Banks Colombia..UnitedStates or Colombia

panthdave says on Jul 14, 2007, 09:13:

Really had an assumption it would be smart to open a Peso Savings account in Colombia..but having second thoughts I thought the rates would be much higher..

panthdave Miami

rjstuff says on Jul 14, 2007, 10:28:

There's another thought I have regarding bank accounts - I do not think the Colombian bank accounts are insured like they are in USA (may be someone can clarify this for all of us). This means that if (yes it may be a big if) .. if the bank goes bankrupt you will lose all of your money (in US you are insured up to $100,000 - so you do not lose all of your money). I just read the same thing about Panama banks also - they are not insured.
However, small amounts are OK - you have to take some risk, but I would think twice before moving big amounts to any foreign bank. Good Luck

poco says on Jul 14, 2007, 10:45:

Need alittle help here..Are Colombian banks really worth depositing funds..

I'd get as many dollars as possible converted to Colombian pesos,, RIGHT NOW and open a savings account in Colombia.

Then you can sit back and enjoy the 8% interest rate (if you can get it) on a currency that experiences 10% inflation,, WoW,, only a 2% loss !!!!

Plus, as a bonus you can exchange,,,,, say,,,, 10,000 U.S.Dollars for about 20 million pesos TODAY !!!!!

In ONE year you might get 21,600,000 at 8% interest.

However, the exchange rate in one year might be 2,500 pesos,, humm,, your original 10,000 dollar investment is now worth,,, gosh,,, $8,700,,, just think,, you did get 8% !!!!!

Ah,,, the joy of Colombia !!!!!

Then again,,, things could go in your favor and the exchange rate goes to 1,500 but I doubt it.

You would be RICH,,,,

You might be able to buy 10 of these bicycles


Cheap Colombia products abound !!!!

"Violence is the first refuge of the incompetent" - Isaac Asimov

Tinto (Moderator) says on Jul 14, 2007, 11:05:

I think that's a $350 to $500 USD bike (it depends on the model year) selling for $1250 USD in Colombia. Ouch.

morphus says on Jul 14, 2007, 11:52:

I keep a pimp stash in the stabbin cabbin :)

miamimike says on Jul 14, 2007, 12:07:

RJStuff--True the Colombian Bank Accounts aren't insured but an interesting fact is NO ONE ever lost a dime in a colombian Bank on their savings. That cannot be said of US Banks as when we had the Big Crash and run on the banks several decades ago many savers lost everything--happened to people in my family,,,That was before FDR's creation of the FDIC where US Bank accounts are now insured. I looked at savings accounts the other day when poster Frank Rizzo wrote some Col Banks payed 18%--after checking rates at several banks best I could see was 7-8% for long term CDs with large denomination accounts. In the Dom Republic some Banks are now paying 10% or better but with risk, caveat emptor. A Few years back-banks therehad payed close to 60% on certain accounts but that party is over for now.

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

miamimike says on Jul 14, 2007, 12:09:

Tinto--" think that's a $350 to $500 USD bike (it depends on the model year) selling for $1250 USD in Colombia. Ouch."
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You are right on--eBay has a Florida seller selling one today at $450!

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

panthdave says on Jul 14, 2007, 12:22:

Thanks Miami Mike thats where I get the interest rate from.. I saw 18% and jumped of my chair what the hell am I doing..Get a savings in Colombia but could not find that rate any where on the Colombia Bank sites..8% is nice but for Long Term CD's..You can get 5% just with Capital One Money Market which is all over online and withdrawal up to 6 times a month..and no minimal amount..Just does not make sense..Where did you find 8% Mike??I am stupid I went to www.bancolombia.com. Cuento ahorros and then tasas the highest I saw was 3.75%..and a Certificate of Deposit is CDT...something like that and no insured..

Was not looking to depend on exchange of dollar to peso which could go any direction was just comparing interest rates from Colombia Banks to United States Banks..

Now I went to BanColombia Miami Agency which has dolares accounts but minimum is 7000 minimum deposit but could not find tasa rates..

panthdave Miami

kalder says on Jul 14, 2007, 12:30:

Do any US banks' savings accounts offer 4% (net) interest rates?

"kalder- have you ever had a woman?"--Sam Salmon

panthdave says on Jul 14, 2007, 12:32:

Okay Money Market Account...

panthdave Miami

miamimike says on Jul 14, 2007, 12:32:

Panthdave-Frank Rizzo says on Friday July 13th, 2007 18:23:

https://linea.davivienda.com/davivienda.jsp the program is called "dafuturo"




https://linea.davivienda.com/davivienda.jsp

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

kalder says on Jul 14, 2007, 12:34:

Cheers panthdave. I'll look it up.

"kalder- have you ever had a woman?"--Sam Salmon

miamimike says on Jul 14, 2007, 12:41:

Panthdave--I see Ascot Advisory, a conservative DR Investor service, who has been investing in the Dom Republic for years, offers a 20% Peso account, and 5% USD account. Others may offer more interest(10% more or less) but with higher risk.A few years back, some Santo Domingo Banks were offering a crazy 60% Peso Account.Caveat Emptor

http://www.thedominicanrepublic.net/Banking_Information.html

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

panthdave says on Jul 14, 2007, 12:44:

GMAC-5.3 Amtrust-5.5 Capital One-4.75 Just some on the internet...which is the same as Savings to me...Money Market is safe...like a Savings...insured up to 100,000
High Yield Money Market Account for Capital One Bank
Daily Balance* Interest Rate** APY**
$0.01 - $4,999.99 4.64% 4.75%
$5,000.00 - $9,999.99 4.64% 4.75%
$10,000.00 - $24,999.99 4.64% 4.75%
$25,000.00 - $49,999.99 4.64% 4.75%
$50,000.00 - $99,999.99 4.64% 4.75%
$100,000.00 4.64% 4.75%
Capital One Rates.

Now Savings and Money Market are basically the same if there insured by the FDIC...
Now I compare these rates to Colombian Bank Savings or Money Market I cannot find those rates online I see only up to 3.75 and 4.00

panthdave Miami

panthdave says on Jul 14, 2007, 12:45:

All I am saying once I saw some rates on PBH Threads I said damn lets open in Colombia an account in Medellin but in Pesos....and get very high interest ..but cannot find those rates of 10-18% anywhere...

panthdave Miami

miamimike says on Jul 14, 2007, 12:45:

"Many of our clients have chosen the Dominican Republic for their own banking or investment needs. US Dollar savings accounts, bank certificates of deposit (90-day or longer) or commercial paper investments (90-day or longer) are both locally tax-free and also offer the opportunity for higher rates of interest than what may be found elsewhere. As an example of the rates available for a 90-day time deposit (minimum US$ 10,000), one can expect 5% or more for a bank CD and up to 9% for a commercial paper investment (90 Days). All interest for such deposits is paid monthly, and may be direct deposited to your bank savings account.
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Should it be appropriate for you, investing in time deposits denominated in the local currency, the Dominican Peso, ****could offer yields up to 20% for a bank CD****** or up to 25% for commercial paper. Again, such interest is also locally tax-free, and the minimum term is 90 days. You may deposit funds or make withdrawals via bank wire transfer, or any personal or other kind of check drawn on any banking institution regardless if a US bank or not. This is of course assuming the funds are in US dollars (which you may send directly to the bank for deposit). In addition, you of course may conduct your business in person as well or utilize the debit card / secured credit facilities as explained below."
.

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

miamimike says on Jul 14, 2007, 12:49:

Panthdave--on the link by poster frank Rizzo--open it and go to Tasa de Interes and scroll down to CDT(cert of deposits) you will see for the longest term CDs 7.80%

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

panthdave says on Jul 14, 2007, 13:19:

Assistance Mike...What is this in ingles
Cuenta E.A
Cuenta de ahorros Damás Desde el primer peso (sobre saldo diario) Efectivo Anual 0,50%
Cuenta de ahorros Fijo Diario Desde el primer peso (sobre saldo diario) Efectiva Anual 0.30%


Really getting stupid now....

United States
5% Annual
Colombia
0,50% is what 5% annual or por mes

panthdave Miami

panthdave says on Jul 14, 2007, 13:22:

Does Colombia have Money Market accounts thats maybe the answer????? I see CD's and Savings...

panthdave Miami

Frank Rizzo says on Jul 14, 2007, 13:27:

Mike, if i've been unclear or stated that there was a current rate of 18% then I gave the wrong impression. I believe you've looked at the like posted and saw the anomoly of 2005 where dafuturo paid over 18%....this is what i've posted about.

miamimike says on Jul 14, 2007, 14:36:

No problem Frank--Rates change like anything and unless omeone is completely fluent in reading Spanish, terms&Rates the "small print" can be confusing. Best rates I could find(though maybe someone else has found better) were these Dominican Republican Rates at 20%.

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

Frank Rizzo says on Jul 14, 2007, 15:07:

Hi Mike, so there is a current rate in the Dominican Republic of 20% now???? I've got to read your posts closer....did you give the bank name??? re-reading now...thanks,..

Frank Rizzo says on Jul 14, 2007, 15:09:

Just re-read...i'd like to know more......any websites?? thanks..

panthdave says on Jul 14, 2007, 16:01:

Did the same thing Frank looking for websites.. banreservas.com did not work, bancopopular no rates,

Going to try scotiabank which is there but seems to me many banks from other countries are there..

Griffinbank from France...

panthdave Miami

rjstuff says on Jul 14, 2007, 19:57:

Kalder:
My ING savings account pays 4.5% interest. Here's a link http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount
Good luck

miamimike says on Jul 15, 2007, 03:37:

Frank--go to the http://dr1.com/

This DR1.com website is like the PBH of the Dominican Republic. Go to the Message Boards and do some searches on banks&interest rates on CDS as they kick the Subject around quite often there.Check out the Sanky's comments in Men from Mars, Women from Venus--pretty interesting read,,,LOL

You may want to email or call the Investment Advisor (Ascot) as he deals with most Dominican Banks. You may find his Web page interesting on the FDIC here in the USA. Quite a revelation about really how little he says is there is in that FDIC account reletive to Saving's Account. Scary,,,,

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

miamimike says on Jul 15, 2007, 03:40:

Ascot Advisory Service(Dom Rep):
http://www.thedominicanrepublic.net/

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

Frank Rizzo says on Jul 15, 2007, 07:43:

Thanks Mike...will do....much appreciated...