How to bring over money

T

thatkitesurferdude

Guest
Hi guys,

I am flying to Cabarete for five weeks starting tomorrow. While I plan on bringing some cash, I refuse to walk around with a suitcase handcuffed to my wrist.

ATMs sound expensive as my bank will whack me for foreign transaction fees, non-bank ATM fees, and the currency conversion rate is terrible (40.8 dom pesos per dollar vs NY rate of 42.4). This is on top of any local ATM operator fees. My understanding is that no one in Cabarete will take credit cards outside of the local supermarket (Janet's).

After researching various options, I am thinking of using Western Union to simply wire myself hard cash. Its $5 and I can send as much as I ever need with only a 3 day turn time. I created an account at WU linked to my bank account in the USA for this express purpose.

Has anyone actually tried this? It seems the best bet for sending blocks of cash as the $5 fee per $1,000 block is cheap imo. If you live in Cabarete and/or the DR, and can think of potential issues, please let me know. Only thing I cna think of is getting the cash back to my hotel's safe might pose a safety issue but Im a really big guy and if I do it at 12 noon I should be able to clear it ok. Not sure if the WU office in Cabarete is in a slum though.
 
Wishing you well

Wishing you well

Gold
Sep 4, 2012
5,931
57
48
You will get tons of replies with ways to accomplish it. Me, myself and I just use CCs with no foreign fees attached. Many would steer you away from CCs but in my case, have yet to have any issues using them in DR and I do use the heck at of them.

You can always use XOOM but the exchange is not the best and they'll charge $4.99 to transfer up to 4K. You can bring up to 10K with you cash but I won't suggest that, carrying cash is not the safest away to go about it around here.
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
many of us bring in cash.

ask your bank about a participating bank in the DR..... many have reciprocal arrangements.

lots of threads on this here......
 
Xavier_Onassis

Xavier_Onassis

Gold
Aug 6, 2006
8,775
12
38
Xoom is reliable and fast. They will forfeit their $4.99 per transaction fee for the first transaction. I think they are probanly better than Western Union.
 
T

thatkitesurferdude

Guest
I am researching XOom, do I need a local Dom bank account for it to work? Is there a pickup location/service to pickup hard cash in USD? Banco Popular?

WU is only charging me $5 for online transactions and the ability to pickup USD in Cabarete is basically a slow ATM with a lower fee, this means I can do smaller stuff like $800-$1,000 transactions without getting crushed by fees.

I travel alot and even in the US I basically use credit cards for everything however my research indicates few establishments in Cabarete will take cards. I do have multiple travel cards with no foreign transaction fees on purchases. I believe this will be a problem as I was not able to use a CCR for my hotel (worked out a Paypal transaction with my hotel) and ALL of the hotels on kitebeach had that same issue except for the ludicrous ultra expensive one. Further research on Tripadvisor shows me virtually all of the top rated restaurants in Cabarete are cash only (its a common complaint on TA). So I am trying to plan this so as not to end up eating Ramen noodle soup for 5 weeks.

I dont like walking around with large sums of cash.
 
E

Expat13

Silver
Jun 7, 2008
3,255
50
48
Bring 10k cash with you and make sure your hotel has a good safe. If you play with the chicas, go to the cabana.
 
Xavier_Onassis

Xavier_Onassis

Gold
Aug 6, 2006
8,775
12
38
Suppose you want to send $10,000 RD.
Today's rate is quoted at $1.00 US= RD $43.75
Xoom's rate today is $1.00 US = RD $41.8375

So RD $10,000 will cost you $239.00 plus the $4.99 fee or $243.99.
RD $10,000 would cost you in cash, $231.12.
That is US $12.86 or about 5.564% less. Of course, the more you send, the less the charge per dollar sent.

I do not know how much this would cost using Western Union.
 
E

Expat13

Silver
Jun 7, 2008
3,255
50
48
This is the reason for cabana. The doe stays in the hotel safe and the hoe goes to the cabana.
 
T

thatkitesurferdude

Guest
Derfish said:
Otherwise when you are coming the money can be going.
Click to expand...

LOL

I was actually unaware of the local chica scene. As my username implies, I am a kitesurfer (should be self explanatory why I am going to Cabarete).

I just did a sample transaction run thru on Xoom, they want a $19.99 fee to deliver in dollars whereas WU charges $5. The exchange rate on Xoom is much better at 42 DOP per USD whereas WU is offering 40.89 DOP per dollars. Both charge a $5 fee if delivering in DOP. So if I get DOP then Xoom is better, but if I want dollars WU is better. I really hate losing from 43.49 to 42, thats a hidden 3.4% fee on currency spreads.

It beats WU and probably most money changers but my understanding is everyone in Cabarete will take dollars. Granted how much they over charge me for paying in dollars is a good question altho all of the menus and stuff seem to be priced in dollars anyways since the town caters to foreigners.

Interesting info guys, thanks for the help!
 
C

Contango

Banned
Dec 27, 2010
2,196
5
0
This guy got caught but this worked for me in the past. I hate paying Orwellian amount of taxes.
71.jpg
 
T

thatkitesurferdude

Guest
Derfish said:
But if one uses the ATM card and there is a fee of $5.00 plus a 3% fee on top of that and the exchange rate is 43.2 which is better? I have never taken the time to calculate that. But one could do so.
Click to expand...

Dont forget BOTH banks will charge an ATM fee - my bank charges for using other banks ATMs and I imagine the local ATM owner charges as well. Plus the ATM has alot of limits on the amount which forces you to do multiple trips the flat fees add up in that scenario.
 
E

Expat13

Silver
Jun 7, 2008
3,255
50
48
thatkitesurferdude said:
LOL

I was actually unaware of the local chica scene. As my username implies, I am a kitesurfer (should be self explanatory why I am going to Cabarete).

I just did a sample transaction run thru on Xoom, they want a $19.99 fee to deliver in dollars whereas WU charges $5. The exchange rate on Xoom is much better at 42 DOP per USD whereas WU is offering 40.89 DOP per dollars. Both charge a $5 fee if delivering in DOP. So if I get DOP then Xoom is better, but if I want dollars WU is better. I really hate losing from 43.49 to 42, thats a hidden 3.4% fee on currency spreads.

It beats WU and probably most money changers but my understanding is everyone in Cabarete will take dollars. Granted how much they over charge me for paying in dollars is a good question altho all of the menus and stuff seem to be priced in dollars anyways since the town caters to foreigners.

Interesting info guys, thanks for the help!
Click to expand...
Kitesurfers are not out of bounds as chica targets
 
T

thatkitesurferdude

Guest
william webster said:
pretty easy to overthink this..... to spend $8 to save $3.....

convenience has a value ................to many
Click to expand...

In prior trips abroad I have done the ATM strategy, it is expensive. My bank charges ATM fees, the other bank charges for the ATM, there is a foreign transaction fee, and then the currency conversion always sucks. For a place with weak card acceptance, this can get brutal if you are forced to do numerous small transactions at ATMs. I have been there done that. So I do analyze it - thats cash I could spend on other things.
 
T

thatkitesurferdude

Guest
Expat13 said:
Kitesurfers are not out of bounds as chica targets
Click to expand...

So you say I should do a DOP delivery just to pay the chicas? LOL

Well, I know how to do it if I want it, certainly not the advice I came on here for but I'll recall it if I need it.
 
T

thatkitesurferdude

Guest
Derfish said:
I doubt if the places that will not accept a Visa card will accept dollars.
I haven't tried. I live here and change my dollars as quick as I get them.
Der Fish
Click to expand...

dunno but I went thru 10 of the top 25 restaurants listed on TA for Cabarete and they had prices quoted in dollars and reviews stating the place did not take cards. Everything from casual food like tacos to a French place serving wine with the food, with lots of people complaining about the lack of card acceptance combined with higher prices in dollars. Mind you, all of this is in tourist trap land so Im sure you would choke on these price lists (I choked at the $3 Presidente beers, I will want my beach chair with a cooler loaded with ice and supermarket bought beer).

So if you live in Cabarete and you go to the restaurants I wish to eat at, you would know more than I, but this is what my internet research has shown up.

Anyways, I have no way to buy RDs here in the USA and the airport is always a ripoff, so no matter what I wilbe able to decide what type of transfer I want once I am there and know where I wish to spend money. On arrival I will have dollars and will figure it out once there - right now I just need to know how to ship money in country as DR is not easy to pay for things, but Im fairly certain things will require payment lol.
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
renegotiate the price at todays rate...

Janets seems pretty fair for exchange, I hear

Frank 12 here is at Jose o'Shays

they ALL know the current rate
 
S

suarezn

Gold
Feb 3, 2002
5,823
290
0
55
Dude how much are you going to spend in a month, especially if you're not going down there to 'play'? Probably not more than a couple of thousand USD. Take that in cash. It's not that much. Hide it somewhere when you don't want to carry it around...and I agree don't use the safe box, but there are usually plenty of places to hide such small sum.
 
You must log in or register to reply here.
Top Bottom