ATM exchange rates?

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liam1

Bronze
Jun 9, 2004
843
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where can i find the exchange rate i'm paying when i withdraw money on ATM machines (with canadian debit card)? as far as know, ATMs in the DR don't print receipts, so i have no idea how much i'm paying for the peso until i get back to canada and check my balance. and also, do all banks (TD, Scotia, CIBC...) offer same rates, or does each bank sets its own rate? thanks alot.
 
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DMAO

New member
Oct 30, 2004
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Yes, ATMs do print receipts. They give you the balance in
Peso. I don't know where they got the exchange rate from. I used one in Mao and didn't know the dollar amot until I got into the states. It said the amount in Peso and Dollar.
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
4,837
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Do a withdrawl and then go online to your online banking and have a look, as it will post in seconds. It's easier to just bring US cash.
 
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Texas Bill

Silver
Feb 11, 2003
2,174
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www.texasbill.com
Jd...

That's not entirely true. I have, on a number of occasions recently received a better exchange rate through the ATM than if I had cashed a check for Pesos at my usual Cambio House. The difference was in the neighborhood of a couple of Pesos to my benefit. I know it doesn't make sense, but that's the reason I feel that the local market is being manipulated severly.

Otherwise, why is it that the rate ALWAYS goes down on the weekend???

It's called hedging! All's fair in love and war and in the money market!!!!!!!!!!!!

Comments anyone???

Texas Bill


Edited to add the hedging part...TB
 
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Thebes

New member
Jun 18, 2004
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Texas Bill said:
That's not entirely true. I have, on a number of occasions recently received a better exchange rate through the ATM than if I had cashed a check for Pesos at my usual Cambio House. The difference was in the neighborhood of a couple of Pesos to my benefit. I know it doesn't make sense, but that's the reason I feel that the local market is being manipulated severly.

Otherwise, why is it that the rate ALWAYS goes down on the weekend???

It's called hedging! All's fair in love and war and in the money market!!!!!!!!!!!!

Comments anyone???

Texas Bill


Edited to add the hedging part...TB
Click to expand...

I've noticed the same thing lately. I was pleasantly suprised that I got, well over half the time, about a peso more than the best rate I heard of in Sosua. Of course last time it was the other way around. Win some, lose some.
 
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Porfio_Rubirosa

Bronze
Apr 26, 2002
1,806
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The deal seems to be this: The ATMs (accessing foreign bank accounts) are slower to react to currency fluctuations than the street. So when the Peso goes down in value, you can usually trade better on the street. When the Peso goes up in value, you should horde from the ATM. In fact, in the latter case, people do. I remember a few days of dramatic increases in Peso value where the ATMs were all out of money.

In a stable market, you always get a slightly lower exchange rate from an ATM - but nothing significant to a typical vacationer.
 
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