- Thread starter RollingStone
- Start date
Banco BHD withdrawal problem
You CANNOT withdraw money from a US Dollar account from ANY ATM in the Dominican Republic. Must be from a Peso account.
It's the truth Sky. Here's how I set it up:
I set up two savings accounts at Banreservas, one for dollars and one for pesos. They gave me debit cards for both accounts.
I transfer funds to my dollar account from a US bank. I withdraw pesos from the ATM using my dollar account debit card. Yesterday I withdrew 40000 pesos and had 725.8 dollars for a rate of 55.11 pesos to 1 dollar (A fantastic rate!).
I can pull pesos from my dollar accounts with my BPD debit card but the conversion rate is pretty insulting.
Instead, I use my BPD app to move dollars to my peso account and then withdraw pesos.
Instead, I use my BPD app to move dollars to my peso account and then withdraw pesos.
Interesting...if I use the app I get a worse rate than if I use the Banreservas ATM. When I need to reload the peso account it's better for me to withdraw using the ATM and then deposit the pesos with a teller. It makes no sense...
When I do a dollars to pesos account transfer, they show me the rate they'll use before I do the transfer.
But certainly NOT from a BanRervas account as the guy says...............Oh, but I do it frequently.
From my Schwab US dollar account.
Think that over
$100 gets 5,551 pesos at 55.51
Or
5,350 pesos at 53.5
Pesos to dollars and you’re right
$100 gets 5,551 pesos at 55.51
Or
5,350 pesos at 53.5
Pesos to dollars and you’re right
Here's proof: Click on This
The debits are in USD. I withdrew 40000 DOP for each transaction.
The most recent was yesterday 40000Ă·725.77=55.11
What this proves is that if the exchange rate was lower like say 50 you would get more. 40,000 /50 you would get $800 US instead of 725. As I said earlier and WW said different. You are changing Pesos to US Dollars. NOT Dollars to Pesos. So the higher the number the less you get. So you are not getting Dollars from your account, but Pesos that are changed to Dollars. Comprendi.................................In effect your card does not take Dollars out of the machine, but it robs you on the rate as it forces you to convert your Dollars to Pesos and back to Dollars. This may be above your head, but it is fact.........
slightly off topic but for the 1st time ever in my life, I made a $4000 cash withdrawal today from the credit union I use in the states. The teller asked me "What's the cash going to be used for?'
WTF??
I told her it's NONE of her business!! She seemed flustered and gave me the cash anyway.
The branch manager overheard the conversation and said they ask to prevent "fraud."
Sounds like it's the Federal Government to me! The DR might be next.
WTF??
I told her it's NONE of her business!! She seemed flustered and gave me the cash anyway.
The branch manager overheard the conversation and said they ask to prevent "fraud."
Sounds like it's the Federal Government to me! The DR might be next.
did the actual transaction (receiving of monies) occur in the states or here? If it happened in the States, I would have said it's for liquor and hookers, If it's here I would have said its for the church.
You're right.
We live near less than 20 minutes from Tijuana. I should have said "2 hookers and an eight-ball"
That is one heck of a deal. I use Banco Santa Cruz and BHD here and neither one offers a debit card for my USD account. Hard to understand how they give you such a good exchange rate(?). That's well above what anyone else is offering here. CaribeExpress was 54.60 today. I might have to look into an account there.
Xoom is great, I use it occasionally to send money to DR, but the exchange rate is appalling.