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  1. #1
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    Default Cash advance - in which bank?

    In view of many debit/credit card problems many members on this board suggested withdrawing money from their international cards INSIDE the bank branch (also called cash advance).

    I need to know which banks do this and if there is any fee.

    Banco Leon does not do it. Progreso does but charges a hefty 5% fee.

    The reason I need to do this is the ATMs allow only 5 or 10k withdrawal per transaction and I need to withdraw some money from a European bank account where the foreign ATM withdrawal fee is 5 Euro. So 35k pesos would run me anywhere between 20 to 35 Euro + the conversion rate fee.

    Cash advance in the bank only costs 8 Euro and I can withdraw it in one transaction.

    But I need to know which bank in the DR does this - and better yet - which one does it for free?

  2. #2
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    Quote Originally Posted by rubio_higuey View Post
    In view of many debit/credit card problems many members on this board suggested withdrawing money from their international cards INSIDE the bank branch (also called cash advance).

    I need to know which banks do this and if there is any fee.

    Banco Leon does not do it. Progreso does but charges a hefty 5% fee.

    The reason I need to do this is the ATMs allow only 5 or 10k withdrawal per transaction and I need to withdraw some money from a European bank account where the foreign ATM withdrawal fee is 5 Euro. So 35k pesos would run me anywhere between 20 to 35 Euro + the conversion rate fee.

    Cash advance in the bank only costs 8 Euro and I can withdraw it in one transaction.

    But I need to know which bank in the DR does this - and better yet - which one does it for free?
    Why not write a check @ a cambio? There is no fee then.

  3. #3
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    In Europe the checks are not used much... and this account is European...there are no checks

  4. #4
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    Quote Originally Posted by rubio_higuey View Post
    In Europe the checks are not used much... and this account is European...there are no checks
    My father has done it at Banco de Reservas and I think Banco Popular with his Visa check card from Bank Of America. I don't know what the banks have charged him though.

    NotLurking

  5. #5
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    Quote Originally Posted by rubio_higuey View Post
    In view of many debit/credit card problems many members on this board suggested withdrawing money from their international cards INSIDE the bank branch (also called cash advance).

    I need to know which banks do this and if there is any fee.

    Banco Leon does not do it. Progreso does but charges a hefty 5% fee.

    The reason I need to do this is the ATMs allow only 5 or 10k withdrawal per transaction and I need to withdraw some money from a European bank account where the foreign ATM withdrawal fee is 5 Euro. So 35k pesos would run me anywhere between 20 to 35 Euro + the conversion rate fee.

    Cash advance in the bank only costs 8 Euro and I can withdraw it in one transaction.

    But I need to know which bank in the DR does this - and better yet - which one does it for free?
    Here is how I did it for the last ten years:
    - Make a $$ transfert (via internet) from my Canadian Royal Bank account to my Royal Bank Visa credit card wich card I only use for that specific purpose.
    - Go to the Banco Popular and withdraw pesos (cash advance) not from a ATM but inside the bank from a teller.
    - Banco Popular never charged me a fee neither did the Royal Bank nor Visa and since the $$ was already in the credit card no interest was charged.
    Last edited by La Mariposa; 10-09-2008 at 03:17 PM. Reason: via internet

  6. #6
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    Banco Popular will let you do it up to RD500k max, but I can't remember the fee. The max you can do it without any charge is RD250k in cash - I actually did two installments one right after another as suggested by the teller.

    The other option is to check your credit card statement and see if there is a "check" attached. This can be used like a real check and cashed just about anywhere. I did this as well and all but paid off my home loan at the local cooperativa so I could getr a much better rate(9%) than what they could give me(17%).

  7. #7
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    In the states, cash advances have a very expensive APR.

    In the past, after I have taken a cash advance, I would call the bank. The bank will give you an address to send a check so the cash advance can be paid off BEFORE any lower APR balances.

    If you do not do this way, when you make a cc payment, the payment will go against the lowest APR blalance and NOT the cash advance balance.

    Credit Cards only allow this for cash advances.

    Just as an FYI

  8. #8
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    Quote Originally Posted by Bronxboy View Post
    In the states, cash advances have a very expensive APR.

    In the past, after I have taken a cash advance, I would call the bank. The bank will give you an address to send a check so the cash advance can be paid off BEFORE any lower APR balances.

    If you do not do this way, when you make a cc payment, the payment will go against the lowest APR blalance and NOT the cash advance balance.

    Credit Cards only allow this for cash advances.

    Just as an FYI
    My cash advance of US24k cost US100 at my normal charged rate of 9%(3% plus prime).

  9. #9
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    The money is coming from a current account using a debit Mastercard.
    So APRs are really not that much of an issue.

    I will try Banco Popular and Banreservas tomorrow and see what they say.

  10. #10
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    BHD will also let you do it. Take two forms of ID such as cedula and passport, copies are not accepted. Don't go to the counter, go to customer services where they phone through for an authorisation code. They then fill in a voucher which you then take to the counter to get your cash.

    They allow daily withdrawals of RD$150,000.

    There is no extra charge for this service.

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