travelers cheques

ronks

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Aug 13, 2003
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I would like to know if travelers cheques are still accepted at the casa de cambios? Is there a discount as compared to cash? If so, how much? Thanks.
 

Hillbilly

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Jan 1, 2002
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Many people here shy away from TCs because of all the fraud committed.

So, I would advise cash and a debit card from your bank. And always use a major bank for you exchange of money. NEVER on the street, no matter what they tell you...NEVER!!

HB
 

ronks

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Aug 13, 2003
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6 years ago, when I stayed in Sosua for 3 months, I found that once people got to know me, then TC's were not a problem. In fact, I actually got a better rate using TC's. But, then I found it even more convenient to write checks on my bank in the US. What made this possible were references from established expats like Marco. Then everything went smoothly. So, IF I am able to exchange using TC's, is there a penalty attached to the transaction?
 

Tamborista

hasta la tambora
Apr 4, 2005
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So, IF I am able to exchange using TC's, is there a penalty attached to the transaction?

I cashed AMEX TC's not so long ago at Vimenca for the same rate as cash after giving them a blood sample, a copy of my passport, and my firstborn son. IMHO, not worth the time vs. cashing a regular check or using an ATM.
 
Last edited:
Feb 7, 2007
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If you have a USD bank account, you can deposit travelers checks into your account, takes about 1-2 days for them to post, then you withdraw USD cash and change that.

Also, you can change at a bank (Popular and Progreso) for USD cash, they charge some %%% for the transaction. Other banks won't change them for cash because they do not sell them. If you are dealing with AMEX TC, the best bank for that is Progreso.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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yes, here in Bavaro Banco de Progreso is the representative office for Amex, i don't know if that's the case with all of their offices on the Isle, but would guess yes.
the few times i brought clients there to take money from their Amex or cash travelers cheques they always only got paid in Pesos, no US cash, and the exchange rates been not very good, in other words "they made some nice %%%" out of the changes.
i would never exchange money at a official bank, their exchange rates are compared to the Casas de Cambios very poor, on the other side for exchanging small amounts of a few K's it is not worth the hassle to travel around and risk to get scammed if not familiar with the procedures.
here on the east the casa de cambios usually accept TC's only from known customers. some work online to check the TC's authenticy right away before they hand over the money, those bancas exchange the checks for everybody, passport or cedula required of course.
one of the bancas working online to check the TC's is i.e. Banca Barrican in El Cortecito Bavaro.
in general i agree to the advices above,
bring US$ cash or use a debit card.
using a debit card at a ATM provides always dominican pesos, but for the best exchange rate you can get anywhere.
always only use the ATM's attached to a bank office, not some stand alone ones somewhere out on the streets, we had scams there.
if you are visiting for vacations and want to use TC's to pay for excursions etc, that's no problem, tourproviders/outfitters accept the TC's the same than cash, no extra fees or such involved.
cheers
Mike
 

jrzyguy

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May 5, 2004
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I used to do the TC thing when i first started traveling to DR. It was a pain in the butt. I always bring cash now. SOOO much easier than having to show all sorts of ID etc.
 

Facility

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Sep 3, 2008
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the few times i brought clients there to take money from their Amex or cash travelers cheques they always only got paid in Pesos, no US cash, and the exchange rates been not very good,
Mike

Concur on that - when I tried to deposit euroTC on my euro account in BanReservas, I was told the only option is to convert the TC into peso, then deposit pesos on my acconut reverting them to euro - both times losing bank interest on transaction. Bwah.
 
Feb 7, 2007
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depositing US$ TC's on a dollar account can take up to 8 weeks before they show up on the balance.
Mike

I brought some cash from Europe some time in the form of US$ TC. Deposited into Banco Leon US$ account and the money was credited the next business day. Have not done TC since then, so things may have changed.
 

MikeFisher

The Fisherman/Weather Mod
Feb 28, 2006
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i did not deposit TC's since at least a year and a half.
since then what comes in as TC's get's changed at the booth right away in Pesos.
back in that time the bank's explanation for the delay been that they check back with the issuer of the checks to be sure they are clean.
a bit weird of an explanation/excuse,
b/c such can be checked by registered businesses online within a few minutes/seconds.
i would guess a bank will be connected to that closed network,
but some prefer to be slow and keep your money as long as they can.
that been on BHD bank, btw.
Mike