Bank Account With USD vs DOP

R?mulo P?rez

New member
Feb 10, 2015
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I want to open a bank account with Banreserva and I understand that it can be done in Dominican pesos or in USD.

With the Dominican peso creeping higher recently (it went to 44.98 pesos to 1 USD yesterday) it seems that it might be best to have it in USD.

Does anyone here have any advice? What would be the best currency to put it in? What are the pros and cons for each one?
 

Criss Colon

Platinum
Jan 2, 2002
21,843
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yahoomail.com
The peso to dollar rate IS creeping higher, that means the peso is creeping lower, vis-a-vi the US dollar.
How do you get your US dollars in the first place??????
If you buy them with pesos you are already losing value.
Not knowing all your particulars, I say US dollars is a better hedge against inflation here in the DR.
Just remember, when the "$hit hits the fan" here in the DR you may have problems getting access to your US dollars!
It has happened before!!!!
the central bank here in the DR is putting 200 million US dollars into circulation here in an attempt to stabilize the peso's decline in recent months, it won't work!!!!



ps., remember that your money in DR banks is not insured against loss by the government!
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william webster

Platinum
Jan 16, 2009
30,247
4,329
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yes, you can have 2 accounts --US and Peso

No, as Sweet Smelling CCCCCCCCCCologne says, don't overload the US account

Yes, more than once I have trouble getting a few thousand US $$ cash, so be careful
SD may have better access to US$$$, but Cabrera can get low

Use the Cambios for US$$$, they NEVER run out
 

Abuela

Bronze
May 13, 2006
1,952
288
83
Can someone explain how everywhere in the world except here the dollar is weak yet the central bank always overvalues.Why?
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
Both, pesos and dollars. I have pesos, dollars and euros at banco popular and they let me exchange freely between the accounts via internet (unfortunately always using the pesos as the reference currency).
 
Jan 17, 2009
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Just know that your dollar account can only be a savings account. No checking accounts in USD. We have both at Bank Reservas. Only issue I see is that if you deposit a USD check in your savings account, Banreservas takes four weeks or longer to credit it. We keep an account at a different bank (BHD), that only takes 10 days to clear a check in USD. Same for a bank transfer from your US bank account.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Back to the OP. Keep the bulk of your money in US dollars and change to pesos as needed.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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My transfers come in faster than 10 days.... from US or Canada

Banco Progreso now lets me convert and pay directly from my US$$ acct
I used to transfer to pesos then pay.... I can now pay directly from the US acct by specifying the peso amount I need
44.60 is the current rate
 

melphis

Living my Dream
Apr 18, 2013
3,489
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Can someone explain how everywhere in the world except here the dollar is weak yet the central bank always overvalues.Why?

What on earth are you on about. The USD is stronger now than it has been in the last 11 years. Today at the G20 meeting the US is warning other countries to not devalue their own currencies as it is making the US to expensive to deal with.
To get back to the original question open an account here in both currencies. Its easier than keeping a lot of either cash on hand.
 

Abuela

Bronze
May 13, 2006
1,952
288
83
What on earth are you on about. The USD is stronger now than it has been in the last 11 years. Today at the G20 meeting the US is warning other countries to not devalue their own currencies as it is making the US to expensive to deal with.
To get back to the original question open an account here in both currencies. Its easier than keeping a lot of either cash on hand.
Sorry I was asked to post the question without realizing the facts;its only my dollars that seem to have less value:(
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
Just know that your dollar account can only be a savings account. No checking accounts in USD. We have both at Bank Reservas. Only issue I see is that if you deposit a USD check in your savings account, Banreservas takes four weeks or longer to credit it. We keep an account at a different bank (BHD), that only takes 10 days to clear a check in USD. Same for a bank transfer from your US bank account.
My transfers from us bank to dollar or pesos account (both savings) arrive the same day. Often within 30 minutes.
 

bhale

New member
Mar 1, 2004
69
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Can someone explain how everywhere in the world except here the dollar is weak yet the central bank always overvalues.Why?

Actually the USD is much stringer against every currency in the world. Take a look at a yearly chart on EUR/USD, GBP/USD, or USD/JPY.

Right now the USD is king
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
The dollar gained a lot but go to Europe and your Dollar is worth .88 Euro.
 
Jan 9, 2004
10,898
2,226
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The dollar gained a lot but go to Europe and your Dollar is worth .88 Euro.

No Thanks!

I will stay here and look for another opportunity to short the Euro to 105.

And after that, I will await the final leg down for the Euro to .94 +/-.....

Then I will be off to see Europe.


Respectfully,
Playacaribe2
 

kampinge

Member
Jan 18, 2012
392
0
16
The US $ is not weak at the moment , has gone up about 20% against the Euro. Time has changed.
Can someone explain how everywhere in the world except here the dollar is weak yet the central bank always overvalues.Why?
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
11,717
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Local transactions and daily bread with Ban Reservas. Large amounts of green backs insured safety in American bank account.
 

morganstern

New member
Jun 4, 2014
62
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I have Banreserva accounts in dollars and pesos. The ATM card is for the peso acct only. My SS checks go to the bank and they take 4 business days to clear the money. The Sosua bank has no knowledge how SS transfers are set up. They HAVE to be done at the U.S. Embassy in SD, believe or not (SS office in the Embassy) It is a ROYAL pain. I strongly recommend against direct deposit actually. Just use Ria money transfer and pay $2.00 a month. Then NO Banreserv lines and no having to set up the account. (If you use direct deposit you have to go back to the U.S. to change the deposit back to a U.S. bank...I had to do that) Again....only the SS office in Santo Domingo can set up the account for SS.......not the bank....and that is IF IF IF the bank accepts you as a customer....and this is by no means automatic) (THE INFO I HAVE PROVIDED IS NOT OPINION, IT IS ALL THAT HAS ACTUALLY HAPPENED TO ME)