Paying for stuff

gas

New member
Jul 28, 2013
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I visit the DR a few times a year from the US. I need a better strategy for exchanging cash and paying for things. My strategy thus far hasn't been much. I get to use the ATMs at Scotia Bank for free due to their affiliation with Bank of America and the exchange rate seems OK. I withdraw as much cash as possible. I usually get $20,000 RD in 2 withdrawals. [I never tried to use it more than twice consecutively - can you?] However, sometimes Scotia is not an option and I end up paying costly ATM fees. I try paying in pesos for everything, but I'm uncomfortable doing so with large purchases (more than $200) nor do I like to carry around that much cash.

The exchange rate and 3% fee charged by my bank with my credit cards make credit card use prohibitive.

Any suggestions?
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Chase has a 'no foreign fee' policy for their cards.

Your style is good - 20,00- at a time... yes , you can hit the ATM until your card's limit -- ask to make it $1,000 = 42,000drp
they usually attach a weekly max to that... mine is $1k/day upto $3k for the week

Other option is to cash a check --- fee there too but bit better rate.... coin toss if you ask me

Others may differ
 

skynet

Bronze
Aug 25, 2013
1,238
0
0
I do the same, have my bank in the States, TD Bank..However, no affiliated banks here, so I pay about 2.50 for each transaction in the States, and about 120 pesos at the ATM for their fee, total of around 6.00 bucks US for each transaction, a bit over kill! ..Now, Popular will withdraw your money via credit card for free if you have an account with them..That there would be your best option, open an account here just to use it for that exchange. Also, you should be able to get up to 30,000 per day from any ATM, 700 bucks or so, depends on the exchange rate which is around 43% right now, but always check beforehand.

Also, be sure to use an ATM that has no set withdrawals, otherwise each one will cost you and its annoying only able to pull 4,000 pesos at a time...A good ATM will allow you to pull 10,000 at a time such as some Popular, Scotia as you mentioned, another but I don't recall the name..maybe Reserves? not sure of the spelling..

Most important!! watch out for those ATM skimmers...Run your hand around where you put your card in. Make sure its tight, has no wires exposed etc...Since I've been here, 7 Years now, my card has been compromised 5 times!! All 5 times, my bank was cool about it, sent me another card overnight with no cost to me..Also, just a heads up..TD Bank has a ATM Card program to overdraw your account. I signed on about 3 Years ago and it literally has saved my life a few times since I always need to OD my account..How much?? up to 1,400.00 US..However, the amount is based on your history with them which I've been a customer since 1997 when they were Commerce...

Overall, you have a few options as I mentioned, best one would be, just go to Popular and have them take it directly with no cost to you if you have an account or see what a few banks charge to do this, then its up to you whats the best rate etc...

Hope this helps you..

Anthony



I visit the DR a few times a year from the US. I need a better strategy for exchanging cash and paying for things. My strategy thus far hasn't been much. I get to use the ATMs at Scotia Bank for free due to their affiliation with Bank of America and the exchange rate seems OK. I withdraw as much cash as possible. I usually get $20,000 RD in 2 withdrawals. [I never tried to use it more than twice consecutively - can you?] However, sometimes Scotia is not an option and I end up paying costly ATM fees. I try paying in pesos for everything, but I'm uncomfortable doing so with large purchases (more than $200) nor do I like to carry around that much cash.

The exchange rate and 3% fee charged by my bank with my credit cards make credit card use prohibitive.

Any suggestions?
 

charlise

Bronze
Nov 1, 2012
751
0
0
I've been here for 2 years now and I get 10,000 pesos at a time at the Scotia. When I buy something more expensive, I pay with my credit card (CAD). Never been cloned, debit card or credit card.

Don't be paranoid on everything.
 

gas

New member
Jul 28, 2013
238
0
0
I never exchanged USD except at airports or hotels when I needed a few pesos. Except for a couple of hotels, the rates were horrible. How does one go about exchanging USD at a good rate? Will a bank do it? I never tried; I assumed they wouldn't do so unless I had an account.

As for Banco Popular, can I open an account in the US and take advantage of the benefits in the dR?
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Casa de Cambio to change money.... Popular is not the same bank - one in DR and other in US are different entities, not related
 

InsanelyOne

Bronze
Oct 21, 2008
895
28
28
I realize I'm sounding like a broken record but I've never been happier with a bank than with my current one; Charles Schwab. It's an online only bank so that may not be for everyone but they charge zero fees. None. No monthly fee. No minimum checking account balance. And best of all, they reimburse ALL ATM fees worldwide. I average about $500 per year in refunded ATM fees. I think withdrawing cash from my Schwab account at ATMs is the best way to go. I have a Dominican bank account but don't use it for anything.
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
When I buy something more expensive, I pay with my credit card (CAD). Never been cloned, debit card or credit card.

Don't be paranoid on everything.

So far you have not been cloned. For how long have you used a card here?
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
I believe they are related, but still due to pressure from USA govt they have to operate as if they aren't
Der Fish
The US one has big offices in Chicago but is based in PR, I think.

I was customer in the US and asked about the relationship.... none, I was told
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
I visit the DR a few times a year from the US. I need a better strategy for exchanging cash and paying for things. My strategy thus far hasn't been much. I get to use the ATMs at Scotia Bank for free due to their affiliation with Bank of America and the exchange rate seems OK. I withdraw as much cash as possible. I usually get $20,000 RD in 2 withdrawals. [I never tried to use it more than twice consecutively - can you?] However, sometimes Scotia is not an option and I end up paying costly ATM fees. I try paying in pesos for everything, but I'm uncomfortable doing so with large purchases (more than $200) nor do I like to carry around that much cash.

The exchange rate and 3% fee charged by my bank with my credit cards make credit card use prohibitive.

Any suggestions?

You can take as money out of the scotio machine as your daily limit with BofA is. I had it raised to USD1000 recently and take out 40k per day without a problem (10k per withdrawal ofcourse).
 
Apr 10, 2006
93
0
6
I bring cash with me. I exchange a large amount at a 'casa de cambio'. The one where I go gives me a better rate than posted if I change a few thousand. They have also offered to drive me somewhere (home or bank) with the money when I cashed an even larger amount or come to my house with the cash I need in pesos. That is in Santiago. Not sure about other places.

Also, a benefit is you can change as little or as much as you want and no fees. I could go every day if I wanted. And just keep your extra money in a safe place at home or wherever you are staying.

ATM fees are too high for my liking and limiting to $10 mil pesos at a time.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
My business account was run out of Chicago initially and then NYC....
Banco Popular was one of the last banks to harbor/support check cashers.

It wasn't a foreign bank as far as I know.... the banking world is getting smaller.... try Canada some time... an oligopoly, all kissin' cousins
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
I use a local cambio. We call and they come to our house with the cash.

Top rates.

I never fell comfortable standing at an ATM in the DR.

In 5.5 years, I've had credit/debit cards compromised 6 times, and I rarely use them.
 

sayanora

Silver
Feb 22, 2012
1,621
36
48
I use a local cambio. We call and they come to our house with the cash.

Top rates.

I never fell comfortable standing at an ATM in the DR.

In 5.5 years, I've had credit/debit cards compromised 6 times, and I rarely use them.

This may be the worst idea I've ever heard of on here..
 

MiamiDRGuy

Bronze
May 19, 2013
1,374
449
83
My suggest to avoid foreign exchange fees is to get a prepaid card called Bluebird by American Express then put as much as you can up to $100,000 then you can use it in DR with 0% foreign exchange fee. That what I did pretty much and it worked and everytime they see you have AmEx, they start to respect you because they know you have money... I guess..
 

Manzana

Member
Jan 23, 2007
229
20
18
I don't have much experience staying there for long periods but for trips I use my regular Schwab account debit card in bank ATMs. Schwab has no currency exchange fees, no ATM fees of it's own and rebates all other ATM fees charged. I never had a problem with fraud but they are easy to monitor on a smartphone and responsive to phone calls if anything is amiss. Fidelity also has a similar cash management account card with no ATM fees at any ATM worldwide, no games.
 

skynet

Bronze
Aug 25, 2013
1,238
0
0
Call them, think they are related as well..

I never exchanged USD except at airports or hotels when I needed a few pesos. Except for a couple of hotels, the rates were horrible. How does one go about exchanging USD at a good rate? Will a bank do it? I never tried; I assumed they wouldn't do so unless I had an account.

As for Banco Popular, can I open an account in the US and take advantage of the benefits in the dR?