Finances

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Julsfem New member

Member since 24 January 2019

JulsfemNew member31 January 2019 16:17:33

Hello all, I have a question regarding banking in the DR. I heard that there are several banks that pay a pretty good interest rate, is that for Pesos? Or USD?
How safe is your money in the DR banks, what recommendations can you give, how to properly have your money available when you need it.
Thank you for any advice.

bigbob20163 Banned

Member since 22 August 2018

bigbob20163Banned31 January 2019 17:16:00

176

Welcome to the forum.

I live in Colorado and bank there. I have visited the Dominican Republic 3 times in the last year, resulting in almost 5 months here.

I have a Visa card. I simply go to the local branch of one of the banks in Luperon, and tell them how much I want in pesos or USD. I get charged a modest fee. And I don't worry about banking with a Dominican bank. My money is in America.

Therefore, I cannot help you with interest rates paid by the banks. Although, I would like to know if Dominican banks pay a good rate.

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert31 January 2019 18:54:21

17241

Welcome to the forums. Banks here are reasonably safe but never put all your eggs in any basket.

The rates are better in Dollar deposits BUT you may or may not lose based on exchange rate changes. That is a risk! Same applies on Peso deposits. If you intend to invest for some time and then later want to convert to dollars you will lose!

It always depends on what you need the money to do for you.

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