With this recent commercial float of the Peso what is the cash or traveller's cheque rate for the peso vs. US$ in the cambios? Someone local let me know? Thanks.
- Thread starter ricktoronto
- Start date
Current Peso/ US$ Rate
You could get the rate on the following link in the section currency converter:
www.dominican-dreams.com/english.htm
It is updated every time!!!!
www.dominican-dreams.com/english.htm
It is updated every time!!!!
See the news item on the declining value of the peso in the dr1 daily news page of Thursday, 31 January. The official rate is RD$17.10 but yesterday exchange banks were paying up to RD$17.30 to the dollar. Commercial banks were selling at up to RD$18.20 for the dollar. Also see the explanation by Freddy Emam Zade, of the Business Forum on the topic at http://dr1.com/forums/showthread.php?threadid=15544
A local actual price please
I agree Oanda.com ( powering Dominican Dreams converter) is one of the better ones (though they were showing 16.5 RD$ per US$ for about a year) - someone in DR now- what is the selling price for pesos ? Thanks.
I agree Oanda.com ( powering Dominican Dreams converter) is one of the better ones (though they were showing 16.5 RD$ per US$ for about a year) - someone in DR now- what is the selling price for pesos ? Thanks.
Exchange
Rick, may I ask what the difference is......I'm sure, you being a frequent traveller to the DR, know where to exchange your money, so if the rate is 16.98 or 17.20.....unless you are dealing with quite a bit of cash....what's the difference? For Swansong.....I always find it best to bring USD and exchange them there for peso's. Also I have sent money down to myself(when I know I've needed lots of cash!)thru Western Union, and picked it up when I got there.....this is "always" the best rate! Only thing is you need to make sure you have a safe place to put it while your there. In the DR you can use your debit card, and this gives you a very favorable exchange rate....I get two out of countrie transactions for free per month....other wise this might not be a good idea as some financial institutions charge 5.00 for one transaction outside of the countrie. Hoped this helped.
Rick, may I ask what the difference is......I'm sure, you being a frequent traveller to the DR, know where to exchange your money, so if the rate is 16.98 or 17.20.....unless you are dealing with quite a bit of cash....what's the difference? For Swansong.....I always find it best to bring USD and exchange them there for peso's. Also I have sent money down to myself(when I know I've needed lots of cash!)thru Western Union, and picked it up when I got there.....this is "always" the best rate! Only thing is you need to make sure you have a safe place to put it while your there. In the DR you can use your debit card, and this gives you a very favorable exchange rate....I get two out of countrie transactions for free per month....other wise this might not be a good idea as some financial institutions charge 5.00 for one transaction outside of the countrie. Hoped this helped.
CDN dollars to US then to pesos
There is no way you will gain anything by paying a bank to change your money twice.
Bring CDN and change it here.
marc
There is no way you will gain anything by paying a bank to change your money twice.
Bring CDN and change it here.
marc
Re: CDN dollars to US then to pesos
Marc,
If we are talking about a couple of 100$ CDN it's to much trouble for a few pesos but for large amount of CDN money I don't agree with you.
In the past 2 weeks I changed CDN for US in an "exchange office" (casa de cambio) at rates from l.5654 to 1.5930 it gave me an average of 1.5790 while the banks were at l.615 - l.62 and even 1.63
At 1.579, 5 000$CDN = 3 166$US
5 000$ CDN at 10.25 = 51 250 pesos. At 10.50 = 52 500pesos
3 166$US at 16.75 = 53 030pesos. At 17 = 53 822pesos. As mentionned in Dolores' post at 17.30 = 54 771pesos. The difference means about 100 Presidente bien fr?as and buying by the cajas it means more.
Marc said:
Marc,
If we are talking about a couple of 100$ CDN it's to much trouble for a few pesos but for large amount of CDN money I don't agree with you.
In the past 2 weeks I changed CDN for US in an "exchange office" (casa de cambio) at rates from l.5654 to 1.5930 it gave me an average of 1.5790 while the banks were at l.615 - l.62 and even 1.63
At 1.579, 5 000$CDN = 3 166$US
5 000$ CDN at 10.25 = 51 250 pesos. At 10.50 = 52 500pesos
3 166$US at 16.75 = 53 030pesos. At 17 = 53 822pesos. As mentionned in Dolores' post at 17.30 = 54 771pesos. The difference means about 100 Presidente bien fr?as and buying by the cajas it means more.
Banks...
...they don't work for free. Riddle me this: If I go to a bank and exchange CDN to USD, then USD back to CDN, over and over....will I come out even?
Answer: There's no way! You have to loose! The banks make money everytime they change currency for you. It is unthinkable to me that both you AND the bank AND the money changer in the DR make money by you changing your money twice. Where does the revenue come from?
I am not arguing that your math is wrong, but the logical engineer in me cannot accept that you have discovered a revenue generator in which everyone MAKES money off your transaction, including yourself. I think it is a matter of you mixing up exchange rates and using averages when you have to focus on using SAME DAY, SAME TIME exchange rates.
Dammit! Now I have to dust off the calculator tonight!
marc
...they don't work for free. Riddle me this: If I go to a bank and exchange CDN to USD, then USD back to CDN, over and over....will I come out even?
Answer: There's no way! You have to loose! The banks make money everytime they change currency for you. It is unthinkable to me that both you AND the bank AND the money changer in the DR make money by you changing your money twice. Where does the revenue come from?
I am not arguing that your math is wrong, but the logical engineer in me cannot accept that you have discovered a revenue generator in which everyone MAKES money off your transaction, including yourself. I think it is a matter of you mixing up exchange rates and using averages when you have to focus on using SAME DAY, SAME TIME exchange rates.
Dammit! Now I have to dust off the calculator tonight!
marc
Marc
I've changed my money very often and I live on the border of the USA and Canada, you most always will come out ahead changing your money into US funds in Canada and then bringing US funds to the DR. Your "riddle me this" is totally off base to what is being discussed.....of course you would'nt be able to change it back and forth numerous times and come out even. But if I go to the Bank and they are giving me 64.25 U.S.Dollars for every 100 Canadien dollars and I change 2000.00...I would get 1,285.00.US.......Now if down south they were giving 17 pesos for a US dollar....I would get 2,184.50 pesos.......now for the exact same amount in Canadien....2000.00 CAD and if down in the DR they were giving 9.9 pesos for a canadien dollar......you would get 1,980.00 pesos for the same amount of money......Therefore you have a difference of 20 Canadien dollars for going to the Bank and changing your money in Canada before you go!!! ...............I don't know where you come up with a analogy of changing it back and forth multiple times.......if you ride your motorcycle back and forth to the colmado fifteen times.....do you use any gas?????If you do...... the price of beer at the colmado must be the same!!!
I've changed my money very often and I live on the border of the USA and Canada, you most always will come out ahead changing your money into US funds in Canada and then bringing US funds to the DR. Your "riddle me this" is totally off base to what is being discussed.....of course you would'nt be able to change it back and forth numerous times and come out even. But if I go to the Bank and they are giving me 64.25 U.S.Dollars for every 100 Canadien dollars and I change 2000.00...I would get 1,285.00.US.......Now if down south they were giving 17 pesos for a US dollar....I would get 2,184.50 pesos.......now for the exact same amount in Canadien....2000.00 CAD and if down in the DR they were giving 9.9 pesos for a canadien dollar......you would get 1,980.00 pesos for the same amount of money......Therefore you have a difference of 20 Canadien dollars for going to the Bank and changing your money in Canada before you go!!! ...............I don't know where you come up with a analogy of changing it back and forth multiple times.......if you ride your motorcycle back and forth to the colmado fifteen times.....do you use any gas?????If you do...... the price of beer at the colmado must be the same!!!
Revenue generator
I will email you to get more info on how to create wealth by exchanging money several times over. hehe.
Honestly, I need to figure out what you are talking about or my wife will go crazy watching me pace around the house.
marc
I will email you to get more info on how to create wealth by exchanging money several times over. hehe.
Honestly, I need to figure out what you are talking about or my wife will go crazy watching me pace around the house.
marc
Marc
Marc.....I just phoned my bank and asked how much I would get for 2000.00 and they said for 2000.65 I'd get 1250.00 US. Then I phoned Western Union and asked if I gave them 2000.65CAD how many pesos would I get...they said 21,046.10....then I asked if I gave them 1,250 USD how many peso's would I get...they said 21,312.00.....so I would come out ahead 266 peso's for the exact same amount of Cash. Now if I were to exchange my money at the Casino here.....I would get more than 1,250 as they give a better rate than the bank does! Not much but indeed a better rate....probably around 1,256 or so, which would be another 100 or so peso's. So that all being said, by exchanging you money to US funds,...on 2000.00 CAD you'll be up around 300 pesos.....or about 12 cold beers!!! Just for going to the bank, which you have to do anyways to get travelers checks, which I get for free with the bank plan that I have. So you would be absolutly nuts not to do this, as US funds are more readily accepted in any area...as CAD are sometimes frowned upon! Also you must be aware.... if in fact you don't spend all of your USD in the DR, you'll lose changing them back when you get home! But.....I very rarely have that problem!!!!
Marc.....I just phoned my bank and asked how much I would get for 2000.00 and they said for 2000.65 I'd get 1250.00 US. Then I phoned Western Union and asked if I gave them 2000.65CAD how many pesos would I get...they said 21,046.10....then I asked if I gave them 1,250 USD how many peso's would I get...they said 21,312.00.....so I would come out ahead 266 peso's for the exact same amount of Cash. Now if I were to exchange my money at the Casino here.....I would get more than 1,250 as they give a better rate than the bank does! Not much but indeed a better rate....probably around 1,256 or so, which would be another 100 or so peso's. So that all being said, by exchanging you money to US funds,...on 2000.00 CAD you'll be up around 300 pesos.....or about 12 cold beers!!! Just for going to the bank, which you have to do anyways to get travelers checks, which I get for free with the bank plan that I have. So you would be absolutly nuts not to do this, as US funds are more readily accepted in any area...as CAD are sometimes frowned upon! Also you must be aware.... if in fact you don't spend all of your USD in the DR, you'll lose changing them back when you get home! But.....I very rarely have that problem!!!!
Lyse
The Bank is useally better than Western Union.....but not today I guess......anyways it would be better to take US funds.....right Lyse, I hope that's what your trying to say.....I would hate to have to go over it again........BTW that's a very good rate!!!
The Bank is useally better than Western Union.....but not today I guess......anyways it would be better to take US funds.....right Lyse, I hope that's what your trying to say.....I would hate to have to go over it again........BTW that's a very good rate!!!
Bank better than Western???
Doug,
Since 1987, I buy US in "casas de cambio" and I've never seen a bank with a better rate those "casas de cambio" offer at least not in Montreal neither in the D.R.
About Western Union, It could be my mistake. There was a sign on the door "Wester Union" but it's written on the paper they gave me "Insta-cheques".
For us Canadians, it's better to bring US when travelling to the D.R. and exchange it for pesos over there. On that we both agree and that's the most important point.
Doug,
Since 1987, I buy US in "casas de cambio" and I've never seen a bank with a better rate those "casas de cambio" offer at least not in Montreal neither in the D.R.
About Western Union, It could be my mistake. There was a sign on the door "Wester Union" but it's written on the paper they gave me "Insta-cheques".
For us Canadians, it's better to bring US when travelling to the D.R. and exchange it for pesos over there. On that we both agree and that's the most important point.
Re: Banks...
Doing this is called currency arbitrage... currency traders do it for a living and it is often completely automated using computers. You couldnt make any money doing it because the expense of physically carrying the money back and forth outways the gain. If you did it for large sums of money, the margin would be high enough, but eventually the supply and demand would even out and the rates would all match.
Arbitrage is also done locally as the peso/USD rate differs as you travel farther from the source (tourist areas).. The business is rather risky because you become very exposed to robbery...
Marc said:
Doing this is called currency arbitrage... currency traders do it for a living and it is often completely automated using computers. You couldnt make any money doing it because the expense of physically carrying the money back and forth outways the gain. If you did it for large sums of money, the margin would be high enough, but eventually the supply and demand would even out and the rates would all match.
Arbitrage is also done locally as the peso/USD rate differs as you travel farther from the source (tourist areas).. The business is rather risky because you become very exposed to robbery...
just a thought to consider......
since one of the factors that determines a currency's value, in addition to Paul Martin's fiscal/monetary policy, is supply and demand, wouldn't converting to US$$ and then RD$$ further serve to devalue the Canadian dollar?
in the long run, for the typical tourist--ie. someone who travels one or two weeks out of the year and staying A-I, converting a couple of grand--to save the equivalent of a case of beer--only further increases demand for US$$ and it seems to me fails to consider the future impact of such transactions.
can one person make a difference? no, but if all the thousands who travel each year brought CDN$$, then maybe we wouldn't have a $0.61 exchange rate.
mob.
Lyse said:
since one of the factors that determines a currency's value, in addition to Paul Martin's fiscal/monetary policy, is supply and demand, wouldn't converting to US$$ and then RD$$ further serve to devalue the Canadian dollar?
in the long run, for the typical tourist--ie. someone who travels one or two weeks out of the year and staying A-I, converting a couple of grand--to save the equivalent of a case of beer--only further increases demand for US$$ and it seems to me fails to consider the future impact of such transactions.
can one person make a difference? no, but if all the thousands who travel each year brought CDN$$, then maybe we wouldn't have a $0.61 exchange rate.
mob.
gains
Looks like you come out ahead $30 CDN which is about $18USD for your $2000CDN expenditure. If you are spending $2000CDN in cash, you are in for at least $5000CDN for your trip.
You're gonna spend more than that on beads at the beach if you ask me! I couldn't be bothered on a $5000 vacation to take the time to change that much cash before I came just to save $30CDN. Change to US if you wish, however I know my friends will laugh when I tell them how to save $30 on their vacation by changing that amount of cash twice...
marc
Looks like you come out ahead $30 CDN which is about $18USD for your $2000CDN expenditure. If you are spending $2000CDN in cash, you are in for at least $5000CDN for your trip.
You're gonna spend more than that on beads at the beach if you ask me! I couldn't be bothered on a $5000 vacation to take the time to change that much cash before I came just to save $30CDN. Change to US if you wish, however I know my friends will laugh when I tell them how to save $30 on their vacation by changing that amount of cash twice...
marc
Marc
Maybe your friends won't laugh....because they might be smarter than you!!! You have to go to the bank to get the cash..Marc.......So, when there.... get US instead of CAD....pretty simple......Or maybe your the type that pays 25 bucks for a fruit plate on the beach, if nothing....including money matters to you! Marc, you just can't come to the realization it's better with USD......with EVERYTHING takin into account!
Maybe your friends won't laugh....because they might be smarter than you!!! You have to go to the bank to get the cash..Marc.......So, when there.... get US instead of CAD....pretty simple......Or maybe your the type that pays 25 bucks for a fruit plate on the beach, if nothing....including money matters to you! Marc, you just can't come to the realization it's better with USD......with EVERYTHING takin into account!