- Thread starter Reidy620
- Start date
Exchange rates for all currencies
Victor's cambio, Puerto Plata, this morning: US$ 35.75, Euro 46.1, ? 48, Swiss Franc 28, CDN$ 27.
Victor's cambio, Puerto Plata, this morning: US$ 35.8, ? 48, Euro 46.7, Swiss Franc 28, CDN$ 27.
xe.com mid-market rates now are US$ 35.85, GBP 53.45, Euro 47.56, Swiss Fr 31.54, CDN$ 30.24.
US$ spread .05/35.85 = .12%
GBP spread 5.45/53.45 = 10.2%
Euro spread .86/47.56 = 1.8%
Swiss Fr spread 3.54/31.54 = 11.2%
CDN$ spread 3.24/30.24 = 10.7%
Imagine how much some people get ripped off at a crappy crappy cambio or at their hotel reception.:surprised
They are pouring a lot of grande frias down the drain.
Victor's cambio, Puerto Plata, this morning: US$ 35.7, Euro 46.65, ? 48, Swiss Franc 28, CDN$ 26.
26 for the Loonie is a terrible rate. :ermm:
ex.com mid-market rate is 30.3.
CDN$ spread 4.3/30.3 = 14.2%. :surprised
Yet some people still insist that it is not worth taking US$.
If the US$ costs $1.20 CDN, some people think they are losing 20% by taking US$.
Just like some Brits who think that since the GBP only buys around $1.50 US$ now, it must be better to take their GBP to the Dominican Republic.
A lot of people are throwing away 10-15% of their money without even knowing it.
The ones who change their money at the hotel reception or Playa Dorada Plaza are throwing away even more.
Even if I was rich I would not throw away money like that.
I would much rather give it away to worthy causes. :ermm:
ex.com mid-market rate is 30.3.
CDN$ spread 4.3/30.3 = 14.2%. :surprised
Yet some people still insist that it is not worth taking US$.
If the US$ costs $1.20 CDN, some people think they are losing 20% by taking US$.
Just like some Brits who think that since the GBP only buys around $1.50 US$ now, it must be better to take their GBP to the Dominican Republic.
A lot of people are throwing away 10-15% of their money without even knowing it.
The ones who change their money at the hotel reception or Playa Dorada Plaza are throwing away even more.
Even if I was rich I would not throw away money like that.
I would much rather give it away to worthy causes. :ermm:
Yup.....Street rates are a joke!
RDPCAD 30.2950
RDPGBP 53.6107
Time to get back in the cambio business.
RDPCAD 30.2950
RDPGBP 53.6107
Time to get back in the cambio business.
Victor's cambio, Puerto Plata, this morning: US$ 35.8, Euro 47.1, CDN$ 26, Swiss Franc 28, ? illegible but I think it was supposed to be 49.
Where can you buy from XE.com??
XE.com gives you the some of the best currency exchange rates ~ but just where can you get that rate?
"I'm in a bar in Sosua & am running short of pesos, are XE.com gonna come rushing down and give me 54.625 to the ?UK?"
Of course not, I'm gonna go to the local cambio & get 49/50 to the ?UK. The owner of the Cambio then takes that to the bank and gets (possibly) 51/52 for that ?UK.
"I only want to change ?100 and, (according to some posters), I have "lost" 150 to 200 pesos.... or have I? I could have gone to the same bank as the Cambio man does: but instead I couldn't be bothered ~ he's closer & I need to get back to the bar : I'm on holiday ~ mi presidente is getting warm!!"
I wish people would stop quoting the rate that would be given if you were changing thousands of ?UK (or all currencies) ~ you are not going to get that rate in a "month of Sundays"!!!
Lambada has just posted the following rates:-
Victor's cambio, Puerto Plata, this morning: US$ 35.8, Euro 47.1, CDN$ 26, Swiss Franc 28, ? illegible but I think it was supposed to be 49.
I have just managed to get the equivalent of $DOP52 in the ?UK but that was buying (and paying for) 6 weeks in advance and I bought ?1400:00 worth! - I'm never gonna get $DOP54 to the ?UK for "holiday money" unless I change ?10'000:00+ so you're not going to get it in the DR.
The vast majority of people who change at a cambio are NOT getting ripped off, they are choosing to use a service where all get what they want. The customer gets their small amount of their native currency changed & the owner of the cambio makes some money after he gets it changed back into pesos.
If you want to talk about getting ripped off, try changing some money at an "all inclusive" hotel where they will only accept $DOP in the hotel shop!!
If somebody is offering $DOP48 when everybody is offering $RD49 then go to the Cambio offering $RD49.
OK, that's my "rant" over with but I would just like to thank Lambada & FernieBee for keeping the thread open & apologise to them as my "source" dried up three weeks after I started it and would rather let the "people in the know" keep DR1'ers informed with the latest "on the street" rates.
Well thats my 2p's worth.
Tropical Regards
Reidy
XE.com gives you the some of the best currency exchange rates ~ but just where can you get that rate?
"I'm in a bar in Sosua & am running short of pesos, are XE.com gonna come rushing down and give me 54.625 to the ?UK?"
Of course not, I'm gonna go to the local cambio & get 49/50 to the ?UK. The owner of the Cambio then takes that to the bank and gets (possibly) 51/52 for that ?UK.
"I only want to change ?100 and, (according to some posters), I have "lost" 150 to 200 pesos.... or have I? I could have gone to the same bank as the Cambio man does: but instead I couldn't be bothered ~ he's closer & I need to get back to the bar : I'm on holiday ~ mi presidente is getting warm!!"
I wish people would stop quoting the rate that would be given if you were changing thousands of ?UK (or all currencies) ~ you are not going to get that rate in a "month of Sundays"!!!
Lambada has just posted the following rates:-
Victor's cambio, Puerto Plata, this morning: US$ 35.8, Euro 47.1, CDN$ 26, Swiss Franc 28, ? illegible but I think it was supposed to be 49.
I have just managed to get the equivalent of $DOP52 in the ?UK but that was buying (and paying for) 6 weeks in advance and I bought ?1400:00 worth! - I'm never gonna get $DOP54 to the ?UK for "holiday money" unless I change ?10'000:00+ so you're not going to get it in the DR.
The vast majority of people who change at a cambio are NOT getting ripped off, they are choosing to use a service where all get what they want. The customer gets their small amount of their native currency changed & the owner of the cambio makes some money after he gets it changed back into pesos.
If you want to talk about getting ripped off, try changing some money at an "all inclusive" hotel where they will only accept $DOP in the hotel shop!!
If somebody is offering $DOP48 when everybody is offering $RD49 then go to the Cambio offering $RD49.
OK, that's my "rant" over with but I would just like to thank Lambada & FernieBee for keeping the thread open & apologise to them as my "source" dried up three weeks after I started it and would rather let the "people in the know" keep DR1'ers informed with the latest "on the street" rates.
Well thats my 2p's worth.
Tropical Regards
Reidy
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xe.com mid-market rate for the CDN$ now is 31.15 pesos.
CDN$ spread 5.15/31.15 = 16.5% :ermm:
The Loonie has been flying high on the forex markets but not at the cambios in the Dominican Republic.
CDN$ spread 5.15/31.15 = 16.5% :ermm:
The Loonie has been flying high on the forex markets but not at the cambios in the Dominican Republic.
The xe.com rates are relevant to give people an idea of what the Visa and Mastercard networks will charge their banks when they use the ATM.
One can typically expect to get 1-2.5% less than these rates.
Nobody is claiming that xe.com rates are available in the Dominican Republic or anywhere else.
To me, an exchange house charging double digit spreads on major World currencies is outrageous.
Whether one wants to call this a ripoff or simply people foolishly throwing their money away is irrelevant.
One can typically expect to get 1-2.5% less than these rates.
Nobody is claiming that xe.com rates are available in the Dominican Republic or anywhere else.
To me, an exchange house charging double digit spreads on major World currencies is outrageous.
Whether one wants to call this a ripoff or simply people foolishly throwing their money away is irrelevant.
Let's just say that they are all providing a service just like spending leftover pesos at the airport duty free shops.
What's wrong with informing people how they can save 10-20% of their money?
There is a reason the RD peso is not electronically traded on the Interbank Fx market.
As Reidy so eloquently stated these "internet" rates are institutional rates and not cambio rates paid in the street.
There is not a lot of leeway to beat the spreads paid for a few hundred CAD or GBP. If you are buying a home/land in a currency other than USD, you would certainly use an appropriate money changer(s) to minimize the pain of a three way currency transaction in advance.
meanwhile....thanks for the rant Reidy, I appreciated it, and don't let that Presidente get warm!
As Reidy so eloquently stated these "internet" rates are institutional rates and not cambio rates paid in the street.
There is not a lot of leeway to beat the spreads paid for a few hundred CAD or GBP. If you are buying a home/land in a currency other than USD, you would certainly use an appropriate money changer(s) to minimize the pain of a three way currency transaction in advance.
meanwhile....thanks for the rant Reidy, I appreciated it, and don't let that Presidente get warm!
I happen to agree with you first of all, but you are misusing the word "Spread".
The spread in an Fx transaction is the difference between the BID/ASK, not the difference between Victor's Cambio and XE.com!
An EURUSD market of 1.3635 - 1.3638 would have a 3 PIP spread, I know what you are talking about, but it is not called a "Spread" in your context!
I believe you are trying to illustrate the exaggerated markdown/markups that cambios are paying for CAD and GBP vs what the rate "should" be.
tambo'
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The word spread can have more than 1 financial connotation and I think the word spread is quite appropriate in both of these instances.
I would say that spread is a more accurate term than something like markup, commission, or profit margin since we don't know what the cambio's costs are.
So what word(s) would you suggest?
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Yes but that is only relevant if there are alternatives.
The point is that using the ATM and buying US$ should cost 1-3% compared to these ridiculous rates and relative to the xe.com rates.