Another banking thread! From Canadian point of view

artistdani

New member
Mar 13, 2012
197
0
0
I am so confused! Preparing for my move to POP in the fall, I reread a lot of the threads on banking. I understand several people have had banking issues (transfer, ATM, credit card, etc). In my experience the rate given to CAN$ in dominican banks is much less than my converting CAN$ to US$ first then converting US$ to pesos.

Here is what I intend to do based on what I have read so far - I hope I understand correctly, please correct me if I am wrong.

1. Using a letter of recommendation from my CAN ScotiaBank (SB) and my passport, open both US and peso account at either DR-SB or Santa Cruz or maybe even Popular in POP.

2. Bring in the max in US $ cash (10K) when I fly in and deposit in DR US account. I have a CAN-SB US $ account on which I can write cheques for deposit to my DR US$ account. Expecting 7-10 working days to clear. Or on-line transfer between my CAN SB US $ account and my DR US account if I can - need to check on that. I can fund this CAN US $ account while I am here at a better exchange rate than CAN banks give me online by going to the local money market.

3. Monthly, I can withdraw from my DR US $ acct and exchange to pesos wherever i get best rate, probably some Casa de Cambio.

4. Once my CAN SB US$ acct is empty (wont take that long if I buy a condo!), I will transfer from my CAN $ SB acct to my DR peso account using some online method I hope. Then I can use my ATM card or wait in line to withdraw pesos.

5. I have 2 credit cards that will be loaded with a small debit balance (2K or so). This would serve as another emergency fund - I do not intend to use my credit cards in the DR if at all possible. For big purchases I intend to write a cheque on my DR peso account.

Questions:
- As the Cdn $ is losing ground to the US $ and the rate given by DR banks to exchange CDN $ to pesos is not great... are there any other ways to avoid being gauged on fees and exchange rates?
- This whole thing looks complicated. Am I getting it right?
- Someone mentioned that I can deposit money at the Casa de Cambio and get a much better interest rate than the banks. Can this be right?.. or is that like loaning to loan sharks?LOL

Thanks a miilion!
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
113
I am asking whether I understand the best way to safely access canadian money in the DR without being raped by banks on exchange rates, fees and transfers. Sorry for the long post.


The last place you want to deposit your money is a Casa de Cambio. They will cash a USD check @ a good rate, not so sure about CAD???

Hard Cash Loonies always get an unfavorable exchange rate, you are better off converting to USD @ home, if you want to get a better exchange in RD. Might make sense to have a USD based account at home.

Withdraw it from your ScotiaBank account in CA in RD Pesos @ the ATM in RD should yield a decent rate.
 

artistdani

New member
Mar 13, 2012
197
0
0
I am getting 36.5DOP to the canadian dollar at the Scotia Bank in POP. I am getting around 41DOP to the US $ in cash at the Rusa Casa de Cambio in POP. I was able to pay 1.02Can for 1 US$ in Canada.

I am not good in maths but it looks like you are right Tamborista - exchanging US $ in Canada is the best way. Now I hope the fees for transfer will not eat up the savings.

By the way, why is the casa de cambio a bad place to deposit money? It can disappear?

Thanks
 

KateP

Silver
May 28, 2004
2,845
6
38
Lately banks have been reluctant to exchange CAD checks due to several cases of fraud. Until you're a regular client at Scotiabank, you might have some problems exchanging them.
 

artistdani

New member
Mar 13, 2012
197
0
0
Lately banks have been reluctant to exchange CAD checks due to several cases of fraud. Until you're a regular client at Scotiabank, you might have some problems exchanging them.

Thanks for the heads up on cheque cashing. I was hoping my letter of reference from my Scotia Bank in Canada would help. Or hurry up and develop a relationship with the Casa de Cambio so they cash my cheques.
There is always a wire transfer.

So, the streamlined version seems to be: Convert CAN$ to US$ in Canada, then wire transfer or cash cheque in DR whatever works with the people I deal with.
 

Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
Due to the resent increase of "CC", and debit Card cloning here in the DR, I was hit on a Boston Debit Acct. a few weeks ago for $1,400 USD, I will no longer EVER use a "CARD" of any kind here.
This AM, I tried to pay for groceries at Super Mercado National, about 8,000 pesos. The charge was not approved. The acct. had 30,000 pesos on Tuesday, with no charges, by ME that is!
I will wait until next week to go to Banreservas to check out what happened.
Two hours later I paid a 16,200 peso electric bill by phone access from the same card, no problem.
After 27 years of this "BURRO $hit" it's gotten too old.
I don't even have the energy to get angry anymore.
Where can you get a "Neutron Bomb" when you need one???????????????????????
I will cash my USA dollar checks at a "Casa De Cambio", and just buy using cash!
"They :bandit::bandit::bandit: WON"!!!!!!!!!!!!!!!!!!!!!!!!!! :disappoin:disappoin:disappoin
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
 

flyinroom

Silver
Aug 26, 2012
3,795
683
113
A few years back the Scotia Bank branch in Bavaro was just about the ONLY place around that would have nothing to do with Canadian dollars.........
Now, I don't know if that was bavaro centric or if things have changed in the past few years but watch out. Canadians tend to think they will be treated well in Scotia Bank because of the connection.......Not necessarily so.
 

Expat13

Silver
Jun 7, 2008
3,255
50
48
A few years back the Scotia Bank branch in Bavaro was just about the ONLY place around that would have nothing to do with Canadian dollars.........
Now, I don't know if that was bavaro centric or if things have changed in the past few years but watch out. Canadians tend to think they will be treated well in Scotia Bank because of the connection.......Not necessarily so.

The bank cares, the people dont! Since the bank albeit Canadian is staffed by Dominicans, they dont really care who you are unless they are getting some added benefit.
 

charlise

Bronze
Nov 1, 2012
751
0
0
I've been here for almost 2 yrs and I have a bank account in a Scotia Bank in Qu?bec. I always take money out at the ATM at the Scotia Bank in POP. Never had a problem. All my stuff in deposited in my bank in Qu?bec and then I take money out here.

Why would you want to get a bank account here when it is so complicated ?
 

artistdani

New member
Mar 13, 2012
197
0
0
I've been here for almost 2 yrs and I have a bank account in a Scotia Bank in Qu?bec. I always take money out at the ATM at the Scotia Bank in POP. Never had a problem. All my stuff in deposited in my bank in Qu?bec and then I take money out here.

Why would you want to get a bank account here when it is so complicated ?


Because I have several large purchases to make and there is a daily limit on withdrawals at the ATM, plus the exchange rate on Canadian $ is the pits. But you are right, there are other ways like cheques on US $ account or wire transfer.
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
113
I am Cdn and use ScotiaBank in Canada and RD,,,, also Banco Progreso in RD

Typically, I wire Can to RD using my SB Can US$ account... either in to the US or the RD account.... the bank rate isn't terrible but US$ are more reliable.

Option #1- wire US$ to US$ accounts - Can to RD

Option #2 - wire CDN$ to RD peso account - or US$ account

Option #3 - convert $Cdn to $US in Canada and wire.

You can carry the money or use Xoom to transfer smaller daily amounts.

Speak to your SB Can rep and raise your daily limit - should be able to get $1k/daily - $3k weekly max

Easiest is to buy $US in Canada and wire to your US RD account to wait for the best time to convert.

BTW, when doing large buys of $US, ask for a better rate at SBCanada(they have one) or go to a brokerage firm to convert - better rates there.

The short message here is to use US$ whenever possible... at times , I'll wire Cdn$ to the RD peso account... not bad for smaller amounts.

I did it here in Can the other day... $2k US to Cdn yielded $2011..... buying , on the other hand was going to cost me $40 per thousand.
The chartered banks spread in Can is BIG.


hope that helps
 

artistdani

New member
Mar 13, 2012
197
0
0
Thank you William. I use Ultimate exchange on Carling av in Ottawa to buy US dollars. I paid 1.02 last week. They give me a better rate than advertized for larger amounts. Then I deposit it into my US $ SB account. better than the bank rate.
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
113
Keep doing that way, is my advice.

These days, we all sit on the US $$ in RD waiting for the rate to get better.
Over the past couple of years its gone from around 35/36 to 41.... seems to be sitting at 41 now.

I used to go direct - US or Cdn $$ into pesos, but recently have added the US$ account for this reason.

Once you're established here, the cambio will cash your US$ cheque for a good rate - less wiring.
And remember, these guys can cash BIG amounts.... like your condo purchase amount...... but then, there you are on the street with that amount.

In that situation, I wire to my lawyer.
 

jeanchris

Bronze
Feb 27, 2012
627
0
0
Interesting thread, I am Canadian too (from QC) so im using also SB to withdraw money

if i get a USD account in SB in Canada it's possible to use the US account here?

Even tho its not too bad.. Always cost me like 20$~ in convertion fee when i withdraw 1k, cant complaint too much.
 

jeanchris

Bronze
Feb 27, 2012
627
0
0
Desjardins give me a way better rate when i withdraw but i get charge 120 pesos / transaction so that sucks a little bit.