Keeping U.S. dollars safe in the DR?

ronks

New member
Aug 13, 2003
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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
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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ronks said:


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.



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
You did not say if you were visiting or living in the DR. Or the amount. Keep in mind taking out US$10,000 or bringing in US$10,000 or more will subject it to risk of confiscation by the US on the way out, the DR on the way in.

If under $10,000 then travelers cheques with a passport for ID are fine. Amex are best, except Cuba in which case you cannot cash them at all. Or any US bank's travelers cheques. Possibly Thomas Cook if you can find them and they state they are drawn on Thos.Cook in the, UK or you can buy Visa ones from a Canadian bank, likely in Canada only though.

Debit or credit card, I think there are about 5 ATM's in all of Cuba so that may not be a huge worry, since you cannot find one, and I am not sure all that many merchants take Visa either. In any case the ones that do won't honor US ones.

Unless you are talking about scads of dough, you can leave it in the US and take it out at ATM's in the quite readily, although amounts per day may be limited.

You cuold get a DR account and only have US$ wired to it when you need it then take it all out and hide it well or lock it up.

You really need to be clearer on how much and for how long this is an issue.

If you are concerned about DR banks' solvency ( and rightly so) or an edict that non-DR banks will have to convert US$ into pesos then don't use DR banks, simple.
 

ronks

New member
Aug 13, 2003
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Rick

I am planning to settle in the DR to live and work. I hope to telecommute with clients in the U.S.. Until I get a feel for how to conduct business and live there I do not want to commit myself financially until I know that my money is safe. And by the way, you can take more than $10,000 out of the U.S. but you must report it prior to departure and fill out some forms.

Where can I cash travelers cheques in the DR and is there a charge for getting cash back in U.S. currency? For example, if I go into a bank, will they cash a travelers cheque, and if so, will they charge me for the service? If I go into a market to purchase groceries will they give me back my change in dollars? Thanks.

Ron
 
Last edited:

Escott

Gold
Jan 14, 2002
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www.escottinsosua.blogspot.com
Some banks will cash them and others won't. I had 50k US in one and they told me no. I now have 500 US and wouldn't bother asking. Cambios take travelers checks. Don't even try anywhere else except hotel etc but they will ONLY give Pesos in exchange and at a lower rate. You can forget about a market giving back change in Dollars. They probably wont even take it. Pesos is the currency in the DR. Try going into a store in the US other than a border town with Canadian Dollars:) That would be funny and expecting change in Cannuck would be hysterical.

Regards,
Scott