take one out dollar savings account This is a decision that should not be taken lightly. Although it represents an alternative to diversify Your reserves in the medium or long term, the ideal is that, before taking that step, you understand the economic implications behind it, and thus avoid negative effects on yourself. personal Finance,
According to Yudelka Parra, a financial and real estate advisor, keeping a savings account in dollars is an option that the user should evaluate based on their financial objective.
The expert explained to Listin Diario that the idea of renting this type of product will be convenient when the customer uses it as an economic base to create a product. Investment Special, such as buying a home or traveling abroad.
However, that personal goal will depend on your savings level. That is, the more solid they are, the more appropriate it is to take steps towards an emergency fund, the main currency of which is the United States.
“When a person is already at a mature stage of his finances, he starts thinking a little about the issue of diversification, and to diversify he starts saving a part of his money in dollars ; So, many times he chooses to go only once in a while. banking unit Creating the account without fully understanding the implications, Parra said in a phone call.
With “implications”, the economist referred to the fees charged by financial institutions, which, as he explained, range from US$5 (about RD$294) to US$10 (RD$587) when users, within six months After this, the payment stops. In the account.
But, another important aspect is the amount of issue of the product and the minimum balance required to maintain it. Although the amount for both is the same, it may vary depending on the bank.
After consulting the “products and services rates” of the three financial intermediation institutions with the largest market share in the Dominican Republic, the average starting amount and minimum balance is approximately US$433 (RD$25,421),
For example, to request a savings account in dollars at two of the three multiple banks consulted by this newspaper, you must have US$500 (approximately RD$29,355), and to keep it, they ask you for a minimum balance of US$500. However, the right thing to do is to keep an amount above that amount, otherwise, you will be charged US$10 per month for “low minimum balance”.
In the event that you take the product out a notebookwhich is a small physical document in the form of a booklet, which shows the accounting balance of an account as well as movements, you will have to pay an additional US$10 at one of those two banks. Additionally, replacement of a notebook costs between US$10 and US$5.
At other financial institutions, both the initial cost and the minimum amount are US$300 (approximately RD$17,613). While the monthly fee remains the same: US$10.
To open a book, the fee is US$5, and an additional US$5 for Replacement In case of loss or damage. Additionally, this multiple bank charges a fee of US$10 for closing the account within a year.
The economist said a customer’s financial organization will also be another determining factor when requesting a dollar savings account.
The customer’s financial organization will also be another determining factor when requesting a dollar savings account.
“No matter what you earn, the important thing is to know what your situation is finance And be clear about what your purpose is,” Parra said.
For example, there may be a person whose goal this year is to travel in the middle or end of the year, so the most reasonable thing for that person is to save in dollars, the expert said.
advantage
The fact that the dollar is a strong currency, unlike the Dominican peso, which usually depreciates over time, is one of the advantages of contracting this type of product. This may mean that the money saved will retain its value and will not depreciate despite changes in the exchange rate.