Travelers Checks or Not?

[Ken]

ronks, why do you have to bring your money here? Many expats, including me, keep whatever money we have in a bank in the US (in my case) and write personal checks on that account to get pesos. When you get established, you should have no trouble making a contact with an exchange bank to accept your personal checks. Exchange banks are very happy to get them, seem to prefer them to cash. You get a much better rate than if you use a credit card or ATM because you are paying no fees or other charges. And your funds will certainly be safer than if deposited in a bank here.

[Escott]

Originally posted by ronks
The problem I am facing is that I plan to move to the DR, specifically the north coast and how to bring enough money to last a year and keep it secure is an issue for me. I have read many posts and since the banking system is not to be trusted, I do not feel comfortable with a lot of cash. Investment houses are not an answer for me since I am not looking for an investment.

I use a finance house and not an investment house. I get Certificates similar to what you would get in a bank. I can call my money back with 30 days notice. I can get my interest every month, week or day if I choose. I can also cash checks with them and get change back in Dollars, Euros, Pounds and probably any currency I ask for. They are not governed by the Government and if the DR cant pay their oil bill I am not worried about the Finance house taking my dollars and giving me pesos.

When dollars were scarce and I was renovating my condo I had no problems cashing checks for dollars with him.

If you want to keep your money in the states use a money market checking account so you at least get your 1% interest and build up a relationship with some cambio in the DR to cash your checks. Take 5k in Amex Travelers checks and if they are stolen you get em replaced same day or next day. Use the TC's to tide you over while you are building up a relationship with a cambio.



Good luck

[El Tigre]

If it's his first time going then use the checks. Be safer. If he knows the culture and the area then just take cash and use the atm as I do.

[DRtechie]

Thanks for your replies everyone. I passed down all this information to him. Hopefully he had a good trip and didn't have any problems.