I plan to retire in the D.R in the future so therefore, I want to open an account there to set aside money there anually for my retirement since interest rates there are higher than the ones offered here but i fear losing money because I have heard so many stories about bank mangers embezzling thier clients' accounts e.g Banniter.

Banco Reservas. Its the government owned bank that is I feel the lowest risk, then Popular. Popular has a branch in NYC at stock exchange as well.
I live in NY and looking to move to DR and after much research I'm going with Banco Reservas.
My business accounts will be there as well.

Thanks for your reccommendation. Appreciate it.

No problem. I know how u feel. I've been going to DR for 4 years, 6 times per year and
have done much research. Good move!

While Living and running businesses in The D.R. Most of my accounts were in Citibank. You have more legal protection as it is a US bank. If there is ever a major issue you can fight in US courts.

Scotiabank was well run as well but I have heard some bad rumors of late.

Stay far away from anything associated with Vimenca.

Actually the record is good. In the last 20 years when a bank has gone down the goverrnment has paid creditors eventually. If you want near absolute safety with a strong bank and have substantial funds and offshore account with HSBC International or a Swiss or Luxembourg bank is possible. Certainly people have lost money in the US, Ireland, Iceland etc. recently.
It is also possible to have a brokerage account in Luxumbourg with multiple currencies and a brokerage account in the US. This gives access to international bonds and bond funds for high interest.
In today's climate to have international access to funds may be seen as an advantage and also of course it is the usual advice not to have all the eggs in one basket. Smaller fundings may mean less scrutiny etc. and also a spread of currencies with the ability to move from one currency to another rapidly or buy currency funds is good.
At times in Argentina funds in local banks were frozen as they have been in other countries.
S.