- Thread starter airplanez
- Start date
Going to DR for 3-6 months soon, what's the safest way to keep/transfer money in DR?
Use An ATM Card1
Good exchange rate,safe,take out only what you need.
Some DRbanks charge to take out money,so far,Banco Reservas,not yet!
Cris Colon
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Good exchange rate,safe,take out only what you need.
Some DRbanks charge to take out money,so far,Banco Reservas,not yet!
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What do you think about a pre-paid debit card? Or pay everything by CC and pay off upon return to US? Are there cons to those two methods? It would be harder to add to a pre-paid I guess.
The recommended reading for my study abroad program does not offer any good ideas. But guidebooks do make it sound like the Wild West. I'm only going for 6 weeks or so.
(Am I falling into the paranoid gringo propaganda?)
Starting to get nervous,
jabuti
The recommended reading for my study abroad program does not offer any good ideas. But guidebooks do make it sound like the Wild West. I'm only going for 6 weeks or so.
(Am I falling into the paranoid gringo propaganda?)
Starting to get nervous,
jabuti
Open Banco Popular account in US and fund is one idea.
Arrange you can withdraw on account in DR.
No or few fees.
Free access to many ATM's also should be able to withdraw dollars in DR.
If you want to gain access to some interest bearing funds possibly broker account e.g. tdameritrade. They will transfer money out free of charge.
Yanandu
Arrange you can withdraw on account in DR.
No or few fees.
Free access to many ATM's also should be able to withdraw dollars in DR.
If you want to gain access to some interest bearing funds possibly broker account e.g. tdameritrade. They will transfer money out free of charge.
Yanandu
Banco Popular is not the same as BP DR. However transfers may be cheap between dollar accounts from one to another and the USA BP will work as introduction. To my knowledge unlike some other banks BP DR dollar accounts do not charge for receipt of dollar funds (up to date as of 3 months ago ).
I'm sorry but I heard someone say he had fee free incoming at BP DR and jumped to the wrong conclusion.
I know for certain that some classes of account with tdameritrade give free transfers out of US.
You may also pick up one or two free gifts along the way.
Transfers or card transmissions could be easily be 2% say of $9,000.
Yanadu
I'm sorry but I heard someone say he had fee free incoming at BP DR and jumped to the wrong conclusion.
I know for certain that some classes of account with tdameritrade give free transfers out of US.
You may also pick up one or two free gifts along the way.
Transfers or card transmissions could be easily be 2% say of $9,000.
Yanadu
Been Using My DEBIT Card Here For Years!
NEVER had ANY problems!
You can do the same!
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NEVER had ANY problems!
You can do the same!
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Most of the cambios need to have a personal referral from someone who is already a client. How is a newbie gonna get a referral?
CC, in a little over 3 years I've had 4 debit and 3 credit cards whacked here, and I rarely use them.
I'd go have a sit-down with the cambio owner with a reference letter of Good Standing from an officer of his bank.
I had my debit card cloned here and used in the Ukraine. They denied the charge but then blocked the card so I had no access to the account.. as they would not send a new one here. (I should have had my sister .. whose home address I use .. get a new card and activate it but I did not think!)
The absolute safest is a local bank card with no VISA logo but the banks here HOLD the checks for an eternity.. at BanReservas it is 90 days!
Good... for the OP.. BRING a LETTER on official letterhead.
and a print out of your bank statement
really a good relationship with a casa de cambio is worth gold here
I have been getting around 37.5 to 1 on my debit card exchange rate.Massachusetts banks are very good!
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I think that if you have a Bank of America account in the US, you can access the ScotiaBank ATM's free of charge.
Should you choose the debit card route.
For check cashing ( cambio's), your passport will be necessary. The letter is a good idea, but even if the cambio just makes you wait out the first cashing or two, you'll be fine.
The cambio's checks clear pretty quickly, from my experience - CB will be able to tell you exactly how fast they clear.
WW
As for opening a bank account .... you will need residency - a cedula card.
Should you choose the debit card route.
For check cashing ( cambio's), your passport will be necessary. The letter is a good idea, but even if the cambio just makes you wait out the first cashing or two, you'll be fine.
The cambio's checks clear pretty quickly, from my experience - CB will be able to tell you exactly how fast they clear.
WW
As for opening a bank account .... you will need residency - a cedula card.