Bank preference regarding Saving accounts

sonny

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Aug 6, 2002
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Hello all,

I was wondering if I could get some advice regarding which banks are worth looking into for opening a savings account. Speaking relatively I am assuming that the peso will be more stable now than the previous administration and the interest rates given by the banks are generous. So here is my question again:

Do you have money (pesos) in a savings account in DR? If yes, then where; and if no, then why not? Remember I am looking for your insight for a long term account.

Thanks,
Sonny.
 

Gimabella

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Sep 15, 2003
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Citibank

i suggest Citibank..

1- its not a Domincan bank, which means we won't have to worry about loosign our money like many Domincans did including myself

2- i bank with them right know and do very well..

i can make a Deposit here in NYC and withdraw overthere w/o any problem..

goodluck
Gima
 

DogsRule

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Apr 14, 2004
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Gimabella said:
i suggest Citibank..

1- its not a Domincan bank, which means we won't have to worry about loosign our money like many Domincans did including myself

2- i bank with them right know and do very well..

i can make a Deposit here in NYC and withdraw overthere w/o any problem..

goodluck
Gima

Where are the branches? In Puerto Plata is there a Citibank branch? Is the deposit covered by the FDIC?
 

Robert

Stay Frosty!
Jan 2, 1999
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Gimabella said:
i suggest Citibank..

1- its not a Domincan bank, which means we won't have to worry about loosign our money like many Domincans did including myself

2- i bank with them right know and do very well..

i can make a Deposit here in NYC and withdraw overthere w/o any problem..

goodluck
Gima
1. If your talking about CitiBank in the DR, not true. It's adheres to DR banking laws. No DR bank is FDIC insured or has any similar agreements. If the bank goes down, your money goes with it.

Ask those Citibank customers in Argentina what happened to them...
 

Robert

Stay Frosty!
Jan 2, 1999
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DogsRule said:
Where are the branches? In Puerto Plata is there a Citibank branch? Is the deposit covered by the FDIC?
The only option you have in the DR is with BPD Bank. This is a USA bank that is obviously FDIC insured, but they have an office in the Banco Poular building on JFK (Santo Domingo).

You can make deposits (checks/cash) at their office, but not withdrawals. What you can do is transfer money from BPD Bank to Banco Popular, it happens instantly and they have always given us excellent exchange rates.

Very soon you will have online access to your BPD Bank account via Banco Populars online banking system.

For more info give them a call, their staff speak excellent English.

Tel: (809) 544 8088 ask to speak to Amelia Duran.

Also: http://www.bpdbank.com
 

sonny

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Aug 6, 2002
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So I guess none if the expats down here have converted their dollars into peso and using the 18-24% interest rates?
 

jerryme

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Feb 1, 2004
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I did convert some $ to pesos on the street when the exchange was 52:1 and got cds at Scotia Bank in Cabarete at 19.5% about 10 months ago, or whenever the exchange was that high.

Probably not the safest investment, but I have had no problem getting pesos and the interest pays all my monthly real estate costs and money for when I am down there.

If I withdraw my cds now I will be WAY ahead due to the current low peso rate. And before anybody tells me how risky or stupid this was, I only invest what I can afford to lose.
 

Lambada

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Mar 4, 2004
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www.ginniebedggood.com
sonny said:
Hello all,

I was wondering if I could get some advice regarding which banks are worth looking into for opening a savings account. Speaking relatively I am assuming that the peso will be more stable now than the previous administration and the interest rates given by the banks are generous. So here is my question again:

Do you have money (pesos) in a savings account in DR? If yes, then where; and if no, then why not? Remember I am looking for your insight for a long term account.

Thanks,
Sonny.
As of this moment, I still only have in Dominican banks what I am prepared to lose. I withdrew anything substantial last February. Have yet to replace it. Not that I think the banks will go down now. I don't. Just waiting to see the results of the Fiscal Reform Bill deliberations with regard to taxation. At one time there was talk of taxing interest on savings accounts. This has been withdrawn but until the legislation is signed into law I am waiting........This IS the DR, after all. I do have money here, but not in banks.