Retiring to Dominican Republic

Santanita2017 Member

Member since 15 July 2017

Santanita2017Member15 July 2017 18:03:56

I live in the United States & thinking of retiring to Puerto Plata next year. How is the banking system there?聽 I.e. Direct deposits to bank in DR from USA.聽 Also, is there an expat association?

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert15 July 2017 19:36:40

17660

Direct deposit depends on your end not this end. Your end has to have ability to do so. Many simply wire transfer every so often too local account. Or use bank card from bank home for atm at point of sale. Some fees may apply.

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert15 July 2017 19:37:26

17660

Expat association - there is Internations but not in Puerto Plata yet.

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member17 July 2017 11:54:59

7675

Banking usually is not a problem.聽 However we maintain a US account and have things deposited there and transfer聽 (or deposit a check) when the need arises.
No organized group on the north coast but lots of EXpats to socialize with .

Bob K

Santanita2017 Member

Member since 15 July 2017

Santanita2017Member17 July 2017 16:05:24

Thanks Bob. Is there a particular bank you deal with?聽 I would prefer to establish a relationship with one in order to avoid any hassle when I make a transaction.

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member17 July 2017 16:31:38

7675

We have used Banco Santa Cruz in Sosua for the last 12 years.聽 They seem to cater to the Expat community

Bob K

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planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert17 July 2017 16:32:57

17660

It very much depends where you are going to live.聽 The bank works really well for Bob in Sosua,聽 but others have complained about it in other cities.聽 Maybe they have a fantastic branch there, I wish they were all that good!!!!!