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USD Savings and Interest

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dogg
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Re: USD Savings and Interest

Postby dogg » June 16th, 2021, 12:11 pm

What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??

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Re: USD Savings and Interest

Postby NayGerPlz » June 16th, 2021, 12:19 pm

dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??


You may not even be able to access your USD from your account when you require it.

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USD Savings and Interest

Postby francis1979 » June 16th, 2021, 12:25 pm

dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??


https://ncbmerchantbanktt.com

https://dflbusiness.com

Rates have been dropping recently . So I don’t have the exact amount. But these two institutions offers 1-2% more than other financial institutions.

The other institutions I am referring to are UTC, ANSA Merchant bank, etc which pay 0.5% to 1.5%
Last edited by francis1979 on June 16th, 2021, 12:25 pm, edited 1 time in total.

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Re: USD Savings and Interest

Postby Chimera » June 16th, 2021, 12:34 pm

[quote="dogg"]What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??[/quote


wire it abroad and let a family member put it in their account
because you surely not getting access to it locally

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Re: USD Savings and Interest

Postby NayGerPlz » June 16th, 2021, 12:37 pm

Phone Surgeon wrote:
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??[/quote


wire it abroad and let a family member put it in their account
because you surely not getting access to it locally


There's a risk the family member may not give you the money but you stand a better chance getting access that way than through a local bank.

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tarzan
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Re: USD Savings and Interest

Postby tarzan » June 16th, 2021, 2:18 pm

if you want more info on what options you can get at ANSA, feel free to message me privately.

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Re: USD Savings and Interest

Postby Chimera » June 16th, 2021, 2:35 pm

alot of businesses will pay you 7.5 or more for your USD though,
they will give you a supplier to wire the money to and they will give you TT cash or wire you TT money

if yuh want to go that route let me know and ill give you one or two people to talk to

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dogg
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Re: USD Savings and Interest

Postby dogg » June 16th, 2021, 2:41 pm

Phone Surgeon wrote:alot of businesses will pay you 7.5 or more for your USD though,
they will give you a supplier to wire the money to and they will give you TT cash or wire you TT money

if yuh want to go that route let me know and ill give you one or two people to talk to

That sounds like bacchanal oui. I'll only do that with people I trust implicitly

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Re: USD Savings and Interest

Postby bluefete » June 16th, 2021, 3:40 pm

Does any bank allow you to open an account in Canadian$ ?

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Re: USD Savings and Interest

Postby Country_Bookie » June 16th, 2021, 4:13 pm

dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
Open an online brokerage account with a US broker that accepts trinis. Fidelity, Interactive brokers, Zacks are 3 I can recommend and have almost no minimum. Wire the USD to this brokerage account and purchase an Exchange Traded Fund which suits your risk tolerance. A bond fund is more appropriate if you mainly concerned about capital preservation and willing to accept a lower return. If u willing to take more risk for better returns, invest in an index fund like the S&P 500 Index.

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Re: USD Savings and Interest

Postby widdyphuck » June 16th, 2021, 4:36 pm

Country_Bookie wrote:
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
Open an online brokerage account with a US broker that accepts trinis. Fidelity, Interactive brokers, Zacks are 3 I can recommend and have almost no minimum. Wire the USD to this brokerage account and purchase an Exchange Traded Fund which suits your risk tolerance. A bond fund is more appropriate if you mainly concerned about capital preservation and willing to accept a lower return. If u willing to take more risk for better returns, invest in an index fund like the S&P 500 Index.
Transaction fees are high with these brokerage firms.

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Re: USD Savings and Interest

Postby francis1979 » June 17th, 2021, 10:23 am

Phone Surgeon wrote:
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??[/quote


wire it abroad and let a family member put it in their account
because you surely not getting access to it locally

FYI - family member if in USA or other developed countries will need to pay taxes on your interest which will reduce your earnings.
Tax rate is 10 to 37% depending on their tax bracket.
In addition interest rates in USA are around 0.5% in fixed deposits / high yielding savings account

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Re: USD Savings and Interest

Postby sMASH » June 17th, 2021, 10:34 am

francis1979 wrote:
Phone Surgeon wrote:
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??[/quote


wire it abroad and let a family member put it in their account
because you surely not getting access to it locally

FYI - family member if in USA or other developed countries will need to pay taxes on your interest which will reduce your earnings.
Tax rate is 10 to 37% depending on their tax bracket.
In addition interest rates in USA are around 0.5% in fixed deposits / high yielding savings account

so how does UTC compare?

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Re: USD Savings and Interest

Postby Dizzy28 » June 17th, 2021, 10:37 am

sMASH wrote:
francis1979 wrote:
Phone Surgeon wrote:
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??[/quote


wire it abroad and let a family member put it in their account
because you surely not getting access to it locally

FYI - family member if in USA or other developed countries will need to pay taxes on your interest which will reduce your earnings.
Tax rate is 10 to 37% depending on their tax bracket.
In addition interest rates in USA are around 0.5% in fixed deposits / high yielding savings account

so how does UTC compare?


I haven't gotten a statement for my UTC US$ account in quite a long time but the interest was less than 1% and had been so since the 2008 crash. When I first opened the account rates were in the +5% range

Capture.JPG

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Re: USD Savings and Interest

Postby bluefete » June 17th, 2021, 10:47 am

^^ For the period October - December 2020, the UTC US$ rate was 1.15%.

For the period July - September 2020, it was 1.25%.

Now, if we only knew what the true inflation rate is in T&T.

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Re: USD Savings and Interest

Postby sMASH » June 17th, 2021, 11:50 am

that rate might be ONE of the best u can get, local or abroad... when u consider fees, taxes etc.

a bit of documents to start it, but is more or less hassle free after. kinda the best mix of growth and convenience, there.

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Re: USD Savings and Interest

Postby francis1979 » June 17th, 2021, 2:50 pm

Fixed Deposit Rate for 1 year is 2.00% with a minimum deposit = $5,000USD at the institutions below:

Development Finance Limited ( https://dflbusiness.com)
&
Merchant Bank Trinidad & Tobago Limited (https://ncbmerchantbanktt.com/)

Some additional items to note are:
1) USD Fixed deposits in Trinidad are not covered by Deposit Insurance ( https://dictt.org/). Therefore strength of institution is important.
2) Different institutions has different polices for breaking of the fixed deposit in the event of an emergency.
3) Higher interest rates are offered for longer term and larger value fixed deposits.

If you want your USD to be easily available ( e.g. emergency fund); I would recommend that you place your deposit in Unit Trust.

For higher yield on returns; you will need to invest in Stock, Bond, etc.. If you are interested in this service from Trinidad; one option is https://www.firstcitizenstt.com/fcis/we ... ement.html

There are other options available in the USA with lower commission; however service fees for a passive investor is higher. As with all things ensure that you read Terms and Conditions ( i.e. fine print)

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Re: USD Savings and Interest

Postby Dizzy28 » June 17th, 2021, 2:53 pm

francis1979 wrote:Fixed Deposit Rate for 1 year is 2.00% with a minimum deposit = $5,000USD at the institutions below:

Development Finance Limited ( https://dflbusiness.com)
&
Merchant Bank Trinidad & Tobago Limited (https://ncbmerchantbanktt.com/)

Some additional items to note are:
1) USD Fixed deposits in Trinidad are not covered by Deposit Insurance ( https://dictt.org/). Therefore strength of institution is important.
2) Different institutions has different polices for breaking of the fixed deposit in the event of an emergency.
3) Higher interest rates are offered for longer term and larger value fixed deposits.

If you want your USD to be easily available ( e.g. emergency fund); I would recommend that you place your deposit in Unit Trust.

For higher yield on returns; you will need to invest in Stock, Bond, etc.. If you are interested in this service from Trinidad; one option is https://www.firstcitizenstt.com/fcis/we ... ement.html

There are other options available in the USA with lower commission; however service fees for a passive investor is higher. As with all things ensure that you read Terms and Conditions ( i.e. fine print)


UTC has limits on how much you can access. For an emergency being in UTC not going to be helpful.

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Re: USD Savings and Interest

Postby francis1979 » June 17th, 2021, 3:12 pm

Just for my education when people refer to withdrawal limits in financial institutions what type of transaction are you referring to:
1) Cash
2) Check
or 3) Wire

And is this your personal experience or "something you heard from a friend"

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Re: USD Savings and Interest

Postby Dizzy28 » June 17th, 2021, 3:22 pm

The screen shot I posted above was a snap from my UTC US$ statement. This is from my personal experience. And I refer to cash in the first instance. They implemented a limit on cash withdrawal since at least 2015 when it was US$200 at one time. UTC also indicated a check for a bigger amount can be done but then its up to the local bank having enough US$ to cover the check. Haven't done anything with them in a few years but I can only assume it has gotten worse as US has gotten harder to come by.

Never had cause to ask about a wire.

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Re: USD Savings and Interest

Postby bluefete » June 17th, 2021, 3:24 pm

I think it is much easier to Wire than to get Cash or Cheque.

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Re: USD Savings and Interest

Postby Chimera » June 17th, 2021, 3:35 pm

francis1979 wrote:Just for my education when people refer to withdrawal limits in financial institutions what type of transaction are you referring to:
1) Cash
2) Check
or 3) Wire

And is this your personal experience or "something you heard from a friend"



experience

you can easily wire it somewhere if you have an invoice

but you definitely not getting US Cash out of a US bank account in large quantities.

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Re: USD Savings and Interest

Postby INDAVID WORKSHOP » June 17th, 2021, 7:14 pm

Guys,

I usually do my own transfer to a relative in the USA or Canada you can do it easily with the online banking app.

Limit is US$5,000.00 per transfer, this is if you have US$ in your account locally

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dogg
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Re: USD Savings and Interest

Postby dogg » September 6th, 2021, 4:23 pm

Is it legal to pay for real estate with U.S. currency in Trinidad if the funds are in a bank account?

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Re: USD Savings and Interest

Postby tarzan » September 6th, 2021, 4:24 pm

have a bond offering right now, its 4.75% @ 1 year, minimum invesment 50k, pm for more details.

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Re: USD Savings and Interest

Postby bleu18 » November 26th, 2021, 10:50 pm

bluefete wrote:^^ For the period October - December 2020, the UTC US$ rate was 1.15%.

For the period July - September 2020, it was 1.25%.

Now, if we only knew what the true inflation rate is in T&T.


Given this, is it still practical to open a US Dollar UTC account? What are the advantages and how easy is it to get your money out presently?

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Re: USD Savings and Interest

Postby Mmoney607 » June 23rd, 2023, 6:39 pm

Anyone interested in accessing USD?

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Re: USD Savings and Interest

Postby DMan7 » June 23rd, 2023, 6:47 pm

Mmoney607 wrote:Anyone interested in accessing USD?


$6 to $1 or GTFO

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Re: USD Savings and Interest

Postby bluefete » June 23rd, 2023, 7:36 pm

DMan7 wrote:
Mmoney607 wrote:Anyone interested in accessing USD?


$6 to $1 or GTFO


Why you sooooo? Just say yes and done, nah!

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Re: USD Savings and Interest

Postby supercharged turbo » June 23rd, 2023, 9:07 pm

How much the chinee paying these days?

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