Guide

Dominican pesos

The Dominican Republic banking system is controlled by the Central Bank. According to Money Banking, the country's official currency is the Dominican peso. Dominican Republic banks allow customers to open savings and checking accounts. Typically, travelers from the United States can open an account with U. S. currency or using pesos. Products and services offered by the banks include certificates of deposit, ATM debit cards, online banking and lines of credit. Bank account interest is locally tax free.

Step 1

Satisfy resident conditions. Visit Santo Domingo and state that you would like to begin the residency process. Present three official copies of your birth certificate and a letter of good conduct from the local police department. Complete the required medical examination at the immigration office. Receive your Provisional Residency card from Immigration along with your Cedula Card, which gives you the legal right to work and live in the Dominican Republic.

Step 2

Go to the bank of your choice. Present your Provisional Residency and Cedula cards to open an account.

Step 3

Apply for bank cards by completing the application at a local branch or by completing the application over the Internet through the bank's official website. Keep in mind that many banks in the country require a minimum balance ranging from $1,000 to $5,000 Dominican pesos or $500 U. S. dollars.

Step 4

Go to the bank you want to open an account with. Present your official passport, a letter of recommendation from your home bank and a letter of recommendation from someone at the bank you want to open an account with. If you are depositing checks to open the account, keep in mind that it typically takes up to 30 days for checks to clear through local banks.

Step 5

Review the various types of accounts, cards and services the bank offers. For example, Banco Popular offers corporate zero balance checking and Telebanco Popular mobile banking.

Step 6

Sign up for home banking to access your account over the Internet. Keep in mind that you may have to pay $30 U.S. dollars to send or receive wire transfers.