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  1. #1
    Regular
    Join Date
    Feb 2003
    Posts
    14
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    Question New to the board with some banking Q's

    Greetings, all!
    We have been reading the posts, past and present, and are hoping to get some useful information about banking, ie: 90 Day Term deposits in the DR.
    My husband and I are seriously considering moving down there about a year from now and have been told that we can put a minimum amount in at a high interest rate- ie 18-21%. Our goal is to have two or three of them that we can keep rolling over and use the interest for expenses while we relax and sit back for about 6 months until we decide what kind of business we are going to venture into...in other words, we're too young to retire, and don't intend to sit idle for long!
    We are going to be in Sosua in March for one week and would like to be somewhat prepared for what the banks will tell us.
    I have done a search for term deposits but only seen limited info on this subject, and hope that someone who is either doing the same thing or has some knowledge about them can shed some light.
    We do realize that the Peso seems to be devaluating, and that is of some concern, but as we saw on another message post, it may not affect us as much if we are living there and keeping our $$$ in Peso's.
    Any information would be greatly appreciated.
    Thanks in advance for your useful information!

  2. #2
    Gold
    Join Date
    Jan 2002
    Posts
    7,398
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    Oh, the depreciation of the Peso will not only affect you but it will hurt you. I recommend keeping your bucks in the US dollar although it pays a lot less. You will make more in the end.

    You can get CD's in both Dollars and Pesos. One pays more but loses value faster than you can gain interest. I know because I have seen for myself and with my very own pocketbook.

    Regards

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