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Banco Central
G
gary short
Guest
On cd's Banco Central does not compound interest. You have to have a DR bank account so that the BC can deposit your interest.
Hi,
I have a term deposit in pesos. I have acquired it in january 2006 when the rate was 24% for fixed 2 year term. They deposit 2% at the beginning of each month in my dominican bank account.
The rate has lowered since to 21% for 2 1/2 years term but that can go higher or lower any time.
Peter
I have a term deposit in pesos. I have acquired it in january 2006 when the rate was 24% for fixed 2 year term. They deposit 2% at the beginning of each month in my dominican bank account.
The rate has lowered since to 21% for 2 1/2 years term but that can go higher or lower any time.
Peter
Peso is at 32.5 now. By my observations and I could be wrong...During the holiday season it was as high as 35 or 36 and the central bank was offering a better rate. During the holiday season the economy needs more dollars in order to purchase product for the holidays...thus exchange rate goes up....and Central Bank needs more money thus rates go up. So if you time it right and exchange your dollars at the right time and lock in a high rate of return you can do very well. On the other hand you would not want to get in when the exchange rate is 30 to 1........and cash out when it is at 35 to 1....you can see that you would not fair so well. That is assuming you intend to exchange your pesos for dollars. On the other hand if you are not going to exchange pesos for dollars...then you may be fine. Not to long ago you got about 21% for 1 year. What is it now?
interest deposit
can the interest be deposited in a checking or a saving account. My checking is with banco popular
can the interest be deposited in a checking or a saving account. My checking is with banco popular
G
gary short
Guest
You have to give the Banco Central your DR bank account information in order for them to deposit your interest.mbramstedt said:can the interest be deposited in a checking or a saving account. My checking is with banco popular
G
gary short
Guest
You would'nt be opening an account at the Banco Central you'd be purchasing a certificate, from the BC with cash in pesos (not recommended)M.A.R. said:Can one open an account from the US with the BC, via phone or internet?? if not what documents do I need to open account there? thanks.
or with a certified cheque from your newly opened DR bank account. New account because the BC has to have your DR account number in order to deposit your interest. Every thing is in pesos.
I didn't have a problem opening an account with a passport only.
So after you open an account take a small stack of US bills and turn them into two wheelbarrels full of pesos and deposit in your account. Get a certified cheque made out to the bc. Then go to the bc and stand in line at 7:00am (go to the bathroom before lining up. Don't eat two bran muffins and don't drink three expressos after a night of heavy drinking before lining up).
Remember to take your hat off when the flag is being raised. Dear God please please hurry.
About 8:30ish prepare for the ensuing scrum when they give out numbers. Hey old lady get the hell out of the way I was here first you too old jerk with a cane.
9:00ish you're inside.Stupid old lady I'm ahead of you ha ha. Holy Jesus where's the can? They called my number, they called my number. Mother Mary I'm hyperventilating.
Boy that wasn't bad...............you should be out by 3ish.
I hope that was helpfull. Good luck.
Yes! Interest Will Be Deposited Monthly. The Current 2 Year Rate Is 23%
this rate is locked in for two years.mbramstedt said:can the interest be deposited in a checking or a saving account. My checking is with banco popular
Bc Interest Rates
IN JANUARY OF 2006, MY CERTIFICATE PAID 23% LOCKED FOR TWO YEARSzephyr1957 said:Oops! my mistake > it s 20% for 2 years 1/2
gary short said:You would'nt be opening an account at the Banco Central you'd be purchasing a certificate, from the BC with cash in pesos (not recommended)
or with a certified cheque from your newly opened DR bank account. New account because the BC has to have your DR account number in order to deposit your interest. Every thing is in pesos.
I didn't have a problem opening an account with a passport only.
So after you open an account take a small stack of US bills and turn them into two wheelbarrels full of pesos and deposit in your account. Get a certified cheque made out to the bc. Then go to the bc and stand in line at 7:00am (go to the bathroom before lining up. Don't eat two bran muffins and don't drink three expressos after a night of heavy drinking before lining up).
Remember to take your hat off when the flag is being raised. Dear God please please hurry.
About 8:30ish prepare for the ensuing scrum when they give out numbers. Hey old lady get the hell out of the way I was here first you too old jerk with a cane.
9:00ish you're inside.Stupid old lady I'm ahead of you ha ha. Holy Jesus where's the can? They called my number, they called my number. Mother Mary I'm hyperventilating.
Boy that wasn't bad...............you should be out by 3ish.
I hope that was helpfull. Good luck.
Wow, are you serious!!!???????? and of course the bank is in Sto Dgo, is there some sort of branch in Santiago??? probably not.
Geez so only pesos???? and all that waiting is it worth, no problems after buying the certificate???? I have til the summer to think about it. I don't stay in Sto Dgo when I go there so I probably have to sleep over to get up really early.
thank you so much for the info.
BTW do regular banks offer good rates??? and which ones are to be trusted that they won't run away with my money?
mikeyone said:Banco Central, Santiago... there at 4.30am... 6th in line.. Organize a list pronto on arrival..Zoo after that, but an organized one..mind you that was at 24%.mabe its cooled down since then..M.
oh wonderful, I'm feeling lucky, I think I'll try that, thanks a million :cheeky:
G
gary short
Guest
M.A.R. said:oh wonderful, I'm feeling lucky, I think I'll try that, thanks a million :cheeky:
Santiago is a great place ....make a trip out of it. Just make sure you're organized. Your DR banker will give you the best info regarding term deposits. You may want to look at the past two year history regarding the value of the peso against the greenback and your return on CDs at the BC.
G
gary short
Guest
Interest rates fluctuate as does the value of the peso against the US buck. Be careful with your hard earned money. If you can't afford to lose it..................chola1978 said:WHat are the best tems for cd's for a first timer? I am only 28 and dont have much yet to start saving
flinstone461 said:to whom it may concern:
I'm from the Philippines and our church here in Manila is really looking for groups or foundations who cansupport us in our vision of buying a lot 600+ sq meters. and raising a 4-story building on this lot. We have no money as of this moment. Can you help us in this endeavour? So many people will benefit
if this vision will materialize.
God bless you
wilma 507 f dalupan st. sampaloc, manila, Philippines
Air shipment of cash is on a tentative schedule on your way brother!!!
amen
Her comes the Cash $$$$$$$$$$$$$$$$$
:: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky:
:: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky: :cheeky:
Diddomikeo1313 said:Air shipment of cash is on a tentative schedule on your way brother!!!
amen