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Banking in Dominican Republic

Best banks in Dominican Republic for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Dominican Republic. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Dominican Republic

Foreigners, including non-residents, can open accounts at select banks with a passport, a second ID, proof of address, an initial deposit (typically US$100-500), and usually a reference letter from your home bank on letterhead naming the Dominican bank. Banks apply strict KYC rules and often ask for a justification for the account; you can hold DOP, USD, and/or EUR accounts.

Top banks in Dominican Republic

Banco Popular Dominicano

traditional
Newcomers wanting English support and USD accounts

Largest private bank; strong app, wide branch/ATM network, and mature USD/EUR and non-resident account processes.

Scotiabank República Dominicana

traditional
North Americans and international transfers

Canadian-owned; operating in the DR since 1920, with English-speaking staff and USD account options.

Banco BHD

traditional
Everyday digital banking

Major private bank known for solid customer service and a well-regarded mobile app; offers personal and business accounts.

Banreservas

traditional
Widest branch and ATM coverage

State-owned and the largest bank by assets; broad nationwide network but slower and less English-friendly for non-residents.

Banco Santa Cruz

traditional
Non-Spanish-speaking expats

Long referred to as an expat-friendly bank catering to foreign clients; offers multi-currency savings accounts.

International accounts & neobanks

Wise

Dominican Republic is not on Wise's list of countries where you can hold a balance; residents cannot get the Wise card or hold a DOP balance. Useful mainly for sending and receiving international transfers.

Payoneer

Available to DR-based freelancers and businesses; widely used to receive international client and marketplace payments, with withdrawal to a local bank account.

Availability changes; confirm on each provider's site.

Next steps in Dominican Republic

See the full Dominican Republic tax, cost and visa profile, or compare Dominican Republic with other destinations. Not sure where to go yet? Take the finder quiz.