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
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