savings accounts

joop

New member
Mar 20, 2006
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Hello everyone
After visiting the dominican several times my partner and i decided to buy a property in sosua.I wonder if anyone could help me with the following question. I would like to open a savings bank account but i am not sure of interest rates or which bank you believe to be the best.Thank you and kind regards Caroline
 

stallion

Mr. Main Event
May 28, 2004
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joop said:
Hello everyone
After visiting the dominican several times my partner and i decided to buy a property in sosua.I wonder if anyone could help me with the following question. I would like to open a savings bank account but i am not sure of interest rates or which bank you believe to be the best.Thank you and kind regards Caroline

There are several good banks. Try Banco BHD or Banreservas. Also try Scoria Bank ( yes the same ones here in canada).
 

british bulldog

New member
Jan 21, 2006
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try to spread your savings into four banks for saftey,bhd ,scotia ,popular,ban resvas,are your main banks,remember banks in the past here ,have gone under!!!!!!!!!
 

rellosk

Silver
Mar 18, 2002
4,169
58
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joop said:
...but i am not sure of interest rates or which bank you believe to be the best.
I don;t know the exact interest rates, but the rates in the DR are substantially higher than in North America and Western Europe. Accounts can be set up in dollars or pesos, with the latter paying a much higher rate. The peso accounts pay higher rates because of the currency risk.
 

juanita

Bronze
Apr 22, 2004
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If your are Canadian, do not open with Scotia Bank, they do not pay interests to Canadians! Great eh!
 

joop

New member
Mar 20, 2006
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juanita said:
If your are Canadian, do not open with Scotia Bank, they do not pay interests to Canadians! Great eh!


Hi everyone
Thanks for your reply i am learning alot in such a short time on line.I still feel it is like a mine field when it comes to bank accounts in the DR. Although i am not a Canadian i am English living in Spain i cant believe what a raw deal Canadians get with bank accounts in the DR. (Why is this).Thanks again Caroline
 

joop

New member
Mar 20, 2006
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Hi Mountainfrog
Sorry i meant the DR.This is where i would like to open an account
 

mountainfrog

On Vacation!
Dec 8, 2003
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www.domrep-info.com
Don't!

joop said:
.... i would like to open an account

Given the relatively low interest rates on savings accounts I'd
rather opt for a checking account in a safer country (US) and then establish an exchange procedure with your local "casas de cambio".
Remember BANINTER: "Todas las posibilidades".

m'frog
 

ambre

New member
Feb 2, 2006
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Transferring earnings...

mountainfrog said:
Given the relatively low interest rates on savings accounts I'd
rather opt for a checking account in a safer country (US) and then establish an exchange procedure with your local "casas de cambio".
Remember BANINTER: "Todas las posibilidades".

m'frog

I am jumping in here because I have similar questions... If we want to keep our American Checking account, but live/work in DR - (this is hypothetical as of right now), how do people work this? Can you deposit money into your bank from the DR? Or must you have your employer do this? What are the options?
Thanks!
Ambre