what is the actual process to by a (peso) CD???

[niceguy]

Hi, ive read loads of posts about bank CD (peso) and would like to ask you the following questions;
ill premise what im about to ask by saying i have DR residency, own a home in the DR and intend to live in the DR

what is the process involved to buy bank CD's in peso at 15-16% approx.

I currently live in another country and will have US dollars.

what do i firstly do?
go to a DR bank and open an savings account?? Deposit my US dollars into this account? With cash or bank transfer
Or with respect to transfering from another country to my US dollar DR account; How do i transfer US dollars to this US savings account in the DR... what do people recommend i do ??
Or can i bring a foreign cheque with me to deposit into this new savings account
after doing this would i then buy the CD and the bank will debit my account for the cost of the CD
do these banks have agents that speak english... i dont want any confusion about what i want to do with my money i.e buy a CD

please enlighten me a little if you could. I simply want to be able to by CD from a number of banks and ideally i dont want to carry around US$ on my person.

any thoughts
thanks​

 

[playacaribe2]

Hi, ive read loads of posts about bank CD (peso) and would like to ask you the following questions;
ill premise what im about to ask by saying i have DR residency, own a home in the DR and intend to live in the DR

what is the process involved to buy bank CD's in peso at 15-16% approx.

I currently live in another country and will have US dollars.

what do i firstly do?
go to a DR bank and open an savings account?? Deposit my US dollars into this account? With cash or bank transfer
Or with respect to transfering from another country to my US dollar DR account; How do i transfer US dollars to this US savings account in the DR... what do people recommend i do ??
Or can i bring a foreign cheque with me to deposit into this new savings account
after doing this would i then buy the CD and the bank will debit my account for the cost of the CD
do these banks have agents that speak english... i dont want any confusion about what i want to do with my money i.e buy a CD

please enlighten me a little if you could. I simply want to be able to by CD from a number of banks and ideally i dont want to carry around US$ on my person.

any thoughts
thanks​

I will let someone more knowledgeable answer you on the process.....but I do believe rates are no where near 15-16%. In fact I think they are in the 8% range....and that is not enough return IMHO for the risk to convert Dollars/Euros to Pesos. But to each his own

Respectfully,
Playacaribe2