What is needed to open a bank account in the Dominican Republic?

Perhaps you have been led here because you need to open a bank account in the Dominican Republic, and you are wondering what the names of the main banks are and whether they're international or not. First of all, you should at least be aware that the official currency is the Dominican peso, and although it is possible to open an account in US dollars or euros, the country's entire banking system is controlled by the Central Bank of the Republic. Likewise, there are also various financing institutions, among which we have both national and international banks. We must not forget, however, that for a foreign guest, opening a bank account isn't that easy, but it's certainly not impossible. It can be done as long as you adhere to all the required demands of the banks.

National Banks:

• Banco BHD León
• Banco Popular Dominicano
• Banco Banreservas

International banks:

• Scotiabank
• Banesco
• Citibank
• And many other banks

Which Documents Should You Have Ready for Opening a Bank Account in The Dominican Republic?

Opening a Bank Account in Dollars or Euros?

If you are abroad, but are a Dominican resident, the most important documents are:

• Copy of permanent identification card or temporary residence card.
• Copy of an official identification document from your country of origin (your passport or identity card) as well as an additional copy of your driving license or social security card.
• Tax declaration.
• Documents that justify your source of income: if you're a salaried employed, you only need your job letter; if you're self-employed, you need the business registry, or a national taxpayer registry; or if, on the other hand, you have your own business, you will need the documents that prove your activity in the business.
• Etc.

If you live abroad, but are not an official resident of the Dominican Republic, you should provide the following:

• Copy of passport, in which your details and ID photo can be seen clearly, as well as entry and exit stamps.
• Copy of official migration documents.
• Identity documents as well as an additional form of ID.
• Tax declaration. If required, you will also need bank references and job references may also be requested.
• Documents that justify your source of income, whether you're employed, self-employed or have your own business.

Contact Century 21 Perdomo for more information on the requirements necessary to invest in real estate in the Dominican Republic, or to find out about what is needed to open a bank account in the Dominican Republic.