Trouble With ATMs

Apr 26, 2002
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Am I the only one getting ripped off by ATMs now? I used to get competitive rates at all of them. Now the Banco Popular gives me 43:1 and Bancredito 40:1 - both many points below going rate. Obviously there is collusion afoot. Does anyone know what's going on?
 

XanaduRanch

*** Sin Bin ***
Sep 15, 2002
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Porfio

Doesn't it depend on the source of the funds, not on the distribtor, or ATM?

When we get money using an ATM it's from US accounts. They all vary a little but basically the DR bank says 'She took out 5000 pesos. The the U.S. side takes that message and says, '5000 what? Oh! Pesos. Well let's see ... today that's US$110.10', and sends that to the dispenser, and debits our account in that amount in dollars. The calculation can't really be made on the ATM side.

Now if your account is dollar based but here on the island I could understand that though.

We had our ATM draws drop to as low as 34.6 over the Holidays. They have shot way up. 49:1 a few days ago, and I am sure today's are well into the 50's.

Tom (aka XR)
 
Apr 26, 2002
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Intersting. Can others confirm that they are getting better exchange rates using the ATMs of Banco Popular and Bancredito? If so, then I would know for sure that it's my US bank that is causing the trouble and not the Dominican banks.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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Use cash or checks

You are at the mercy of a bank that has no clue what the real exchange rate is for the peso so I'd stop the ATM usage pretty soon and switch to cash if I were you. My yahoo! currency table shows they think the going rate is 54.100 so you're getting hosed my friend.
 

Danny W

Bronze
Mar 1, 2003
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I think all the ATMs are about 10% below the exchange rate. I give my girlfriend money through a Citicard, and it's been a problem lately. I think the solution is getting cash advances with a credit card. The fee is only 3%, but probably only if you go to a teller, not an ATM. - D