Best Banks in the Dominican Republic in 2026

Choosing a bank in the Dominican Republic means finding a financial partner that fits your lifestyle. People who are relocating, studying abroad, or managing business between countries all have different financial needs. The best bank for expats in the Dominican Republic is going to be the one that aligns best with your money and lifestyle goals. Some offer stronger digital tools, while others support non-resident accounts or make it easier to send money to the Dominican Republic from abroad.

To help you decide, we’ve reviewed top local and international banks operating across the country, from community-focused institutions to banks with global networks. Here’s what to know before choosing the right bank for you.

Key takeaways

• Banco Popular Dominicano, Scotiabank, and Banreservas could be considered top choices for expats and foreigners, offering bilingual service, digital tools, and international account support.
• Banco Vimenca stands out for international money transfers thanks to its integration with Western Union’s global remittance services.
• Non-residents may open accounts at select banks using a passport and visa, but requirements vary by institution.
• Pairing a local bank account with Western Union’s money transfer services ensures flexible, fast cross-border payments.

Comparing the best banks in the Dominican Republic

 

Top banks in the Dominican Republic

From local institutions to global brands, these are the best banks in the Dominican Republic for foreigners, each offering unique benefits depending on your financial needs.

1. Asociación Popular de Ahorros y Préstamos (APAP)

APAP is one of the Dominican Republic’s savings and loan associations, offering a wide range of personal banking products, from savings and checking accounts to home loans and insurance policies. The bank also stands out for its fee-free savings accounts and efforts to expand digital access through its mobile app and online platform.

Strengths:

• Choice of savings accounts, including a 100% digital savings account
• Wide selection of credit and debit cards, including family and youth debit cards

Ideal for:

• Those who want all their financial products under one bank
• Customers who desire strong digital banking tools

2. Banco BHD

With almost one million customers, Banco BHD is one of the Dominican Republic’s largest banks, offering a full suite of financial services for individuals and businesses. A variety of personal checking and savings accounts are tailored to different financial goals from daily spending to youth savings.

Known for innovation and inclusivity, BHD emphasizes digital convenience through its secure mobile app and digital wallet account. The bank also runs financial education and social impact programs, making it a forward-thinking choice for modern banking.

Strengths:

• Nationwide branch network and more than 600 ATMs
• No-fee account options with no minimum opening amount
• Selection of debit and credit cards with loyalty program benefits, including cash back

Ideal for:

• Individuals and families seeking a mix of digital and in-branch service
• Customers looking for socially responsible banking

3. Banco Caribe

Founded in 2004, Banco Caribe is another Dominican Republic bank offering a variety of personal banking and loan products. With more than 20 branches and 120 subagents across the country, it’s a popular choice for individuals seeking accessible services and financing options like personal, auto, and mortgage loans.

The bank supports financial inclusion by offering flexible requirements on basic checking and savings accounts, making it easier for those who cannot open a traditional account.

Strengths:

• Simple online application process for loans
• Flexible requirements to open basic accounts
• Competitive savings interest rates

Ideal for:

• Customers seeking all-in-one banking services
• Entrepreneurs, self-employed workers, or those without employment history who need flexible account requirements

4. Banco Popular Dominicano (BPD)

Banco Popular Dominicano is an award-winning, privately owned bank and a top choice for both local and foreign customers. Named “Best Bank in the Dominican Republic” by Latin Finance in 2024, it offers a comprehensive range of financial services, including everyday banking, loans, insurance, and investment products.

Strengths:

• Award-winning mobile app and online banking platform
• Tiered savings interest rates
• Dollar Savings Account facilitates savings, loans, and transfers in USD

Ideal for:

• Expats and newcomers to the Dominican Republic
• Individuals seeking full-service banking

5. Banco Santa Cruz

Banco Santa Cruz is a growing private bank in the Dominican Republic, offering a solid mix of personal and business banking services. Savings accounts in multiple currencies support customers with cross-border finances.

The Santa Cruz Points loyalty program allows customers to accrue points with every purchase and redeem them for travel and seasonal promotions. A wide selection of credit cards also provide customers opportunities to cash in on rewards for everyday spending.

Strengths:

• Easy online application for standard checking accounts
• Savings accounts available in multiple currencies, including Peso, Euro, and USD

Ideal for:

• Expats and individuals managing finances across borders
• Customers desiring a variety of loyalty benefits

6. Banco Vimenca

Founded in 2002, Banco Vimenca is a smaller bank with the majority of its branch offices in Santo Domingo. As the Dominican partner for Western Union, it’s a trusted option for customers who regularly send or receive money from abroad. Alongside basic banking services like savings and checking accounts, Vimenca offers efficient money transfer solutions and dozens of payment points throughout the country.

Strengths:

• Integrated Western Union services for fast international transfers
• Savings account options for Euro or USD

Ideal for:

• Individuals receiving remittances from abroad
• Expats and international students in Santo Domingo

7. Banreservas

Banreservas is one of the country’s largest banks, serving more than 3 million customers. It plays a central role in the Dominican financial system, offering comprehensive services to individuals, businesses, and government. Personal banking solutions include traditional checking and savings accounts, as well as digital accounts through the MIO Banreservas app.

With a vast national presence and online account options, Banreservas is a go-to choice for both residents and Dominicans living abroad.

Strengths:

• Extensive branch and ATM network across the country
• Savings account options in Pesos, Euro, or USD
• Open an account from outside the country, if requirements are met

Ideal for:

• Residents seeking a full-service national bank
• Dominicans abroad or foreigners with ties to the Dominican Republic

8. Cibao Savings and Loan Association

The Cibao Association is a respected savings and loan association with deep roots in the Cibao region. It focuses on personal finance solutions like savings accounts, home loans, and fixed-term deposits, offering competitive rates and personalized service. With a strong regional presence and emphasis on financial stability, Cibao Association is a smart choice for savers and first-time homebuyers seeking dependable, community-based banking.

Strengths:

• High-yield savings and deposit options
• Digital savings account through the Cibao Banking Mobile App
• Personalized home loan services with regional expertise

Ideal for:

• Savers looking for strong interest-earning accounts
• Residents in the Cibao region looking for a local bank

9. Scotiabank República Dominicana

Scotiabank is a major international bank operating in the Dominican Republic, offering a full range of financial services with a global touch. As part of the Canada-based Scotiabank Group, it caters especially well to international business owners and citizens. With a variety of digital banking tools, plus support for multi-currency accounts, it’s an excellent option for customers who manage finances across borders.

Strengths:

• Global banking network with multi-currency support
• Digital banking via Scotia Online or the Scotia Caribbean App

Ideal for:

• Foreigners or expats managing money internationally
• Bilingual customers or English-speaking newcomers
• Investors and business owners with global financial needs

How to choose the right bank in the Dominican Republic

The best banks in the Dominican Republic offer a wide range of services to suit your needs, but the right choice depends on your specific situation. Are you a new resident looking to open your first account? A student needing easy mobile banking? Or an expat planning to manage finances between countries? Whatever your situation may be, here are a few things to consider when looking for your new bank:

• Residency status: Some banks allow non-residents to open accounts with just a passport and visa, while others may require proof of local address or income.
• Digital tools: If you prefer managing your finances online, look for banks with strong mobile apps, secure online access, and bilingual platforms.
• Transfer capabilities: If you’re planning to move funds between countries, choose a bank that supports international transfers or pair your local account with a service like Western Union to manage global payments.
• Fees and flexibility: Compare account maintenance fees, minimum balances, and access to ATMs, especially if you plan to use your card frequently or travel around the country.

Before transferring funds, it’s also helpful to check the USD to DOP exchange rate so you know how much your money is worth.

Send money abroad

Finding the right bank in the Dominican Republic helps you manage your everyday finances—but for sending money across borders, speed and flexibility matter. Western Union makes it easy to send money now via our partners in the Dominican Republic, or through our app to send money from your smartphone. Whether you’re supporting family or paying international expenses, we offer trusted global transfers to help keep you connected, wherever life takes you.