As I am researching I have come across a few websites claiming the interest rates banks pay out is substantially higher in DR banks than N. American banks. Since N. American banks are paying almost nothing.. then even paying out something is a lot more.
I'm assuming most retired Expats wire money to local banks for day to day expenses... but does anyone have a savings account in a DR bank, or have short term CD's? What interest rate percentage do they pay?
Most DR banks websites I have visited say "Call Us For Rates" when it comes to Savings accounts so that doesn't help much.
Banking Savings account in DR intrest rate
JumpingJupiter
08 April 2015 16:27:48
11
gypsy401
08 April 2015 16:33:37
659
So call them. Banco Santa Cruz in Sosua is agood one. They have branches in a couple of other cities also.
planner
08 April 2015 16:41:59
16621
Most investments are done via the Central Bank. Savings accounts as such pay almost nothing. Dollar accounts will pay more then Peso accounts with the Central Bank.
Bob K
08 April 2015 19:57:04
7675
Not terribly more than the US and Peso accounts are so volatile with the fluctuation of the Peso not really worth the hassle and now you also need to report you accounts to the IRS. The banks here have started sharing that information. So no longer a tax haven
Bob K
Bob K
08 April 2015 19:57:41
7675
We keep about 3-4 months of living expenses here in the DR the rest in the US and transfer in as we need.
Bob K
olddawgsrule
08 April 2015 23:42:27
252
Bob K wrote:We keep about 3-4 months of living expenses here in the DR the rest in the US and transfer in as we need.
Bob K
I do consider this some pretty good advise.
This is how I see myself doing it, when I decide where to go.
JumpingJupiter
09 April 2015 03:42:21
11
Fantastic. Thanks for the info. Ran across websites claiming 6-8% in short term CD's and savings accounts. Sounded kinda fishy but with DR mortgages at 10-14%.... who knew. Glad I got the straight goods from people living there.
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