where to put our dollars???

L. H.

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Nov 23, 2003
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If we can't trust the banks in this country, what can we do with our dollars???
What is the cheapest way to send money to Europe if I have an account there for example (bank transfer, Pay Pal, or money transfer)? Is there a secure place for money in this country?
 

L. H.

New member
Nov 23, 2003
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So you're sure the dollars are safe there? To which bank should I go? Do you need to be resident to do that?
 
Nov 27, 2002
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www.compunorma.com
No do don't need to be a resident. yes i think it is safe there. Just make sure they leave you alone when you open the box. They will give you a pair of keys. The box only opens with your key and their key together. So they cannot open it when you are not there.
 

michelle2504

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Jan 29, 2003
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Mr. Strong,

I know you have already answered this question, but I just want to make sure.

So,there is no way possible for anyone from the bank to open your safety deposit box if you are not there.
I just want to make sure because if I come to the DR and put my money in a deposit box, and one day I arrive at the deposit box to find it empty; i don't know what I would do!

Any response would be appreciated.

Michelle
 

Ken

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Jan 1, 2002
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michelle, is there some reason why it is necessary for you to have money in the DR? Most of the expats that live here are withdrawing the money they have in the banks for fear that the government is going to temporarily freeze foreign currency. To get money to live on, we write personal checks and "cash" them at a banco de cambio or use the ATM machines.
 

michelle2504

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Jan 29, 2003
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Ken,

Thanks for your reply, I think that's a better option. Sounds to me like it's alot safer. I think I'll leave my money in Canada and just use the atm machines.

Thanks for the info.

Michelle
 

michelle2504

New member
Jan 29, 2003
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Thanks Escott sounds as if cashing checks is a good option for saving a bit of money instead of using ATM's.

Regards, Michelle
 

Criss Colon

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Jan 2, 2002
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yahoomail.com
Cashing personal checks on your "Hometown" bank is the ONLY way to go!!

I have introduced many many,trustworthy,friends to that system here in Santo Domingo! Once you establish a relationship with a Casa de Cambio,or financero,your worries are over!!CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

quaqualita

Member
Feb 4, 2002
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very usefull information here, however, this won't help the person who started this thread, who wants to get his US Dollars from the DR to Europe, or at least wants to know about a 'save' place to leave the Dollars in the DR.

The question is, if you earn or for some reason have allready your Dollars here in the DR - what to do with them?

- To just leave them on your Dollar account on a Dominican Bank, well I think everybody knows now, this would be the most stupid thing to do.

- To put them in a safety box in the bank: in general I would say it's a good idea, but
a) you gain no interest
b) in many banks all boxes are occupied, you won't get one without waiting months
c)it has been mentioned in another thread, that there is a possibility that whole bank branches might close. So if the bank, where you have your safety box is getting closed, what will happen with your safety box? hmm...

- To hide all your Dollars in cash at home? very dangerous, too ...

- To transfer the US to an European account?
a)Not possible, if you just have a Dollar saving account, you need a US checking account. To open a US checking account, Banco Popular e.g. requires that you buy cerificates for 2000 US - no way.
b) again, a Dominican bank needs to handle your US to do the transfer. Would you consider this save nowadays?
c) if you have a US checking account in a Dominican Bank: very high transfer fees, as far as I know 50 US per transfer + a percentage of the amount
d) paypal: won't work. You can't sign up with an account from the Dominican Republic, where you have all your Dollars

So, the best and most save option in this case seems to be a fincance house in Puerto Plata, which Escott and others have mentioned before many times on this board.

Or, wait until someone you trust from back home visits you and give him all your cash to deposit in your European account when he gets back home.

Any other ideas?
Aren't none of the Brits here on this board making Dollars in the DR? What you guys are doing with it?

quaqualita
 

Pib

Goddess
Jan 1, 2002
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www.dominicancooking.com
Buy a cheque!

Get your money in cash, or at least a US$ cheque from the bank where your money is sitting now. Go to a friendly, reputable cambio and buy them a cheque from their US$ account. Take cheque back home and deposit in your own account.

If you have a good relationship with a cambio, or find somebody that does they will give you the cheque without charging commissions. How is that for easy? Bussinesses here do it all the time.

I can't believe this is the second thread where I give "financial" advice. I don't even have money.
 

L. H.

New member
Nov 23, 2003
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Are you talking about traveler's checks? But how can you be sure there is actually money on that check and that you won't have any problems changing it back home??
 

Escott

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Jan 14, 2002
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www.escottinsosua.blogspot.com
quaqualita said:
The question is, if you earn or for some reason have allready your Dollars here in the DR - what to do with them?

- To just leave them on your Dollar account on a Dominican Bank, well I think everybody knows now, this would be the most stupid thing to do.

Any other ideas?
Aren't none of the Brits here on this board making Dollars in the DR? What you guys are doing with it?

quaqualita
Open a US dollar account by internet and send a check or wire from a Dominican bank. This works fine at this point.

Until it doesn't work:)....