Be careful of western union/vimenca in Santiago

Adrian Bye

Bronze
Jul 7, 2002
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Be careful changing money

Guys,

A note of warning if you get too comfortable with local companies:

I've had a pretty decent relationship with Western Union in Santiago, and have changed a lot of checks there.

I was very busy today, so I went in without asking the rate first. I assumed that since I've changed so much money there that they would just give me the rate of the day.

Wrong!

They came back with a rate of 40:1 on US $500. I said "isn't that low?? I thought it should be at least 42:1".

They told me that the rate had dropped since the morning. Since I've worked with them a lot, I trusted them and took the money. People you know won't lie right to your face, right?

I later found out that other places were changing at 41.5 & 42.

I called back later to find out what had happened. They told me that was their special rate. I told them it was MUCH lower than other places, and I couldn't understand it since I'd done so much business with them. They made all kinds of excuses which just did not make any sense (the rate is set by the office in santo domingo - no you can't call another vimenca office, as their rate is special and different, etc, etc).

Yep, I got burned. I changed at 40:1 when todays rate is at least 42:1.

A friend of mine has a rule: he wants to do business with the kind of people that if you leave US$10,000 in a bag in their car, they'll call you and bring it back.

Western Union/Vimenca Santiago failed that test today.

Maybe I'm crazy to think anyone here in this country would be like that. But isn't doing business with someone over a good period of time worth that? They trust me to give them checks that don't bounce, and I trust them to give me a reasonable rate for the day?

It only cost me RD $1000, but as a percentage its pretty significant. And what happens the next time if I'm not 100% watching what is going on and I'm changing US $10,000??

So I won't be doing any more exchanges at Western Union/Vimenco in Santiago.

Alternatives:
- Coffeesport.com, has offices in La Loteria and Calle del Sol
- Banco Santa Cruz
- even any major bank would have given me a better rate than Western union did today.

HB - any suggestions for contacts at Banco Santa Cruz? If they want my business, I'm willing to switch all my transactions over to them.
 
Last edited:

Escott

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Jan 14, 2002
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Adrian,
I have told you that I have been happy with the services of Banco Santo Cruz for years and what rates they paid me. You then went to another bank right after I told you this and got a rate that was significantly less.

Guess some people need to find out on their own but I for the life of me can't see why they would want to learn the hard way all the time.

Scott
 

Adrian Bye

Bronze
Jul 7, 2002
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Thanks for the responses guys.

Scott: You're just more intelligent than me.

HB: Do you think they need a formal (ie you present me to them) introduction? When I went to Banco Santa Cruz in the past I got run around and they told me they wouldn't cash checks unless a formal introduction was made.

newuser: Thanks for your comment, its very interesting. Whatever the reason, I think I prefer places that don't do this kind of stuff.
 

Chris

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Oct 21, 2002
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www.caribbetech.com
Adrianb, this is the kind of experience that makes you lose faith in all Dominican Mankind. We also have our favorite casa de cambio in both Cabarete and Sosua. However, I've found that it pays to know the rate before I enter the portals - each time. And negotiate a little at least every second visit. And complain a lot at least every third visit - keeps everyone on their toes. I've just thought of a good motto to doing day to day business in the DR - If you are prepared, you won't be disappointed.

Maybe you could consider making this experience work for you - Go back to Western Union, complain a lot, negotiate a lot and for the next few visits, they'll treat you right.
 

swake

New member
Oct 27, 2002
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Adrianb I ran into the same shit with the Euro-exchange bank in Sosua. They were recommended by another member on DR1 for their supposedly good rates so I checked with them and was quoted a top rate my first two visits. Changed a 50US then and ever (4, 5 times) thereafter, till I popped in to change 250$. When I noticed the substantially lower rate they said the rate dropped overnight. Costed me 20$. The lesson to be learned here seems to inquire and negotiate each and every time rather than searching for that reliable business contact.
 

Conchman

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Jul 3, 2002
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I dont think they purposely gave you a bad rate, but that you just got unlucky with the intense fluctuations of the rate recently and maybe there some shortcomings with WU's rate setting procedure.
 

Adrian Bye

Bronze
Jul 7, 2002
2,077
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After speaking with the local manager, and also reading some comments here, I suspect this is what happened:

The owner of Vimenca artificially lowered the rate early on in the day, a little early for Hippos new policy.

I was still pissed the next day, and told them I was considering cancelling my check; as a result they actually offered to give me a refund. I did not take it, nor did I cancel the check.

I'll give them the benefit of the doubt and suggest they offered the refund out of them being generous and valuing my business.

I guess the lesson here is that you must always check multiple places before you change money, no matter how well you know them. That is a pain when many places don't like to give quotes over the phone.

This is what I know, take it as it is. As a result of this, I will consider (carefully) doing business with them in future, although clearly I need other check cashing options in Santiago.
 

gringo in dr

New member
May 29, 2003
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I had the same thing happen to me at WU in santiago. They didn't give me the posted rate. They had a million excuses when I asked them about it. Bottom line, ask them the rate before you start the transaction.

Is there any place that will cash personal checks from the US or do you have to do it through your bank account?