Update on military retirement international direct deposit

jaguarbob

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Mar 2, 2004
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My retirement for july is supposed to go to banco popular,in my dollar account.If any retired military wants complete info,pm me.
It was a long and torturous road, but I prevailed.
Bob
 

Criss Colon

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Jan 2, 2002
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I have my retirement money direct deposited in a Boston account.
I have my personal checks here in SD.
Cash them Dollar for dollar here.
Been doing that for 18 years.
Works for me.
The less I have to do with Dominican banks, the BETTER!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
"Long & Torturous" is the banks "Mission Statement" here in the DR!
 

jaguarbob

Bronze
Mar 2, 2004
1,427
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I have my retirement money direct deposited in a Boston account.
I have my personal checks here in SD.
Cash them Dollar for dollar here.
Been doing that for 18 years.
Works for me.
The less I have to do with Dominican banks, the BETTER!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
"Long & Torturous" is the banks "Mission Statement" here in the DR!
f
My ss has been dd in popular for over 7 Years and a lot more convient,with no fees to get dollars.Problem with check,you pay a fee to cash it,and US banks now are getting more and more fees also.You cant tell me you pay nothing to cash a check here and you cacct in Boston has no fees.
For me every peso counts,and this change will save me at least 30 dollars a month in fees.
Bob
 

La Profe_1

Moderator: Daily Headline News, Travel & Tourism
Oct 15, 2003
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I cash checks regularly at a cambio, and it costs me nothing. My accounts in the US are free checking and the cambio doesn't charge for me to cash a US dollar check for pesos. If I need dollars, I use an intermediary and that is free too.
 

jaguarbob

Bronze
Mar 2, 2004
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I cash checks regularly at a cambio, and it costs me nothing. My accounts in the US are free checking and the cambio doesn't charge for me to cash a US dollar check for pesos. If I need dollars, I use an intermediary and that is free too.
Well,how in heck do they make money??You must be one in a million.
To cash a check here in zc,2% is the norm.Banks will but hold for 22 days.
And the intermediary is free too?Wow,you are special.
Bob
 

La Profe_1

Moderator: Daily Headline News, Travel & Tourism
Oct 15, 2003
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Well,how in heck do they make money??You must be one in a million.
To cash a check here in zc,2% is the norm.Banks will but hold for 22 days.
And the intermediary is free too?Wow,you are special.
Bob

It's all in who you know and who introduced you to the cambio in the first place. As a matter of fact, I brought in someone with a twenty thousand dollar check to be cashed/exchanged and it was done on the spot. It wasn't my check, but I vouched for the person who had it.

ETA - I think they make their money on the difference between what they give for a tasa, and the actual tasa when they deposit the check in their bank.
 

AlterEgo

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Jan 9, 2009
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We've cashed US checks at casa de cambios too - never paid a fee. Mr. AE's brother vouched for us at one place, his cousin at another.
 

jaguarbob

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Mar 2, 2004
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We've cashed US checks at casa de cambios too - never paid a fee. Mr. AE's brother vouched for us at one place, his cousin at another.

As my own opinion is,I would rather go to bank and get my dollars,which is the least hassle for me,and then get best exchange around.
Also,I can transfer dollars to my peso account on line to pay all my bills here,without leaving the house.Also very convient when I am in El Limon as there are no banks or exchange places here.Do all my banking from my Iphone.
Bob
 

AlterEgo

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jaguarbob, I agree that the best way is direct deposit to your account. Just wanted to clarify that for those who can't do that for whatever reason, they CAN cash a check.
 

jaguarbob

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Mar 2, 2004
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jaguarbob, I agree that the best way is direct deposit to your account. Just wanted to clarify that for those who can't do that for whatever reason, they CAN cash a check.

Yes,and all I was doing is giving info to any military retiree here who wants direct deposit,it is now available.
Up to now,it was not possible,but with the gov in us stopping all mailing of checks,they had to aldo take care of the thoisands of retired military that live abroad.
Bob
 

Timotero

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Feb 25, 2011
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Well,how in heck do they make money??You must be one in a million.
To cash a check here in zc,2% is the norm.Banks will but hold for 22 days.
And the intermediary is free too?Wow,you are special.
Bob

I think they make their money on the difference in the exchange rate.
I went to a casa de cambio on the north coast last week.
He would exchange my US dollars at 41 to 1.
But if I wrote him a check (in US dollars on my USA bank account), he would give me 40.5 to 1.
 

BostonMary

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May 18, 2002
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I always cash US checks and get the best exchange available. I have had quite a few negative experiences with DR banks, therefore I prefer to go to the neighbor campio to cash checks. I have also paid Dominican craftsmen with US checks which they then cash at the cambia. I just divide the amount due in pesos and the amount of the exchange. You need a excellent relationship with the cambia
 
Sep 4, 2012
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A caveat to that is the release of personal information found on the checks themselves. With the wave of "hi-tech" criminals been exported from the USA back to DR, a brand new spectrum of things could happen should this info fall prey to their hands. Just some food for thought.
 

jaguarbob

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Mar 2, 2004
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A caveat to that is the release of personal information found on the checks themselves. With the wave of "hi-tech" criminals been exported from the USA back to DR, a brand new spectrum of things could happen should this info fall prey to their hands. Just some food for thought.

That is exactly why I started this post,as my stateside bank stopped all cash transactions with my visa card and checks in several countries,Dominican Republic being one.As far as I am concerned,direct deposit to my bank{Banco Popular} which *I have been with since 2007,and no problems,and they have a visa debit card that I can use for online purchases.I do a lot of that.But I agree, we are always vulnerable these days with all are info on the web.
Bob
 

jaguarbob

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Mar 2, 2004
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Just another update.I did not receive my direct deposit on Monday,the 1st.Called military finance office and they said it was returned,wrong account number.It seems that the transaction from the treasury to my account does a exchange first and only send countrys currency,pesos in this case,and they use the current wholesale price of the peso versas dollar.So I changed my account number to my peso account and received an exchange of $23.70 dollars to a 1000 pesos,or about 41.95.Wow,best thing yet,and now do not even have to exchange dollars.
So,if any retired military out there that were going to do a direct deposit,keep that in mind{it was on the web site,but I overlooked it}


Your payment will be converted from U.S. dollars to local currency two business days prior to the U.S. payment date, using a wholesale exchange rate. IDD puts your money directly into your local bank in local currency. If you reside in Canada, and have a U.S. dollar account, you may elect to receive your payment electronically in U.S. dollars. This option is only available in Canada.}
bob

They told me they do this as some countries where expats live have a hard time exchanging dollars and tend to get ripped off.


Yes,and all I was doing is giving info to any military retiree here who wants direct deposit,it is now available.
Up to now,it was not possible,but with the gov in us stopping all mailing of checks,they had to take care of the thousands of retired military that live abroad.
Bob
 

AlterEgo

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Jan 9, 2009
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Well, I guess you have no choice, but I'd much rather hold my money in a dollar account, especially in view of how the exchange rate is moving....