Exhange rates

mjkalau

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Dec 28, 2003
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Sorry I posted my questons in the wrong section.

While reading about the exchange rates I see that they are against the $US and inconsitant on the same days.

What is being posted is much less that you can get here in Canada.

The Canadain Currency has been so strong against the falling $US that it has gone up 13 cents in less then 6 months. The highest rise since 1993

I was told by the Continental Exchange House to buy DR pesos, not $US as the $CA was getting a better rate.

I was also told be careful about just using you credit card as the first gets changed into $US with a fee and then pesos with a fee.

They even have this posted on their teller window.

Currently our $CA is worth 78.69 cents to 1$US and gets 29 pesos to 1 $CA which is the "selling" rate not market rate which is over 30 pesos with the $US being about 10 pesos higher.

Any comment on this? I'm really confused. Last year our $CA was worth 'Crap" excuse the language. As most tours etc. are priced in US$ and then tranferred into pesos we paid more there then if we had gotten the US currency up here even though then our dollar was $1.65 to buy a US dollar, now it is $1.27

With thanks for any info. I can understand.
MJ
 

AnnaC

Gold
Jan 2, 2002
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Simply answer is

If you're going to the DR change the Canadian dollars to US because the US dollar seems to be changing hourly right now and you'll do better at the banks and cambios with US dollars.
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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A Trifle Confusing but....

First off this part you said is dead wrong:

"What is being posted is much less that you can get here in Canada." If you think 30:1 is a good deal.


If you are going to the DR, take US$ buy pesos as required THERE. Until you arrive at your hotel etc., you need NO pesos at all at the airport, for a taxi, etc. NOTHING , zilch, zip , nada, nunca.

The rate of 29 RD$ for $1 CAD is quite a bit short of the actual value - the RD$ peso is today at 46/47 to $1US. The US$ is about $1.29 CDN right now, so 46/(divided by) 1.29 is equal to more than 35 pesos to $1CDN. Thus buying pesos and receving 29 for $1 CDN is a rip off to the tune of 6 pesos per 29 or over 20%. And of course totally not necessary in advance of your arrival.

The currency changers in Toronto and at airports are LEGENDARY for lousy peso rates as the peso is a risky and illiquid currency to hold so save your cash until you arrive. If you are desperate to have SOME pesos or arrival get them at the Banco Reservas booth at the airport, say US$20 or so worth - their rates are OK, but not the best, e.g. not cambio rates.

As to credit cards - I use them all the time for hotels and reputable places and with the interbank rate (vs. the retail rate) and despite the fee charged bu Visa and the RD$-->US$-->CDN$ conversion, I paid the equivalent of $RD40 to $1US on a trip in early January of this year, whereas for cash I would have only received 34.80 at the time at a cambio. I have NEVER done badly using Visa for my hotel stays.

Credit cards are great if the peso is falling in value as you pay for pesos at say 45 to 1 and then when it shows up on Visa it is at 50:1 etc.

Unless you are buying a yacht or paying thousands of $ on the Visa card it is just as easy to use it and not worry so much.
 
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mjkalau

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Dec 28, 2003
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Exchange rate again

Sorry but I am still confused.

Maybe I'm a real dummy, or just naive.

I just checked on the net with Univeresal Currency and the quote 42.117 pesos = 1$US and 32.5741 pesos = 1$CA

Is the high exchange rate just something going on in the Dr.
By the way, the Universal Currency Exnchange calls it the DOP. last week it was DR for the currency.

I can't find anywhere here that give over 30 pesos to the $CA and they are not giving anymore then 37 pesos to the $US

So how come it's so high down there.

And by the way where I got my pesos was in an exchange house in one of our big malls and is quite know for good prices.
They say they will beat any quoted price if it can be proved.

I already order Pesos, so if what you say is right. I am screwed if I can't get my order cancelled as I pre paid to get what I thought after investigation was a good rate.

Oh more bad news I have to break to hubby.
This trip is getting to be a nightmare and we haven't even left yet.
Mj
 

AnnaC

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Jan 2, 2002
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Never change your money till you get to your destination. How do you think these places make money?

I meant change money into pesos till you get to the DR
 
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Re: Exchange rate again

mjkalau said:
Sorry but I am still confused.

Maybe I'm a real dummy, or just naive.

I just checked on the net with Univeresal Currency and the quote 42.117 pesos = 1$US and 32.5741 pesos = 1$CA


Mj

Stick the Universal currency converters where the proverbial sun doesnt shine, you asked a question and got mathematical proof of what is happening live on the streets of the DR, throw away 20% take your Canadian dollar with you.

This Canuk is taking US cash for exchange purposes, as he has done for years.


This is DR1 ask and you shall receive.
 

mjkalau

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Dec 28, 2003
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One more time

We took ALL US money last year and got a very poor rate.

The hotel was the worst. The tour rep. was better and the shops, depened on how bad they wanted to sell the merhendise.

Any idea why the US dollar is so high down there right now and not up here in pesos, pounds or euros, but higher in CA dollers?
Mj
 

AnnaC

Gold
Jan 2, 2002
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Oh ok the other thing. NEVER ever change money at the hotel. Go to the Banks or cambios (change houses). Try taking some US dollars and at the rate it's going you might be able to make up for the low rate you have signed up for.


It's the peso that is going down fast. Just the way things are right now.

BTW last year everything was different so don't compare.
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Pay Attention, There's a Test at the End

mjkalau said:
We took ALL US money last year and got a very poor rate.

The hotel was the worst. The tour rep. was better and the shops, depened on how bad they wanted to sell the merhendise.

Any idea why the US dollar is so high down there right now and not up here in pesos, pounds or euros, but higher in CA dollers?
Mj

You need to listen. To those who go a LOT ( like me, 6-10 times a year) or who live there.

Buy pesos in the DR, at a cambio. NOT at the hotel, NOT with the tour guide or in a store. The rate you have been quoting here in Toronto where I am too, is crappy, lousy, no good, crummy, underwhelming, ixnay, no way, forget it.

Online tools rarely have the rate that is going on for the peso right. So forget them. The rate in a Canadian bank, exchange house or airport currency booth is a ripoff and a racket with fees on top of the lousy rate. It really is not their fault because.......

The peso is ILLIQUID, e.g. no demand worldwide for it at all, since the US$ is a better deal, more liquid and more stable. Thus, the places in Toronto get money off of tourists who have no need for it and will take ANYTHING for it since it is useless here. Then they sell it to suckers. Don't be one of those.

Go to the DR with US$. Buy pesos AS NEEDED, e.g. $50 US at a time. NOT before you go and not a lot at one time when you are there, and quit with your other sources. They are wrong. EQUIVACADO.

BTW if you go to say Friedberg Currency House in BCE Place, and buy Euros or US$ with CDN$ you'll do OK since there is a HUGE world market for those currencies and they are likely to beat the bank rates by quite a bit. So go there, buy US$, go to DR, buy RD$.

Thus endeth the lesson. No more questions, now you are saved.
 
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mjkalau

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Dec 28, 2003
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currency exchanage

Thanks to all of you who stuck with me.

And to Rick in Toronto. I GOT THE MESSAGE DUDE. Thanks, and your post was a hoot.

I am not saved however unless I can get my order cancelled.
Because I was told it was such a good rate I bought too much.
I asked for $400.00 CA to be transferred into pesos and they thought I said 500.00. I told them that was wrong and they offered to cancel the sale on the spot and put in the right amount which was $400.00 but I said forget it. I was in a real hurry as there was a huge line up in front of me and I had to wait ages.

I have already called them to ask for it to be cancelled, when they asked why and that I needed a reason, I lied and said I had to have sugery and may not be able to go on the trip.
It's not a huge lie as I do have to have a medical proceedure at the hospital on Mon and it may lead to surgery. But I am sure the surgeon would wait until I return. But I am not telling them that.

After all they weren't too honest either.
Wish me luck. You're the experts and Rick YOUR THE MAN.
Thank again.
MJ over and out.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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jUST THE FACTS, MA'AM, JUST THE FACTS

mjkalau said:
... and Rick YOUR [sic] THE MAN.
Thank again.

Quite true, actually. Ahem, ahem.

And, de nada.

Moral here; Ask at DR1 first and save enough dough to buy me a beer.
 

mjkalau

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Dec 28, 2003
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echange rates

Just wanted you to know - rickformtoronto that I am going to be getting my money back for the pesos I bought at the exhange house with no loss of $ Honestly they are goint to give me back every penny.

Mind you I gave a good reason to do so.


So now I guess I will buy some more $US. Unfortunately it went down yesterday, so now it's under $78+ so I might wait a bit.
But I will definatley buy the USD

Owe you a drink? If I every meet you?
Hubby and I are suppossed to be in Cabarete on the 26th.
When are you going again?

Muchos gracias
MJ
 

mjkalau

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Dec 28, 2003
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/for Toronto Rick

Forgot to ask
What is BCE place and where is it and what and where is the Frieburger (sp. sorrry) place.
thanks again
MJ
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Re: /for Toronto Rick

mjkalau said:
Forgot to ask
What is BCE place and where is it and what and where is the Frieburger (sp. sorrry) place.
thanks again
MJ

BCE Place is hard to miss - it is a complex of two 60+ storey skyscrapers at Bay and Wellington. Enter from Bay St. there is an exchange place as you come in on the left.

You live here and you don't know BCE Place?

Keep in mind as the CDN went to $US0.78 (roughly 1% worse) the peso has since gone from 46 to 50:1 in two days (e.g. 4% better) . Relax, take US$ and you'll get a ton of pesos.

I just got back on the 5th and I go again on January 30th but as you can see from my user name I am going to Boca Chica.

Never mind the beer, I am happy to help people that actually listen to the right answer.
 

Conchman

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Jul 3, 2002
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www.oceanworld.net
Whenever I travel, I try to use credit cards as much as possible as they usually convert at a better rate then one is able to exchange in that country (if you are new in that country and go to lets say a currency exchange booth).

Especially American Express gives very good rates but Visa/Mastercard also secures good rates.
 

GringoCArlos

Retired Ussername
Jan 9, 2002
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mjkalau-

If you ever feel the need to change money that comes from a LONG WAYS away, (like Dominican pesos in Canada) or changing your money inside your all-inclusive in the DR, just ask them this as you do the transaction - "Where's my kiss?"

When they say "what kiss?" just tell them that you ALWAYS get kissed when you are getting screwed. heehee
 

snoozer

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Jan 22, 2004
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Travellers cheques?

I follow the logic of converting Ca$ into US$ before arriving in the DR, but I am wondering what is the safest way of carrying what could be a large amount of cash into the country.

Are travellers cheques easily cashed in the DR and are there exorbitant fees charged. My experience in other countries is that travellers cheques are getting such a pain to cash that I prefer to use ATMs.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Re: Travellers cheques?

snoozer said:


Are travellers cheques easily cashed in the DR and are there exorbitant fees charged. My experience in other countries is that travellers cheques are getting such a pain to cash that I prefer to use ATMs.

Yes they are and no there isn't. Bring your ID (colour copy of passport is a good choice) to the cambio.

Remember if you exceed $10,000 US without reporting it to US and DR customs you can lose it, unless you mean maybe $500 is a large amount, it's quite a relative term.