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Thread: Changing $CAD to DOP

  1. #1
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    Default Changing $CAD to DOP

    I am writing this to answer some threads on this issue. Maybe can be merged with the Sticky Canadian Exchange Rate…….

    A person with $CAD income has a few option depending on their situation here and Canada.

    1. Snowbird here for a few months:

    I would recommend opening a Scotia Bank account in Canada and withdrawing $ DOP at an ATM in Scotia Bank in the DR.

    Advantage: no ATM & Foreign Exchange fees and exchange made in Scotia Bank Canada, better rate than Banks in the DR.

    Disadvantage: Daily limit set by your Scotia Bank in Canada (up to around $2000 CAD if asked for) and possible Debit card will not work at times, usually rare and problem is usually ATM in DR. I would recommend trying to obtain 2 Debit cards in case of lost or ATM eats your card. This is possible (2 Debit cards) with joints accounts.

    2. Person with $CAD income in Canada and living here longer. (Must have Canadian Bank account and address in Canada- Should be Canadian Resident)

    Opening USD account in DR and online account with a Money exchange/ transfer agent. Example: xe.com or ca.ofx.com. These two Money exchange/transfer agent work well as you can buy USD online (Better exchange rate than Canadian Banks) and you can pay them online with $CAD, Bill Payment option (Just like paying utility’s, no fees, check daily limits with your bank) with some Canadian Banks (for sure Bank of Montreal, maybe TD and Royal Bank also- to be verify) and they would Deposit USD in DR USD account on the same or next day they receive your payment. First time maybe a bit longer.

    Advantage: This option is good for transferring larger amounts (under 10,000 CAD) and because the spread FX rate on the USD (Buy & Sell) is better than the spread on $CAD in the DR you will always be equal or better off changing USD to DOP in the DR. Can all be done online. Should check what Bill Payment option you can use with your Canadian Bank.

    Disadvantage: Must meet requirements for XE or OFX account and opening USD account in DR (not an easy task). Also XE and OFX have annual limits. Some Local and intermediate Bank fee around $18-$25 USD on $9850 CAD transfer.

    3. Maybe able to change Canadian Cash/Check for $DOP at exchange house or the street, but have no experience with this.

    Note: If living here should have more than one option as the banking system in the DR is not service oriented.

    XTraveller

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    Scotia Bank in the DR is a Dominican Bank. It may be owned by an umbrella company that also owns Scotia Banks in Canada and other countries, but the regulations adhered to in the DR are the laws and regulations here, not those in Canada. The relationship does provide some benefits to Canadians with accounts at ScotiaBank in Canada.

    That said, your claim about better exchange rates is with Scotia Bank in the DR, not one in Canada. Is that claim that you get a better FOREX rate for CAD at a Scotia Bank in the DR than at other DR Banks verifiable?

    (For $USD, it is somewhat rare that a bank provides a better exchange rate than at Western Union or Caribe Express. Not sure about $CAD since there is little demand for it. I have never seen posts about people being able to cash $CAD checks at exchange houses.)

    The best system I have found is to use a Charles Schwab card at any ATM and use a USD account for back up at a local bank. If $CAD accounts are offered at DR Bank, like Scotia Bank, then depositing $CAD checks in that bank would be similar to my approach as a backup.

    "Not service oriented" is true on virtually anything here. We are not the tail that is going to wag that dog.

  3. #3
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    I agree with everything that XTraveller said. Have been using Scotiabank in Canada and here at ATM to get the DOP $ I need on regular basis, no fees. Also have used XETRADE to transfer US $ larger amounts, to my US account here. All has been good for last 3 years. As suggested, you need a back-up option in case the ATM is off.

    Sent from my SM-T800 using Tapatalk

  4. #4
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    Y
    Quote Originally Posted by windeguy View Post
    Scotia Bank in the DR is a Dominican Bank. It may be owned by an umbrella company that also owns Scotia Banks in Canada and other countries, but the regulations adhered to in the DR are the laws and regulations here, not those in Canada. The relationship does provide some benefits to Canadians with accounts at ScotiaBank in Canada.
    Scotiabank in Dominican yes its a Dominican Bank but is own by Scotiabank from Canada, they are connected to Toronto base for all internal computers process, I have an account with them, I applyed for a loan an I had to wait they solved a problem with their computer system in Toronto Office.

    And yes not fee using ATM in DR with Scotiabank Canada debit cards.

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    Quote Originally Posted by XTraveller View Post
    I would recommend opening a Scotia Bank account in Canada and withdrawing $ DOP at an ATM in Scotia Bank in the DR.
    Yes, that sounds good, except that there are very limited numbers of Scotia Banks in the DR. Nothing in Puerto Plata, I believe, but maybe a good long way out?

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    JusMe - there is a large Scotiabank in Puerto Plata - it is on 27 de Febrero - across from Jose Luis grocery store (old Tropical).

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    Windeguy,

    You misunderstood.
    1. You get a better exchange rate if you withdraw DOP in Scotia Bank or any Dominican Bank ATM with your CAD debit card than exchanging CAD cash at the counter. Advantage is if using a CAD Scotia Debit card in Scotia Bank DR ATM no fees in Canada and DR.

    2. I know of no DR banks that has CAD accounts.

    Xtraveller

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    Quote Originally Posted by JusMe View Post
    Yes, that sounds good, except that there are very limited numbers of Scotia Banks in the DR. Nothing in Puerto Plata, I believe, but maybe a good long way out?
    Scotia has reasonable coverage/exposure...

    They have just bought Progreso - expanding that exposure

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    did it today --

    Cabarete ScotiaBank..... 37.3 the ATM gave me.... with a Cdn card -- 10,000 max per transaction

    I asked the guard 'What Limit?'..... 10,000 per

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  11. #10
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    Yes, $10,000pesos limit /transacton and you can do multiple, if needed, up to your maximum canadian daily limit (which is set at your canadian branch).
    Quote Originally Posted by william webster View Post
    did it today --

    Cabarete ScotiaBank..... 37.3 the ATM gave me.... with a Cdn card -- 10,000 max per transaction

    I asked the guard 'What Limit?'..... 10,000 per
    Sent from my SM-T800 using Tapatalk

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