Using Credit Card in the DR

Aliyyah

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Apr 4, 2004
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Hello Everyone - I am new to this forum :alien: God willing, I will be moving to the DR by the end of this year. I'm sure I will have numerous questions that you all can help me with! But the first question is: A friend of mine, who travels to the Middle East, told me that when I'm in the DR, I should use my credit card for all purchases. This way, the VISA company will convert the DR pesos to American dollars and my purchases will be cheaper. I can then pay the credit card bill when it comes. Is this true/easier? Or, is it better to exchange money at the bank? Thank you! Aliyyah
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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You May be Right

Aliyyah said:
Hello Everyone - I am new to this forum :alien: God willing, I will be moving to the DR by the end of this year. I'm sure I will have numerous questions that you all can help me with! But the first question is: A friend of mine, who travels to the Middle East, told me that when I'm in the DR, I should use my credit card for all purchases. This way, the VISA company will convert the DR pesos to American dollars and my purchases will be cheaper. I can then pay the credit card bill when it comes. Is this true/easier? Or, is it better to exchange money at the bank? Thank you! Aliyyah

The interbank rate is sometimes , often better then the card company addds their own profit and foreign exchange fee to the deal and when all is settled it could be more or less. Not enough to try to plan a retirement over the profits.

I use a credit card for hotels and the rate when I figure it out tends to be more or less the same.

NOW, if the peso is going dwon in value as it will do , you might gain on the drop in the rate between buying something and when it hits the bank but it happens so quick you probably won't make much. It can of course go up and you can pay more as a result.
 

Aliyyah

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Apr 4, 2004
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While browsing this board, many posts talk about fear of putting money in the banks and that many people use checks drawn on American banks. Is this a good method?
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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If a Cambio Will Do It

Aliyyah said:
While browsing this board, many posts talk about fear of putting money in the banks and that many people use checks drawn on American banks. Is this a good method?

Sure, why not. It is the paper equivalent of using an ATM to withdraw cash. you may have to be vouched for to write checks to get cash since of course they cannot verify the checks are good at the time. You can even keep MODEST amounts of money locally if you want just not your life's savings in a DR bank or a non DR owned bank located in the DR.
 

Aliyyah

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Apr 4, 2004
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So, are CitiBank and Banco Popular good choices? I could establish a "home" account for direct deposit in New York City. If not, what are good choices, i.e., for a "local" bank for the modest funds, and a "home" bank in the US. God willing, I will be marrying a Dominican with family to vouch for me. Thanks for your responses. The family can't answer these questions from an ex-patriate point of view.
 

ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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All are OK

Aliyyah said:
So, are CitiBank and Banco Popular good choices? I could establish a "home" account for direct deposit in New York City. If not, what are good choices, i.e., for a "local" bank for the modest funds, and a "home" bank in the US. God willing, I will be marrying a Dominican with family to vouch for me. Thanks for your responses. The family can't answer these questions from an ex-patriate point of view.

Citi, Scotia, Reservas, Popular for a transaction account would be similar in service I presume. Really with the ability to write checks and use an ATM/Visa card why bother?