Should we buy pesos or dollars or both?

Eddy

Silver
Jan 1, 2002
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For what purpose? - Living ? Investing? ?? It's hard to give any advice without certain details.
 

Sandeep

New member
Jan 8, 2003
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www.coralbayrealestate.com
The Mrs and I are currently getting 65 pesos per ?STG on our ATM cards for Peso withdrawls from the machines. This is due to the dollar being weak, but great if you have ?STG.

If we change locally this is about 5-15 pesos lower depending on the area that we are in per ?STG 1.

We only get pesos as we need them. For large item purchases e.g. car, lots of furniture we transferred dollars from the UK to a $USD account here and used the dollars with the shops / dealers for better discounts. We try to limit the amount of liquid cash we have here and keep it off-shore and bring it in as we need it.
 

Ladybird

Bronze
Dec 15, 2003
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dreamteamdownloads1.com
sandeep do you mean you put the ? notes into machines and get pesos out there? Yes its brill the $ is weak, we've saved thousands buying our house becos of it. Can we bring our bank cards and withdraw direct from acs in UK? I hope they keep Bush in power its good for the rest of the worlds economy....except U.S lots of hehe, and those greedy US money men havent got it yet !!LOL. Our banks have told us they dont have agreements with banks out there becos of the corruption. We wondered how we were going to fund all the furniture etc we have to buy. Barbara

Eddy, for both day living and as above. Barbara
 

Sandeep

New member
Jan 8, 2003
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We keep ?STG in our UK accounts and withdraw pesos as we need them at the moment. Depending on what the $USD is doing this changes e.g. when the $USD is strong we bank transfer $USD from our account abroad in to the DR, withdraw that and change it it locally for pesos.

Make sure you let your UK bank know that you are in the DR, otherwise they may stop transactions until they can get hold of you for fraud reasons. VISA & Mastercard are easily accepted at most stores. The card transaction relationship is held with these companies and not the UK bank. But it all works in the end....
 
Oct 13, 2003
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For now and until the election is over, keep as much money out of the country as you can. Set up a dollar account with your UK bank (watch the interest rate!) if you want and arbitrage between Pounds and Dollars. It might be a good time to by dollars now and wait for them to come up during the year.

Use the ATM machines for daily living.

Use a credit card if they accept it for larger purchases and international money transfers from your overseas bank for major stuff, like a house. For major stuff like repairs, kitchens, furniture etc pay as little as you can up front. For services pay nothing up front if you can get away with it.

Get a good attorney to advise you on larger purchases and don't let on you have some money or they'll skin you :classic:

Best of luck in the DR!

MD