money

hopeful65 · Apr 20, 2012

Hi -
From what I have read, it sounds as if few places take credit cards in LT. I haven't traveled in Latin American in around 20 years - back then you bought travelers checks and waiting in long lines at the bank to exchange for the local currency.

What's the best way to deal with money in LT? Should we still bring travelers checks? Can you use all US bankcards in the ATMs?

Thanks.

waytogo · Apr 20, 2012

NO to travelers checks......and yes, all US bankcards work in the ATM's.....well, all that I have tried, about 6 different.

B in Santiago

dropshort · Apr 20, 2012

This may not be received well, however the only place I would use plastic of any kind is in a bank or perhaps a casino.

Someone I know used his credit card in a 4-5 star internatonally known hotel in Santo Domingo. The next time he tried to use the card, his bank in Australia had cancelled the card because they determined it was used fraudulently. The bank was correct!

I am not outing anyone. So I will not mention the hotel. In any case it is a story a few years old.

ATMs are an invitation to be robbed. Use a casino they give a better exchange rate.

DS

Chicagoan · Apr 20, 2012

I never use a credit card in the Dominican Republic. Credit card fraud is a major problem in DR.

Bring cash. You can exchange US dollars just about anywhere, and all stores accept US cash. Do not change money at the airport.

donP · Apr 20, 2012

Tc

Hi girls, you have been given sound advice.
I also never use my plastic cards here; stories abound with reasons not to.

As for traveller cheques (BE...):
WU used to exchange them in LT.
Whether they still do, I could find out, I know the right person there.

donP

LTSteve · Apr 20, 2012

Hi:

I live in LT part of the year and use ATMs all the time. I have had no problems. There are two locations in Paseo Plaza and one at Plaza Rosada(where Lindo Supermarcado is located). In addition there is also one at Banco Reservas. Do not bring cash with you. Go to the ATM as needed. You will get the best rate and less hassle waiting in line at banks to exchange dollars for pesos.

LTS

william webster · Apr 20, 2012

You can get any answer you want on here.

Many of us use ATM's......... many bring cash only.

Many, including me, use credit cards sparingly - only at 'known' places.

An ATM inside a bank is very safe..... cash works all over the world but not all people are comfortable walking around with $500-$1,000 (or more)

It all works here.......... just how you want handle it......... but the cards are 'iffy' unless you have experience.

Cash and ATM's get my vote.

pularvik · Apr 20, 2012

You can get USA checks cashed also,- at a small discount to the posted rate. I only know of the place in Cabrera,- across from the Progresso bank. The bank holds my checks for 3 weeks, but the check cambio is instant. There must be places like this in other towns.

william webster · Apr 20, 2012

Caribe Express gives even better rates, I have found.

Just a bit further down the street M, on the right hand side.... cash for sure , can't speak to the checks.

zoomzx11 · Apr 20, 2012

The ATMs are ok if you use them in the day when the bank is open. Dont use them at night and if you have problems using your card do not let a "helpful stranger" assist you. Carrying cash is not a great idea. If your card is used by a thief and you report it the bank (at least in the US) they refund the money. Tell the bank you are going to the DR and will use your ATM card ahead of time. In six years I was robbed once. Thieves had a way of making the ATM machine keep the card. "Helpful stranger" appeared which made me suspicious. How they got my password I have no idea. Went to the bank in the am and the machine had retained a number of cards and we were all robbed. Thieves used a rubber band and a piece of plastic. Bank said it happens from time to time but the police never did anything to get these guys and the bank even gave up bothering to call the pd. My theft was late at night and the bank was closed. Crooks even had a sticker on the ATM telling you to call a phone number if the machine did not return your card. Clever!! In the day the banks have security so the thieves work at night. Only one time in six years isnt all that bad and my bank refunded the money. Better than bringing cash.

La Rubia · Apr 20, 2012

zoomzx11 said:
The ATMs are ok if you use them in the day when the bank is open. Dont use them at night and if you have problems using your card do not let a "helpful stranger" assist you. Carrying cash is not a great idea. If your card is used by a thief and you report it the bank (at least in the US) they refund the money. Tell the bank you are going to the DR and will use your ATM card ahead of time.

I use a combination of ATM and cash. I only use credit cards as back-up. Also let the credit card company know ahead of time where and when you'll be there. I think they can also limit the amount of any one charge, or the number of charges in a day to slow down any damage due to theft. I decided to use my credit card once, but hadn't contacted them--and one got denied while the other didn't.

I wouldn't mess with travelers checks or personal checks.

Seems like someone had posted something about buying pre-paid cards in small amounts (with VISA logo) and use them as needed. Limits the loss to the value of the card in case of fraud. (Not sure what they are called.)

belmont · Apr 20, 2012

dropshort said:
This may not be received well, however the only place I would use plastic of any kind is in a bank or perhaps a casino.

Someone I know used his credit card in a 4-5 star internatonally known hotel in Santo Domingo. The next time he tried to use the card, his bank in Australia had cancelled the card because they determined it was used fraudulently. The bank was correct!

I am not outing anyone. So I will not mention the hotel. In any case it is a story a few years old.

ATMs are an invitation to be robbed. Use a casino they give a better exchange rate.

DS

I never had trouble in using bank ATMs for over 20 years. I like Banc Reservas ATMs because you swipe the card in and out. It can't eat your card.
But one absolute, never get money at a casino, they charge a service charge for cash on a debit or credit card and they have the worse exchange rates.

hopeful65 · Apr 21, 2012

LTSteve said:
Hi:

Go to the ATM as needed. You will get the best rate and less hassle waiting in line at banks to exchange dollars for pesos.

LTS

Steve - I think you meant to write "You will get the best rate and less hassle than waiting in line at banks to exchange dollars for pesos." Am I correct?

dropshort · Apr 21, 2012

Chicagoan

NEVER exchange money at the airport. It is too visible to anyone wishing your harm.
At SDQ there was a situation where the bad guys followed a tourist who had just exchanged money in the airport to the parking. I hope no one is surprised but the tourists were robbed. I found this out well after the fact because we did not spend any time in the airport after arriving.

Koreano · Apr 21, 2012

Cash and ATM gets my vote. I've done all the transaction in bank and so far I had no issues. I did told my bank that I'll be in dr and they have limited one day transaction like some have mentioned. I try not to use credit/debit cards, unless it was emergency, but only in bank, airport, hotel (not motel)during daytime hours. if I had to buy something and didn't had cash I went back with cash and bought/paid later. In my experience travelers check were all hassle and once you change it you initially sit with large sums of money any ways. If you fellow basic safty cautions you will be fine with little cash and ATM.

pi2 · Apr 21, 2012

If you plan to use credit/debit cards in machines have 2 or 3 in case a machine swallows one or for some reason one does not work. A debit card with not so much money attached is safer than credit card with a high limit.

If you have time a bank will do the transaction for you rather than use the machine. Often needed is two pieces of ID.

It is good to keep track of transactions on line.

If you plan some time in the DR open a dollar and peso account and transfer money from US bank or stock brokerage to the account. Most times you need $500 in cash, dollars, minimum to open the account.

Thereafter there is no withdrawl charge normally and some banks charge 1% or so to receive money from the US, but not all. Some US organisations , e.g. tdameritrade , do not charge for outcoing wires to the DR.

Travellers cheques are good as a last resort for emergency.

pi2

La Rubia · Apr 21, 2012

pi2 said:
Travellers cheques are good as a last resort for emergency.

pi2

So is Western Union.

Most Dominicans will know where one is, but they'll unlikely know where to cash traveler's checks, and it'll be a bigger hassle.

pi2 · Apr 21, 2012

La Rubia said:
So is Western Union.

Most Dominicans will know where one is, but they'll unlikely know where to cash traveler's checks, and it'll be a bigger hassle.

One advantage of travellers cheques is that you can sign them off one at a time to pay say hospital bills if you are in hospital. You do not have to contact someone to WU cash. The charge is low.

pi2

hopeful65 · Apr 22, 2012

Chicagoan said:
Do not change money at the airport.

Do others agree? I was planning on changing a little bit of money at an airport ATM for gas and food on the day I arrive.

william webster · Apr 22, 2012

What they mean is... don't overdo it at the airport.

Certainly, get what you need..... 851 pesos for tolls (401+450), 1500-2000 for gas and some for food.

3000 pesos should do it...... cash $100, I'd say... thats high 3's in pesos... even at the airport

money

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