Page 1 of 3 123 LastLast
Results 1 to 10 of 27
  1. #1
    Regular
    Join Date
    Jul 2011
    Posts
    471
    Post Thanks / Like

    Default Transferring dollars to pesos account at Sociabank

    Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....

  2. #2
    Platinum
    Join Date
    Jul 2004
    Posts
    28,763
    Post Thanks / Like

    Default

    Banks generally give poor rates compared to Western Union or Caribe Express when buying dollars. Some people have good luck with ScotiaBank , but they ask for that consideration and probably change $1,000 US or more to get it. I have never considered doing what you did for that very reason.

    My best rates are generally when I use a Schwab card at at ATM where the Forex rate is better than Western Union or Caribe Express.

  3. #3
    Platinum
    Join Date
    Jan 2002
    Posts
    26,218
    Post Thanks / Like

    Default

    Quote Originally Posted by judypdr View Post
    Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
    We have had the same issue in the past so when we transfer we tell the bank to give us the Carib Express rate or we will withdraw the US dollars and go exchange it ourselves. The bank then gives us the same rate. This works, at least for us, at the BHD in Jarabacoa.

  4. #4
    Silver
    Join Date
    May 2004
    Posts
    2,745
    Post Thanks / Like

    Default

    Banks make money when they sell. They buy cheaper then sell higher.

    Sent from my BLN-L24 using Tapatalk

  5. #5
    Moderator
    Join Date
    Jan 2002
    Posts
    18,110
    Post Thanks / Like

    Default

    i DISLIKE sCOTIABANK.

    I really did not mean to shout. However,, I can leave it like that and not feel bad.
    I NEVER change dollars at a bank. I am getting 50.30 (at least this week) at my Casa de Cambio.
    He also changes my checks on a US bank.

    As far as Scotia goes, I am cancelling all my accounts and putting them in my Dominican wife's name. Same with Popular dollar account. I will have NO money in the DR.

    I would warn all to hold on to or get as many dollars as possible. Change only what is needed in the short term.

    Not a scaredy cat, but just a little bit weary right now.

    HB
    Moderator DR1.com

  6. Likes ctrob, Polar Bear, jinty05 liked this post
  7. #6
    Regular
    Join Date
    Oct 2017
    Posts
    467
    Post Thanks / Like

    Default

    Quote Originally Posted by judypdr View Post
    Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
    I only have a USD account in the DR. I see no reason for a peso account. Every time the peso falls as compared to the USD, you lose money. Those cents add over time. When I need pesos, I simply go to the ATM and make a withdrawal at the bank's ATM to avoid the fees. The bank always gives the best rate on the exchange.

  8. #7
    Regular
    Join Date
    Aug 2017
    Posts
    456
    Post Thanks / Like

    Default

    Quote Originally Posted by Hillbilly View Post
    i DISLIKE sCOTIABANK.

    I really did not mean to shout. However,, I can leave it like that and not feel bad.
    I NEVER change dollars at a bank. I am getting 50.30 (at least this week) at my Casa de Cambio.
    He also changes my checks on a US bank.

    As far as Scotia goes, I am cancelling all my accounts and putting them in my Dominican wife's name. Same with Popular dollar account. I will have NO money in the DR.

    I would warn all to hold on to or get as many dollars as possible. Change only what is needed in the short term.

    Not a scaredy cat, but just a little bit weary right now.

    HB
    What do you think will happen?

  9. #8
    Bronze
    Join Date
    Dec 2008
    Posts
    1,062
    Post Thanks / Like

    Default

    Quote Originally Posted by judypdr View Post
    Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
    Take the money out and transfer at Caribe Express or Banco La Nacional for $50.15.

  10. #9
    Bronze
    Join Date
    Jan 2002
    Posts
    589
    Post Thanks / Like

    Default

    I closed my Scotia account as they never had any dollars and would always give a crappy service. Once they gave me a fake 100 dollar bill then they did not want to accept it back. I moved to nanco Progresso who had the best exchange rates but unfortunatly just got taken over bu Scotia. Now there exhange rates are getting worse. Scotia are only good for their morgage loans were their interest rates are competative.

  11. #10
    Platinum
    Join Date
    Jan 2009
    Posts
    22,014
    Post Thanks / Like

    Default

    I have experienced that dollar shortage....it happens at many banks

    I think the government scoops all the US$$ for the treasury.... debt repayments perhaps
    Banks can order it... just not always on hand

    FWIW
    this happens to me in Canada too... they only carry limited amounts of foreign currency
    Even US$

Page 1 of 3 123 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •