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Everything You Need to Know About Bank Accounts in Dominican Republic

13 Nov 2020 - Category: Blog /
Bank Accounts in Dominican Republic

The banking sector in Dominican Republic is one of the most developed in LatinAmerica. Around 90% of Dominican homes are now estimated to have at least oneholder of a bank account in the country.

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

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

Documents Needed For a Bank Account in Dominican Republic

If youve not had a bank account in Dominican Republic before, perhaps youreunaware of the documents you need to provide to set one up. Dominican nationals willbe able to open a bank account with their identity card and, according to the type ofaccount 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 ofan 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 usuallyappears in the local currency, in this case in Dominican pesos.

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

Digital Banking, Unfinished Business in Dominican Republic

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

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

  • Saving time when making transactions, as Dominicans dont need to go anywhereto transfer money.
  • Better access to financial services since there's no need to be near a bank in orderto be able to use them, which encourages the inclusion of the most remote areas ofthe country.
  • Means to access new credit opportunities, thanks to centralization of information,which in turn allows banks to manage the applications received from theirpotential 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 bankyou want to open your bank account in. We would like to highlight the following banksamong those available in Dominican Republic:

Banco Unin

The service they offer Dominicans both in their own country and abroad really standsout. Without a doubt one of the countrys largest banks.

Banreservas

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

Banco BHD

LenAnother of the countrys largest banks. It offers its users the possibility to operateonline, 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 to Dominican Republicby selecting the bank deposit option. Sending money to a bankaccount in Dominican Republic is very easy to do as you dont need to go to anycollection point to receive your money. It is also much more discreet than sendingmoney to your house: no-one will know you have transferred it.

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

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

New customer digital promotion for money transfers to Dominican Republic

If youve never sent money with us before, we have an offer for you: all new digitalcustomers will be offered one fee FREE transfer. The promotional code will beautomatically applied at checkout. All youll have to do is send money on our websiteor mobile app and the transfer fee will be automatically deducted from your transaction.

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