Canadians and Scotiabank...

[moviemouth]

Not Banks......

The Banco Central de DR is paying 16% for 30mos. CD (or was when I bought mine in late July). Banco Central pays interest monthly (I just received my interest credit today) and I confirmed with ScotiaBank that they also pay interest monthly on their CD's (but their rates are lower than BC's). How's that for fresh info?

Why not just open an account at Banco Popular then? More branches.
Is it true that they need a letter from our Canadian banks and show our passports to get this done? Also, I hear that banks are paying 16% on 30 month cd deposits and depositing it directly into your account monthly, is this accurate?
I would like to hear from any fellow Canadians that have an account in the DR that is interest yielding. Is it better off having an account in US or pesos? These sort of things,
Thanks,
steve

 

[Rick Snyder]

I am not Canadian but American. I have lived here for over 10 years and had an account with the now defunct Banniter, National and now Banco Popular. All three of those banks only required a passport to open an account and a local address and nothing more.

In the Banco Popular I have a savings account in pesos and one in dollars. The peso account pays about 3% annually and the dollar account a lot less. Banco Central is the government bank here and as such offers CD accounts at a much larger interest return then do the local banks due to the fact that they use the invested money to help run the country.

If you are looking to make money from banking here then CD's from Banco Central are the way to go because of the higher interest they pay and the better guarantee from a government owned bank.

Hope this helps.

Rick.

 

[corazonpartioamor]

scotia in DR

I also tried 2004 to open an account when I married my husband. I was told I can either open a joint account with him or I had to have proof of resisdency there. I did not want to have a joint account and I was not living there offically, so I droped the idea and left there disappointed and snubbed.

 

[gary short]

I also tried 2004 to open an account when I married my husband. I was told I can either open a joint account with him or I had to have proof of resisdency there. I did not want to have a joint account and I was not living there offically, so I droped the idea and left there disappointed and snubbed.

As was posted earlier. You can open an account with a passport. That's been my experience.

In regards to Scotia bank. Why on earth would anyone prefer a Canadian bank over any other bank in the world. Unless the manager is on your side, dealing with every day transactions is like having your teeth pulled.
Canadian banks suck. The problem is is that most people in Canada don't know what good service is therefore they go along with the status quo; crappy rates, hidden charges, lousy attitudes from marginally trained staff and financial advise obtained from the nearest ouiji board by accounting school flunkouts.
Having said that... Scotia in DR is not affiliated with Scotia Can.

 

[Gringo]

Very Interesting..............

As a Canadian they don't seem to mind taking my Interest at a Loan Shark rate I might ad......In Canada they would be quests of Club Fed, Interest free!