Bad news for Bank of America clients in DR

Mauricio

Gold
Nov 18, 2002
5,607
7
38
Checking my bank statement today I noticed I was charged 29 dollars yesterday for taking out around USD1000 in pesos. Chatting with the customer relationship agent it appeared the rules changed as per november 8, 2013. From now they steal 3% of each withdrawal you make.

Goodbye Bank of America.
 

chrisrose97

Member
May 2, 2010
302
11
18
Mauricio,
Do you use ScotiaBank atms to make a withdrawal? I thought Scotiabank atms didnt charge anything, or did that change too?
 
Feb 7, 2007
8,005
625
113
It's called foreign transaction fee and all banks charge it. Some charge it within the exchange rate, some charge it apart. The charge goes from 0.5 to 3.5%
 

bonao99

Member
Jun 11, 2005
214
14
18
I have citi and boa. both charge fees
I will try Charles Schwab from now on. No ATM fees worldwide, free checks and no minimun.
I think It must be linked to a brokerage account.
 

skynet

Bronze
Aug 25, 2013
1,238
0
0
TD Bank yo yo here..6 bucks per transaction, about 3 bucks to check balance....screw you
 

drSix

Silver
Oct 13, 2013
1,323
0
36
I have been using xoom.com to get cash. You transfer from your US Bank account and pick up the USD or DOP at locations all over the DR. They charge $4, and you can transfer up to US$2,999 at a time. They get you on the exchange, only 41, but it still beats paying The ATM and International Withdrawal fees my bank charges.
 

Lothario666

Bronze
Oct 16, 2012
1,379
0
0
Writing a U.S. check to my local "Cambio", getting top exchange rate:

-ZERO- charges -

Priceless: Some people here just never learn....................
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
It's called foreign transaction fee and all banks charge it. Some charge it within the exchange rate, some charge it apart. The charge goes from 0.5 to 3.5%

During the last three years I never paid a charge using the Scotiabank ATM and the exchange rate was always better than the buying rate of the bank. BofA states the 1% foreign transaction fee MAY apply, but it never did , until last week, now it does apply as not just 1%, but 3%.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
I have been using xoom.com to get cash. You transfer from your US Bank account and pick up the USD or DOP at locations all over the DR. They charge $4, and you can transfer up to US$2,999 at a time. They get you on the exchange, only 41, but it still beats paying The ATM and International Withdrawal fees my bank charges.
Thats 1,5 pesos out of 42.5: also 3%. + USD4. You can't beat the system.
 

Eugeniefs

New member
Jan 24, 2008
286
0
0
All banks charge when taking money out of ATMs, I have found. The only way we are able to get money out without any charges is if we write a cheque from our Spanish bank, it may take a little while but no charges, is no charges :)
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
You can also send USD, and then exchange it locally.

Yeah, that's what I will have to start doing. Unfortunately Bank of America only allows USD1000 per wire, which cost USD35. Meaning I have to make 4 wires a month. I am trying to get a safe guard pass that allows me to wire more than USD1000 per wire and end up paying once USD35 and sent it to a dollar account here in DR.
 

Celt202

Gold
May 22, 2004
9,099
944
113
I just got off the phone with Bank of America. The representative told me that those fees are not Bank of America fees.

Time to have a chat with ScotiaBank her in Santo Domingo