Individual Retirement Account Transfers

[mullinsca]

Hello,

I am the most excited person in the world having made the decision to move to the DR in January, but we are full of questions. If we transfer a large sum of money to the DR bank and something happens that we want to return to the US can we transfer the money back in US dollars to the US.

[Cubanirish]

If I were you I´d deposit that large sum of money in a foreing bank in your country. I´d just have a small amount of US$ in a Dominican bank.

[Escott]

Why even move it at all? Keep it in the states. Banks suck in the DR and I have 500- US in them all which is too much.

Good move to the DR though

[Criss Colon]

Over the past 6 months,let alone the last 2 years!!! Does "Baninter" mean anything at all to you? Do you know about the "IMF",and World Bank's intervention in the DR economy? Do you know that the Dominican peso devalued abot 100 % in the last 6 months? And you want to bring money here?? You have no idea what you are getting into!Have you ever visited here for more than i week at a time in an "All Inclusive Resort"? Please start doing your homework,or you will be broke within 1 year!! CCCCCCCCCCCCCCCCCccris colon

[Ken]

mullinsca, you need to do some research in the voluminus archives. Look for threads on bank accounts, etc.

There are a great many expats living in the DR and few, if any, have large sums of money in the banks here. Keep your money where it is safe; it will last longer that way. Establish a relationship with one of the exchange banks where you will be living and then write personal checks on your account and cash them for pesos just like you would dollars.

[Dolores]

Check out BPD International in New York. You can open an account with them in NY, and then as you need pesos, fax their officer in Santo Domingo so she can instruct the bank to wire $ to your account here in Santo Domingo at a Banco Popular Dominicano, an affiliate of this bank. They will give you a competitive exchange rate if you develop a relationship with your bank officer.

[adrianb]

Dolores, how much do wires cost from BPD to Banco Popular?

[Ken]

Dolores, unless you need very large amounts of pesos for commercial or other reasons, what advantage is there for a person living here to do as you suggest rather than cashing personal checks? I regularly cash checks at Vimenca in Sosua, getting a very competitive rate, and with no overhead cost for me. I have never tried to cash a check for more than $1,000, but have no reason to think that I couldn't. There is no delay; I walk into the office, right the check in the amount I want to exchange, and walk out in the same amount of time as if I had been exchanging dollars.

[andy a]

If the peso had devalued 100 percent it would now be worthless.

[Dolores]

Originally posted by adrianb
Dolores, how much do wires cost from BPD to Banco Popular?

There is no charge for this service that is considered an inter-bank transfer.