Time Deposits in Dominican Banks...

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pagerage

New member
Jan 8, 2002
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We are considering a move to the DR and were wondering what others had experienced with the DR banks and their time deposits. We are only interested in the larger banks (Banco Mercantile, ect). Have the rates always been so well? If any Expats could share their experiences and insight it would be helpfull. Any info concerning investment accounts with large firms (Charles Schwab, Fidelity, ect) would be helpfull as well. We are posting further messages concerning setting up shop/home in the DR (beyond the usual, as it would seem, "I need a job as a waiter", or "I need a cheap apt."). Thanks for your help in advance!
 
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BushBaby

Silver
Jan 1, 2002
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www.casabush.org
I wrote something on this subject on DR1 some 3 or 4 months ago & you should be able to find it in the Archives - I think it was called 'Banking in the DR'. If you cannot find it or want to get a copy from me direct, send me an e-mail with your address & I will forward it to you. - Grahame Bush.
 
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Henry

New member
Jan 1, 2002
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Time depostis - timebombs?!

Deposts pay right now arround 16 % pa. It was even higher arround 24 %!

But the question is, the state has raised their debts, so they need more taxes or money! Now I have heard, that they focus on forcing the banks to provide them with lists of deposit holders so they can implement taxes, something similar they are trying or doing with credit card companies right now!

Maybe Graham knows more on this, but I guess it is hard to focus on this matter as Hipolito is making sometimes uncalculable moves!

Henry
 
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frederic

DR1 Expert
Jan 1, 2002
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Caveat Emptor

Buyer Beware.

As a depositor, remember that usually, higher interest rates reflect higher risks and/or uncertainties.

If you don't want to risk local inflation or sporadic devaluation of your curency, then you may want to consider certificates of deposit in US$ dollars, which returns between 8% and 9.5% per Annum; and that you can obtain at any mayor Dominican Bank
 
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