Dominican Republic IBAN
A Dominican Republic IBAN is 28 characters long.
DO and two check digits open every Dominican Republic IBAN; its remaining 24 form the BBAN (Basic Bank Account Number). Transfers into Dominican Republic arrive in DOP over SWIFT.
Example Dominican Republic IBAN
Electronic format
DO28BAGR00000001212453611324
Print format
DO28 BAGR 0000 0001 2124 5361 1324
IBAN structure for Dominican Republic
Major banks in Dominican Republic
3 banks in Dominican Republic that support IBAN-based international transfers:
Format reference: SWIFT IBAN Registry.
Dominican Republic IBAN questions
Who runs the payment system in the Dominican Republic?
The Banco Central. The Junta Monetaria's 2010 resolution calls the payment and cheque clearing system a public service owned exclusively by the BCRD, citing Monetary and Financial Law 183-02 of 21 November 2002, under which the Junta regulates payment and clearing systems with international standards as its reference and may set up separate subsystems.
Where should the standardised number appear for a Dominican account?
On the account's own paperwork. The Junta Monetaria requires banks to show it in passbooks, contracts and other account documents, and in the personalisation area and free band of cheques drawn on demand accounts. The BCRD also publishes a generator and verifier of standardised accounts that a sender can use to check a number.
Can a Dominican account receive US dollars or euros?
Yes. Pagos al instante BCRD, a real-time service built on the central bank's LBTR system, moves funds between accounts in Dominican pesos, US dollars and euros. For dollar operations, the BCRD says, banks need not route transfers through correspondent banks, and the sending bank may convert the currency when the beneficiary account is held in another one.
Dominican Republic: regional account standard, LBTR and SIPA
The Dominican Republic's IBAN-format account number comes from the Junta Monetaria's Ninth Resolution of 18 November 2010, which required financial intermediaries to number their demand and savings deposit accounts under the Central American Monetary Council's regional standard by 1 April 2011. The Banco Central (BCRD) had found that each bank structured accounts its own way, some with up to 25 positions, while participants in its real-time LBTR settlement system already used the standard.
- The rule rests on two regional instruments: the Treaty on Payment and Securities Settlement Systems of Central America and the Dominican Republic, signed on 29 June 2006 and in force since 5 December 2008, and a CMCA resolution of 22 February 2008 approving the account standard and asking each central bank to plan its implementation.
- Under a CMCA designation of 20 November 2009, the BCRD manages SIPA, which links the payment systems of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic and settles all regional operations on the BCRD's platform, in US dollars. It began operating on 28 February 2011; Dominican multiple banks with dollar demand accounts at the BCRD can use it.
- In November 2024 the BCRD began acquiring an instant payments management system (SGPI), with World Bank support. It says every bank and non-bank payment provider will take part, that Dominicans will send and receive transfers around the clock all year, and that payers will be able to use aliases to make transactions.
Sources: Junta Monetaria: Ninth Resolution of 18 November 2010 (Spanish); BCRD: Sistema de Interconexión de Pagos (SIPA); BCRD: Pagos al instante BCRD; BCRD: Sistema de Gestión de Pagos Instantáneos (SGPI).
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