interest rates

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
4,837
0
0
No idea but....

you appreciate the risk of holding any substantial amounts in DR based banks, subsidiaries of non DR banks or not right?

And pesos cannot earn enough interest to justify their depreciating value in hard currency (e.g. 35:1 US$ to 52:1 between1/5/2004 and 1/22/04 - 48% in 17 days) vs. a US account even offshore with interest of 0%.
 

LA Woman

New member
Jan 7, 2004
29
0
0
Banco BHD is paying 4.50% on the peso checking account. If you get a CD peso account that pays 17.50%

on US dollars for a checking account their paying 4.50%. If you get a CD account they are paying 6.25%.

Banreservas on a peso CD account they are paying 20%.
on a US dollar CD account they are paying 6%.

I don't know exactly what the bank you're looking for is paying but I thought this would give you some ideas.

I have discussed with both banks the security of the accounts and the managers have made it clear that these are secured accounts and will not be taken over by the government.

I hope this helps,
LA Woman
 

getonwithit

New member
Mar 17, 2003
130
0
0
LA Woman said:
I have discussed with both banks the security of the accounts and the managers have made it clear that these are secured accounts and will not be taken over by the government.

....that is probably the same thing they said when sjb was president....just before converting dollar accounts to pesos.
 

gerd

Member
Jan 10, 2002
289
0
16
LA Woman

Did you expect any other response than this from a bank manager?
Such as " it is likely that you will not be able to withdraw your money ever..." ?
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
4,837
0
0
Brooklyn Bridge for Sale, Cheap, Too

LA Woman said:
Banco BHD is paying 4.50% on the peso checking account. If you get a CD peso account that pays 17.50%

on US dollars for a checking account their paying 4.50%. If you get a CD account they are paying 6.25%.

Banreservas on a peso CD account they are paying 20%.
on a US dollar CD account they are paying 6%.

I have discussed with both banks the security of the accounts and the managers have made it clear that these are secured accounts and will not be taken over by the government.


Well the peso rates are a waste of time vs. US$ due to the threat against the peso, so skip those. Interesting while these great rates are offered the DR Central Bank is offering 45% p.a on short term deposits. E.g. 28 1/2% better than the CD rates. Sounds like a deal.

Ask Scotiabank as to Banco Quilmes in Argentina and their $400 million US$ write-off how anyone can say the government won't "do " anything against them in the future.

Do not store your life savings in RD$ pesos anywhere and in US$ in the DR is my advice.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
4,837
0
0
Good Choice

Darlene Wheeler said:
Does anyone know the scotiabank interest rates on peso and USD accounts ? and on CD's ? Thanks

Read this guy's opinion also from the daily exchange rate thread.

Sosua

got 54,50 from the street last night.

My friends took 2 WEEKS to withdraw 800US$ from HIS saving account at SCOTIABANK and they tried to give him a check, unbelievable. DO NOT have contact with that Bank!!