Savings accounts are the most sought-after financial product by foreign migrants in the Dominican Republic.

Santo Domingo — The financial product most widely used among foreign migrants residing in the country is savings accounts, used by 83% of those surveyed for the study “Towards an inclusive and sustainable financial system 2025,” published by the Superintendency of Banks.

The research showed that credit cards or debit cards are the second most popular product among this segment of the population, with 54% of the total surveyed, followed by checking accounts, which account for 44%.

Main barriers

The migrant population represents a significant part of the country’s workforce and economic fabric, the study points out, highlighting the main barriers they face in accessing financial products, including documentation, trust in institutions, and knowledge of formal financial tools.

In analyzing habits, perceptions, and levels of inclusion, the study’s analysts note that it is essential to design policies that effectively address the needs of the migrant population and promote their economic and social integration within the Dominican financial system.

They note that the migrant users surveyed accounted for 7% of the study’s total sample, and 24% said they did not have a Dominican identity card. 51% of the sample were men, while the remaining 49% were women.

By nationality, Venezuelans and Haitians predominated. Ninety percent reside in urban areas, mainly in Greater Santo Domingo (38%) and the northern region (21%).

Likewise, 94% report monthly incomes of less than 50,000 pesos, reflecting a high concentration of low-income levels.

Challenges

According to the publication, people who migrate to the Dominican Republic face significant barriers to accessing the formal financial system, particularly due to required documentation and a lack of credit history.

48% of migrants surveyed reported having to submit additional documentation when applying for a financial product, suggesting stricter verification processes or a lack of uniformity in the procedures used for this group.

Regarding trust in their primary financial intermediary, 77% reported having complete confidence in their institution.

The report adds that financial institutions have begun to implement inclusion mechanisms, such as simplified products, basic accounts, and remittance programs with reduced costs; however, the scope of these initiatives remains limited.