New Check Cashing Fee Imposed

Buzzard

Well-known member
Feb 28, 2004
516
30
48
86
Costambar
Banco Santo Cruz has imposed a $5.00 US fee for cashing checks.
It applies to all amounts up to $1000.
At least this is what I have been told by my local branch of RUSA, here in Costambar.
Any suggestions on how to circumvent this charge?
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
Banco Santo Cruz has imposed a $5.00 US fee for cashing checks.
It applies to all amounts up to $1000.
At least this is what I have been told by my local branch of RUSA, here in Costambar.
Any suggestions on how to circumvent this charge?

That is the same as many banks charge for ATM withdrawal from US accounts here in the DR.
Der Fish
 

SantiagoDR

The "REAL" SantiagoDR
Jan 12, 2006
5,808
948
113
I just did a check cashing at the Cambio.

$0-$1000 / Fee: $3 U.S.
So I torn it up and wrote a check after they advised me for $1,001 U.S.

NO FEE

They were nice to me and let me know.
Great to have a cambio that looks after the customers.

Exchange Rate 45.8


PS: My cambio uses Banca Santa Cruz.
 

Drro

Bronze
Mar 22, 2006
1,407
102
63
I don't cash checks, I deposit them and then withdraw cash. No charge. Just did so today at Bank Leon.
 
Aug 6, 2006
8,775
12
38
I don't cash checks, I deposit them and then withdraw cash. No charge. Just did so today at Bank Leon.

This sounds wise.
 

Drro

Bronze
Mar 22, 2006
1,407
102
63
Usually 3 weeks - 2 days at my bank in the States but I don't care, it's how I get money here and cash here when I run out. I also use it to fund my debit cards.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
We do the same as Drro - deposit checks into our dollar account, clears US in 2 days, funds available in about 2 weeks at BHD. Then we withdraw the money in dollars and change it wherever the best exchange rate is - never BHD :)
 

bob saunders

Platinum
Jan 1, 2002
32,502
5,930
113
dr1.com
We do the same as Drro - deposit checks into our dollar account, clears US in 2 days, funds available in about 2 weeks at BHD. Then we withdraw the money in dollars and change it wherever the best exchange rate is - never BHD :)

BHD will give you the same rate as the Casa De Cambios, all you have to do is ask.
 

chic

Silver
Nov 20, 2013
4,305
1
0
We do the same as Drro - deposit checks into our dollar account, clears US in 2 days, funds available in about 2 weeks at BHD. Then we withdraw the money in dollars and change it wherever the best exchange rate is - never BHD :)

i have a cambio....cashes my checks...and i never thought i was loosing... same rate as changing which was always good..
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Banco Santo Cruz has imposed a $5.00 US fee for cashing checks.
It applies to all amounts up to $1000.
At least this is what I have been told by my local branch of RUSA, here in Costambar.
Any suggestions on how to circumvent this charge?

Are you talking about checks from outside the country? If so consider getting direct deposit.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Like others in this thread, I have been depositing US checks in US dollar accounts for many years, withdrawing the money and changing it as needed. As a back up for DR pesos, I use a US based ATM card, which is used much less frequently these days.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Are you talking about checks from outside the country? If so consider getting direct deposit.

What people appear to be talking about is having a US check book, writing and cashing those checks here in the DR when they need DR pesos. There are money changers who will cash US checks and provide an equivalent rate to changing actual US dollars. Something recently seems to have changed where there is a fee added to cash those checks. One poster pointed out there was no fee if the check was over $1,000 US. (I have never used a money changer to cash US checks, just actual US dollars.)
Direct deposit into a local account does not address this situation. People like myself keep a minimum of funds in the DR and would not go the direct deposit route unless forced to do so.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,966
113
Not true at our branch. Mr. AE complained that that the rate was less than so&so, and they said it was BHD's policy not to match it.

I have yet to see any bank match a cambio's Forex rate for an ordinary customer.
 

Buzzard

Well-known member
Feb 28, 2004
516
30
48
86
Costambar
What people appear to be talking about is having a US check book, writing and cashing those checks here in the DR when they need DR pesos. There are money changers who will cash US checks and provide an equivalent rate to changing actual US dollars. Something recently seems to have changed where there is a fee added to cash those checks. One poster pointed out there was no fee if the check was over $1,000 US. (I have never used a money changer to cash US checks, just actual US dollars.)
Direct deposit into a local account does not address this situation. People like myself keep a minimum of funds in the DR and would not go the direct deposit route unless forced to do so.

Thank you windeguy for clarifying the issue. You are quite correct in your analysis.
I'm here ~6 months a year. Cashing a check on my US account and getting the current exchange rate whenever I need pesos
is, for me, the simplest and fastest way of getting pesos whenever I need it;
not waiting 2 days or 2 weeks for my check to clear. Plus the cost of maintaining a RD bank account.