Have an ATM question about limits for each bank

jimflandin

Newbie
Aug 4, 2015
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Hi,

I have been living in SD for about 4 months and routinely need to withdraw money from my US bank (Wells Fargo). I have been using an ATM but the limits per transaction are only 5000 pesos and the charge is 195 pesos. Does anyone know of any ATMs that do not have limits or charge much less per transaction? Ideally I would like to withdraw 20,000 pesos at a time once a week and only have to pay the transaction fee once?

Alternatively, I read about a way to go into a bank and withdraw higher amounts from your US bank directly from the teller.. does anyone have experience with this also? Thanks in advance.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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I can't help you with the ATM info, we stopped using them a long time ago after a major problem.

Have you considered opening a dollar account at a DR bank? We deposit a check from our US bank once a month, and just withdraw dollars as needed. You do have to allow about 2-4 weeks for check to clear [depends on the bank], but it's easy, free and most of all - SAFE. Using the ATM as your only access can be very dangerous.
 

jimflandin

Newbie
Aug 4, 2015
4
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0
I can't help you with the ATM info, we stopped using them a long time ago after a major problem.

Have you considered opening a dollar account at a DR bank? We deposit a check from our US bank once a month, and just withdraw dollars as needed. You do have to allow about 2-4 weeks for check to clear [depends on the bank], but it's easy, free and most of all - SAFE. Using the ATM as your only access can be very dangerous.

That is a good idea, so I would just open a dollar bank account here and deposit checks written to myself here.. I should talk to a bank manager about that,.
 

william webster

Platinum
Jan 16, 2009
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My friend gets 20,000 regularly at Popular....exactly your situation, his is.

every branch can have a different limit on different days..... hard to predict

needle in a haystack problem
 

Matilda

RIP Lindsay
Sep 13, 2006
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You can withdraw up to the limit your bank sets inside the bank using your atm card but it depends on the chip in the card and the technology the bank has. It really is trial and error and depends on each bank branch. Best to go in and ask.

Matilda
 

AlterEgo

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Jan 9, 2009
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That is a good idea, so I would just open a dollar bank account here and deposit checks written to myself here.. I should talk to a bank manager about that,.

Exactly. You should be able to open an account with your passport if you are not a legal resident yet.
 

franco1111

Bronze
May 29, 2013
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It is a bad situation. In Bavaro now, all Banco PopularATM's I use limit the withdrawal to 8000 pesos. Before, it was 10,000. And the fee has gone up from 170 something to what you say. You can do another withdrawal at the same machine at the same time - and pay another fee. It seems clear to me they just want to collect another fee.

Other places (than Bavaro) are different.

Also, I have been having problems using the debit card with the chip. Mostly outside the tourist areas. And not on Banco Popular ATM's.
 

AlterEgo

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Do you have recommendations for banks that are good with cashing US checks?

Banks will not cash US checks - you have to deposit them and wait until they clear. We plan a month in advance, just to be sure.

Our account is at BHD, but I think most banks have dollar accounts available.

The other alternative that many in SD use is to build a relationship with a Casa de Cambio, they will cash US checks for you, but they have to get to know you.
 

charlise

Bronze
Nov 1, 2012
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I deal with Scotia Bank in Cabarete. 10k pesos per day with debit card and 10k also with credit card and no fees for debit card since Scotia is my bank in Qu?bec...
 

william webster

Platinum
Jan 16, 2009
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per day or per transaction??

sometimes they throttle back to 5,000 a withdrawal

Your card dictates YOUR maximum
The branch dictates THEIR maximum

Scotia tops out in Canada at $1,000Cdn daily up to $3,000 for the week.... as far I know

I had to climd a small ladder to arrange that
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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per day or per transaction??

sometimes they throttle back to 5,000 a withdrawal

Your card dictates YOUR maximum
The branch dictates THEIR maximum

Scotia tops out in Canada at $1,000Cdn daily up to $3,000 for the week.... as far I know

I had to climd a small ladder to arrange that

Exactly - we learned the hard way that each branch/ATM has their own limits, as weird as that is to me.

I have a $1500USD limit a day on my ATM card, but no ATM in the country will allow that amount without several transactions. When it was free, then cheap, I didn't care, but at $5+ a pop it's another story. My bank reimburses all ATM fees to our account, but still.... it's the principle.
 

franco1111

Bronze
May 29, 2013
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I just did two consecutive withdrawals at the Banco Popular ATM today - each 8000 pesos. Their max right now in Bavaro seems to be consistently 8000. I also went inside and withdrew from the local account - almost easier and does not cost.

Some day soon I will not use the ATM any more. The $10 in fees I paid to BP today can buy three grandes at the bar here : ) Rather they get my money than BP.
 

DR_Guy

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Feb 17, 2010
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Cibao Credit Association is 25k and no fee. There is one in Las Sirenas in Bonao and Santiago.
 

william webster

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Jan 16, 2009
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Oftentimes, your home country bank has a relationship with a foreign bank

Example, Scotia Canada allows free USA withdrawals at BankofAmerica ATM's

worth asking about RD
 

franco1111

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May 29, 2013
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I am not paying an ATM fee to my bank in U.S. for withdrawals here. So, that is covered. It is BP that is hitting hard with the fee. And, limiting the amount of each withdrawal. It appears they adjust their fee up as value of peso goes down. I don't know why the limit, probably to get more fees. It was not that long ago it was 10,000 pesos, not 8000. I did get 10,000 from Leon/BHD the other day at one of their ATM's. But out on the south coast their machines did not seem to want to take the card with chip. And limit was very low - 3,000 pesos. Insane.

Where is the guy who seemed to want to set up private ATM network here? Is it possible. Much money to be made. Just undercut the banks a little. Not possible?
 

franco1111

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May 29, 2013
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It can also depend on the time of the month. If it is the quincena the local branch may drop the limit to 5000 pesos for the day to make sure there is some for everybody. I've even seen that even at Scotia Bank.
Der Fish

Banco Popular at Jumbo in La Romana just let it run out the other day. Right in front of their bank. No efectivo.
 

william webster

Platinum
Jan 16, 2009
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The amount of 'hard cash' a branch has on hand fluctuates daily/weekly.

In the check cashing business when looking for extra cash to cove a big check, it was often necessary to call several branches to see who could spare $20-30,000.

The common notion that banks are full of money is false.
In fact just the opposite.
Their limit is set by their insurance policy - a max 'cash on hand' number to reduce losses in theft/robbery.