Advice Needed about Money

[BigDaddy]

I need to deposit some currency here and am wondering where the best rates on U.S. dollar accounts are. The amount is approximately $35,000, if that makes any difference. I know peso accounts pay in the low 20% range but the majority opinion seems to be that it is best to keep the money in dollars. Where can I earn the best return? Thanks for any helpful input.

[Gringo]

Originally Posted by BigDaddy

I need to deposit some currency here and am wondering where the best rates on U.S. dollar accounts are. The amount is approximately $35,000, if that makes any difference. I know peso accounts pay in the low 20% range but the majority opinion seems to be that it is best to keep the money in dollars. Where can I earn the best return? Thanks for any helpful input.

If I was you I would put my US cash in a first Mortgage, The bank is going to pay you tops 2.5 to 3% and you could get 10% on a first and the collateral
is in the house.
Banks go belly up houses don't.

Gringo

[juancarlos]

Originally Posted by Gringo

If I was you I would put my US cash in a first Mortgage, The bank is going to pay you tops 2.5 to 3% and you could get 10% on a first and the collateral
is in the house.
Banks go belly up houses don't.

Gringo

Gringo, pardon my ignorance, but I am ignorant about many things including a first Mortgage, what is it and how can you get 10% on it? Also, are you talking about the US or the DR?

[kingofdice]

I don't know how long you intend to be in the D.R., but I would not deposit 35 grand in a Dominican bank. Even when Argentina defaulted in 2002, the government converted bank dollar deposits to pesos (not a good deal). Who is to say, that the D.R. would not pull that trick as well.

Keep your money in the U.S or Grand Caymans. Withdraw cash as needed with an ATM card if need be, but I would not deposit that kind of money in the D.R. While 35K is a million dollars, it is not a drop in the bucket either. If you feel compelled to roll the dice, I would deposit U.S. dollars in a multinational bank like CitiBank (located in the Acropolis), Santo Domingo.