Living off of DR Bank Interest

M

Mario

New member
Sep 26, 2004
72
0
0
Hello:

Can someone please tell me what 250,000 US in a DR bank account might generate in monthly interest in pesos. Im looking to live in the Dr off of my interest. In short, I would like to know how much money i need to put into the account. I want somewhere between 4,000-5,000 US -peso equivalent per month in interest. Please advise.

Thanks!
 
I

indiana16

New member
Jan 5, 2006
182
0
0
do you feel that 4000-5000 pesos would be enough for you to get by in DR?
Is that all you want?
If you freeze 250,000 you can get an interest of 21%
with this amount you can make about 4,375 pesos per month
If you want 5,000 pesos you'll have to freeze about 300,000 pesos
 
R

rellosk

Silver
Mar 18, 2002
4,169
58
48
lparrish said:
My understanding is that the interest rate for US currency is far lower than the interest rate for Dominican pesos. True or not true???
Click to expand...
True .
 
R

rellosk

Silver
Mar 18, 2002
4,169
58
48
Jimmydr said:
The secured banks pay maybe 4% or 5% interest I hear.
Click to expand...
What do you mean by a secured bank?

Are you saying 4% to 5% per annum on US funds? If so, you can get that rate in the US and have it FDIC insured.
 
J

Jimmydr

Bronze
Apr 17, 2003
1,130
20
0
61
www.insearchofchicas.org
rellosk said:
What do you mean by a secured bank?

Are you saying 4% to 5% per annum on US funds? If so, you can get that rate in the US and have it FDIC insured.
Click to expand...
Exactly. In the past people have come to DR and thought they were getting 30% but in fact lost it all.
 
B

buseouno

New member
Feb 22, 2005
85
0
0
With US $250,000 you will get very little interest unless you deposit it in Pesos, which would be approx. 8,500,000.00 at 34 to the $1.00
Count on approx. 18% , probably more, but better to error on the low side, at 18% your monthly income would be Pesos $127,500.00 or about US $3,750.00.
You can often get a better rate than posted by negotiating, I always have.
A word of advice, be very careful where and how you invest.
Have fun
 
D

Danny W

Bronze
Mar 1, 2003
999
12
0
buseouno said:
With US $250,000 you will get very little interest unless you deposit it in Pesos, which would be approx. 8,500,000.00 at 34 to the $1.00
Count on approx. 18% , probably more, but better to error on the low side, at 18% your monthly income would be Pesos $127,500.00 or about US $3,750.00.
You can often get a better rate than posted by negotiating, I always have.
A word of advice, be very careful where and how you invest.
Have fun[/QUOTE

The peso lost about 10% of its value in the last 3 months. Unless you are a savy speculator, I would stick to US investments. - D
Click to expand...
 
R

Rick Snyder

Silver
Nov 19, 2003
2,321
2
0
I have 2 accounts with Banco Popular. The US dollar account is a savings account and draws about 1.5 - 2% interest.

Rick
 
R

rellosk

Silver
Mar 18, 2002
4,169
58
48
Jimmydr said:
There are a few banks insured by the Dominican Gov't I think.
Click to expand...
I could be wrong, but I don't know of any bank accounts that are insured by the Dominican Government. Does anyone know for sure?
 
A

AnnaC

Gold
Jan 2, 2002
16,050
418
83
No they are don't and don't be fooled by banks that have the same name as the ones in Canada. They go by Dominican laws not Canadian
 
R

Rick Snyder

Silver
Nov 19, 2003
2,321
2
0
When Banniter went belly up they stated the DR banks insured RD$500,000 but the problem arised in that the government covered those accounts with over RD$500,000 which was held by 79 people, or accounts one of which was Sun Globe, and that was the straw that broke the camels back. If the government had covered only that which the law had stated then we wouldn't be so deep into the mess we are or were in. That's the way I read all the past news of 2003.

Rick
 
Hillbilly

Hillbilly

Moderator
Jan 1, 2002
18,948
514
113
Right you are Rick Snyder.

By law the government is only obligated to cover RD$500,000 in deposits. However, previously, at the Banco Universal, the S.O.B. Leonel Almonte, was giving his depositors STOCK Certificates instead of deposit certificates, and those that accepted the stock certificates are still crying...:cry:

With BAninter, the decision to repay the total deposits to satisfy those 79 people --very powerful people-- has effective screwed the entire 8.3 million folks that live here.

The Original Poster should know that he can live pretty well on 70,000 a month, if he does not try to live the life style of the rich and famous....He should be able to do that with just part of his money in pesos and the rest safely in dollar accounts somewhere...not necessarily here.


HB :D:D:D
 
You must log in or register to reply here.
Top Bottom