ATM Rates?????

[Danny W]

Tom, I know this gets you upset, so please don't read this.

I located the website of Red ATH, the Dominican company in control of just about every bank ATM in the DR. But I could not find a phone #. I assume they are in Santo Domingo. I also assume that there is a way to get the day's rate from them. They may be listed as ATH or Red ATH. Their web address is www.ATH.com/do So how about a local giving it a try?

I called Paypal, and they would be no different than a credit card or normal debit card. I spoke to Mastercard (I always seem to get a great rate on my purchaces) and they indicated that a cash advance would be at their rate with a 6% charge (3% theirs and 3% the bank's). That's better than the ATMs lately.

I'm glad XR isn't reading this!!

 

[XanaduRanch]

I am not upset DAMNIT!

Actually, I am smiling! I am just amused by people turning this into a big conspiracy when it's just the fluctuating peso and differing bank fees.

Nothing incorrect with what you posted. Finding the exchange rate used on an ATM is very difficult to do. The bank you're pulling it from often doesn't know who sets the rate or where to look for it and if they do they don't always want you to know what that is. We had one card that charged $1 per withdrwal (exchange rate was not bad). Used it because it was easy for clients to pay us on that card from the states. One month we discovered they changed their fee without telling us and every withdrawl was $4.50! And since we had to take it out in RD$5K chunks often times, I was pu'd!

Just keep in mind these are two different items we're talking about. These withdrawl fees are Not the same thing as the exchange rate for the principal amount of the withdrawl. You can get screwed on the withdrawl fees both by your home bank, and by the bank at which you make the withdrawl.

It needs to be pointed out that an ATM functions no differently in Dubuque, than in Santo Domingo, or in Kuala Lumpur. I should know I've used them in all these places and many more.

The software that allows this wonderful exchange simply wouldn't work if each bank or country set their own standard to gain a few pesos or rubles or ringets on every transaction by playing with the exchange rate. They don't need to. That's what the fees are for. It's always the same rules. An exchange rate (if not in the same currency as the funds home country), and a withdrawl fee which can be either a set amount or a % fee from both the HOME bank and the REMOTE bank.

Tom (aka XR)

 

[XanaduRanch]

A Case in Point

53.5 to 1
Thursday-Friday
Banco Progresso ATM Sosua
RD$31,000 cost US$579.48

The Peso is currently rising in value against the dollar so we have been using the ATM cards to our advantage.

Thursday and Friday Alba withdrew a total of RD$31,000.00. Our PayPal account was debited US$579.48. That's an exchange rate of 53.5 Pesos to 1 U.S. Dollar.

While paying a dollar based contract in Santiago Friday afternoon the firm used the current Friday afternoon Vimenca exchange rate of 48.0 Pesos to the Dollar.

That's a net gain of $1,930.50 extra pesos in my pocket from having used our ATM cards wisely at a time the Peso is rising in value.

When the Peso is stable we lose 1.5%-2.0% with this card compared to a check cashed at a cambio. When the peso is falling in value we skip the cards as much as possible and write checks. How much you gain or lose between these forms depends on how much value the Peso gains or loses in a day, between the time the rates are set on the plastic.

Hope that helps.

Tom (aka XR)

 

[XanaduRanch]

53.5 to 1
Saturday
Banco Progresso ATM Sosua
RD$7,000 cost US$130.88

Tom aka XR

 

[XanaduRanch]

53.5 to 1
Monday February 9, 2004
Banco Progresso ATM Sosua
RD$6,000 cost US$112.18

Tom aka XR

 

[Danny W]

So XR (my hero) - today and tomorrow should be days to use the ATMs, right? Let's see what happens. - D

 

[XanaduRanch]

So XR (my hero) - today and tomorrow should be days to use the ATMs, right? Let's see what happens. - D

Probably,finally, down a bit. But I need to pay folks here tomorrow so I'll letyou know.May use a different card just to confuse the issue.

Tom aka XR

 

[XanaduRanch]

50.5 to 1
Thursday February 12, 2004
Banco Popular ATM Sosua
RD$7,000 cost US$138.65

Tom aka XR

 

[Danny W]

Just got some earlier ATM rates. My girlfriend's brother stole the ATM card I gave her, and I have just been able to access the account on my computer. Banco Popular, SD: 2/9-53.5, 2/10-51.2, 2/11-50.5 (the guy did pretty well!) Today she got 48.5 in SD, but I won't know which ATM until tonight. - D

 

[XanaduRanch]

To Everyone Who Said I was Making It Up ...

Nyah-nyah-ne-nyah-nyah! Thfpppt!

Just got some earlier ATM rates. My girlfriend's brother stole the ATM card I gave her, and I have just been able to access the account on my computer. Banco Popular, SD: 2/9-53.5, 2/10-51.2, 2/11-50.5 (the guy did pretty well!) Today she got 48.5 in SD, but I won't know which ATM until tonight. - D

Those match up pretty closely to what I've been getting. Afraid to see what today'swill bring. 40:1 on the street in Cabarete! I know the ATM will be better, but ycch! If prices don't come down (and they won't) that's a big hit. More belt tightening I guess.

Tom aka XR

 

[MommC]

I guess it pays to be in Can.$$$ this year!

We've been getting 37.6-41.5 pesos per Can.$ using our Mastercard for cash withdrawals at ATM's. Our Visa card withdrawals have been a few points less that the Mastercard (BMO always has better exchamge rates in our favour).
Casa di Cambios are about 2-4 pesos less.

Our neighbour exchanges cash on pretty much the same days as we withdraw so we compare rates regularly and we always come out on top!! :devious:

 

[XanaduRanch]

48.6 to 1
Friday February 13, 2004
Banco Progresso ATM Sosua
RD$6,000 cost US$123.57

Tom aka XR

 

[XanaduRanch]

Ha ha ha ha ha! Scotty you reading?

Over the weekend last, prices went artificailly low as change houses knew rates were going down but had to err on the side on caution as the banks were closed. On those occasions you will always get a better rate using an ATM debit card. The opposite is true too when we have a rapid rise week then come weekend the exchanges will err to the higher side instead.

'Nuff said. Who said that first? Hmmmmmm.

Tom aka XR

 

[mountainfrog]

ATM-Rate

My US-Bank replied today:
Today?s exchange rate for Dominican Peso is 41.85
The only way to find out prior to an ATM-withdrawal is to ask them or find it "online".
Latter was not elaborated on.

 

[XanaduRanch]

Normally ...

The following was posted yesterday by arturo in the thread titled "Today's exchange rate". 15 February about 7 p.m. 48.50 (700 pesos for which bank statement showed a deduction of US$14.42) ' ' Gazcue, Santo Domingo arturo (or anyone else that can answer), I didn't want to ask in the exchange rate thread as it is for posting rates only so I am posting here. Are you saying that the ATM that you used printed out a receipt showing a withdrawl of 700 RD and also printed the US value of the 700 RD (14.42)?

What I do is withdraw money using the bank card. Then check online to see what it cost. One of my cards posts almost instantly. The other takes anywhere from a few hours to a day or so. It is not printed on the ATM receipt here how many dollars (or whatever home currency you are using) was deducted from your home country account. You need to go online, or check your statements for that information.

Tom aka XR

 

[Danny W]

Yesterday, 2/18, Asoc. Cibao Atm around 1 pm in Santo Domingo 42.85. XR, my guru, the value of the peso is falling again. What's your rule of thumb for ATM lag time, 2 days? - D

 

[XanaduRanch]

Yesterday, 2/18, Asoc. Cibao Atm around 1 pm in Santo Domingo 42.85. XR, my guru, the value of the peso is falling again. What's your rule of thumb for ATM lag time, 2 days? - D

I'd say that's probably about right with a few caveats. I don't think the cards rate lags so much as the street just reacts a little faster. Sometimes though the street exchange rate isn't really very accurate and the ATM's never reflect those momentary peaks and valleys. I've also noticed this last time that our cards at least seem to keep the Friday rate fix Saturday and Sunday as well, as if they do not make any currency adjustments over the weekend.

Tom aka XR
'

 

[arturo]

no, that is not what I said

The following was posted yesterday by arturo in the thread titled "Today's exchange rate".

15 February about 7 p.m. 48.50 (700 pesos for which bank statement showed a deduction of US$14.42) ' ' Gazcue, Santo Domingo

arturo (or anyone else that can answer),

I didn't want to ask in the exchange rate thread as it is for posting rates only so I am posting here. Are you saying that the ATM that you used printed out a receipt showing a withdrawl of 700 RD and also printed the US value of the 700 RD (14.42)?

The rate information comes from my online banking statement, which is updated nearly real time. I had the information less than 5 minutes after making the ATM withdrawal. I don't know how to say this other than how I've been saying it previously in this thread: it depends on your host financial institution.

 

[XanaduRanch]

47.9 to 1
Thursday March 4, 2004
Banco Popular ATM Sosua
RD$16,000 cost US$334.36

Tom aka XR [/

 

[XanaduRanch]

43.5 to 1
Monday March 22, 2004
Banco Progresso ATM Sosua
RD$3,900 cost US$89.75

Tom aka XR [/