Cashing a check from the U.S.

desmil

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Oct 11, 2007
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Does anyone know where I can go to cash a check paid in U.S. dollars? Also, does it make a difference if the check is a business or government check?

I do have a peso account, but I didn't know if I could simply deposit it. If I could, would they convert it to pesos based on the exchange rate?
 

Rocky

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Apr 4, 2002
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What part of the country are you in?
Usually, those who cash checques with frequency with money changers, were first introduced by someone of good reputation well known to the changer.
This person will guarantee the 1st checque and if all goes well, the changer will now accept the new client's checques without a guarantor.
 
Feb 7, 2007
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You can deposit a US based check into a bank account in the DR, usually takes 3 weeks to clear.

Money changers are a different story. Many can cash on the spot, but because of many recent frauds in the 100'000s of US$ the money changers (casa de cambio) willing to do that are really hard to come by.
 

desmil

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Oct 11, 2007
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I'm in Santo Domingo. For the money changer, does it matter what type of check it is?

If I can't find a money changer, then I'll just deposit it. However, I did want to know how the exchange will work out since the check is in dollars.
 

elton

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Jul 1, 2008
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I was behind an angry american in the bank who wanted his chq cashed within a week - he was told one month and threw a tantrum then took all the elastic bands from someones desk and marched out
 

cobraboy

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Jul 24, 2004
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What part of the country are you in?
Usually, those who cash checques with frequency with money changers, were first introduced by someone of good reputation well known to the changer.
This person will guarantee the 1st checque and if all goes well, the changer will now accept the new client's checques without a guarantor.
Yup. That is what I do. A cambio will cash a check for pretty much any amount I ask (some with advance notice). requires someone vouching for you, though. And I'd be seriously fearful of bouncing a check on them.

There are techniques that allow you to function fully without a Dominican bank.
 

GringoCArlos

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Jan 9, 2002
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I NEVER use a Dominican bank. I get the same exchange rate as cash at my casa de cambio, and the only question they ever have is "pesos or dollars"?

Hardest part is finding a current customer/friend who will stand behind your first check. After that, it's easy (and IMMEDIATE), and no fees or waiting.

Problems with the check, like it gets returned to the casa de cambio?? 2% per day in fees to the casa.
 

AK74

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Jun 18, 2007
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Does anyone know where I can go to cash a check paid in U.S. dollars? Also, does it make a difference if the check is a business or government check?

I do have a peso account, but I didn't know if I could simply deposit it. If I could, would they convert it to pesos based on the exchange rate?

I cash/ convert to pesos my US checks for several years now with no prob and good exchange rate. Cambio on Pedro Clissante. First from small Playero. Not to the pharmacia but toward Classico.
Much safer than carrying cash or using ATMs.
 

cobraboy

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Jul 24, 2004
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Is this a recent change? Last time I enquired I was told 40 working days to clear i.e. approx 6.5 weeks.
When I write a check to my cambio, it takes 10 days max to clear, sometimes 7.
 

SantiagoDR

The "REAL" SantiagoDR
Jan 12, 2006
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I do have a peso account, but I didn't know if I could simply deposit it. If I could, would they convert it to pesos based on the exchange rate?
Would it not just be simple to just go into the place you have the "Peso Account" and ask them?

All the answers in the world from other people will not help if the "Peso Account" place does not agree with them.

Simply put: Get up from the computer and GO ask them!


Don SantiagoDR
 

Bob K

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Aug 16, 2004
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There is a 30 business day hold on checks at the banks. This works out to about 6+ weeks. This is even after banking at this bank for 2 years and showing them a copy of the canceled check from my bank in the US that showed it cleared and funds were paid to the DR bank in 5 days. It is a way for them to use your money for a month.

Bob K
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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There is a 30 business day hold on checks at the banks. This works out to about 6+ weeks. This is even after banking at this bank for 2 years and showing them a copy of the canceled check from my bank in the US that showed it cleared and funds were paid to the DR bank in 5 days. It is a way for them to use your money for a month.

Bob K
One of the reasons I won't open an account with a Dominican bank. You don't have to.
 

SantiagoDR

The "REAL" SantiagoDR
Jan 12, 2006
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I have not used a debit/credit card, Western Union, Wire Transfer, etc. in the DR for over 4 years.

I got up and out years ago and established relationships with three (3) places of exchange.

Just recently needed a few thousand U.S. for a special purchase, walked into the exchange place, wrote a personal check for a few thousand, walked out in 5 minutes with the pesos.

Very simple and I got the latest exchange rate, no fees or other extra charges.

The World won?t come knocking on your door to offer these things, you need to do a little leg work now and then.

For the OP and others, learn from this, don?t wait until you are in a situation and need to change a check right away, go establish those relationships now, be prepared.

I built my home in 1997 and never once walked into a DR bank to cash money.
And that was not pocket change.


Don SantiagoDR
 

Lambada

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Mar 4, 2004
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There is a 30 business day hold on checks at the banks. This works out to about 6+ weeks.

Thank you for confirming that Bob K. I thought it was still the case but it had been a while since I enquired.

When I write a check to my cambio, it takes 10 days max to clear, sometimes 7.

Yes cobraboy I get same day clearance for sterling cheques on the very rare occasions I have needed to write them (but the cambio has known me 15 years and has some of my funds on deposit in any event). I only ask the banks the questions on behalf of others who ask me - I wouldn't dream of using them for this purpose myself. Having said that I wouldn't dream of having a dollar cheque account either for reasons which became obvious 2 years ago..........;) but I'm lucky in that my reserves are in Euros & sterling.

For the benefit of those who need to know the same arrangements with a cambio can be used for Euro and Sterling cheques, not just dollars.
 

desmil

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Oct 11, 2007
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However, in regards to the time frame for depositing the check, Popular told me that I would have to have an account in U.S. dollars, but it would only take 2 weeks to clear.
 

Lambada

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However, in regards to the time frame for depositing the check, Popular told me that I would have to have an account in U.S. dollars, but it would only take 2 weeks to clear.

If you decide to use that method, I would really appreciate you coming back to this thread and updating us all on exactly how long it took in practice, regardless of what people said to you.

We will keep an open mind & we could all be pleasantly surprised. Then, on the other hand, we might not be :cheeky:. So please, come back 2 weeks after depositing your cheque & let us know. And if you need to, come back 4 weeks after depositing your cheque. And 6 weeks..............;)