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Everything You Need to Know About Bank Accounts in Dominican Republic

13 Nov 2020 - Category:
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The banking sector in Dominican Republic is one of the most developed in Latin America. Around 90% of Dominican homes are now estimated to have at least one holder of a bank account in the country.

If we look at the digital sector, however, the image is very different. Although the number of users has tripled between 2014 and 2019, as published recently by the  Association of Commercial Banks of the Dominican Republic (ABA, to use itsSpanish abbreviation), there are still less people using digital banking in Dominican Republic than in other countries.

If you are interested in finding out more about the possibilities that bank accounts offer when it comes to sending money to Dominican Republic, we have included the most important information that you need to know below.

Documents Needed For a Bank Account in Dominican Republic

If you’ve not had a bank account in Dominican Republic before, perhaps you’re unaware of the documents you need to provide to set one up. Dominican nationals will be able to open a bank account with their identity card and, according to the type of account they want to set up, by filling out the appropriate form.

If you are not a Dominican national, you will require:

  • Valid identity card and passport 
  • Bank references in your country of origin 
  • Account details

Something you may find useful when opening a bank account is to have the reference of an existing client who can recommend you. This will really speed up the process.

You can choose whether you want an account in dollars or Dominican pesos.

When you try to open a bank account in a country, the balance of your account usually appears in the local currency, in this case in Dominican pesos.

However, banks in Dominican Republic offer their clients the possibility to open their accounts in dollars, so they can deposit their savings in this currency. This is very useful for people or companies that frequently send money or in turn receive money from the United States to Dominican Republic.

Digital Banking, Unfinished Business in Dominican Republic

Although the number of people using digital banking has increased over the past few years, the volume of digital accounts in Dominican Republic is slightly lower than that of other neighboring countries. Several reasons can explain this situation: problems with technology coverage, lack of awareness of financial tools or services, preferred use of cash, etc.

And although in many cases the development of digital banking is affected by these difficulties, this type of banking undoubtedly represents an opportunity for many Dominicans. Its main advantages include:

  • Saving time when making transactions, as Dominicans don’t need to go anywhere to transfer money.
  • Better access to financial services since there's no need to be near a bank in order to be able to use them, which encourages the inclusion of the most remote areas of the country.
  • Means to access new credit opportunities, thanks to centralization of information, which in turn allows banks to manage the applications received from their potential clients in a more efficient way.

The Largest Banks in Dominican Republic

Like in any other country, there is a wide range when it comes to choosing which bank you want to open your bank account in. We would like to highlight the following banks among those available in Dominican Republic:

Banco Unión

The service they offer Dominicans both in their own country and abroad really stands out. Without a doubt one of the country’s largest banks.

Banreservas

You can choose whether you want to set up your account in pesos, dollars or even in euros. Its clients can certainly trust in its 79 years of business.

Banco BHD

León Another of the country’s largest banks. It offers its users the possibility to operate online, using a computer or a mobile device.

Sending Money to Your Bank Account in Dominican Republic

Another advantage of having a bank account is that  you will be able to send money toDominican Republic by selecting the bank deposit option. Sending money to a bankaccount in Dominican Republic is very easy to do as you don’t need to go to any collection point to receive your money. It is also much more discreet than sending money to your house: no-one will know you have transferred it.

With Small World you can choose whether your money is deposited in Dominican pesos or in dollars. You will be able to calculate the exchange rate for both currencies on our website.

You can also make your order from the comfort of your home. It will be so easy for you to send money to Dominican Republic whether via our website or viaour mobile app.

New customer digital promotion for money transfers to Dominican Republic

If you’ve never sent money with us before, we have an offer for you: all new digital customers will be offered one fee FREE transfer. The promotional code will be automatically applied at checkout. All you’ll have to do is send money on our website or mobile app and the transfer fee will be automatically deducted from your transaction.

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