All about the Dominican Republic

Dominican Banks do there have On-Line Banking and Debit Cards?

Yes, Yes and Yes. Most of the Dominican Banks now offer on-line banking or at least the ability to view accounts on-line. Some of the smaller savings and loan type of institutions may not all have an Internet or on-line system in place for clients, but all of the larger banks certainly do. However, each bank has their own comfort level in terms of what they will allow to happen using the on-line system. Almost all have some form of local bill paying option and ability to transfer between accounts within the bank. Most Dominican Banks are very concerned about fraud and of that reason would tend not to allow outbound wire transfers to be done via the on-line system (they want to make sure it is really you requesting the disbursement), and instead would prefer clients make such requests in person using the banks own specialized request forms for that purpose.

Clients establishing Dominican Peso savings accounts have the option of either asking for a passbook or debit card for the account (most of the banks will offer one or the other as an option). In terms of the debit card, each bank has their own form of card but do keep in mind some smaller financial institutions may only offer a Visa Electron Card whereas the larger banks may offer a full fledged Visa Debit Card that can both be used at ATM machines, at retail stores for in store purchases and on-line as well for purchase via Amazon and other on-line retailers. So, just be aware of the difference between the regular Visa Debit Card and the Electron Card, and what the benefits or limits are with each. There is one large bank that does offer a debit card connected to a US Dollar Savings Account, but the vast majority of banks will only offer the debit card in conjunction with a Dominican Peso Savings Account. However, many clients establish accounts in Pesos, US Dollars and Euros in order to transfer between each account as needed.

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