I went down to Banco Santa Cruz with a friend this morning who was going to take out $ 1000 usd of his account to take with him on vacation tomorrow. Well suprise,suprise, they would not give him cash. Only a check or pesos. He asked where he could change it to usd, they said any exchange house (and here I thought they were the mother of all exchange houses?!). After we checked at two or three, the message was clear, it ain't gonna happen. It's not a big problem for him as he can change the check in Madrid at his bank there, but this begs the question, if you are a US citizen and have a large sum of usd that you want to take out, what are you going to do with a large check in usd in the USA? Something to think about.....
- Thread starter Kiteman
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Taking Dollars out of Banco Santa Cruz
This makes me nervous.
If you can only get it out in a check, and it is impossible to change the check into dollars in this country, then they have essentially removed the access to your dollars if you stay within the confines of the country. Scary indeed!! BTW, what was the exchange rate in Pesos that they offered?
If you can only get it out in a check, and it is impossible to change the check into dollars in this country, then they have essentially removed the access to your dollars if you stay within the confines of the country. Scary indeed!! BTW, what was the exchange rate in Pesos that they offered?
Most Dominican banks have to deposit somewhere in the region of 80% of their US $ intake eACH DAY, WITH Banco Central (or at least -0 they USED to). It is therefor not surprising that they do not always have sufficient to pay people out without prior notice! As I am well known ay my bank (Mercantil) I don't usually have any problems drawing US $'s out, but I STILL like to give them prior warning of my needs. It is pure courtesy after all, as US $'s ARE hard to get your hands on these days!!
Too late for this holiday I appreciate, but next time try to give the bank 3 or 4 days notice & see what success you have!! - Grahame.
Justv as an aside, "She that must be Obeyed" did a 'walkabout' into 3 banks yesterday to see what their interest rates were for 30, 60 & 90 day CD's in US $'s AND the variances were quite staggering!! The lack of knowledge by the staff suuposedly giving Customer "SERVICE??" was also quite astounding!! Anyone want a report generating just drop me an e-Mail & I'll get one done up!!
Too late for this holiday I appreciate, but next time try to give the bank 3 or 4 days notice & see what success you have!! - Grahame.
Justv as an aside, "She that must be Obeyed" did a 'walkabout' into 3 banks yesterday to see what their interest rates were for 30, 60 & 90 day CD's in US $'s AND the variances were quite staggering!! The lack of knowledge by the staff suuposedly giving Customer "SERVICE??" was also quite astounding!! Anyone want a report generating just drop me an e-Mail & I'll get one done up!!
People, this is the same way it started in Argentina when the system dried up of orgainic money. You may have the the account in dollars, but does the bank have the dollars?...or even pesos? Not. That is the reason the government has to go to IMF to get some liquidity in the system. Oh by way, don't count on your Dominican checks clearing in American Banks. The Dominican bank will send it back with some legal excuse.
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Hi Folks .......... been away with a faulty computer for a few days so heven't kept up to pace on this thread!! Sorry.
The only declined checks I have heard about down here relate to Banco Central checks being drawn on BanInter for someone who ought not really to be drawing that money in the first place (Government check for work not undertaken .... if you know what I mean). The "Salary" of RD $40K per month WILL get met at some stage, but not yet as the Government has to cut back to pacify the IMF in the short term!! Come election days next year, you can bet the checks WILL get met!!!
Everywhere else it is business as usual!! YES, Checks ARE being met - whether in US $'s or RD Pesos. There are a LOT of scaremongerers out there WISHING the DR into bankruptcy. I won't say it isn't going to happen - it COULD ......... But I very much doubt it!!!!! What I WILL say is please, get off our backs & let us recover from this unpleasant & Government induced fiassco without pushing a new "Bank Scare" each & every day.
WE that LIVE here know the problems, we live with them daily, but they certainly are not as big as those of you who live OUTSIDE the country try to make out - just to try & make yourselves look more important & knowledgeable on this board!!! Rob, Dolores, Hillbilly, AZB, ChrisC, Ken, + about 5,000 other Ex-Pats who understand this country, are not up & packing to get out of the country they love. WHY? ............. because they KNOW that this will all blow over in due course & life will resume to the ususal slow, tranquil pace we all love & the Pesos will regain it's fairly static exchange rate (look at 1991 - 2001) fairly soon we hope. Agreed, we don't know yet where that Exchange Rate will end up (RD $25 or RD $35 to the US $1), but it WILL level off!!
Sorry to you regulars who know me as a quiet, reliable source of DR1 information - gleened over 10 years of living, banking & investing here - but I Get really riled when I see some of the mis-information being puked out on this subject by people who just do NOT have their finger on the pulse nor are aware of the feelings of the Dominican people!!! The DR is NOT about to erupt into anarchy nor are there going to be riots in the streets - certainly not until after next years election & only THEN if Hippo-crite gets back in!!! - Grahame.
Any spelling errors have been caused by the brain working quicker than the fingers due to anger & frustration & are duly apologised for!!!
The only declined checks I have heard about down here relate to Banco Central checks being drawn on BanInter for someone who ought not really to be drawing that money in the first place (Government check for work not undertaken .... if you know what I mean). The "Salary" of RD $40K per month WILL get met at some stage, but not yet as the Government has to cut back to pacify the IMF in the short term!! Come election days next year, you can bet the checks WILL get met!!!
Everywhere else it is business as usual!! YES, Checks ARE being met - whether in US $'s or RD Pesos. There are a LOT of scaremongerers out there WISHING the DR into bankruptcy. I won't say it isn't going to happen - it COULD ......... But I very much doubt it!!!!! What I WILL say is please, get off our backs & let us recover from this unpleasant & Government induced fiassco without pushing a new "Bank Scare" each & every day.
WE that LIVE here know the problems, we live with them daily, but they certainly are not as big as those of you who live OUTSIDE the country try to make out - just to try & make yourselves look more important & knowledgeable on this board!!! Rob, Dolores, Hillbilly, AZB, ChrisC, Ken, + about 5,000 other Ex-Pats who understand this country, are not up & packing to get out of the country they love. WHY? ............. because they KNOW that this will all blow over in due course & life will resume to the ususal slow, tranquil pace we all love & the Pesos will regain it's fairly static exchange rate (look at 1991 - 2001) fairly soon we hope. Agreed, we don't know yet where that Exchange Rate will end up (RD $25 or RD $35 to the US $1), but it WILL level off!!
Sorry to you regulars who know me as a quiet, reliable source of DR1 information - gleened over 10 years of living, banking & investing here - but I Get really riled when I see some of the mis-information being puked out on this subject by people who just do NOT have their finger on the pulse nor are aware of the feelings of the Dominican people!!! The DR is NOT about to erupt into anarchy nor are there going to be riots in the streets - certainly not until after next years election & only THEN if Hippo-crite gets back in!!! - Grahame.
Any spelling errors have been caused by the brain working quicker than the fingers due to anger & frustration & are duly apologised for!!!
Banco Santo Cruz
It has been that way at that bank for years. No problem with the check though as I have cashed one for 50k US bucks. You just need to know where to cash em!
It has been that way at that bank for years. No problem with the check though as I have cashed one for 50k US bucks. You just need to know where to cash em!