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dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
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
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
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.dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
Transaction fees are high with these brokerage firms.Country_Bookie wrote: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.dogg wrote:What's the best option locally to park U.S. funds that I have sitting at a bank gathering no interest??
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
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
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?
francis1979 wrote:Fixed Deposit Rate for 1 year is 2.00% with a minimum deposit = $5,000USD at the institutions below:
Development Finance Limited ( https://dflbusiness.com)
&
Merchant Bank Trinidad & Tobago Limited (https://ncbmerchantbanktt.com/)
Some additional items to note are:
1) USD Fixed deposits in Trinidad are not covered by Deposit Insurance ( https://dictt.org/). Therefore strength of institution is important.
2) Different institutions has different polices for breaking of the fixed deposit in the event of an emergency.
3) Higher interest rates are offered for longer term and larger value fixed deposits.
If you want your USD to be easily available ( e.g. emergency fund); I would recommend that you place your deposit in Unit Trust.
For higher yield on returns; you will need to invest in Stock, Bond, etc.. If you are interested in this service from Trinidad; one option is https://www.firstcitizenstt.com/fcis/we ... ement.html
There are other options available in the USA with lower commission; however service fees for a passive investor is higher. As with all things ensure that you read Terms and Conditions ( i.e. fine print)
francis1979 wrote:Just for my education when people refer to withdrawal limits in financial institutions what type of transaction are you referring to:
1) Cash
2) Check
or 3) Wire
And is this your personal experience or "something you heard from a friend"
bluefete wrote:^^ For the period October - December 2020, the UTC US$ 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.
Mmoney607 wrote:Anyone interested in accessing USD?
DMan7 wrote:Mmoney607 wrote:Anyone interested in accessing USD?
$6 to $1 or GTFO
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