atm stuff again

[missbux]

Hi all
I'm planning to arrive in the DR on Nov 2 for a few months. I've read the posts and your advice about visiting first has been taken to heart. My question and i know it's an old one but what is the current situation re getting a fair exchange rate from a bank with an atm card. This is my biggest fear. I hate being ripped off. I have 2 atm cards with major canadian banks. Oh i'm gong to cabarete by the way. Ii fear i will not be able to extract cash at a fair rate when i most need it. Any canadians living off atm cards who might be able to help please get in touch.
cheers
missbux
I've gone to my canadian banks and i cannot draw from a us bank account outside of canada. ???????? I know it's dumb.

 

[Peter & Alex]

Why not come on down and then open a local bank account in pesos and simply wire any money you need as you need it? Yes, you will pay for the wire transfer but how will this cost compare to ATM charges?
Peter

 

[Ken]

I have Canadian friends that told me that they did better on the ATM machine than they would exchanging Canadian dollars here.

 

[Lyse]

Use a credit card.

When you need money, you transfer the amount by internet from your bank account to your credit card account. After you go to the bank and withdraw the amount in pesos with your credit card. There is usually no fees by doing so and no interest as long as you have nothing else on the credit card. The exchange rate is good. Our credit card and bank account are with R.B.C.

 

[andy a]

Good luck finding out !!

There's numerous posters, at least sometimes, who like to crow about what good deals they got on ATM's, but don't provide enough info.

Therefore, I proceeded once to find out just how much one loses by using an ATM in the DR. I prepared precise instructions how to calculate the cost. I also put it in equation form. Finally, I volunteered to calculate it myself if they would only provide the information.

I got one response.

BTW, for both that one respondent and me, it was about 5 or 6 percent.

In many ways, this board seems to be an extension of the DR itself. Therefore, at all times ..."Remember where you're at".

 

[Adrian Bye]

This has been discussed quite a lot before.

I calculated that ATM's take around 4.5% including the bad exchange rate they give you, etc.

Credit card cash advances are a bad idea; don't do that, even if you put the money in right away.

Wire transfers are also a bad idea, because all local banks except BHD charge to receive wires. Its also more hassle.

Bringing cash is good; you can always deposit it directly into a USD savings account.

Ken told me the best way: cashing checks with Vimenca (or a bank) directly for pesos. However you need to have a relationship with an exchange house to do that.

Failing the ability to cash checks stick with your ATM card. Currency value here drops over time so you're almost always going to end up in front.

 

[missbux]

Hi All

Many thanks for all of the prompt replies. I will never use a credit card in a foreign bank (been there) and all of the other suggestions are way too much hassle. As I see it my choice is to lose 4.5% using an ATM card plus a bad exchange rate in the hope that what i get today will be a good deal because chances are the spread between pesos and us bux will go up even more in the future OR i can open a us dollar account in a DR bank and risk god knows what, pestilence, devaluation or outright theft )) Is this about right. Hmmm gives one pause and makes for a very expensive tan )
cheers
missbux

 

[Jasper]

good exchange on c/c

i am looking at my bank of mtl mastercard statement. my cash advance was at an exchange of RD$25 to 1 C$ and a C$4.50 fee. that's a very good exchange rate. and the fee is certainly offset by the fair exchange rate. at that time in the dr, i don't think i could have sold C$ for more than RD$25. my bom atm card would have been the same exchange rate. why would anyone want to carry a ton of course or wait in line at vimenca?

 

[missbux]

thanks for the addedd responses. I am bringing sufficient traveller's cheques in US funds to cover a few months. My concern is that if the windsurfing is as great as they say i may want to extend my stay. At this point i will have to access my canadian bank accounts for cash to live on. I'm sure by then will have figured things out by meeting up with some of you or learn from those i meet in cabarete. I'm sure many have trodden the same path but it would be nice to know the local MO before arriving.
cheers and thanks
missbux

 

[Lyse]

This has been discussed quite a lot before.

Credit card cash advances are a bad idea; don't do that, even if you put the money in right away.

Bringing cash is good; you can always deposit it directly into a USD savings account.

Why are the ccc advances a bad idea???

If you bring 10 000$ and more, you better not to forget to declare it to the Canadian, American and D.R. customs or don't get catch

 

[Lyse]

Hi All

... I will never use a credit card in a foreign bank (been there)
...missbux

It seems that you had a bad experience once ??? If so, why don't you share it with us??? In a foreign country I feel safer with a credit card than with an ATM card.

 

[Lyse]

Re: good exchange on c/c

i am looking at my bank of mtl mastercard statement. my cash advance was at an exchange of RD$25 to 1 C$ and a C$4.50 fee. that's a very good exchange rate. and the fee is certainly offset by the fair exchange rate. at that time in the dr, i don't think i could have sold C$ for more than RD$25. my bom atm card would have been the same exchange rate. why would anyone want to carry a ton of course or wait in line at vimenca?

The RBC Visa never charged us a fee. Could it be because I always transfer the money to the credit card first??

I always noticed that the exchange rate is pretty good with the credit card cash advance.