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Banking Average Salaries in Dominican Republic 2022

How much money does a person working in Banking make in Dominican Republic?


Average Monthly Salary
21,600 DOP
( 259,000 DOP yearly)

LOW
6,800
DOP
AVERAGE
21,600
DOP
HIGH
44,300
DOP

A person working in Banking in Dominican Republic typically earns around 21,600 DOP per month. Salaries range from 6,800 DOP (lowest average) to 44,300 DOP (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst30,100 DOP
Assistant Bank Branch Manager26,400 DOP
Assistant Bank Manager32,600 DOP
ATM Manager29,300 DOP
ATM Service Technician7,770 DOP
Bank Accounts Analyst10,900 DOP
Bank Accounts Controller14,300 DOP
Bank Accounts Executive22,600 DOP
Bank Accounts Manager25,200 DOP
Bank Auditing Manager26,600 DOP
Bank Branch Manager33,900 DOP
Bank Clerk6,680 DOP
Bank Compliance Specialist17,600 DOP
Bank Manager39,300 DOP
Bank Operational Risk Manager39,500 DOP
Bank Operations Head43,400 DOP
Bank Operations Officer16,500 DOP
Bank Operations Specialist26,100 DOP
Bank Process Manager23,200 DOP
Bank Product Manager 26,600 DOP
Bank Programme Manager28,900 DOP
Bank Project Manager32,200 DOP
Bank Propositions Manager28,600 DOP
Bank Quantitative Analyst20,100 DOP
Bank Regional Manager43,300 DOP
Bank Regional Risk Officer22,000 DOP
Bank Relationship Manager30,500 DOP
Bank Relationship Officer13,900 DOP
Banker14,800 DOP
Banking Business Analyst21,800 DOP
Banking Business Development Officer13,600 DOP
Banking Business Planning Executive29,500 DOP
Banking Product Manager25,800 DOP
Banking Reference Data Manager23,900 DOP
Banking Risk Analyst21,800 DOP
Banking Technical Analyst11,500 DOP
Bankruptcy Coordinator14,900 DOP
Budget Analyst21,000 DOP
Cards Marketing Manager25,800 DOP
Cash Management Manager36,500 DOP
Check Processing Manager28,700 DOP
Commercial Vault Associate21,600 DOP
Corporate Dealer23,200 DOP
Credit Analyst16,900 DOP
Credit and Collections Manager28,300 DOP
Credit Card Fraud Investigator23,000 DOP
Credit Portfolio Manager38,200 DOP
Credit Risk Analyst23,400 DOP
Credit Risk Associate22,100 DOP
Direct Bank Sales Representative15,200 DOP
Financial Bank Planning Consultant27,900 DOP
Financial Banking Analysis Manager32,200 DOP
Financial Banking Assistant10,000 DOP
Financial Banking Systems Manager30,500 DOP
Foreign Exchange Manager31,400 DOP
Fraud Analyst23,100 DOP
Fraud Detection Associate15,000 DOP
Fraud Detection Manager34,700 DOP
Fraud Detection Supervisor19,200 DOP
Internal Bank Audit Manager40,900 DOP
Internal Bank Auditor20,900 DOP
International Banking Manager42,500 DOP
Loan Analyst20,900 DOP
Loan Area Manager26,700 DOP
Loan Audit Team Leader25,000 DOP
Loan Branch Manager23,800 DOP
Loan Business Development Officer13,600 DOP
Loan Clerk7,680 DOP
Loan Collection Manager25,000 DOP
Loan Collector6,970 DOP
Loan Examiner8,920 DOP
Loan Processing Manager23,400 DOP
Loan Processor9,420 DOP
Loan Quality Assurance Auditor22,500 DOP
Loan Quality Assurance Manager24,100 DOP
Loan Quality Assurance Representative15,400 DOP
Loan Review Manager24,800 DOP
Loan Team Leader21,300 DOP
Mortgage Advisor15,500 DOP
Mortgage Collection Manager25,200 DOP
Mortgage Collector6,760 DOP
Mortgage Credit Analyst11,700 DOP
Mortgage Credit Manager23,600 DOP
Mortgage Development Manager28,800 DOP
Mortgage Document Reviewer9,430 DOP
Mortgage Funding Manager26,900 DOP
Mortgage Operations Manager36,200 DOP
Mortgage Payment Processing Clerk8,470 DOP
Mortgage Processing Manager25,300 DOP
Mortgage Processor9,560 DOP
Mortgage Quality Assurance Auditor21,100 DOP
Mortgage Quality Assurance Manager23,200 DOP
Mortgage Servicing Clerk7,100 DOP
Mortgage Servicing Manager24,000 DOP
Mortgage Underwriter9,230 DOP
Online Banking Manager38,400 DOP
Payment Processing Clerk7,540 DOP
Personal Banker15,500 DOP
Personal Banking Advisor 15,800 DOP
Phone Banker10,800 DOP
Private Banker14,800 DOP
Reconciliation and Investigation Specialist17,900 DOP
Teller7,570 DOP
Trade Officer9,080 DOP
Trade Product Manager25,000 DOP
Trader10,100 DOP
Treasury Operations Officer19,200 DOP

Banking Jobs Salary Distribution in Dominican Republic

Median and salary distribution monthly Dominican Republic Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Dominican Republic range from 6,800 DOP per month (minimum average salary) to 44,300 DOP per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 19,900 DOP per month, which means that half (50%) of people working in Banking are earning less than 19,900 DOP while the other half are earning more than 19,900 DOP. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 12,000 DOP while 75% of them are earning more than 12,000 DOP. Also from the diagram, 75% of people working in Banking are earning less than 29,500 DOP while 25% are earning more than 29,500 DOP.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Dominican Republic costs anywhere from 99,300 Dominican Peso(s) to 298,000 Dominican Peso(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Dominican Republic Banking
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Dominican Republic who work in Banking earn 7% more than their female counterparts on average.

Male
22,200 DOP
Female-6%
20,800 DOP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Dominican Republic for all Careers

Salary comparison by gender monthly Dominican Republic
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Banking Average Annual Salary Increment Percentage in Dominican Republic

How much are annual salary increments in Dominican Republic for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Dominican Republic are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate Dominican Republic Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Dominican Republic / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Dominican Republic is 5%.

Annual Increment Rate By Industry 2021

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Dominican Republic for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Dominican Republic

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Dominican Republic Banking
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

28% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 72% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
72%
No Bonus
28%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Banking Hourly Average Wage in Dominican Republic


120 DOP per hour

The average hourly wage (pay per hour) in Dominican Republic is 120 DOP. This means that the average person in Dominican Republic earns approximately 120 DOP for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Dominican Republic
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Santo Domingo24,300 DOP

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Dominican Republic earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
19,400 DOP
Public Sector+7%
20,700 DOP
Percentage increase and decrease are relative to the previous value

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