Dollar Account

[sachem]

---

how do i start a dollar account? whats the minimum initial deposit? what are the benefits? advantages and disadvantages? which bank has the highest interest rate for a dollar account with low initial deposit?

btw, im used to banking matters so please do enlighten me.

thanks!

[aikea guinea]

I suggest you go for a Dollar Mutual Bond Fund Investment rather than a traditional Dollar Accounts in the banks. The minimum dollar bond fund deposit is $2,000.00 with an entry fee of 2%. there's no maturity, which means it is withdrawable anytime but if widthrawn within a year an exit fee of 1% will be deducted. A good advantage of the Mutual Dollar Fund is that there's no tax deducted compared to banks that has a 20% tax on it. The highest interest rate yield of the Philam Dollar Bond Fund last year was 5.4% net.

You can reach me at 2532401 or thru my cell 09173208573 for an elaborate discussion on this topic.

[sachem]

$2000? thats how much in peso? approximately how much?

[zi0n]

@Sachem: around 110,000 pesos.

By the way, you might want to check out Citibank benefits for opening a dollar account there. initial deposit is 1,000 USD.

I have mine at Metrobank (initial deposit= 500 USD lang for this bank)

[sachem]

@zion: is it tax free?

[zi0n]

there is a minimal tax deduction, however the interest far outweighs it.

[sachem]

hmm... im willing to set it right now. but, where do i find dollar notes? where can i buy them? its really hard to find people who sell their dollars

[zi0n]

Try to pm pidz111. He might be able to help you on this.

[pidz111]

hey, is this post still going?

Sachem: Banco de oro is offering only $300 dollar starting.. not sure pako bout interest and etc... but i have mine there... i think thats the lowest mainting balance i have known.

About buying dollars... i just sold some $500 a month ago, and ever your going to buy dollars, people do charge or give you rate higher that normal exhange rate... of course because your changing your peso into dollar... its in your favor... that goes the opposite when your selling your dollar, because people would tend to give you lower rates than the usual so that theyll gain more...

[racir]

i have mine in prudential bank MEPZ II with 100$ initial deposit. much lower than banco de oro. i bought dollar notes there too.

note: if your dollar is coming somewhere else outside the country try a commercial bank, 3-4 days it will reach you.