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Thread: Best conversion rates at ATM's - US$ to DOP$

  1. #1
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    Default Best conversion rates at ATM's - US$ to DOP$

    Hi folks,

    Thanks for being such a great resource. I need to withdraw some money from my US bank account via the ATM. I will follow up with a wire transfer, but I need to open an account and the process takes some time. Do you happen to know which bank's ATM has the best exchange rate? I usually use BHD's in Cabarete, which last year had a decent rate, but I'm not sure as to whether that's the best one. Also, is there a better alternative to withdraw cash from my checking account in the US than using the ATM?

    Thanks again,

    Cris

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    I'm not sure on this but isn't it your bank's exchange rate that governs it?

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    Quote Originally Posted by Black Dog View Post
    I'm not sure on this but isn't it your bank's exchange rate that governs it?
    MC/Visa International uses the the rate from OANDA or Reuters and adds a 3% fee. The rate is not determined by the individual banks. Since banks get an "institutional rate", you still a favourable rate after the MC/Visa fee.

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    What about debit cards though? Is that the same?

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    Quote Originally Posted by windeguy View Post
    OANDA has three Forex rates: Min, Avg and Max. Do you know which one they use?

    Currency Converter | OANDA
    The FOREX market is not a centralized marketplace with one exchange and one marketmaker, therefore the "Average" rate is given.

    MC/Visa international use the Interbank rate off of BLOOMBERG, however OANDA's Average rate is generally an accurate representation of the rate you will receive using an ATM with a MC or Visa emblem.

    I have disputed ATM currency conversion rates in the past and my bank referred me to OANDA for a price quote.

  6. #6
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    Many thanks for all the replies. Your observations are very interesting since I compared banco popular's ATM rates to oanda's given rate and there's a spread of almost $1 DOP. It's still good to know that rates don't vary considerably.

    Regards,

    Cris

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