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Thread: Debit and credit card in DR

  1. #1
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    Default Debit and credit card in DR

    Hi all,

    I was wondering if anyone uses their USA/EUR
    Debit or credit card in the DR. I'm planning to retire in DR. My bank in US doesn't charge me any international fees for credit card and no ATM or exchange rate for debit withdrawal. They reimburse
    Any fees charge by other banks.

    My plan is to keep my US checking account and withdraw money in DR from ATM. For purchases,
    I'm trying to use my US credit card which doesn't have any fees. This way I can avoid DR banks headache etc.

    Any feedback or suggestions on my plan?
    Is it a good idea or not? If not, what would you suggest?

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    Quote Originally Posted by erod View Post
    Hi all,

    I was wondering if anyone uses their USA/EUR
    Debit or credit card in the DR. I'm planning to retire in DR. My bank in US doesn't charge me any international fees for credit card and no ATM or exchange rate for debit withdrawal. They reimburse
    Any fees charge by other banks.

    My plan is to keep my US checking account and withdraw money in DR from ATM. For purchases,
    I'm trying to use my US credit card which doesn't have any fees. This way I can avoid DR banks headache etc.

    Any feedback or suggestions on my plan?
    Is it a good idea or not? If not, what would you suggest?
    We do this, but with a few disclaimers, I'm sure others have different experiences/opinions:

    We get monthly deposits to our European account, for which we have a debit card. We use that card exclusively to withdraw funds from the ATMs of one certain bank (Banco Progreso), for no payments or nothing else. This far, no complaints.

    My 2 cents would be, that if you have a large sums on a specific account abroad, I would not use the card attached to that account even to withdraw funds here, but a separate account, to which you transfer funds as per what you are intending to withdraw/pay. So when you go withdraw or pay with the card, all that is available, is the amount you intend to pay or withdraw. I'm sure others also use cards to pay for everything and without any issues, this is just how we've used to do this and for our own peace of mind, to avoid any trouble where you have to deal with the banks here, even if the bank abroad would be reimbursing the funds should something go wrong.

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    I use a french debit card ( eurocard-mastercard ) to pay for shopping (el national and la sirena ).
    I use a swiss pre-paid card to take out pesos in dr banks, if needed.
    And a seperate card for internet stuff.

    I get a good enough exchange rate on the first, but a flat 5€ fee for using it here. ( so typically, i only use for large-ish payements )
    I get a bad exchange rate on the 2nd, but no fees......
    So choose your poison, lol.

    Couple that with sending yourself some cash ( friends, relatives or even when yoi go back home for a stint ), and you can live without a dr bank account, I do.

    P.S. i still do have a dr bank account, but hardly ever use it.ī

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    Quote Originally Posted by malko View Post
    I use a french debit card ( eurocard-mastercard ) to pay for shopping (el national and la sirena ).
    I use a swiss pre-paid card to take out pesos in dr banks, if needed.
    And a seperate card for internet stuff.

    I get a good enough exchange rate on the first, but a flat 5€ fee for using it here. ( so typically, i only use for large-ish payements )
    I get a bad exchange rate on the 2nd, but no fees......
    So choose your poison, lol.

    Couple that with sending yourself some cash ( friends, relatives or even when yoi go back home for a stint ), and you can live without a dr bank account, I do.

    P.S. i still do have a dr bank account, but hardly ever use it.ī

    Thank you for all replies. When you shop with either debit or credit card, I assume the store may ask you if you want to charge the purchase in dollars/euros or pesos since you are paying with a foreign card. What's advisable in this case?

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    Quote Originally Posted by erod View Post
    Hi all,

    I was wondering if anyone uses their USA/EUR
    Debit or credit card in the DR. I'm planning to retire in DR. My bank in US doesn't charge me any international fees for credit card and no ATM or exchange rate for debit withdrawal. They reimburse
    Any fees charge by other banks.

    My plan is to keep my US checking account and withdraw money in DR from ATM. For purchases,
    I'm trying to use my US credit card which doesn't have any fees. This way I can avoid DR banks headache etc.

    Any feedback or suggestions on my plan?
    Is it a good idea or not? If not, what would you suggest?
    I have a suggestion. Consider opening a local savings account denominated in USDs, and keep less than USD$5,000 or so in the account. Periodically, refresh the account by depositing a check drawn on your US bank. My checks clear in less than one week. I do not use US debit cards or credit cards in DR ATMs, but have used an AMEX over the counter. I will not use a US debit or credit card in a foreign ATM.

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    Quote Originally Posted by erod View Post
    Thank you for all replies. When you shop with either debit or credit card, I assume the store may ask you if you want to charge the purchase in dollars/euros or pesos since you are paying with a foreign card. What's advisable in this case?
    When I used my AMEX, the store charged in DOP as it should. AMEX does the conversion, and the rate is O.K.

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    Quote Originally Posted by erod View Post
    Thank you for all replies. When you shop with either debit or credit card, I assume the store may ask you if you want to charge the purchase in dollars/euros or pesos since you are paying with a foreign card. What's advisable in this case?
    Do not pay in anything but Pesos. Your card will give a very good rate. Anyplace letting you pay in US dollars a very bad one.

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    Quote Originally Posted by Dr_Taylor View Post
    I have a suggestion. Consider opening a local savings account denominated in USDs, and keep less than USD$5,000 or so in the account. Periodically, refresh the account by depositing a check drawn on your US bank. My checks clear in less than one week. I do not use US debit cards or credit cards in DR ATMs, but have used an AMEX over the counter. I will not use a US debit or credit card in a foreign ATM.
    Any reason why you don't use debit or credit card in a foreign ATM?

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    erod
    you may have noticed that you're getting 'opinions' here.

    Fact based answers will allow you to use that ATM idea easily and at good exchange rates....
    with or without a DR bank account.

    Using cards in foreign countries is a personal thing - some like it , some don't.

    Personally, I have all the options... foreign cards, local banks, DR cards.
    Still, I pay cash mostly
    This country is cash oriented....

    I get that cash from my foreign or local debit card...whichever account I choose
    Infrequently, dentist, etc, I use a foreign credit card

    All a matter of preference....and convenience to me

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    Quote Originally Posted by josh2203 View Post
    We do this, but with a few disclaimers, I'm sure others have different experiences/opinions:

    We get monthly deposits to our European account, for which we have a debit card. We use that card exclusively to withdraw funds from the ATMs of one certain bank (Banco Progreso), for no payments or nothing else. This far, no complaints.

    My 2 cents would be, that if you have a large sums on a specific account abroad, I would not use the card attached to that account even to withdraw funds here, but a separate account, to which you transfer funds as per what you are intending to withdraw/pay. So when you go withdraw or pay with the card, all that is available, is the amount you intend to pay or withdraw. I'm sure others also use cards to pay for everything and without any issues, this is just how we've used to do this and for our own peace of mind, to avoid any trouble where you have to deal with the banks here, even if the bank abroad would be reimbursing the funds should something go wrong.
    Same here. Transfer funds, withdraw them, then the account is practically empty so nothing to steal. Simple.

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