Need Banking Information

DRtechie · #1 03-25-2002, 03:07 PM

Just a few questions -

What's the current interest rate for dollar deposits in DR Banks? As a US citizen, what will I need to open an account? Any advice on dealing with DR banks? What are some alternative investments vehicle I should look into?

Escott · #2 03-25-2002, 09:51 PM

Quote:

Originally posted by DRtechie
Just a few questions -

What's the current interest rate for dollar deposits in DR Banks? As a US citizen, what will I need to open an account? Any advice on dealing with DR banks? What are some alternative investments vehicle I should look into?

You need a passport to open an account. Some banks ask for letters from another bank as reference. I carry three letters with me at all times when I go to banks.

You can get 8.5% on 100k US in DR banks now. Maybe even a little more. I will let you know a week from today after I go to the Banks on Monday!

Regards

frederic · #3 03-26-2002, 09:16 AM

banks are paying 6-8%, depending on the timing and amount of your deposit.

MommC · #4 03-27-2002, 10:51 PM

If you plan on living here with the proceeds of interest here's a thought.
100K converted to pesos will give you 16% interest at Banco Popular (you gotta bargain for it but you can get it-we just helped a friend do it!)

Leave half your money in US$ and convert the other half to pesos.
Live off the pesos and "save" the US$ for retirement or dire emergencies (as in life threatening) only.

DRtechie · #5 03-28-2002, 04:28 AM

Just landed a job in DR

Escott · #6 03-28-2002, 08:22 AM

Ok Dudest, what did you get already?

LOL

Bugsey34 · #7 04-01-2002, 06:57 AM

congratulations, DRTechie!!

details, details...?

DRtechie · #8 04-01-2002, 11:04 AM

The offer is a Technical Sales position with the Latin American division of Lutron Electronics. The company builds solid state dimmers and lighthing controls for large buildings (private & commercial). The company doesn't really have a presence in the country right now but they're hoping to capitalize on the building boom...although I think they're jumping in a little late in the game. Anyways I going to assist in building the DR office.

I worked for the company last summer so it wasn't hard interviewing for that position. They're offering housin, car, and tuition reimbursement for the kids (

can't cash in on that one yet!) that's on top of the base which is $50>. This is all contingent on finishing my degree by next December and starting Training in Jan. Not ready to make a decision just yet.

Bugsey34 · #9 04-02-2002, 10:09 AM

Wow, I am very impressed! CONGRATULATIONS, I only hope I can be half as lucky when I start my search. I´m starting to think my Spanish-Italian degree may be in the wrong field if I´m looking for positions as nice as Techie´s... hmmm... little to late to rethink that one.

I´m so glad a couple people on this board have disproven the nasty rumor that it is impossible to get a job in the DR while overseas. Congrats again, Techie, enjoy!