Confusion re exchange rate

mjkalau said:

Since this will be our 3rd trip to the DR, I know that $US currency is preferable, yet it is much devalued this past year. Last year we got as much as 50 pesos to $1US and now it is around 30 to 1. What a shocker.

I asked someone if we should bring Canadian money instead since it's value has increased so much more since last year.

Yet I was told we would get less. Of course we would get less as our dollar is still less then the US dollar, but much more then it was last year as I said.

Can someone please tell me what the exchange rate from Canadian to Pesos is?
Thank You.
Mary Kalau
Oma

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It is the same as the cross rate of US to CDN and US to peso. Since you can buy MORE US$ with the CDN$ than before you can buy more pesos than before, allowing for the change to the peso / US$ rate.

I would not bring CDN$ to the DR to buy pesos, and I am still convinced that you will get more with the US$ buy buying US in Canada then spending US$ to buy pesos. There is a much lower demand for CDN$ and Euros than US$ and as such you won't get offered the mathematical equivalent of the US/CDN rate times the peso rate. I have seen Euro rates that were pathetic relative to the true Euro/US$ rate at the time and cambios don't even post CDN$ rates for the most part.

ATM's will do the same in the background (peso-US-CDN$) as will credit cards (at a superior interbank rate however) and in both cases there are actual fees or embedded fees.

I have been there 30 times since 2000 and never once have I seen a way to do this and beat the US->peso route.

mjkalau said:

Since this will be our 3rd trip to the DR, I know that $US currency is preferable, yet it is much devalued this past year. Last year we got as much as 50 pesos to $1US and now it is around 30 to 1. What a shocker.

I asked someone if we should bring Canadian money instead since it's value has increased so much more since last year.

Yet I was told we would get less. Of course we would get less as our dollar is still less then the US dollar, but much more then it was last year as I said.

Can someone please tell me what the exchange rate from Canadian to Pesos is?
Thank You.
Mary Kalau
Oma

Click to expand...

I don't know what the exchange rate is between $Canadian and Pesos but it's immaterial to your question. You won't bet any more Pesos because you're converting from one currency or another. You might get a better relationship than you WOULD HAVE in the past, but at any given time the relationship between the three currencies is always the same. If $10US buys 300 pesos, and it also buys $16 Canadian, converting the US dollars into Canadian Dollars won't buy you more than 300 pesos. If it did, the entire world would convert $10 US into $16 Canadian, then convert that into more than 300 pesos which would be used to buy more than $10 US. This would be a risk free money making machine and market forces would arbitrage it away.

Sandy

The rates for Canadian dollars are insane! 2 weeks ago they were buying at 16 and selling at 24.50 at Vimenca.. There is not a big demand for our poor Canadian dollars so they try to get rid of them, even Scocia bank doesn't carry them! So come with US$!

mjkalau said:

Since this will be our 3rd trip to the DR, I know that $US currency is preferable, yet it is much devalued this past year. Last year we got as much as 50 pesos to $1US and now it is around 30 to 1. What a shocker.

I asked someone if we should bring Canadian money instead since it's value has increased so much more since last year.

Yet I was told we would get less. Of course we would get less as our dollar is still less then the US dollar, but much more then it was last year as I said.

Can someone please tell me what the exchange rate from Canadian to Pesos is?
Thank You.
Mary Kalau
Oma

Click to expand...

You can use this web site: http://www.xe.com/ucc/

Q

Quisqueyana32 said:

You can use this web site: http://www.xe.com/ucc/

Q

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The web site are or no value to tourists as they simply show cross rates and do not in any way reflect rates in retail transactions. The OP asked and got an answer that it is stupid to bring other than US$, if she then chooses to do so, then tough luck, frankly. The next post a few weeks hence will be how badly the CDN$/peso rates turned out to be.