The best way to change dollars into pesos. A how to.

I recommend using your ATM card from your local bank in the USA (check what their fees are first) to take money out of a bank machine when you come out of customs into the area where everyone will be waiting (this is the case in most airports, SDQ, STI, POP, PJU). You get the best exchange rate and my bank only charges me $1.50 for using machines here. The banks here charge you nothing. The exchange rate today is 35.6 pesos per dollar. That is at the western union in Samana. At the airport by customs they exchange dollars at about 32 pesos per dollar. The bank machine will generally give you about .1 peso better than everyone else. So right now it would be 35.7 pesos at a bank machine. This is on 4-2-2009. All machines in the country have an English option at start up.

The best thing about this is that you don't have to run around with a couple thousand dollars on you (if you are visiting for an extended period of time). I would just recommend taking out 18,000 pesos (roughly $500 US) each time to optimize your ATM fee. BanReservas bank machines allow you to take out this amount in one transaction. I think Scotiabank machines also allow you the full amount. Banco Popular machines often times only allow you to take out 10,000 pesos on any transaction.

If your ATM card is also a debit card your local bank will often make purchasing things cheaper than a regular credit card because they don't charge a percentage for the exchange.

I took out 18,000 pesos from a Banreservas ATM and my statement back in the US says $503.38 US plus $1.50 ATM charge. That calculates to 35.65 pesos to the dollar. It's almost a wash considering that most places were exchanging at 35.6 that day but you don't have to carry around a bunch of dollars while you are on an extended vacation. I had been in some little towns recently that were changing dollars at just 33 pesos per dollar.

I used my same ATM/debit card to pay 4,680 pesos at the cash register and it came to $130.88 US. That turns out to be 35.75 pesos to the dollar with no extra charge whatsoever. Leave the cash and credit cards at home and use your debit card when you can. Otherwise you can use the ATM machines just as long as they are not on the grounds of a AI hotel. But if you are at an AI hotel your going to get screwed on the exchange anyway even with cash.

Always calculate the pesos equivalent of $500 US when you go to take out the maximum from an ATM machine. Right now you can take out 18,000 pesos as I mentioned earlier based on the normal $500 daily limit for States based ATM cards.

I agree with you windeguy that you should never unless you are in a huge bind change money inside the bank. You will always, I know always is a strong word that's why I used it, get at least .5 peso to 1 peso less per dollar.

To reiterate:
Bank machines: the best.
Inside the bank: the worst.
Inside an airport: absolute highway robbery.
Credit card: forget about it unless your credit card does not charge you to convert.

I was basing that on the banks that do allow the limit in one transaction, such as Banreservas and apparently BHD.

Tamborista said:

Actually this is not correct information, since several banks are currently limiting ATH withdrawals to RD10,000.

I concur with Berliner's post above....both Scotia Bank as well as Banco Popular ATH's would not dispense more than RD10,000 recently using a Bank Of America card.

tambo'

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My banks ATM card has the Mastercard logo on it and you can see the exchange that they gave me on my purchase in one of the above posts that I made. They do not charge "me" an exchange fee at my bank or anywhere else on my bank statement. That is out the door. NO international fee for my bank.

I don't disagree with you tambo but you do have a bank that is also a credit card company. Why would they "not" charge you an exchange rate of 3% when they do it all the time with their credit card customers.

My banks ATM/Debit card does not charge me an exchange fee on purchases and it has a Mastercard logo on it.

Dispute it all you want but I get the great best exchange of the day and no fee with my debit card.

I do agree that all banks suck. The ones here suck even worse than up in the States.

Tamborista said:

I was referring to buying ''stuff'', with a debit card, not getting cash!
They don't asess me this charge when using an ATH.

If I use the debit card inside the bank at the teller there is also no fee, for those that are ATH phobic.

tambo'

PS: All banks suck!

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Hard to believe but true.

Malibook said:

Which bank is that?

A bank card with a Mastercard or Visa logo is more than likely being charge a 2.5% currency conversion fee or international transaction fee by Visa or MC.

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My bank is a small one up in Northern Michigan. Definitely not one of the big guys. I calculate each debit card transaction here after it posts and the last one I did gave me the following results:

"Quote from earlier post"
"I used my same ATM/debit card to pay 4,680 pesos at the cash register and it came to $130.88 US. That turns out to be 35.75 pesos to the dollar with no extra charge whatsoever."

I know it's hard to believe, in fact I should stop boasting for fear that they will catch on and start sticking it to me with ridiculous exchange rate charges.

blkronin said:

Last time I was in Puerto Plata, I used an ATM machine at Sun Village. My Debit Card was compromised. There were a few withdrawals from France. I was told that using the ATM at the banks is much safer. Is that true?

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I always use a machine at a bank. Mostly because I don't have machines posted in other locations near to me. But I have had credit cards and debit cards compromised about 10 times. I had a card stolen here and it was used right away at a local store. I called and canceled it 1 hour later. All the other fraudulent charges originated in the States.


I have used ATM machines here in the DR probably around 200 times and never had a problem ever stemming from that. Not saying its not possible but as the reason for starting this thread, it's safer to have your ATM card stolen. Your card can be canceled and a new one sent to you but if you carry around a bunch of cash for a long trip in the country and it gets stolen you are screwed.