Moving to the Dominican Republic, buying a home on the coast or spending several months a year here all have one thing in common: sooner or later you need a local account. To pay rent, electricity or your kids' school, receive money and stop paying fees every time you use a foreign card.
The good news is that you don't need to be a resident or have a cédula. At COOPACSOL, in Bayahibe, Dominicus and Bávaro, we already have members from more than 15 countries. Here we walk you through, step by step, how to open your savings account as a foreigner.
Can a foreigner open a bank account in the Dominican Republic?
Yes. At COOPACSOL you join as a member with your valid passport. We don't ask for a cédula or legal residency. When you become a member, your savings account in Dominican pesos (DOP) is opened and you become a co-owner of the cooperative, with a voice and a vote like any other member.
We are a savings and credit cooperative regulated and supervised by IDECOOP, the Dominican government agency that oversees cooperatives. We are not an app or a foreign platform: we are a formal institution with physical branches where a real person serves you.
What documents you need
- ✓A valid passport. You don't need a cédula.
- ✓An address in the Dominican Republic: where you live or where you will live. It has to be a Dominican address, not one in your home country.
- ✓Basic information about your occupation and income.
- ✓RD$2,500 for membership, of which RD$2,000 is still yours (we explain below).
How much it costs: RD$2,500, but you only spend RD$500
This is the most confusing part, so let's use clear numbers. To become a member you bring RD$2,500 in total, but the only real cost is the RD$500 membership fee, which is non-refundable.
The other RD$2,000 is still your money: RD$1,000 stays as the minimum deposit in your savings account and RD$1,000 as your contribution to the cooperative's share capital. That contribution is what makes you a co-owner.
Step by step: from your home country to an active account
You can start even before you arrive in the Dominican Republic. The process has three steps:
- ✓1. You complete the online application from wherever you are, in your language. It takes about 20 to 30 minutes.
- ✓2. Our International Desk contacts you within 24 business hours. An officer guides you in Spanish, English, Italian or Czech and tells you exactly what to bring.
- ✓3. You finalize your membership at one of our branches once you are in the country. The in-person process takes 20 to 30 minutes, and that same day you activate your NetPago access.
How to manage your account from abroad
Once it is active, you manage your account with NetPago, the COOPACSOL app for iOS and Android, from any country at any time. You can transfer to other members instantly, pay services and bills (electricity, insurance, schools) and get an alert for every transaction.
A practical detail: the app is in Spanish. If you prefer another language for any questions, the International Desk can help you in English, Italian or Czech.
What else you can do as a member
- ✓Financial certificates in pesos or dollars, earning 6% to 10% a year depending on amount and term (30, 60, 90, 180 or 360 days).
- ✓Youth Account for your children under 18: 7% in DOP and no fees.
- ✓Auto loans, mortgages and secured loans. If you don't live in the country, the loan is backed by collateral, for example the property or the vehicle.
Where to open your account
We have three branches in the east of the country: Bayahibe (head office, Residencial Paraíso, Av. Albert Yirardi), Dominicus (Av. Fuller) and Bávaro · Punta Cana (Plaza Boulevard Center). Bayahibe and Dominicus are open Monday to Friday from 9:00 to 16:00 and Saturdays from 9:00 to 12:00; Bávaro, Monday to Friday from 9:00 to 17:00 and Saturdays from 9:00 to 13:00.
If you are still abroad, start the online application from the Expats section of our website. When you arrive, all that's left is to sign.
You don't need to be a resident to have a financial base in the Caribbean: with your passport, in 30 minutes, you are a member.