Individual Retirement Account Transfers

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mullinsca

New member
Sep 10, 2003
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Hello,

I am the most excited person in the world having made the decision to move to the DR in January, but we are full of questions. If we transfer a large sum of money to the DR bank and something happens that we want to return to the US can we transfer the money back in US dollars to the US.
 
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Cubanirish

New member
Mar 13, 2002
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Suicide

If I were you I?d deposit that large sum of money in a foreing bank in your country. I?d just have a small amount of US$ in a Dominican bank.
 
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Criss Colon

Platinum
Jan 2, 2002
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You have obviously not been reading the DR1 News Archives!

Over the past 6 months,let alone the last 2 years!!! Does "Baninter" mean anything at all to you? Do you know about the "IMF",and World Bank's intervention in the DR economy? Do you know that the Dominican peso devalued abot 100 % in the last 6 months? And you want to bring money here?? You have no idea what you are getting into!Have you ever visited here for more than i week at a time in an "All Inclusive Resort"? Please start doing your homework,or you will be broke within 1 year!! CCCCCCCCCCCCCCCCCccris colon
 
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Ken

Platinum
Jan 1, 2002
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mullinsca, you need to do some research in the voluminus archives. Look for threads on bank accounts, etc.

There are a great many expats living in the DR and few, if any, have large sums of money in the banks here. Keep your money where it is safe; it will last longer that way. Establish a relationship with one of the exchange banks where you will be living and then write personal checks on your account and cash them for pesos just like you would dollars.
 
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Dolores1

DR1
May 3, 2000
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Check out BPD International in New York. You can open an account with them in NY, and then as you need pesos, fax their officer in Santo Domingo so she can instruct the bank to wire $ to your account here in Santo Domingo at a Banco Popular Dominicano, an affiliate of this bank. They will give you a competitive exchange rate if you develop a relationship with your bank officer.
 
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Ken

Platinum
Jan 1, 2002
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Dolores, unless you need very large amounts of pesos for commercial or other reasons, what advantage is there for a person living here to do as you suggest rather than cashing personal checks? I regularly cash checks at Vimenca in Sosua, getting a very competitive rate, and with no overhead cost for me. I have never tried to cash a check for more than $1,000, but have no reason to think that I couldn't. There is no delay; I walk into the office, right the check in the amount I want to exchange, and walk out in the same amount of time as if I had been exchanging dollars.
 
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andy a

Bronze
Feb 23, 2002
532
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Dominican Math ?

If the peso had devalued 100 percent it would now be worthless.
 
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Criss Colon

Platinum
Jan 2, 2002
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I cash my personal checks all the time!

Bank is in Boston,I am in Santo Domingo.I go to a money changer on 27 Feb.,just past Tokyo Motors.If I want Dollars,I get 1 to 1,if I want pesos,I get the days rate,no commision.When I bought my house he cashed my personal checks for 60 thousand dollars,and then 50 thousand dollars.Why look for problems?Leave your money where it is! Really! CC
 
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mullinsca

New member
Sep 10, 2003
43
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THANKS

Hey Everyone,

Thanks for all your help but in order for me to live in the beautiful DR I need to get that high interest rate on my money. I am only talking about 50,000.00. Is that so bad, is it really that dangerous. That amount will pay us along with some monies that we already have a comfortable living there each month. Can anyone out there offer any other suggestions. I am very grateful for the help.
 
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Ken

Platinum
Jan 1, 2002
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Start a new thread and asked for advice on best way to invest US$50,000. Also, not many of us on this board able to dismiss US$50,000 as "only $50,000".
 
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