Banreservas ATM Withdrawal

AndyGriffith

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I made a couple ATM withdrawals at a Banreservas ATM in the last two weeks of March and I noticed that the currency exchange rate had changed significantly. I was getting 38.89 DOP to 1 USD for weeks prior, but then it changed to 38.29 all of a sudden. Is it possible that Banreservas is now charging some ATM fee of 1.5% for foreign cardholders? I did not see any message at the ATM asking to charge an ATM fee. The only other option is the exchange rate that Visa is using is not correct? My bank, where the card is issued, does not charge a foreign transaction fee and neither does Visa. Anyone out there have a similar experience lately? Thanks.
 

caribeman

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Enjoy meeting new people/cultures
I received the same yesterday at Scotiabank in Cabarete. I overheard the associate tell client in broken English the rate so I checked my transactons. 38.29...and I had been calculating on a flat 39. I have no such fees as Scotia. The reason I dumped B of A and Chase. Ridiculous $5 ATM fees and 3%(Foreign Exchange Fees) for nothing. Saved almost $30 a month. Pays to watch.
 

edm7583

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The local bank does not determine the exchange rate. The visa/plus network or the MasterCard/cirrus network, depending if your card has a visa or MasterCard logo, determines the exchange rate to convert the peso withdrawal to USD then tells your bank how much to debit your account at home.
 

AlterEgo

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My suspicion is that because it's Semana Santa time, there are a load of vacationers [visiting Dominicans and others] pouring their vacations dollars into DR right now. I've noticed that the rate drops around Easter and Christmas. More available dollars = less exchange rate.
 

Givadogahome

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I did not see any message at the ATM asking to charge an ATM fee.

Is that normal for you? I've used all the banks with my UK bank account and I get charged both ends when I do and never asked if I accept a charge, the charge is logged as a separate charge on my statements.
A few years ago I worked out how much I'd paid in 4 years in both Dom and UK fees for using my UK account for withdrawals and if I remember correctly (can't be bothered to work it out again) I'd paid over $1000US in fees, makes opening a bank account more appealing.
 

AlterEgo

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Is that normal for you? I've used all the banks with my UK bank account and I get charged both ends when I do and never asked if I accept a charge, the charge is logged as a separate charge on my statements.
A few years ago I worked out how much I'd paid in 4 years in both Dom and UK fees for using my UK account for withdrawals and if I remember correctly (can't be bothered to work it out again) I'd paid over $1000US in fees, not a fortune but it makes opening a bank account more appealing.


In the US, it is common for the machine to alert you that there will be a fee [and they tell you how much] to use the machine. You have to click to agree.

One of my US banks [PNC] offers checking accounts that reimburse you monthly for all ATM fees you incur.
 

Papa Benito

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Try Charles Schwab and Fidelity

I received the same yesterday at Scotiabank in Cabarete. I overheard the associate tell client in broken English the rate so I checked my transactons. 38.29...and I had been calculating on a flat 39. I have no such fees as Scotia. The reason I dumped B of A and Chase. Ridiculous $5 ATM fees and 3%(Foreign Exchange Fees) for nothing. Saved almost $30 a month. Pays to watch.

They charge no ATM fees.
 

AndyGriffith

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I've not experienced that, have you on Dominican machines?

I have experienced the message at all the other banks in DR asking if you accept the $RD112 ATM fee to do the transaction. For a while, Progreso did not have the fee, but then they instituted it also. Banreservas still does not have the fee as far as my last transactions a week ago there was no disclaimer at the ATM. However, I am wondering if they have now instituted some 1.5% transaction fee on foreign cardholders without the message at the point of the ATM transaction? I do not know.
 

AndyGriffith

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I received the same yesterday at Scotiabank in Cabarete. I overheard the associate tell client in broken English the rate so I checked my transactons. 38.29...and I had been calculating on a flat 39. I have no such fees as Scotia. The reason I dumped B of A and Chase. Ridiculous $5 ATM fees and 3%(Foreign Exchange Fees) for nothing. Saved almost $30 a month. Pays to watch.

So then maybe this is the exchange rate that Visa is using currently for all foreign card holders?
 

Tamborista

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Correct. Scotia does not. B of A and Chase do.. as much as they think they can get away with. Hasta Luego to them both~!

B. of A. does not charge any fees for use in a Scotia Bank ATM, VISA international charges 3% built in to the Fx conversion. If the street is paying 39 my tasa is ~38.50 net of all fees, not the end of the world. Visa gets the interbank rate which is probably 39.5.
 

AndyGriffith

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My suspicion is that because it's Semana Santa time, there are a load of vacationers [visiting Dominicans and others] pouring their vacations dollars into DR right now. I've noticed that the rate drops around Easter and Christmas. More available dollars = less exchange rate.

The exchange rate on the markets for DOP has consistently remained around 38.90-39.00 to 1 USD for the last month, so I fail to understand where Visa would come up with 38.29DOP to 1 USD.
 

Tamborista

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GO to OANDA and get the rate for the day the conversion occurred, you can challenge Visa/MC, I once got an adjustment from AMEX. Visa is converting @ +/- 38.50 after 3% commission.
 

AndyGriffith

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GO to OANDA and get the rate for the day the conversion occurred, you can challenge Visa/MC, I once got an adjustment from AMEX. Visa is converting @ +/- 38.50 after 3% commission.

The conversion rate is around $RD38.82 currently on Oanda. I checked on the days that I made the ATM transactions and Oanda did show $RD38.29 and then $38.44 a few days later. I don't know how they came up with those rates when the conversion rate was consistently between $RD38.65 to $RD38.90 at all the banks in DR in the last two weeks of March.
 

Mauricio

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Nov 18, 2002
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B. of A. does not charge any fees for use in a Scotia Bank ATM, VISA international charges 3% built in to the Fx conversion. If the street is paying 39 my tasa is ~38.50 net of all fees, not the end of the world. Visa gets the interbank rate which is probably 39.5.

BofA does not charge if you use a scotia bank ATM. It's the only ATM I use for my BofA account. Rate:38.87 as per march 30
 

AndyGriffith

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Looks like it might be Schwab that is no longer absorbing the 1% Visa Transaction Fee, but Schwab still claims they are are not passing that along to customers.
 

windeguy

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Jul 10, 2004
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Both of my US banks are now passing on the new International ATM fee computed into the exchange rate so it is no longer as attractive to use them to withdraw money here.

This is not a fee charged at the ATM or by my bank back in the US, but by the Visa/Mastercard networks.
 

AndyGriffith

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Both of my US banks are now passing on the new International ATM fee computed into the exchange rate so it is no longer as attractive to use them to withdraw money here.

This is not a fee charged at the ATM or by my bank back in the US, but by the Visa/Mastercard networks.

I don't think this was a new fee, Visa was always charging the banks a 1% foreign conversion transaction fee. Just some banks were absorbing the fee as a benefits to their customers. It looks like that has come to an end.