savings in the dr

[nycgirl]

here's the deal, is it ok to have a savings account in the DR being a us citizen? is it reported to the usa? I also own an aprtment in santo domingo.

[ricktoronto]

Sure it's OK if the bank doesn't fail which is a bigger risk with some of them than the IRS.

[juanita]

Just a funny note on the subject! For some reasons, Canadians cannot have a savings account in Scotia Bank, they will not pay you the interests. I Was told it was some aggrement with the Canadian Goverment! Great eh!

[planner]

Which is why I don't bank with them!!!!

[snowbird44]

Originally Posted by planner

Which is why I don't bank with them!!!!

This is a good point. We have an account at the Scotia Bank in Cabarete, but all they do is take money out to keep my account. It was convenient to have chequing privileges, but listening to all this, it may be better to move the money to the Popular. They don't even exchange Canadian $ at ScotiaBank. I'll check out my options. We'll be there next weekend until the end of April. Isn't it wonderful?

[Toronto2inDR]

Well that's crazy, I'm Canadian and have savings in Scotia, term deposits, Pesos and US$ accounts and I have no problems at all.

[juanita]

Originally Posted by Toronto2inDR

Well that's crazy, I'm Canadian and have savings in Scotia, term deposits, Pesos and US$ accounts and I have no problems at all.

I also have an account there, but they just won't pay the interest for being Canadian!

[rendul]

Canadians can have as many accounts as they want but at the end of the year, Scotiabank in the D.R. will be issuing T-5's, that must be included on your tax returns. It may take a couple of years to catch up but I have no doubt they will!!!

[PeachezNcream84]

I have heard that there is something like %40 intrest rates.
So if I am a Candian citizen..but living in the DR...
What bank is the safest?(as in they will not close down and dissapear with my money)
What banks have the highest intrest...that they will pay out to a Canadian citizen?

[duhtree]

PN'C there are many posts in the archives about banking, interest rates, CD's etc. And many opinions regarding D.R. banks. I have i year cd's from Banco Central with the interest going into an acct at a bank. Banco Central is NOT a bank. But the country's clearing house. Banks fail, goverments crumble. The interest you are paid is some what flexible depending upon the amount of deposit and whether or not you ask for more than. Also, private finance houses like Anoeca. Many posters have info regarding it as well. Look. look. look. then ask. John