ATM Rates?????

Timex

Bronze
May 9, 2002
726
0
0
I read some remarks about a lower exchange rate, when using an ATM bank card.

Lets see some other posts, so we know if one is better than the other.

And can some-body let me know, what was the Peso/Dollar rate at really for Saturday?

Me.........
I took 20,000. pesos out on Saturday, at the Acropolis Mall, CitiBank, ATM.

CitiBank On-line shows
01/31/04 CITIBANK CITIBANK,N.A. SANTO DOM $408.01US

Which means I recived a 49.01 peso to the 1 U.S. dollar.

Thanks
Tim H.
 
Last edited:

Adrian Bye

Bronze
Jul 7, 2002
2,077
138
0
You shouldn't use ATM's as a primary means of money exchange if you live here. Cash checks, put the cash in teh bank, and withdraw that from the ATM.

The ATM is only useful if the exchange rate is dropping really quickly.

I have consistently found what you are describing now. ATM exchange rates are always around 5% below the market rate.
 

Danny W

Bronze
Mar 1, 2003
999
12
0
It seems like it's closer to 10% lately. There has to be an office or agency to call to get the day's ATM rate. So far, no one has come up with anything. Surely someone who is well known at a local bank can find out. I'm in NY. - D
 
Apr 26, 2002
1,806
10
0
February 2 PPD Jarabacoa: 49:1 (USD)
February 3 BPD La Vega: 43.4 (USD)

THEY'RE PLAYING GAMES AGAIN!!!

I can live with 5% below market rate. I can't live with 20% below market rate!
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Boy, we just don't have that problem. Today's rate in Santiago, as quoted to me by MrMike is 54:1. We just took out a withdrawl on an ATM/CC in Sosua this morning and got 52.5:1.

About 2.7% below Santiago, but probably pretty close to what I would have gotten for a check.

Tom (aka XR)
 

Danny W

Bronze
Mar 1, 2003
999
12
0
So do we assume that there is no rhyme or reason? There must be a way to find out in advance. -D
 

arturo

Bronze
Mar 14, 2002
1,336
97
48
I hope this clears some of the confusion

The exchange rate you receive at ATMs is determined by the financial institution from which you source your funds. In other words, if you have a savings or checking account with a credit union or a bank in the Europe, Asia or wherever and you use an ATM card to withdraw pesos against that account at a Dominican ATM, the rate of exchange is determined by the non-Dominican credit union or bank.

You have to check with whichever entity issued the ATM card you are using. Some institutions use a formula as an established foreign exchange base rate plus a transaction fee but it varies. If you are a regular ATM user you should do some research and find an institution from which to source funds that does not take unfair advantage. I won't name names but the rates range from attractive, to fair, to rapacious.
 

arturo

Bronze
Mar 14, 2002
1,336
97
48
Danny...

You asked for a way to find out in advance and I have given it to you. It is all the help you need.
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Arturo Nailed It

There's nothing else to say. I have posted the same thing at least half a dozen times but folks just don't seem to want to pay attention. The owner of the ATM really has no say in the exchange rate. They can and sometimes do tack on per use 'fees'. But the exchange rate is set elsewehere at the source of your funds.

Whenever applying for, or inquiring about, a credit card, bank account, or ATM card, just ask how they calculate international withdrawls on the card. That's all there is to it.

Tom (aka XR)
 
Apr 26, 2002
1,806
10
0
XR,

Please remember that everything was fine with the ATMs until recently. And while you report that your ATM withdrawals are unaffected, many people have reported strange exchange rates recently. And these people do not all have the same US bank. So something fishy is going on.
 

Danny W

Bronze
Mar 1, 2003
999
12
0
I just had a phone conversation with a Citibank manager in SD. She told me that the rates of all (or almost all) ATMs are set by company called ATC which is owned or partly owned by Banco Popular. She believes they are located in Santo Domingo. Anyone with connections in Banco Popular? - D
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Porfio_Rubirosa said:
Please remember that everything was fine with the ATMs until recently. And while you report that your ATM withdrawals are unaffected, many people have reported strange exchange rates recently. And these people do not all have the same US bank. So something fishy is going on.
I do remember. Just doesn't matter. The rates are controlled at the source. Peiod. End of sentence. Next to impossible to do it any other way anyway for many reasons not worth detailing here even if you wanted to cheat people. And there's an easier way to rape withdrawers. Withdrawl fees. Makes no sense to fudge the exchange rate. If there was a consesnus even. Stop being so paranoid. At least about the automatic teller monsters.

The 'fishy' that you're smelling is just the exchange rate bouncing around like a two knot windsock. 45 one minute, then down to 30, back up to 60, now at 50 and dropping. Plus what's the REAL rate? Big differences pop up from one source to another as uncertainty reigns. Nothing more.

The ATM's don't react like a change house. You're best taking money out of ATM's as it drops because they lag behind, and using checks as it goes up as they respond more quickly.

Tom (aka XR)
 

Adam Spenser

New member
Nov 29, 2002
81
2
0
Atm rates

If you are asking what I got on Saturday not from an ATM, but from Vimenca it was 54.90 at 11am. Unless someone can tell me otherwise I believe ATMs are a losing proposition.
Adam
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Good Lord.

Doesn't anybody actually ever read these post responses?

Long detailed descriptions of what happens, how it happens, how it gets charged, when it's better, when it's worse, not only here but in the archives, and then the very next post another opinion void of thought, comprehension, or fact.

:: sigh ::

You're right better just to use Presidentes as currency. I am outta this one.
 

andy a

Bronze
Feb 23, 2002
532
0
0
A year ago, I posted the following and was given the data by ONE respondent.

If anyone else can get it done, wake me please when it's over.

==================================================================

andy a
Silver

Registered: Feb 2002
Location:
Posts: 490

ATM results survey

Lately there have been discussions concerning the slippage (loss) in the use of ATM cards versus what one could get with cash.

Since this hits us all (most, at least) right in the pocketbook, I'd like to take a survey to find out for all of us just how big a problem it is.

If you are interested, could you please fill in 3 numbers for a little equation:
------------------------------------------------------------
1) RATE = number of pesos per dollar paid on that date by the local casa de cambio (exchange house).

2) DEBIT = amount charged against your account by your bank for the transaction.

3) PESOS = number of pesos you got from the ATM.
-------------------------------------------------------------

Explanation:
In 1) above, the rate paid by casa de cambios should be entered because it is normally the best rate available. I suspect that much of the confusion on this subject is by people using bank rates, which are much worse.

If anyone doesn't have the moneychangers' rate for that day, indicate the date, please. The approximate rate can then be ascertained from archived information. In fact, the date is a good idea anyway, even if not necessary.

In 2) above, the amount that your bank charged your account will probably need to be determined online. Service charges, typically 1 or 2 dollars, are insignificant and can be ignored.
--------------------------------------------------------------

The equation is this:

Slippage = 100 * (1 - PESOS/(DEBIT * RATE)).

a) Multiply DEBIT by RATE.
b) Divide PESOS by the result in a).
c) Subtract the result in b) from the number 1.
d) Multiply the result in c) by 100 to make the slippage be in percent.

If anyone is intimidated by the math, don't bother - I'll figure it out for you (us) from your post.
-----------------------------------------------------------------
Example (hypothetical):
On Feb. 3, the exchange houses pay 22.0 to 1. Our hero withdraws 4000 pesos from an ATM. Later, he goes online to find that his bank charged him $190.00 for the transaction.

The equation is then solved thusly (numbers rounded off):
Multiply 190.00 by 22.0. Result is 4180.00.
Divide 4000 by 4180.00. Result is 0.9569.
1 minus 0.9569 is .0430.
100 times .0430 is 4.30 percent for the slippage.
-----------------------------------------------------------------

By the way, the equation will work for any currency, not just dollars.

In my experience, it amounts to about 7%, but some posters have said that it was negligible for them. I don't know why it would vary significantly from bank to bank, so I'd like to find out for all of us just what to expect. It would certainly be worth switching banks if the saving would be substantial.
 

Danny W

Bronze
Mar 1, 2003
999
12
0
Hey Xanadu - I know I'm not smart enough, but maybe you can tell me what I'm missing. I would like to know my rate BEFORE using an ATM. ATMs are the only practical method for me. If I know they are paying lousy even though the official rate is high, I'll wait till another day when they are paying better. That could save me plenty of dough in the coure of a year. So, stupid though I may be, where did someone explain to me how to find the rate? I thought I found some useful information from Citibank that someone could follow up with. Jeez, this is frustrating! - D:angry:
 
Apr 26, 2002
1,806
10
0
XR assumes that everyone is in his exact same position, and therefore his advice best suits everyone. I for one cannot leave blank checks behind in the DR when I need to pay people and I'm out of the country for extended periods, and I sure as hell will not leave large sums of money in Dominican banks. ATMs worked fine until recently - with an exchange penalty not exceeding 5% - well worth the convenience for my situation.

I for one would like to find a way to return to the status quo, and finding out the exchange rate on an ATM prior to withdrawal would help.

I also find it hard to believe that my little US savings bank in Pennsylvania has a currency trader working on every one of my family's ATM transactions. So there has to be a better answer.
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
2,493
0
0
Ayayayayayayayayi!

Try to help some folks and this is the thanks I get.

Porfio, I find it hard to believe then that your poor little PA bank can even issue a credit card or ATM card that can be used outside of McElhatten, or Gobbler's Knob, or wherever then!

Banks issue cards to their clients as part of an association with larger banks that do all the overhead for crying out loud. So, YES THEY HAVE SOMEONE PEGGING THE RATES EVERY DAY. Get over it.

You want to find out what the rate is every day - and it's been explained at least a dozen times in this thread to no avail - then you have to find out which service the issuing bank uses, and look that up on the net before your withdrawl. What part of this is everyone missing?

You want to go back to the status quo? Get rid of old Baldy so the currency stabiizes. That's it. These fluctuations as have been explained ad nauseum here are the result mostly of currency fluctuations. not some grand local conspiracy.

Look, I know how dangerous it can be trying to disabuse conspiracy theorists of their rants, but pal, calm down! The information posted here is correct! Just read it. Everyone is in the same boat.

Some issuers cards pay better rates than others overall. Nothing more sinister than that. Change banks, man! PayPal gives better rates on their ATM cards. Use theirs and dump the Puxhawtawny Phil's Diner's Club Card.

Tom (aka XR)