It Seems Like The Peso Domincano

jimmythegreek

Bronze
Dec 4, 2008
1,066
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Is kind of unraveling at faster pace now-noticed that Caribe Express has dollars to pesos at 48.80 and many of the banks all have pesos to dollars at 49. I believe it was around 48 in mid December.
 

cavok

Silver
Jun 16, 2014
9,529
4,045
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Cabarete
I've noticed that, too. The peso has been devaluating faster in the last month or two than previously. There's a shortage of USD in the country. I think that's why. That's another reason they just had that big bond sale.
 
Jan 9, 2004
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I've noticed that, too. The peso has been devaluating faster in the last month or two than previously. There's a shortage of USD in the country. I think that's why. That's another reason they just had that big bond sale.

And every time there is a shortage of dollars for businesses to conduct business, pressure mounts on the Central Bank to find dollars to sell to those businesses.

And almost every time the Central Bank claims there is no shortage of dollars, yet businesses cannot seem to source them.

Peso has been devaluing faster............and will continue to devalue faster during periods when the US raises interest rates. If the US raises rates in March as is widely anticipated, the peso will get hit again.

Note however that US interest rate rises alone are not the only reason for the peso's devaluation.........the DR has also borrowed heavily (reference to your recent bond sale) to keep the economy moving forward.


Respectfully,
playacaribe2
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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We arrived on the 10th, very late this year. Came with cash to spend and to deposit into bank, same as we do every year. We had left under 5K in the account last year.  The account is over 10 years old. Each year they deactivate our account due to no activity, and it always has taken 5 minutes to reactivate with Mr AE cedula. 

This year was a nightmare. They wouldn’t accept the cash, wouldn’t accept a check to be deposited, wouldn’t give us access to the money in the account. So much for wanting US dollars. 

It took two trips to the bank, several hours, both our passports, lots of paperwork and a million questions (where do you work? We’re retired. Where did you work before that?  How much does US social security send you here?  It doesn’t, it goes into US bank. Can you prove that??). Rant over. Arghhhhhhh
 

malko

Campesino !! :)
Jan 12, 2013
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We arrived on the 10th, very late this year. Came with cash to spend and to deposit into bank, same as we do every year. We had left under 5K in the account last year.  The account is over 10 years old. Each year they deactivate our account due to no activity, and it always has taken 5 minutes to reactivate with Mr AE cedula. 

This year was a nightmare. They wouldn’t accept the cash, wouldn’t accept a check to be deposited, wouldn’t give us access to the money in the account. So much for wanting US dollars. 

It took two trips to the bank, several hours, both our passports, lots of paperwork and a million questions (where do you work? We’re retired. Where did you work before that?  How much does US social security send you here?  It doesn’t, it goes into US bank. Can you prove that??). Rant over. Arghhhhhhh

Comforts me in my choice to never, never ever have a bank account in the dr.

Well, let me rephrase that to " never ever have a bank account with more than a couple of dozen thousand pesos in it ".

It takes me less time to send myself pesos ( or $ or chf ) with ria, and they bring them to my house, the same day, or the day after.
You also benefit from better exchange rates than any institution in the dr ( bank or casa de cambio ).
And for a whooping 5$ charge ( or chf ) per 2k $ sent ( or chf ).

P.S. If you need in excess of 5k $ a month, it can be tricky ( pesky americans that want to control everything ), but there are lots of ways around that.
An account in your name and then in wife's name and/or friend/relatives name....
 

Caonabo

LIFE IS GOOD
Sep 27, 2017
7,339
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We arrived on the 10th, very late this year. Came with cash to spend and to deposit into bank, same as we do every year. We had left under 5K in the account last year.  The account is over 10 years old. Each year they deactivate our account due to no activity, and it always has taken 5 minutes to reactivate with Mr AE cedula. 

This year was a nightmare. They wouldn’t accept the cash, wouldn’t accept a check to be deposited, wouldn’t give us access to the money in the account. So much for wanting US dollars. 

It took two trips to the bank, several hours, both our passports, lots of paperwork and a million questions (where do you work? We’re retired. Where did you work before that?  How much does US social security send you here?  It doesn’t, it goes into US bank. Can you prove that??). Rant over. Arghhhhhhh

If not too personal of a question, may I ask which bank?
 

chico bill

Dogs Better than People
May 6, 2016
12,573
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Comforts me in my choice to never, never ever have a bank account in the dr.

Well, let me rephrase that to " never ever have a bank account with more than a couple of dozen thousand pesos in it ".

It takes me less time to send myself pesos ( or $ or chf ) with ria, and they bring them to my house, the same day, or the day after.
You also benefit from better exchange rates than any institution in the dr ( bank or casa de cambio ).
And for a whooping 5$ charge ( or chf ) per 2k $ sent ( or chf ).

P.S. If you need in excess of 5k $ a month, it can be tricky ( pesky americans that want to control everything ), but there are lots of ways around that.
An account in your name and then in wife's name and/or friend/relatives name....

Xoom gives a better exchange rate. And I don't want any motocochos knowing money is in my house so no thanks to home delivery
 

chico bill

Dogs Better than People
May 6, 2016
12,573
6,327
113
We arrived on the 10th, very late this year. Came with cash to spend and to deposit into bank, same as we do every year. We had left under 5K in the account last year.  The account is over 10 years old. Each year they deactivate our account due to no activity, and it always has taken 5 minutes to reactivate with Mr AE cedula. 

This year was a nightmare. They wouldn’t accept the cash, wouldn’t accept a check to be deposited, wouldn’t give us access to the money in the account. So much for wanting US dollars. 

It took two trips to the bank, several hours, both our passports, lots of paperwork and a million questions (where do you work? We’re retired. Where did you work before that?  How much does US social security send you here?  It doesn’t, it goes into US bank. Can you prove that??). Rant over. Arghhhhhhh

You beginning to get the feeling the DR no longer appreciates foreigners here ? How long till they kill the tourism industry too ? They are trying
 
Apr 7, 2014
2,293
2
0
Comforts me in my choice to never, never ever have a bank account in the dr.

Well, let me rephrase that to " never ever have a bank account with more than a couple of dozen thousand pesos in it ".

It takes me less time to send myself pesos ( or $ or chf ) with ria, and they bring them to my house, the same day, or the day after.
You also benefit from better exchange rates than any institution in the dr ( bank or casa de cambio ).
And for a whooping 5$ charge ( or chf ) per 2k $ sent ( or chf ).

P.S. If you need in excess of 5k $ a month, it can be tricky ( pesky americans that want to control everything ), but there are lots of ways around that.
An account in your name and then in wife's name and/or friend/relatives name....
Nah, like you said. Easier to Vigo or Ria Envia or Xoom to you than use any bank.

Sent from my Z833 using Tapatalk
 

malko

Campesino !! :)
Jan 12, 2013
5,545
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Xoom gives a better exchange rate. And I don't want any motocochos knowing money is in my house so no thanks to home delivery

Its the lesser of 2 evils.

If you go and pick up 4k at the bank or caribe tour, the risk is some1 sees you, or a bank employee is on the take.
Then you have to drive back home, or even worse take public transport or a taxi. So you could be robbed on the way home, or just plain followed back.

If you choose home delivery the motoconcho ( which is not a motoconcho, by the way, but a guy whos sole job is delivering money ), for large amounts ( even 500 $ is a large amount for them ) they have a former/current freelancing PN with them.
I am on my grounds, behind walls/gates when I take delivery for the money.
You will, in time, get to know the 2-3 diffrent delivery guys. They always ask 9 times if the dogs are locked up before coming in ;) ;).
And yes, the delivery guys could go crazy and try to rob me.
B plan is wife lets the dogs out, I run for cover emptying my clip in the process, wife blasts them with shotgun from behind the iron protection of the house, I ( or her, if i dont make it ) uses 5% of the 500 $ to pay a haitian to dig a big deep hole in the conuco ;) ;)
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
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South Coast
To answer questions. 

BHD bank

We don’t access online at all.  Learned our lesson, will use xoom  to throw some money in every couple of months. They lock it after 6 months 

Xoom exchange rate sucks. 

Chico, you could be right. Apparently Dominicans with US citizenship are foreigners too them too. 
 

chico bill

Dogs Better than People
May 6, 2016
12,573
6,327
113
To answer questions. 

BHD bank

We don’t access online at all.  Learned our lesson, will use xoom  to throw some money in every couple of months. They lock it after 6 months 

Xoom exchange rate sucks. 

Chico, you could be right. Apparently Dominicans with US citizenship are foreigners too them too. 
So now how do you plan to bring money in

Sent from my HTC One A9 using Tapatalk
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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So now how do you plan to bring money in



The account is usable now. I’ll just make some small deposits using Xoom during the months we’re not here so no further problems. We normally fly in with cash and deposit a personal check every month from US account to cover the next month. We need to allow a couple of weeks for it to clear.  
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
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We arrived on the 10th, very late this year. Came with cash to spend and to deposit into bank, same as we do every year. We had left under 5K in the account last year.  The account is over 10 years old. Each year they deactivate our account due to no activity, and it always has taken 5 minutes to reactivate with Mr AE cedula. 

This year was a nightmare. They wouldn’t accept the cash, wouldn’t accept a check to be deposited, wouldn’t give us access to the money in the account. So much for wanting US dollars. 

It took two trips to the bank, several hours, both our passports, lots of paperwork and a million questions (where do you work? We’re retired. Where did you work before that?  How much does US social security send you here?  It doesn’t, it goes into US bank. Can you prove that??). Rant over. Arghhhhhhh
There are new laws regarding money laundering.

Recently we went to renew MotoCaribe insurance on 13 motorcycles and a big van. The insurance company would not renew until we filled out a long form that seemsed to deal with the source of money for the vehicles involved.

We called the owner, a family cousin. He said the form was for NEW insurance on recently purchased vehicles and we wouldn't have to fill it out as 10-year clients.