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I have both and it would have probably been a good idea to open both at same time

1st reason is even though you have a visa for residency the banks look a date of entry to country and you have that 30 day window. 2nd reason you don't have to return and go through process again.  Pros and cons may be different for others, for me I can transfer funds from USA USD account or write a check from my USA USD account at no charge to my Dominican USD account. My Dominican Peso account I use for my expenses in the DR, usually take out dollars out and change at money exchange places, normally better exchange rates than bank. Keep some for pocket money and deposit rest into Peso account to pay for local bill etc.

@wondering9 congratulations!  I remember that feeling.

We have both at Banco Santa Cruz. We transfer our pension into our USD account each month, then move money to the DOP account as needed for cash withdrawals and paying bills here.

Opening a second account will be much easier! It's easy to transfer money between the accounts with the app, and your ATM/debit card is only tied to the DOP account. Be sure to activate your online account and download the app.

Thanks for that, @ddmcghee -- that sounds like an efficient way to do things. Do you mind sharing what you have found is the simplest and/or cheapest way to transfer funds from your US bank to Banco Santa Cruz?

We also have both dollars and pesos accounts, though at BHDL.   Seems convenient. 

Generally, we see no need to rush  converting dollars to Pesos.  When we first visited in 2018, the eatio was at 1USD = 52 or so.  Over time, the dollar has strengthened considerably. 

One reason you might want to put assets into pesos:  BHDL offers a very attractive "Long-Term Certificate" (equivalent to a CD) for a very good rate.  We are at 9% IIRC. 

>> Like all DR Banks, you get nickled and dimed on minor fees and taxes.

>> Overall, though, it's a very attractive deal if you want to park some funds in Pesos.  There is a minimum deposit, I just don't recall it and I'm not where I can check it at the moment. 

>> BE AWARE:  Not all reps at all branches are aware of the LTCs.  We had to go to the commercial/business branch in Blue Mall to find staff aware of the product and help us open it. 

Best

Jim

Its just easier and more convenient to have both! Period.

@wondering9

For monthly transfers, I use . The fee to transfer USD to USD is 0.9%. Other people have reported being charged by Banco Santo Cruz for incoming transfers, but in over five years of at least one transfer per month, I've never seen a fee for deposits of any kind. I've never sent directly to my DOP account, so that might be the difference. Until about six months ago, I sent money from my Wells Fargo checking account, and the transfer took 4-6 days to be credited to my account. Earlier this year, I discovered that I can send from my debit card, tied to that same Wells Fargo account, and the transfer is credited within hours! Fees are the same either way.

The few times I've needed to transfer larger amounts, I've used wire transfers from my bank. $8000 is about the tipping point where bank fees become cheaper than Remitly.

*That Remitly link is a referral link - you can get $10 off your first transfer, and I get a credit as well!

There are lots of transfer companies out there also.

I use Paysend they normally have good conversion rates, and charge 1.99 up to 2k dollars. However, you go thru the normal verification process.

It send directly to my Dominican debit card is seconds.

Thanks for all this helpful detail! I will check out your link, @ddmcghee.

btw, I did search the forum for related posts before posting my banking questions. But today I skimmed through all the posts going back a couple years, just to pick up some clues (and keep myself busy and non-crazy while waiting on another paperwork tangle) and found quite a few posts that hadn't shown up in my search. So I do realize that some of you have shared this or similar information before. In any case it is very helpful and much appreciated!

It is kind of exciting to see those "I'll cross that bridge when I come to it" items work their way to the top of the to-do list. A pita, but exciting.😀

Its just easier and more convenient to have both! Period. - @planner

Exactly the reason for having both.  Get both.