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?