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  1. #1
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    Default Dollars account in Sosua Bank

    Does anyone know banks currently paying decent interest on dollar accounts. I'm in Scotia Bank and they are paying next to nothing, interested in moving. Thanks for any help.

  2. #2
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    Quote Originally Posted by zoomzx11 View Post
    Does anyone know banks currently paying decent interest on dollar accounts. I'm in Scotia Bank and they are paying next to nothing, interested in moving. Thanks for any help.
    Banco Sata Cruz pays 1 % on a dollar account and 3% if you put $ in a CD

  3. #3
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    Quote Originally Posted by zoomzx11 View Post
    Does anyone know banks currently paying decent interest on dollar accounts. I'm in Scotia Bank and they are paying next to nothing, interested in moving. Thanks for any help.
    About the same or less than on the main land. Most people change it to pesos and hope the interest will more than compensate for any devaluation of the peso. Which is probably the right decision.

  4. #4
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    Basco Central is around 16% for 36 months for a peso account.

  5. #5
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    Quote Originally Posted by The Virginian View Post
    Basco Central is around 16% for 36 months for a peso account.
    The OP asked about the interest paid on a USD account!

  6. #6
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    Banco Popular next to nada as well.
    Very surprising... when considering that you would entrust hard currency to banks in an underdeveloped country with a shaky banking history.

    A little example and history: In 1995 One could get up to 13% on USD savings in Ecuadorian banks... a lot of people who had money there made substantial amounts of money on these deposits... until President Jamil Mahuad decided to "dolarize" the economy (the local "Sucres" was replaced with the USD)... Well, what USD's do you think they used to do that with? Yep! All USD accounts in Ecuador got frozen and apparently used up to pay for the new currency. So many lost it ALL.
    I am not saying this is in anyway directly related to the DR, besides going to show, that if you deposit your hard currency here, one should expect to get a solid (potential) return to make good for the risk(s) involved with banking in countries like these.


    ... J-D.

  7. #7
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    I have opened an account recently with Banco Santa Cruz and their interest rate on the us dollar account wasn't bad, go and have a chat with the manager there Carlos, a very nice chap.

  8. #8
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    Divintys, Could you please be a little more specific? How much is "wasn't bad"?

  9. #9
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    If you are willing to take Dominican dollar risk, perhaps you would consider the Dominican Government US Dollar Eurobonds that are yielding around 8.5% on an annual basis. The coupons are paid semi-annually and can be purchased through an tier one commercial bank that has Global Custody services. The DR Bank's wont know what you talking about-
    good luck.

  10. #10
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    Quote Originally Posted by Fernandez View Post
    If you are willing to take Dominican dollar risk, perhaps you would consider the Dominican Government US Dollar Eurobonds that are yielding around 8.5% on an annual basis. The coupons are paid semi-annually and can be purchased through an tier one commercial bank that has Global Custody services. The DR Bank's wont know what you talking about-
    good luck.
    What are Dominican Government US Dollar Eurobonds?

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