Canadian $$ - Pesos

M

Moxie

New member
Dec 9, 2005
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Just read on another site that exchange rate for Canadian dollars to pesos is currently 31.5. From everything I have read on this site, my first instinct is that this is wrong and they must mean US dollars. I know the Canadian $ is doing better these days but this seems too good to be true. If this is correct then perhaps I should rethink taking US cash next week! Any on site input would be greatly appreciated!!

Thanks.
 
G

ggparts

Member
Mar 20, 2003
210
8
18
If it seems too good to be true.....

Current exchange in Cabarete aprox 26 for CDN$ 31 for US$
Gerry
 
R

rellosk

Silver
Mar 18, 2002
4,169
58
48
ggparts said:
Current exchange in Cabarete aprox 26 for CDN$ 31 for US$
Click to expand...
I guess it's necessary to negotiate when you exchange money in Cabarete. 31 is way below what they should be giving (about 34).
 
Tamborista

Tamborista

hasta la tambora
Apr 4, 2005
11,747
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The Tasa is down substantially today, all over.
You never get "Fair Value" changing CAD >> RD.
You are better off bringing USD from home to change to RD on vacation.
 
R

rellosk

Silver
Mar 18, 2002
4,169
58
48
Tamborista said:
You never get "Fair Value" changing CAD >> RD.
You are better off bringing USD from home to change to RD on vacation.
Click to expand...
Generally you're right, but in the above case if you accept the USD rate as fair, the CAD rate is also fair.

(26/31=.84, the official rate is about .86)
 
Tamborista

Tamborista

hasta la tambora
Apr 4, 2005
11,747
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Pretty close!

SPOT USDCAD is .8675 last sale.

The USD/EUR/RD is a better ARB!

Cheers
 
L

la_barbie

Bronze
May 6, 2004
1,292
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Now considering I work in the industry I could go on and tell you why USD are better to use, even with the CAD as high as it is.... but I'll only go into detail if needed..

Just use USD
 
G

ggparts

Member
Mar 20, 2003
210
8
18
No need to negotiate

rellosk said:
I guess it's necessary to negotiate when you exchange money in Cabarete. 31 is way below what they should be giving (about 34).
Click to expand...
31/26 was in the Scotia Bank, all the street Cambios were advertising 31/US so as I walked by the bank I ecided to go inside to see what they had to offer and there was a sign showing 32.80 while I was in line they removed the sign and did not repost another. Inquiring minds wanted to know so I asked and the new rate was 31 so I walked across the street and excepted 31 and in about 2 minutes I was in and out vs at least 10 minutes at the teller even after you get tp the front.
Gerry
PS just got back from walking through the main street and now all posted rates show 30/US
 
W

WebDev

New member
Jan 1, 2002
333
4
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samana.net
When travel to DR, bring US dollars with you

I am getting fed-up with Canadians insisting on bringing Canadian dollars to
exchange in RD pesos, YOU WILL LOSE on the exchange.

Bring American dollars, US green, they are accepted all over the word, and
exchange fairly in DR. Canadian dollars are the currency of Canada, and they
are not exchange fairly any place in the word, for many reasons, and in DR is
no exception.

Go to any bank in Canada, exchange your dollars to US dollars, spend the
money, and if you got any US $ left on the return in Canada, exchage to CND$
and you will lose less then 2 pennies per dollar on the transaction.

But you should spend them all, so you don't lose the stinking 2 pennies.

BTW, I am Canadian also.

WebDev
 
M

Moxie

New member
Dec 9, 2005
38
0
0
WebDev

I am not "insisting" on bring CND dollars to change to RD pesos but wanted to know if the reported rate I had seen was correct or not.

Yes, the Canadian dollar is the currency of Canada, as the US dollar is the currency of the United States and both are traded on the international market last I heard. Living close to the border we are well aware of the fluctuations between the US & Canadian dollars and have both US & CND dollar accounts. I was simply looking for clarification as to what was happening with the respective rates in the DR and posters here have been kind enough to confirm my initial reaction.

Thank you for your "two pennies" worth!
 
E

Eddy

Silver
Jan 1, 2002
3,668
219
0
Moxie said:
WebDev

I am not "insisting" on bring CND dollars to change to RD pesos but wanted to know if the reported rate I had seen was correct or not.

Yes, the Canadian dollar is the currency of Canada, as the US dollar is the currency of the United States and both are traded on the international market last I heard. Living close to the border we are well aware of the fluctuations between the US & Canadian dollars and have both US & CND dollar accounts. I was simply looking for clarification as to what was happening with the respective rates in the DR and posters here have been kind enough to confirm my initial reaction.

Thank you for your "two pennies" worth!
Click to expand...
Your best bet is to use the ATM's. Locals got 29 for Canadian 2 days ago.
 
C

canadian bob

Bronze
Jan 16, 2002
641
0
0
91
Yes, use your Can. "debit" card to withdraw pesos to get your best rate of exchange, 29.76 last week at BHD bank machine in Puerto Plata. Canadian Bob.
 
S

snowqueen

Member
Dec 15, 2004
232
8
18
I disagree

We have been taking Candadian $ for 18 or 19 years now, and usually get a decent rate. The worst is at the AI resorts. We always get a fair rate at the condo where we stay. My husband is a financial analyst & before every trip checks out the exchange rates, including changing to US $, then to pesos. When exchanging for another currency, you never get what the posted rate is. Yesterday he bought some pesos from a financial institution in Canada for a friend that is leaving soon for an AI, at a rate of 27:1.
 
M

MommC

On Vacation!
Mar 2, 2002
4,056
7
0
dr1.com
Exactly what I was going to suggest.....

Eddy said:
Your best bet is to use the ATM's. Locals got 29 for Canadian 2 days ago.
Click to expand...

The first two years we came to the island we exchanged Canadian $$ for American $$ in Canada then exchanged American $$ for RD $$ on the island.
I got tired of paying a fee to exchange into American $$ then another fee to exchange into RD pesos.

I investigated travellers cheques, bank transfers - you name it- however for the past 14 years the best exchange rate we have gotten has been by withdrawing on our Mastercard credit card via local ATM's.

Always a few centavos better and sometimes even a few pesos!
 
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