How to make extra money every month
Every day more and more foreign citizen are coming to the Dominican Republic only for one purpose - to deposit their money for a period of couple of months or even years to one of the Dominican banks.
HOW TO make $625 every month doing absolutely nothing? Continue reading if you want to add this amount or more to your monthly budget without any work.
Here is the secret! It is really easy, it is one of the many economical advantages of the Dominican Republic. Every day more and more foreign citizen are coming to the Dominican Republic only for one purpose - to deposit their money for a period of couple of months or even years to one of the Dominican banks. It might sound incredible at first sight, but it is the truth that the majority of local banks offer during the individual negotiations with client an interest rate of 13 to 20 per cent per year. This means, that if you deposit for example $50.000 USD on this term deposit, for 15 per cent interest rate, you will make $625 USD per month.
For how long you need to deposit your money?
You can deposit your money for three, six, nine or even 12 months with the possibility to renew automatically your contract in case of interest of both parties.
Where the bank get the money to pay me so high interest and is safe?
Yes, it is safe and guaranteed by government. You can be absolutely sure about your investment because all the deposits are guaranteed by government. The local banks can afford to offer the interest on money deposits in this height because there is a long time tradition of borrowing money in Dominican Republic for short, medium or long period and these personal or company loans are offered (and accepted) with interest rate that vary between 35 to 65 per cent, sometimes even higher. The rotation and demand for loans is so high on the island that there are, apart from the banks, literally dozens of smaller and bigger financial companies dedicated exclusively to loans for public with very high interest rate.
The Dominicans are looking for loans practically all the time to finance purchases of land, construction of houses and apartments, purchases of cars, consumer products or to finance their business projects.
Contact us and we will recommend you the best and the most reliable Dominican banks in case you decide to place your money for short or long time period for interest as a deposit.
Hi sundeep, it is really mostly depend the bank. When is the amount not so high, they will lower the interest, but for 12 months, they will put it little bit higher. Count between 8-14%. So after one year is between $640-$1120. From experience, count aroun $1000.
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