Dominican Republic - Country Commercial Guide
Trade Financing

It covers payment methods and information on, banking systems, foreign exchange controls, and U.S. and correspondent banking.

Last published date: 2022-12-12

Methods of Payment 

The following methods of payment are the most common: 

  • Cash (since most Dominican companies maintain dollar accounts abroad) by electronic/wire transfers. 

  • Supplier credit (once a trading relationship has been established). 

  • Documentary letters of credit including stand-by letters of credit. 

  • Documentary collections through the banking system. 

  • Commercial credit cards, however, it is recommended that U.S. firms accept these credit cards with caution because of the possibility of fraud. 

The following local firms perform credit checks on Dominican companies: 

TRANSUNION 

Address: Ave. Abraham Lincoln No. 1019 

3rd Floor, Ens. Piantini 

Santo Domingo, Dominican Republic. 

Tel: (809) 227-1888 or (809) 200-2930 Option 1 

Work Hours from Monday to Friday: 9:00 a.m. – 4:00 p.m. DR Time 

E-mail: consumidor@tucredito.com.do 

DATA-CREDITO  

Address: C. Gaspar Polanco No. 314 

Santo Domingo, Dominican Republic. 

Tel: (809) 533-4419 

Fax: (809) 532-5178 

Email: servicioalcliente.001@datacredito.info or afiliacion.001@datacredito.info 

Banking Systems 

The Central Bank of the Dominican Republic implements monetary policy and issues the national currency (Dominican pesos, commonly abbreviated as “RD$”). The Central Bank also manages external payments.   

Commercial banks represent one of the principal sources for private sector financing. Most requested loans are short and medium-term, ranging from 30 to 90 days for working capital or trade financing and from 1, 3 or 5 years at the most for capital expenses.  Working capital fixed-term loans require that the borrower make either periodic payments of principal and interest or a single principal balloon payment of the entire outstanding balance at maturity. These loans are reviewed on a case-by-case basis. Financing for construction or tourism projects may have longer terms typically from 7 to 10 years or more in a few cases.   

Indicative current interest rates for loans in local currency are as follows: 

  • In RD$ the preferential rates range between 8.5 and 18 percent. 

  • Non-preferential rates can go as high as 23-26 percent for loans denominated in RD$. 

  • Interest rates for the commercial/corporate sector are revised usually every 6 or 12 months. 

Local commercial banks offer almost the same services that a U.S. bank offers to its clients, with the exception that there are no local checking accounts in U.S. dollars, and instead, local banks offer savings accounts in U.S. dollars. 

Foreign Exchange Controls 

The Monetary Board sets monetary policy and oversees Central Bank operations.  It also sets banking and financial norms through resolutions. 

All foreign exchange transactions operate in the private market where all sectors of the Dominican economy are free to buy and sell foreign exchange through commercial banks and exchange houses (casas de cambio).  The currency has a floating exchange rate which is currently around RD$ 54.11 per US$1.00. 

U.S. Banks & Local Correspondent Banks 

The only full-service U.S. commercial bank in the Dominican Republic is: 

Citibank, N.A. 

Santo Domingo Address: Ave. Winston Churchill Esq. Ave. Andres Jose Aybar 

Torre Citibank, Acropolis Center – 24th Floor, Ens. Piantini 

Santo Domingo, Dominican Republic 

Tel: (809) 473-2404 

Fax: (809) 955-2657 

Santiago Address: Plaza Jorge II, local A1, Ave. Bartolomé Colón 14 

Santiago De Los Caballeros, Dominican Republic 

Tel: (809) 241-9964 

Most local banks have correspondent banking relationships in the U.S. 

To access Dominican Republic’s Canada’s ICS section on financing, visit the U.S. Department of State Investment Climate Statements website