I realize this subject has been covered in various forms in other threads BUT I am looking for some clarification about certain issues.
I have been looking for a secure way to bring money into the DR and to safeguard it while I am there. I have read various threads about how to do so, but almost all required loosing a percentage to banks or wire companies. From my bank I am able to make an international wire transfer to another bank in any amount up to $10,000 for $25. Or I can buy Travelers' Cheques for $ .75 per $100. From all that I have read, I am very concerned about placing my money in ANY bank in the DR (even a reputable one) for fear that the central bank might issue an order compelling the banks to convert all U.S $ accounts into pesos. This would of course be disaster. There is warning posted on the DR1 Forum concerning this subject. What is the way most of you expats deal with your money for both bringing it into the DR and for safeguarding it once it is there, while having free access to it in time of need?
Anoeca as a reputable investment company has been suggested as a good way of safeguarding money, but since I personally have no experience with it, is there another alternative? Should I just keep all my money in Travelers' Cheques until I am comfortable? (I will at least have the peace of mind knowing that I am protected against loss) Where can I cash travelers cheques in the DR and is there a charge for getting cash back in U.S. currency?
In addition, since I plan to travel to Cuba frequently, I HAD hoped to get a Visa debit card issued in the DR to access cash abroad, since any credit card issued on a U.S. bank is invalid in Cuba. But now this seems like a very risky proposition with the DR banks in such an unstable position. Any constructive suggestions would be greatly appreciated.
Thanks
Ron
I have been looking for a secure way to bring money into the DR and to safeguard it while I am there. I have read various threads about how to do so, but almost all required loosing a percentage to banks or wire companies. From my bank I am able to make an international wire transfer to another bank in any amount up to $10,000 for $25. Or I can buy Travelers' Cheques for $ .75 per $100. From all that I have read, I am very concerned about placing my money in ANY bank in the DR (even a reputable one) for fear that the central bank might issue an order compelling the banks to convert all U.S $ accounts into pesos. This would of course be disaster. There is warning posted on the DR1 Forum concerning this subject. What is the way most of you expats deal with your money for both bringing it into the DR and for safeguarding it once it is there, while having free access to it in time of need?
Anoeca as a reputable investment company has been suggested as a good way of safeguarding money, but since I personally have no experience with it, is there another alternative? Should I just keep all my money in Travelers' Cheques until I am comfortable? (I will at least have the peace of mind knowing that I am protected against loss) Where can I cash travelers cheques in the DR and is there a charge for getting cash back in U.S. currency?
In addition, since I plan to travel to Cuba frequently, I HAD hoped to get a Visa debit card issued in the DR to access cash abroad, since any credit card issued on a U.S. bank is invalid in Cuba. But now this seems like a very risky proposition with the DR banks in such an unstable position. Any constructive suggestions would be greatly appreciated.
Thanks
Ron