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Thread: ATM Rates?????

  1. #1
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    Exclamation ATM Rates?????

    I read some remarks about a lower exchange rate, when using an ATM bank card.

    Lets see some other posts, so we know if one is better than the other.

    And can some-body let me know, what was the Peso/Dollar rate at really for Saturday?

    Me.........
    I took 20,000. pesos out on Saturday, at the Acropolis Mall, CitiBank, ATM.

    CitiBank On-line shows
    01/31/04 CITIBANK CITIBANK,N.A. SANTO DOM $408.01US

    Which means I recived a 49.01 peso to the 1 U.S. dollar.

    Thanks
    Tim H.
    Last edited by Timex; 02-03-2004 at 03:31 PM.

  2. #2
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    You shouldn't use ATM's as a primary means of money exchange if you live here. Cash checks, put the cash in teh bank, and withdraw that from the ATM.

    The ATM is only useful if the exchange rate is dropping really quickly.

    I have consistently found what you are describing now. ATM exchange rates are always around 5% below the market rate.

  3. #3
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    It seems like it's closer to 10% lately. There has to be an office or agency to call to get the day's ATM rate. So far, no one has come up with anything. Surely someone who is well known at a local bank can find out. I'm in NY. - D

  4. #4
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    February 2 PPD Jarabacoa: 49:1 (USD)
    February 3 BPD La Vega: 43.4 (USD)

    THEY'RE PLAYING GAMES AGAIN!!!

    I can live with 5% below market rate. I can't live with 20% below market rate!

  5. #5
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    Boy, we just don't have that problem. Today's rate in Santiago, as quoted to me by MrMike is 54:1. We just took out a withdrawl on an ATM/CC in Sosua this morning and got 52.5:1.

    About 2.7% below Santiago, but probably pretty close to what I would have gotten for a check.

    Tom (aka XR)

  6. #6
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    BPD La Vega: Back to 49:1.

  7. #7
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    So do we assume that there is no rhyme or reason? There must be a way to find out in advance. -D

  8. #8
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    Default I hope this clears some of the confusion

    The exchange rate you receive at ATMs is determined by the financial institution from which you source your funds. In other words, if you have a savings or checking account with a credit union or a bank in the Europe, Asia or wherever and you use an ATM card to withdraw pesos against that account at a Dominican ATM, the rate of exchange is determined by the non-Dominican credit union or bank.

    You have to check with whichever entity issued the ATM card you are using. Some institutions use a formula as an established foreign exchange base rate plus a transaction fee but it varies. If you are a regular ATM user you should do some research and find an institution from which to source funds that does not take unfair advantage. I won't name names but the rates range from attractive, to fair, to rapacious.

  9. #9
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    Arturo - Why not name names? If you know, help us out. - D

  10. #10
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    Default Danny...

    You asked for a way to find out in advance and I have given it to you. It is all the help you need.

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