Not too sure about that......
andy a said:
Ricktoronto,
Great idea.
Of course, the biggest expense is in the bad exhange rate.
I have done very well on RD$- CDN$ using Visa to buy things in the DR, when I pay for my hotel. I haven't used an ATM as the times I tried at the old BR ATM located at what was the Boca Chica Resort, it would do the whole transacton then do nothing, like giving you money that is.
I think the cons of them levying an FX fee ( in terms of shading the rate) are made up for in part by them using an interbank rate to shade vs. retail.
I have had the luck of the exchange equivalent of US costing around CDN $1.27 at the time it was $1.40 up here - Calculated thusly - you spent RD$, got charged in CDN$ then figure out what those CDN$ would have cost in US$, then what those US$ would have bought in pesos. So I made money. Credit cards are also great when the currency is falling a lot, fast.
This method is also great when your ATM card doesn't work and you have no money at all.