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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.