Another D.R. Central Bank CD question..
Hello.. Everyone, first let me introduce myself. My name is Stephanus Malaihollo and I am 23 years of age. I have been browsing around this site for the past few months and have gained lots of knowledge about D.R. and its community. I have to say you people that are active in this forum are helping everyone like myself when it comes to overseas banking.
So here is my Question:
Is it safe to open a CD at the $10k minimum through banco Central de la republica dominicana ??
reason i ask this is because, i have done lots of search in this forum and came across lots of great discussions on this matter, but a lot of the topics are old posts of 3-4 years ago ? I have been saving and i have roughly around $11k saved up, i went on the Banco Central website and seen they still offer a CD of 5-9% monthly interest. Now that sounds really good, but my concern is would it be safe to say i can see the interest being paid for as stated if i were to leave it in for a year ??
my other question is, I am living in the states would it be difficult for me to set everything up from my current residence in the states ? I understand its best for me to open another savings account and have it wired to the banco central account in order to collect the Interest in US dollar currency.
Has anyone done such investment and have great success or still doing this type of investment in that matter ??
Many Thanks in advance.
-Steph'
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