Money Exchange

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
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I was planning on buying some US cash with my Canadian cash here in Canada, before we leave and remembered that back in March, I was able to get pesos with my Canadian cash and even paid some of the street vendors Canadian cash to buy several paintings.
My question is, is it smarter to change my Canadian to US, or just bring my Canadian and exchange it in the DR?
Thanks,
Steve
 

Rocky

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Apr 4, 2002
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I was planning on buying some US cash with my Canadian cash here in Canada, before we leave and remembered that back in March, I was able to get pesos with my Canadian cash and even paid some of the street vendors Canadian cash to buy several paintings.
My question is, is it smarter to change my Canadian to US, or just bring my Canadian and exchange it in the DR?
Thanks,
Steve
Worth changing the CDN into US funds, if you're using cash here.
 
A

apostropheman

Guest
what is the current street cambio rate for both USD and CAD in Sosua?

perhaps this will be more accurate tomorrow but...

according to yahoo U.S. Dollar to Dominican Peso Exchange Rate - Yahoo! Canada Finance USD to DOP is 33.35
and CAD to DOP is 29.175 and CAD to USD is 1.1431 and USD to CAD is 87.48 so:

33.35X.8748=29.175
and
29.175X1.1431=33.35

it is exactly the same...but the street is often a little different as you often get a premium for USD cash

i've gotten excellent rates from the ATMs in the DR.
TD bank card at a variety of ATMs. even figuring in the $5CAD fee per withdrawl if you take the max it is almost nada.
 

MommC

On Vacation!
Mar 2, 2002
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Yep....credit card is the way to go....best exchange rates and why pay twice for the 'cambio' as there is a fee involved to change Can to US then US to pesos!
I've been using my credit card for years with no problem and the fee negates if taking the maximum (I go to the counter inside the bank with my card and my passport and take 40-50,000 pesos when needed!)
 

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
405
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Rocky & Apostropheman
Thanks for your input. Rocky, if I get US cash in Canada, the bank takes their slight cut too, so knowing this, it seems, according to APOS man, that it would be better to change it there for either US or pesos after looking at the rates he provided. I might be missing something here but there would be one less transaction for the banks to take their cuts.
On a side note. Rocky, do you have satelite @ your bar and do you ever show the ufc fights?
Thanks
 

Steve Costa Azul

I love Rocky's Ribs!
Jul 15, 2006
405
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Yep....credit card is the way to go....best exchange rates and why pay twice for the 'cambio' as there is a fee involved to change Can to US then US to pesos!
I've been using my credit card for years with no problem and the fee negates if taking the maximum (I go to the counter inside the bank with my card and my passport and take 40-50,000 pesos when needed!)

MommC
I know the ceredit card works great and I have done that before many times.
The problem is, I WANT to use cash, it's the way I'm paid sometimes, if you know what I mean.
Thanks,
Steve
 
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apostropheman

Guest
MommC
I know the ceredit card works great and I have done that before many times.
The problem is, I WANT to use cash, it's the way I'm paid sometimes, if you know what I mean.
Thanks,
Steve
i found an exchange house where i live that gives excellent rates for me to buy USD with CAD and then the often slightly better rate in the DR for USD makes up for the conversion cost. i suspect however that the rates on CAD in the DR are probably pretty close to equal and i'd save a trip to the cambio here. except for things like the airport taxis that want USD there is little reason to have much USD if the rates are similar.

if someone will post the rates for booth currencies here tomorrow we can see :)
 

Tamborista

hasta la tambora
Apr 4, 2005
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SPOT USD/CAD is 1.1448 if that helps.

I agree, it may be worth it to bring USD only if you get a decent exchange rate in Canada.

Keep in mind you are paying commission in the rate 2 X!

The ATM is your best bet!

Tamborista the Cambista
 
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apostropheman

Guest
i think your numbers are a little off...if i could get RD$38.12/loonie i'd retire to the DR...and sell CAD :):)
SPOT USD/CAD is 1.1448 if that helps.

1.1448 X 33.40 = RD$38.12/Loonie.

I agree, it may be worth it to bring USD only if you get a decent exchange rate in Canada.

Keep in mind you are paying commission in the rate 2 X!

The ATM is your best bet!

Tamborista the Cambista
 

Tamborista

hasta la tambora
Apr 4, 2005
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ooops

Edited after I realized it's CAD>USD> RD!

I shall stick with Greenbacks for now or better yet Euros.


:bunny:
 

twhitehead

Bronze
Nov 1, 2003
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Rocky & Apostropheman
Thanks for your input. Rocky, if I get US cash in Canada, the bank takes their slight cut too, so knowing this, it seems, according to APOS man, that it would be better to change it there for either US or pesos after looking at the rates he provided. I might be missing something here but there would be one less transaction for the banks to take their cuts.
On a side note. Rocky, do you have satelite @ your bar and do you ever show the ufc fights?
Thanks

Steve: As Rocky mentioned you will do much better by swithcing US$ in Canada and than exchanging down here for pesos. There is no demand on the street for Canadian dollars and thus the exchange is 24-26 pesos per Canadian dollar where you can get 33 plus pesos for a US$ dollar. You do pay a small commision exhanging in Canada but you are still better off. Another option would be to just take pesos out of the bank machine at this end - you are only switching once this way and the rate given by the banks is the current actual rate of exchange (plus a small comm.) between the Cdn$ and RD Peso. Under this scenario you will have to check with your bank to see if you are paying a service charge for each withdrawl which may or may not make this method more expensive than the first. If there is a sevice charge than pull out all the cash needed for your trip in one withdrawl thus eliminating extra costs...Good luck...Tom
 

Rocky

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Apr 4, 2002
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Let's take this from the top.

The question, as you asked it, is should you change your CDN into US before coming here, and the answer is yes.
You WILL come out ahead.
Do the math.
Street rates are as follows, here in the DR.
33.20 for US.
27.25 for CDN.
Even if they charge you 1% in Canada to change into US, you will come out ahead.
According to the following currency converter today, FXConverter - Currency Converter for 164 Currencies
$1,000 CDN will get you 873.874 - 1% = $865.13 US

$1,000 CDN in Sosua will get you 27,250 rd
$865.13 US in Sosua will get you 28,722 rd

The benefit, assuming you pay as much as 1% changing your CDN into US, would be 1,472 rd, and that buys a lot of bananas.

PS: UFC fights?
No satellite, just cable.
 

rellosk

Silver
Mar 18, 2002
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... according to APOS man, that it would be better to change it there for either US or pesos after looking at the rates he provided. I might be missing something here but there would be one less transaction for the banks to take their cuts.
I think Apostropheman was quoting "offical" rates from Yahoo. Street rates can be quite a bit different.
 
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apostropheman

Guest
I think Apostropheman was quoting "offical" rates from Yahoo. Street rates can be quite a bit different.
it was as an illustration but was asking for the street rates.

you need both to compare.

if i had 1000 CAD i could have purchased 871.76 USD today then gone to the DR and bought 28,942 pesos

if i had take that 1000 CAD to the DR i could have purchased 27,250 pesos

the difference is 1692 pesos or 62.09 CAD (50.96 USD)

so I would have saved money by converting it first to USD then to pesos as opposed to just bringing the CAD.

it would have cost me $62.09 CAD or 6.209% not to change to USD.

i stated before that you get a premium for USD in the DR but that is wrong. you pay a penalty for not converting from USD in the DR as that is the preferred currency. i didn't realize it was over 6% but it seems to be.
 
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apostropheman

Guest
i hope i don't further confuse the issue but i have also used my canadian bank card at an ATM and received a superior rate more inline with the yahoo rate at a cost of 5 CAD for service charge. i withdrew 10,000 pesos at about 29.175:1 and the service charge worked out to about 145.88 pesos. that's 342.759 CAD

5.00 X 100 / 342.759 = 1.4588% fee

if you could withdraw 1000 CAD in pesos at 29.175:1 it would be 29175 pesos and the service charge would still be 5 CAD or 145.88 pesos.

145.88 X 100 / 29,175 = 0.5% fee

while i wouldn't recommend counting on using your card at an ATM for all your money is does seem to be a cost effective way to get pesos from canadian dollars.

when i did it i was shocked at how generous the conversion rate was...even with the fee.

the best part is no trips to the cambio.

the potential problem is finding an ATM that works, is safe and doesn't eat your card :)
 

Rocky

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Apr 4, 2002
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If I had 1000 CAD i could have purchased 871.76 USD today then gone to the DR and bought 28,942 pesos

if i had take that 1000 CAD to the DR i could have purchased 27,250 pesos

the difference is 1692 pesos or 62.09 CAD (50.96 USD)

so I would have saved money by converting it first to USD then to pesos as opposed to just bringing the CAD.

it would have cost me $62.09 CAD or 6.209% not to change to USD.
That is 100% correct, and perfectly illustrates the advantage of changing any home currency into US before coming to the DR.
 

oldschool

Active member
Oct 9, 2004
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Puerto Plata Street rates

I found canadian rates in Puerto Plata today at 28.95

Which given the 1000 dollar theory gives you 28,950 pesos

Everyday is different I understand that but the difference is not that much to go through the hassle of changing your money twice for such a little difference or in this case less money
 

Rocky

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I found canadian rates in Puerto Plata today at 28.95

Which given the 1000 dollar theory gives you 28,950 pesos

Everyday is different I understand that but the difference is not that much to go through the hassle of changing your money twice for such a little difference or in this case less money
Sounds good.
Please post the name and/or directions to the place, for those Canadians wishing to get the best rate.
 
Sep 19, 2005
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I have changed money a lot of times so far...although mostly in Sosua and Santiago only.... and in Sosua there is a huge difference in what they are offering. I see way more places to exchange money per block in Sosua than santiago( although there is one stretch of street in santiago that has a lot of guys wanting change your dollars)......and they are all over the place. They varied as much as 2.4 pesos per dollar...IN the same city block......

I know the street guys are probably doing it for someone else......they cant make enough on the rate turnover themselves per day to make a living...( I dont think).

one trick you need to watch is the street guy finally negotiates your price... then tries to short you... and when you catch him...he says...ah come on give me a tip.....thats why you always take the pesos first count it ... THEN give them your dollars.....ESPECIALLY when you are in the car!!!!!!!!! ha ha ha ha.... I take the pesos , and give it to my GF..she counts it while i watch.. then I hand over my dollars...... they dont mind.

bob