Safest place to keep USD right now and still have it earn interest?

[Dohplaydat]

What would you financial guys advise?

I have some USD coming in monthly and I mostly just buy crypto or stocks right now. However, I would like to stash some locally (or possibly Cayman) in one of those local US bank accounts.

Firstly, is that a safe option?

Looking for one that's safe (hopefully insured) and one that can actually earn some interest.

What options do I have?

[VexXx Dogg]

Right now any local institution you put USD in, you will have a hard time getting it out. They would want to give you the TTD cash equivalent.

I am subject to correction on this - would love to learn otherwise.

[Dohplaydat]

Right now any local institution you put USD in, you will have a hard time getting it out. They would want to give you the TTD cash equivalent.

I am subject to correction on this - would love to learn otherwise.

I'm ok with this, I just wanna keep it somewhere safe for when the devaluation hits, and still have it accumulate interest.

[bluefete]

There is a thread somewhere on the forum with a big discussion on this.

Cannot remember the name though.

[francis1979]

Check this link for previous discussions on this topic

USD Savings and Interest
http://www.trinituner.com/v4/forums/vie ... 7&start=30

http://www.trinituner.com/v4/forums/vie ... #p10175607

[Redman]

Keep it out of TNT.
Systemic risk is the major concern.

Interest rates here on USD are largely eaten by fees.
Fees might put you into a negative real return.

So keep it outside of TNT in a domestic USD bank that is insured by the US FDIC.
I would look at Interactive Brokers...it is a perfect option

If you want better returns ...as you indicated the crypto and stocks.

You will have to deal with the volatility...and it's a tough time in the markets...
At this time some of the oil service stocks are ok value..


If I were you I would open a joint account in a us domestic bank of quality...deposit your money there for the next few months.

Build some capital, the US jurisdiction is the best tax Haven for us.

[De Dragon]

Keep it out of TNT.
Systemic risk is the major concern.

Interest rates here on USD are largely eaten by fees.
Fees might put you into a negative real return.

So keep it outside of TNT in a domestic USD bank that is insured by the US FDIC.
I would look at Interactive Brokers...it is a perfect option

If you want better returns ...as you indicated the crypto and stocks.

You will have to deal with the volatility...and it's a tough time in the markets...
At this time some of the oil service stocks are ok value..


If I were you I would open a joint account in a us domestic bank of quality...deposit your money there for the next few months.

Build some capital, the US jurisdiction is the best tax Haven for us.

Agreed, but get a trusted person to go joint with, I cannot stress this enough.

[Redman]

Lemme expand for clarity.

Joint with rights of survivorship....on all US bank or brokerage accounts will expedite the access to the account if you die.

So generally it would your wife or child if they are 18.

Two signatories will keep things clean...also notification of activity etc..

A company account with the proper set up is also possible ..but a pain in the Yahoo.

[bluefete]

Keep it out of TNT.
Systemic risk is the major concern.

Interest rates here on USD are largely eaten by fees.
Fees might put you into a negative real return.

So keep it outside of TNT in a domestic USD bank that is insured by the US FDIC.
I would look at Interactive Brokers...it is a perfect option

If you want better returns ...as you indicated the crypto and stocks.

You will have to deal with the volatility...and it's a tough time in the markets...
At this time some of the oil service stocks are ok value..


If I were you I would open a joint account in a us domestic bank of quality...deposit your money there for the next few months.

Build some capital, the US jurisdiction is the best tax Haven for us.

Make sure you keep an eye on charges.

Example: if you open with US$1,000.00. Interest might be 1% per year. But bank charges might be US$15.00 per month. If you don't monitor all your money will be eaten up by bank fees.

[widdyphuck]

If you looking to stash the cash with no fees then a FCB USD account is what you looking for.

If you want a 1-2 % return then UTC income fund.

I'm sure there are also mutual funds with FCB and RBC that can give a better rate.

[MaxPower]

http://www.guardian.co.tt/news/tts-regi ... 228c5c9a55

[Redman]

If you looking to stash the cash with no fees then a FCB USD account is what you looking for.

If you want a 1-2 % return then UTC income fund.

I'm sure there are also mutual funds with FCB and RBC that can give a better rate.

Systemic risk is the follow on to a devaluation that is poorly managed..

I would get a chunk of USD out of this system.
Also I dont think the mutual funds carry the deposit Insurance where an institution fails...ie the funds can break the bid..loosing principal.

Like Miktay says return ON capital vs return OF capital

[widdyphuck]

If you looking to stash the cash with no fees then a FCB USD account is what you looking for.

If you want a 1-2 % return then UTC income fund.

I'm sure there are also mutual funds with FCB and RBC that can give a better rate.

Systemic risk is the follow on to a devaluation that is poorly managed..

I would get a chunk of USD out of this system.
Also I dont think the mutual funds carry the deposit Insurance where an institution fails...ie the funds can break the bid..loosing principal.

Like Miktay says return ON capital vs return OF capital

I don't think he can get the US out of this system that easy unless he has someone in the US to do business with.

[Dohplaydat]

Alright great advice so far, will consider stashing the US.

Does that draw any suspicion from the IRS? Do we have a tax treaty with the US as well or does that not apply here?

[Redman]

Alright great advice so far, will consider stashing the US.

Does that draw any suspicion from the IRS? Do we have a tax treaty with the US as well or does that not apply here?

Just be sure to keep your W8BEN current...its a calendar year document-and its YOUR responsibility.

If it lapses-and you sell they keep the max withholding-getting that reversed is real real pressure.

The US wants people to bank in their system.

As a non resident/non citizen there are ZERO tax implications for you to store ALL your investments in a domestic US account.Just keep your documentation current.
The system is the best in the world at protecting investors from fraud and institutional failure.

[Dohplaydat]

Alright great advice so far, will consider stashing the US.

Does that draw any suspicion from the IRS? Do we have a tax treaty with the US as well or does that not apply here?

Just be sure to keep your W8BEN current...its a calendar year document-and its YOUR responsibility.

If it lapses-and you sell they keep the max withholding-getting that reversed is real real pressure.

The US wants people to bank in their system.

As a non resident/non citizen there are ZERO tax implications for you to store ALL your investments in a domestic US account.Just keep your documentation current.
The system is the best in the world at protecting investors from fraud and institutional failure.

Nice to know man, thanks!

[widdyphuck]

Alright great advice so far, will consider stashing the US.

Does that draw any suspicion from the IRS? Do we have a tax treaty with the US as well or does that not apply here?

Just be sure to keep your W8BEN current...its a calendar year document-and its YOUR responsibility.

If it lapses-and you sell they keep the max withholding-getting that reversed is real real pressure.

The US wants people to bank in their system.

As a non resident/non citizen there are ZERO tax implications for you to store ALL your investments in a domestic US account.Just keep your documentation current.
The system is the best in the world at protecting investors from fraud and institutional failure.

Nice to know man, thanks!

What option did you choose?

[88sins]

Safest place to keep USD & have it earn interest?

Anywhere else but trinidad.
If the local banks don't bankrupt you with fees first, good luck getting your actual USD back in your hands without having to buy it back from them for a profit after you answer a million questions about why you want your money.

[Miktay]

The worst place to keep forin currency is the local big banking cartel.

Check out the local brokerage firms for safekeeping options. But even some of these ppl can be on a scene and they will give u information that they ‘hear about’ rather than solid advice.

Also check if local brokerages know how to invest in US Treasuries.

US banking system rates are low but at least they haven’t started using negative interest rates like a lot of the European banks.

[Redman]

Be careful going through local brokers to access foreign fixed income.

I've seen bonds sold into customer sub accounts that were priced higher than they ever traded.

20% losses in accounts with BBB + bonds...

[widdyphuck]

Be careful going through local brokers to access foreign fixed income.

I've seen bonds sold into customer sub accounts that were priced higher than they ever traded.

20% losses in accounts with BBB + bonds...

Which Brokers to avoid?

[bluefete]

How many times have we told people on this forum to never put your US$ cash in any bank in T&T?


RBC addressing fraud in US$ accounts
Geisha Kowlesar-alonzo
September 19, 2023

https://www.cnc3.co.tt/rbc-addressing-f ... -accounts/



RBC T&T has confirmed that it recently identified fraudulent e-commerce online activity that has victimised some of its clients with VISA Debit US dollar accounts in the T&T market.

This bank’s comments followed a concerned customer reaching out to Guardian Media after about US$700 went missing from her account during a period of a few weeks starting from August 28, 2023.


She stated that the monies went missing incrementally ranging from some cents to US$50.
In all about 59 fraudulent transactions were conducted.

According to the customer who has her account at RBC Gulf City, the fraud included a number of transactions including several from one labelled “Tic Tock Original.”

GML reached out to RBC who responded via email.

On whether this was prevalent, the bank said this was not the case, stating that only a limited number of clients have been impacted by this fraudulent activity.

The bank also offered advise to customers.

“We encourage clients to review account (online) statements, monitor credit reports where possible, periodically change passwords, be cautious of unsolicited requests for information, and verify they are dealing with a trusted source.

“If clients have questions or concerns about their card services, they should call the Client Advice Centre at 1-800-1RBC at their earliest opportunity. Our client advice centre representatives are ready to assist them with their cards or any other banking needs. All client claims are reviewed and addressed within 48 hours of receipt.”

RBC added that it has a wide range of security protocols to combat fraud and other criminal attacks on its clients.

“We take this matter with the utmost seriousness, and review and assess each instance of potential fraud or unauthorised transactions on a case-by-case basis.

“RBC is committed to supporting any of our clients who are affected by this disruption as quickly as possible. In all instances, we work with the client throughout the process to keep them informed,” it added.

On what assurances the bank can give that such allegations will be thoroughly investigated as well as assurances to US account holders that their monies are safe, the bank reiterated that safeguarding the security of its systems and the confidentiality of its clients’ information is always its top priority.

[pugboy]

so under the mattress still the safest placr

[xtech]

https://www.tictuk.com/

KFC and Pizza Hut use this platform to bill credit cards online orders. She probably get original kfc instead of extra spicy and don’t wanna pay

[88sins]

so under the mattress still the safest placr

Relatively. Just won't earn any interest.

[redmanjp]

so under the mattress still the safest placr

with all the home invasions? i doubt it

perhaps Paypal? use your credit card and buy US cash and store it there?

[pugboy]

hehe yeah mattress is first place they check

so under the mattress still the safest placr

with all the home invasions? i doubt it

perhaps Paypal? use your credit card and buy US cash and store it there?

[AlphaMan]

so under the mattress still the safest placr

with all the home invasions? i doubt it

perhaps Paypal? use your credit card and buy US cash and store it there?

And if paypal lock the account how you getting it back.

[pugboy]

we on kix here bro,
but seriously many ppl keep usd cash in safety deposit box in a bank

so under the mattress still the safest placr

with all the home invasions? i doubt it

perhaps Paypal? use your credit card and buy US cash and store it there?

And if paypal lock the account how you getting it back.

[AlphaMan]

we on kix here bro,
but seriously many ppl keep usd cash in safety deposit box in a bank

so under the mattress still the safest placr

with all the home invasions? i doubt it

perhaps Paypal? use your credit card and buy US cash and store it there?

And if paypal lock the account how you getting it back.

Kix...some person might actually read this ched later on and take it as good advice..
Not saying it's bad advice but paypal locks your account sometimes and it's a headache to unlock