How Open a Dominican Bank Account ?
Can foreigners open a bank account in Dominican Republic ?
Foreigners are allowed to open a bank account in Dominican Republic. Bank System is open and easily accept foreigners in possess of regular International Identification, like a passport. In some cases could be asked a bank reference letter but bank does not ask more documents. Dominican Republic banks offer very interesting interest when money are secured in deposit accounts, but remember that the national currency is instable and like many others currencies can suffer devaluation against the dollar or euro. Bank System itself is very stable, the Dominican Republic is not an attractive place to borrow money, but it is a very attractive place to deposit or invest. The bottom line is, banking is profitable, interest rates are the market rate (not contrived zero percent interest as we know is the case elsewhere) and higher borrowing costs deter excessive and untenable debt by the local consumers.