Okay - we SO appreciate these forums and check 'new posts' 2x's/day! I have read everyday for months. Only posted a few times because by doing a few searches we can generally find all the answers we need!
BUT - now it is really 'crunch time' and we still are a bit confused - sorry we tried but didn't really find the complete answers - or understand everything we read!
So - background - we will be moving from Canada to Santiago Aug 1. We will be receiving a salary there, they will assist in setting up a DR bank account and we will be paid in pesos. However - we will ALSO receive part of our income from Canada in CAD. That will be automatically deposited in our bank here (CIBC). We will need that money in there for bills from Canada but they are automatically paid or online banking - no problems there. BUT we will also need some of that money to live off in the DR. What is the best way to handle that? We will have a CAD debit card & credit card. They are also setting us up with a USD credit card (that will be paid from our CAD account). They have also said that they can set us up with a USD account at our bank here and with a phone call we can let our banker know to transfer from the CAD account to the USD one if it is better to have a US account.
SO. If I need the money from my CAD account - can I use my CAD debit and withdrawn money at an ATM in pesos? Or would I use my USD account to withdrawn? I have read about limits in amounts and we will keep that in mind of course - and maybe need to withdraw once or twice a month from the CAD or the USD just to supplement our DR account. I also know to keep it to a minimum as the ATM's seem to charge a fee each time to withdraw (assuming that is still the case - that was a 2007 thread). From what I have read going into a bank and asking the teller to transfer from my CAD to my DR account will obviously NOT work!
Help! And thank-you all so much for all your 'unknowing' help in the past! We are very excited for Aug 1!
BUT - now it is really 'crunch time' and we still are a bit confused - sorry we tried but didn't really find the complete answers - or understand everything we read!
So - background - we will be moving from Canada to Santiago Aug 1. We will be receiving a salary there, they will assist in setting up a DR bank account and we will be paid in pesos. However - we will ALSO receive part of our income from Canada in CAD. That will be automatically deposited in our bank here (CIBC). We will need that money in there for bills from Canada but they are automatically paid or online banking - no problems there. BUT we will also need some of that money to live off in the DR. What is the best way to handle that? We will have a CAD debit card & credit card. They are also setting us up with a USD credit card (that will be paid from our CAD account). They have also said that they can set us up with a USD account at our bank here and with a phone call we can let our banker know to transfer from the CAD account to the USD one if it is better to have a US account.
SO. If I need the money from my CAD account - can I use my CAD debit and withdrawn money at an ATM in pesos? Or would I use my USD account to withdrawn? I have read about limits in amounts and we will keep that in mind of course - and maybe need to withdraw once or twice a month from the CAD or the USD just to supplement our DR account. I also know to keep it to a minimum as the ATM's seem to charge a fee each time to withdraw (assuming that is still the case - that was a 2007 thread). From what I have read going into a bank and asking the teller to transfer from my CAD to my DR account will obviously NOT work!
Help! And thank-you all so much for all your 'unknowing' help in the past! We are very excited for Aug 1!