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  1. #1
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    Default How to tell if your bank is stable

    Guys,

    For a while I've been trying to figure out a way to tell which banks are stable in the DR. So far I have not found a great solution, but I noticed something today I wanted to share:

    When I was a BanInter customer, withdrawing money from my USD account, it was always a hassle. The limit was $1000, I often had to call in advance or go back and it always took a while. They'd have to get the money from "a special place in the back".

    Today I withdrew some USD from BanReservas. It was quick, and the cashier had about USD$10k in cash in a drawer where she was working. The difference was astonishing.

    BanInter had been making it a hassle with withdraw USD for at least 6 months now.

    So I ask - has anyone had problems withdrawing money in USD locally? Or has it gone smoothly? I think that might be a pretty good sign.

    Adrian

  2. #2
    Grande Pollo en Boca Chica
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    Default If they come to your house

    and TAKE your toaster instead of giving you one then they are unstable.

  3. #3
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    Thumbs down "Stable" is a word I NEVER use in the same sentence with "Dominican Republic"!!!

    When will people ever learn that this is an Unstable Country!!!What will it take???Here are a Few examples of Stable,Unsatbility in the DR! The "Peso",Government,education,health care,insurance,real estate,taxes,electric power,water,fuel for your car,generator,cooking,telephone service,mail delivery(What a laff!!) I have never SEEN a "mailman"!Call the police,I am still laughing!!!Transportation system,What System????How about Banking? You have GOT to be joking!!!!My "Money" remains safely in Boston!!!!!!Cris Colon

  4. #4
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    Default

    Cris,

    Thanks for clarifying that the Dominincan Republic is unstable. I thought Santo Domingo was going to take over from Wall Street as the financial center of the world. Silly me!

    ;-)

    Everything's relative. By stable I mean "not going to go undergo major financial turmoil a la baninter". And yes, my money remains in Atlanta. But I still need a local bank, and I want one which knows what they're doing.

    Has anyone else had any experiences bringing money over from the US through a Dominican Bank and noticed liquidity problems?

    Adrian

  5. #5
    DR1
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    Default

    Try looking up the Fitch rating of the bank your using?

    The only way to be 100% is put your money in a bank that is independently insured. This would mean banking in the USA or parts of Europe, Asia etc.

    If a bank is paying you 30% plus on peso deposits then you need to assume a certain amount of risk. Reward doesn't come without risk and you can't have your cake and eat it, etc etc etc.

    Anyone that replies to you runs the risk of going to jail

    Quote by Malkum - Head of the Central Bank

    "I would also like to issue a warning, so that ignorance may not be alleged, while recognizing the transcendent importance of having a healthy banking system in any country, that we have requested that the Executive Branch consider any statement, or affirmation, by any person, designed to cause disturbance or uncertainty regarding the Dominican banking system as a threat to national security."

    Full transcript available here:
    http://dr1.com/premium/news/2003/051403_baninter.shtml
    Last edited by DR1Admin; 05-17-2003 at 12:16 PM.

  6. #6
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    Default

    Robert, do you believe/suspect that Dominican authorities are monitoring this message board? If so, this has very troubling implications for many threads.

  7. #7
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    Default

    I'll try fitch - I already tried Weissratings, but they don't seem to cover DR banks.

    Robert: thanks for the heads up. I did not know about the "national security" stuff related to banks

    I have to admit I find it disturbing when they do things to supress/intimidate freedom of speech. For me that is among the factors that decides how long I stay living (and bringing money) into this country.

    On a somewhat related note, I came across this interesting thread in the archives:

    http://www.dr1.com/forums/showthread...5&pagenumber=2

    Adrian
    Last edited by Adrian Bye; 05-17-2003 at 03:23 PM.

  8. #8
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    Default

    Originally posted by Ken
    Robert, do you believe/suspect that Dominican authorities are monitoring this message board? If so, this has very troubling implications for many threads.
    I have no idea Ken, but this is the Internet, anyone could be watching. If anyone is concerned about their privacy, I suggest they never connect to the Internet.

  9. #9
    Platinum
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    Default

    Originally posted by Robert
    I have no idea Ken, but this is the Internet, anyone could be watching. If anyone is concerned about their privacy, I suggest they never connect to the Internet.
    I agree, but when the moderator posts a notice warning that anyone responding to the question is subject to legal penalties, it raises questions in the minds of the readers. Such as can you be required to give identifying information on posters who are using a board name?

  10. #10
    DR1
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    May 1999
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    Talking

    The only way they can ask us or our server company is with a court order. If that is given, then we have no choice but to abide by the law.

    Will that happen, I would say more chance of Hipólito kissing the butt of Leonel Fernández in public. But, you never know...

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