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For those that live here and have some bank.
I wouldn't keep that much in a bank in the USA, where FDIC wouldn't cover it. Never mind in a country without that protection
They have been around for a very long time, never heard of them stealing money or doing funny stuff with client accounts. Can't say that for some banks outside of the DR.
But even in the baninter case the government bailed everybody out.
But I wouldn't keep that amount of money in a DR bank. Why would you, I'm keeping money here that I think I will need to spend here.
For that kind of money I would only use BanReservas. Not that their service is anything to rave about, but they are fully backed by the DR Government. As they are the DR Government. So unless the Country collapses your money is safe.
But here anything can happen.
But here anything can happen.
I don't put money in a bank unless I intend to spend it in a short time. For longer term I put it in the stock market and diversified. From that I get growth of 10 to 20 percent per year over the long term and I have no expectations of getting rich quickly. I use banks to store money safely and have no expectations of growth.
tHERE HAVE BEEN TIMES IN THE PAST WHEN us dOLLARS ARE NOT AVAILABLE AT dOMINICAN BANKS,
There may be again.
"AE" you can have a million dollars in USA bank accounts insured by "FDIC".
You just have to divide it up in different accounts below the max amount, which is $250,000 last time I checked.
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There may be again.
"AE" you can have a million dollars in USA bank accounts insured by "FDIC".
You just have to divide it up in different accounts below the max amount, which is $250,000 last time I checked.
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Not anymore, now it's back to $100,000 per person. There are ways around it [In Trust For accounts, etc.], but easier just to spread it around to several banks.
The most likely way your money might lose value in a DR bank would be a suprise devaluation of the peso.
Not if you have a dollar account - I don't think any sane person would put +$100,000USD converted into a peso account.
I would use another island -- many available..... and have them send you the money as needed.
RBC will talk to you about offshore accounts.... others too , I suppose.
Scotia has a presence in a few islands
RBC will talk to you about offshore accounts.... others too , I suppose.
Scotia has a presence in a few islands
If I had 300,000 US dollars, neither the MONEY, or I, would be in the DR!!!!!!
UNLESS, I wanted to hide one, or BOTH from the US Government, or x wives!
OR BOTH!!!!
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UNLESS, I wanted to hide one, or BOTH from the US Government, or x wives!
OR BOTH!!!!
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The only reason to do that would be to live off the interest. Then you might as well convert it to pesos and get the highest interest for long term CDs. Money that just sits in a savings account in dollars in the USA may be Insured but it is losing value against inflation. Only money in the stock market, or real estate, or enterprise, is likely to make money and that is all at risk.
So in comparison to that, CDs backed by the governemt here are probably a sounder bet.
One would live very well here on the interest off of 300k US converted to pesos at the current rate.
"WTF"??????????????????????????
"CDs Backed by the DR government"????????????????
"WTF", AGAIN ????????????????
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"CDs Backed by the DR government"????????????????
"WTF", AGAIN ????????????????
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no .. cccc is right .. it is not the Central Bank
but BanReservas.. which some consider at the Government bank.. does have them certificadosdepositos
but BanReservas.. which some consider at the Government bank.. does have them certificadosdepositos
Historia
El viernes 24 de octubre de 1941, a las 11:30 de la ma?ana, los miembros del Congreso Nacional se reunieron en la C?mara de Diputados para escuchar el mensaje del entonces Jefe del Poder Ejecutivo, Rafael Leonidas Trujillo, al momento de depositar el anteproyecto de ley destinado a la creaci?n de lo que ser?a el Banco de Reservas de la Rep?blica Dominicana.
I do not think that deposits are insured in any way. But folks do sorta think that BanReservas will fall when the government collapses.. I think it is where all the government employees are paid? At least it seems that way. I first had my only accounts there because it was the easiest account to open and the only bank available in the border towns. But here in the Capital you really cannot get into one around the 1st or the 15th.
El viernes 24 de octubre de 1941, a las 11:30 de la ma?ana, los miembros del Congreso Nacional se reunieron en la C?mara de Diputados para escuchar el mensaje del entonces Jefe del Poder Ejecutivo, Rafael Leonidas Trujillo, al momento de depositar el anteproyecto de ley destinado a la creaci?n de lo que ser?a el Banco de Reservas de la Rep?blica Dominicana.
I do not think that deposits are insured in any way. But folks do sorta think that BanReservas will fall when the government collapses.. I think it is where all the government employees are paid? At least it seems that way. I first had my only accounts there because it was the easiest account to open and the only bank available in the border towns. But here in the Capital you really cannot get into one around the 1st or the 15th.