what rate do you get while withdrawing from ATM ?

curious29

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Sep 20, 2012
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Let's say that: you have account in USD dollars. You have card for that account...You use that card in DR ATM. What currency exchange rate do you get after bank and atm fees ?

Mine is around 38,2 pesos and I got mastercard....WTF ?????
 
Sep 4, 2012
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I think one gets the exchange rates for that day minus any exchanges fees imposed by your own USA bank? I don't use my ATM as much any longer, rather draw money from the teller at the bank. Guaranteed exchange rates and no fees.

Some of the seniors here correct me if am wrong?
 

CaptnGlenn

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Mar 29, 2010
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the exchange rate fluctuates daily, and the rate you get drawing pesos from an ATM is as good as you're going to get. Same is true anywhere for whatever local currency you're getting ... Europe, etc. But there is the additional fee for the ATM (charged by the D.R. bank who owns the ATM.... usually a couple of dollars.) Depending on your U.S. bank, and the type of account you have, you might also have to pay a fee to YOUR bank. (I don't.) So... don't withdraw small amounts, because that fee is the same for 100 pesos or 10,000 pesos. Leverage it and draw a lot at one time. Overall, we're talking small differences... not enough to get your panties in a knot over.
 
Feb 7, 2007
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39.15 - 39.35 final rate, Fidelity, no ATM fees.

So far, Leon no fees anywhere in the DR and BanReservas in the interior (at least on the East Coast). All other DR banks charge 112 RD Pesos fee.
 

curious29

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Sep 20, 2012
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I will check that tomorrow with my bank after transaction will get cleared-- if my current rate was around 38 (while it is around 39,5 in reality) AFTER fees, I was just robbed by those bank thiefs...not sure which one though...either from my bank or mastercard :)
 
Sep 4, 2012
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I will check that tomorrow with my bank after transaction will get cleared-- if my current rate was around 38 (while it is around 39,5 in reality) AFTER fees, I was just robbed by those bank thiefs...not sure which one though...either from my bank or mastercard :)

You know that a $1.00 DOP is just worth about 0.026 USD right?
 
Feb 7, 2007
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You know that a $1.00 DOP is just worth about 0.026 USD right?


One peso difference would be 2.5% of the face value. Currency traders would be jumping yikees for such a margin of profit on the spread. Even local banks and exchange houses have a spread of 0.3 or 0.4 pesos at the most, between the buy/sell rate.
 
Feb 7, 2007
8,005
625
113
I will check that tomorrow with my bank after transaction will get cleared-- if my current rate was around 38 (while it is around 39,5 in reality) AFTER fees, I was just robbed by those bank thiefs...not sure which one though...either from my bank or mastercard :)

Most likely your bank is instituting a 2 or 3% currency exchange rate fee. MOST (not all) banks do. Check with your bank.
 
Sep 4, 2012
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One peso difference would be 2.5% of the face value. Currency traders would be jumping yikees for such a margin of profit on the spread. Even local banks and exchange houses have a spread of 0.3 or 0.4 pesos at the most, between the buy/sell rate.

Of course they would and so would I, if we're talking about thousands in the mix; since the OP mentioned ATM, it's implied that the amount to be saved even with the spread it isn't worth the heart attack or to lose sleep over it.
 

curious29

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Sep 20, 2012
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Of course they would and so would I, if we're talking about thousands in the mix; since the OP mentioned ATM, it's implied that the amount to be saved even with the spread it isn't worth the heart attack or to lose sleep over it.
yes it is, but 3 % spread is day light robbery....