Re: Dominican Certificates of Deposit
I make multiple deposits every time I go to the DR, usually followed by a withdrawal to another depository institution. Usually, I refuse to deal with the banks down there unless I have at least an 80% interest rate. :p:p:p
Re: Dominican Certificates of Deposit
Quote:
Originally Posted by
Train Kept a Rollin2000
From what I've read here and on the internet, banks in the DR offer different rates on different types of accounts. For example, the 13-17% interest you were told about may likely be a peso account whereas the 5-6% mentioned above may likely be for dollar accounts. I've also read that the interest rate is tiered, meaning that the more you invest the higher the interest rate.
If I find anything else useful I'll come back here and post.
Whats the difference between a peso and a dollar account. If I convert my dollars to peso and make the deposit, it would be a peso account right? Why would you want a dollar account?
Re: Dominican Certificates of Deposit
Quote:
Originally Posted by
tonymd
Whats the difference between a peso and a dollar account. If I convert my dollars to peso and make the deposit, it would be a peso account right? Why would you want a dollar account?
Well the peso was 50 to 1 once and went down to 33 to 1.
Re: Dominican Certificates of Deposit
Quote:
Originally Posted by
tonymd
Whats the difference between a peso and a dollar account. If I convert my dollars to peso and make the deposit, it would be a peso account right? Why would you want a dollar account?
By many economic measures the peso is currently overvalued. It is being maintained at 36 to the dollar for political reasons rather than purely financial ones. Therefore those people who fear that the peso will be devalued sometime in the near future prefer to keep their money in dollars.
However, political reasons can be just as longterm as financial ones. Look at the infinitely more important question of the Chinese yuan which has been "wrongly" valued for decades according to those same economic criteria.
Re: Dominican Certificates of Deposit
Quote:
Originally Posted by
husl2001
I make multiple deposits every time I go to the DR, usually followed by a withdrawal to another depository institution. Usually, I refuse to deal with the banks down there unless I have at least an 80% interest rate. :p:p:p
Lovely. More on that please