Opening a Bank Account in the Dominican Republic
In the Dominican Republic there is the possibility to open bank accounts in either US Dollars, Dominican Pesos, or Euros.
Opening a bank account in the Dominican Republic is not a very difficult task, but it requires a few documents that need to be submitted prior to authorization of the account.
Requirements to Open a Bank Account in the Dominican Republic
- Valid Passport with a stamp of entry into the country less than 3 months (color scan the photo page, the signature page, and the entry stamp)
- Letter from you bank stating that you are a client in good standing. Your balance is not necessary. It is only important for you to show that you have a banking relationship at home.
- Recommendation from a local person or company. If you are a Keller Williams Punta Cana client we can vouch for you. If you are not a current client we cannot sign for you, but if you are doing business with us we can provide this recommendation.
- US$ 500 initial deposit for US$ accounts or RD$ 500 for peso accounts
Frequently Asked Questions about Bank Accounts in the Dominican Republic
- Do I have to open a Dominican Peso Account? No. You have the option to open the type of account that suites you the best.
- Do I need a Dominican Peso Account? It depends on what you will do with the account. If you will live in the Dominican Republic it can be advisable to have an account in Dominican Pesos if you will be paying utilities or if you may want a debit card for ease of local purchases
- Should I have only a Peso account and transfer my money from home into that account? Not necessarily. The Dominican peso fluctuates in value, so it is not advisable to have very large sums of money in Pesos. It's better to have a USD account, for example, and exchange as necessary.
The process to open a bank account normally takes a couple of days, so if you know that you will want to do this please prepare in advance. Get any necessary documents from your home town bank and bring them with you. Also, coordinate to send passport information early in your visit to have time for the bank to do their checks and then for you to go there to sign documents. Opening a bank account is not something you can do via Power of Attorney and if you leave after being approved and before opening the account your approval will expire after 90 days.
If you have any additional questions please do not hesitate to contact your Keller Williams Punta Cana agent and we will be glad to assist you!
Disclaimer: This information is subject to change at any time as the banks' requirements may vary, but the above outlines the general basics.