Requirements, documents, banks, fees, timelines & expert tips for foreigners and investors
Opening a Dominican bank account is essential if you plan to:
✔ invest in real estate,
✔ start a business,
✔ obtain residency,
✔ receive Airbnb income,
✔ manage finances locally,
✔ secure capital in USD.
This complete 2025 guide explains exactly how foreigners can open an account, with or without residency.
🟦 1. Can a foreigner open a bank account in the Dominican Republic?
👉 Yes.
Foreigners can open a bank account with OR without residency, depending on the bank.
However:
- some banks accept non‑residents,
- others require residency,
- all require strict documentation.
With M&J’s Invest, the process is simplified and significantly faster.
🟦 2. Types of bank accounts available
1️⃣ Dominican peso account (DOP)
For daily operations: bills, local purchases, subscriptions.
👉 Usually free or low‑cost.
2️⃣ USD account
The most common for expats and investors.
👉 Ideal for real estate, international transfers, Airbnb income.
3️⃣ EUR account
Available in certain banks (Popular, BHD).
👉 Useful for European clients.
4️⃣ Business account (SRL/SAS)
For foreign entrepreneurs who open a company in the DR.
👉 Required for invoicing, payroll and tax compliance.
🟦 3. Required documents (2025)
Requirements depend on each bank, but here are the most commonly requested documents.
For NON‑RESIDENT foreigners:
✔ Valid passport
✔ International bank reference letter
✔ 3–6 months of bank statements
✔ Proof of address abroad
✔ Income proof (employment, business, freelance)
✔ Optional but VERY useful: proof of investment (real‑estate contract)
👉 Some banks reject non‑residents. Others accept with a strong file.
For RESIDENT foreigners (temporary or permanent):
✔ Passport
✔ Dominican residence card (cédula)
✔ Proof of local address
✔ Bank statements
✔ Employment letter or company papers
👉 Much easier with residency.
For COMPANIES (SRL/SAS):
✔ RNC (tax ID)
✔ Company bylaws
✔ Incorporation documents
✔ Legal representative ID
✔ Business proof
🟦 4. Best banks for foreigners (2025)
1. Banco Popular Dominicano
⭐ Best overall for expats
✔ Flexible
✔ Excellent USD accounts
✔ Fast international transfers
✔ Great mobile app
2. BanReservas (state-owned)
✔ Very secure
✔ Huge national presence
❗ Slightly stricter with non‑residents
3. BHD León
✔ Professional service
✔ USD & EUR accounts
✔ Popular among expatriates
4. Scotiabank
✔ Great for US & Canadian clients
✔ Good USD services
❗ Sometimes stricter for Europeans
5. Lafise
✔ Very business‑friendly
✔ Good international operations
🟦 5. Processing times
| Status | Timeline |
| Non‑resident | 3–14 days |
| Resident | 1–7 days |
| Business account | 5–15 days |
👉 With a strong file: 24–72h possible.
🟦 6. Banking fees (2025)
- Account maintenance: 1–5 USD/month
- Incoming international wire: 10–20 USD
- Debit card: 10–20 USD/year
- Credit card: 40–80 USD/year
👉 Fees are low compared to Europe or North America.
🟦 7. How to send money from abroad?
✔ SWIFT transfer
✔ Wise (great rates for DOP)
✔ Remitly / Western Union
✔ USD → USD transfers for real estate
🟦 8. Benefits of opening a Dominican bank account
✔ Easier real‑estate purchases
✔ Receive Airbnb income in USD
✔ Pay notaries & developers
✔ Lower international fees
✔ Ideal for entrepreneurs
✔ Access to credits & mortgages
✔ Financial security
🟦 9. Common mistakes to avoid
❌ No bank reference letter
❌ Incomplete documents
❌ No income proof
❌ Trying to open USD account with only a passport
❌ Using unofficial “fixers”
❌ No French/English/Spanish support
🟦 10. Why work with M&J’s Invest?
✔ Faster account approval
✔ Access to partner banks
✔ Complete file preparation
✔ Translation + reference letters
✔ Accompaniment to appointments
✔ Personal + business accounts
✔ WhatsApp support 7/7
We make banking easy, fast, and safe.
🇺🇸 Conclusion
Opening a Dominican bank account is essential for any foreigner who wants to invest, live, or work in the country.
With proper guidance, the process becomes simple, fast and fully secure.
