We are talking about the DR here. Those who know about the DR and living here understand how well checks work.
- Thread starter Mauricio
- Start date
Bad news for Bank of America clients in DR
We are talking about the DR here. Those who know about the DR and living here understand how well checks work.
Just talked to the BoA rep. This does not seem to be Scotia scamming us. This is a 3% foreign transaction fee which is being charged on ALL foreign transactions. They sent out a notice in September. Obviously they did not email us so they could catch as many people with this as possible. I know this because I used to work for them. I used to take these exact calls on credit card transactions after a change of service.
She refused to waive the fees so I am asking for a supervisor. This is not an ATM fee so the Schwab no ATM-fee thing would not apply unless they also don't have a foreign transaction fee. This is not an ATM fee.
btw - The kind of account you are using may make a difference. Mine is a Small Biz account.
She refused to waive the fees so I am asking for a supervisor. This is not an ATM fee so the Schwab no ATM-fee thing would not apply unless they also don't have a foreign transaction fee. This is not an ATM fee.
btw - The kind of account you are using may make a difference. Mine is a Small Biz account.
Actually many of us here do....some who have been here for years. Some who know that checks may be the least expensive and safest way for a cash transaction.
xoom is a good company, since they do exactly as they promise. And they are fast and reliable.
But they charge a flat fee of US $4.99, not US $4.00. Current exchange rate is 41 DOP to the US $1.00.
But they charge a flat fee of US $4.99, not US $4.00. Current exchange rate is 41 DOP to the US $1.00.
Right now BoA is at 42.20. Xoom is at 41.00. So, if you change $1000 through XOOM you will loose $1120 pesos PLUS the $4.99 fee. That comes out to about $31.50.
Going to the Scotia would require 4 withdrawals, and charge $30.00 (3% fee.) The ATM is instant. Xoom takes time. But, the ATM route means you have to deposit it in a DR bank if you don't want cash. The XOOM route can put the money directly in your account.
Either way, amounts much over $1000 PER MONTH would better be done through a bank transfer at a flat rate of $35-$45.
I looked at my statements online and by the link next to the August statement is a link entitled important information about your account
Here is the information about the changes in account fees. Bank of America is tucking it to us. They DID inform us but I for one didn't read that attachment.
I got them to remove the fees one time only because they hadn't updated the website which is what I checked first when the OP started this thread.
Next step develop a relationship with a casa de cambio to cash checks.
Failing that one contingency is to move to the Australian Outback and learn how to survive on bugs and rabbits and a money free life
[video=youtube_share;BfEVF7R59Mg]http://youtu.be/BfEVF7R59Mg[/video]
Here is the information about the changes in account fees. Bank of America is tucking it to us. They DID inform us but I for one didn't read that attachment.
I got them to remove the fees one time only because they hadn't updated the website which is what I checked first when the OP started this thread.
Next step develop a relationship with a casa de cambio to cash checks.
Failing that one contingency is to move to the Australian Outback and learn how to survive on bugs and rabbits and a money free life
[video=youtube_share;BfEVF7R59Mg]http://youtu.be/BfEVF7R59Mg[/video]
I looked at my statements online and by the link next to the August statement is a link entitled important information about your account
Here is the information about the changes in account fees. Bank of America is tucking it to us. They DID inform us but I for one didn't read that attachment.
I got them to remove the fees one time only because they hadn't updated the website which is what I checked first when the OP started this thread.
Next step develop a relationship with a casa de cambio to cash checks.
Failing that one contingency is to move to the Australian Outback and learn how to survive on bugs and rabbits and a money free life
YOU are right!!...I never even look at my statements, I could have taken measures since August...
I have boxes of paper junk mail. Every now and then I get out the shredder and shred the confidential stuff.
Online alerts... some gets read, some gets overlooked.
Bugger :cross-eye
Before I left for vacation in the DR on 11/13, I informed BofA of my travel plans and asked if it was still the same deal with Scotia. They answered affirmatively and said nothing about the transaction fee. I bitched when I got back today and got all my money back - about $45. I probably never looked at the notice they sent - supposedly it was included with their privacy policies, a long notice.
They also screwed me by freezing my account after 2 consecutive ATM withdrawals, something I've done many times in the DR with no problem. I had to be on the phone with them for 2 hours on my dime before I found someone who cared and fixed it. I got them to reimburse me today $20 in international call charges. I found out out there are different degrees of frozen, and my card was in deep freeze, haha. The funny thing is when I called, I eventually got the fraud dept. and was asked security questions which I answered, but was still told my account would remain frozen. I understand and appreciate the security measures, but there's something wrong with their procedures.
They also screwed me by freezing my account after 2 consecutive ATM withdrawals, something I've done many times in the DR with no problem. I had to be on the phone with them for 2 hours on my dime before I found someone who cared and fixed it. I got them to reimburse me today $20 in international call charges. I found out out there are different degrees of frozen, and my card was in deep freeze, haha. The funny thing is when I called, I eventually got the fraud dept. and was asked security questions which I answered, but was still told my account would remain frozen. I understand and appreciate the security measures, but there's something wrong with their procedures.
It does read that they charge 3%... but next to it it says you can use a Global Alliance partner to avoid the fee. When you go to the Global alliance page:
Their website still reads:
"Foreign ATMs may charge both ATM fees and currency conversion/international transaction fees for withdrawals. Find out if you can reduce your bank fees when traveling. For example, Bank of America waives ATM fees for banks in the Global ATM Alliance. If you cannot find a partner bank, limit how often you use ATMs by always withdrawing as much cash as you feel comfortable carrying."
Traveling Internationally?
Use your ATM card or debit card within the Global ATM Alliance.
"Scotiabank (Canada and the Caribbean, Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St. Maarten), St. Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands)"
If you buy something here - regardless of what - yes, they charge 3%...no matter what. Always have. But a withdrawal at a Scotiabank ATM SHOULD NOT be charged. I always get my money back if there is any issue. Maybe they flagged my account as a Royal PIA. Who knows...but thats their agreement with me. Mister Customer.
Their website still reads:
"Foreign ATMs may charge both ATM fees and currency conversion/international transaction fees for withdrawals. Find out if you can reduce your bank fees when traveling. For example, Bank of America waives ATM fees for banks in the Global ATM Alliance. If you cannot find a partner bank, limit how often you use ATMs by always withdrawing as much cash as you feel comfortable carrying."
Traveling Internationally?
Use your ATM card or debit card within the Global ATM Alliance.
"Scotiabank (Canada and the Caribbean, Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St. Maarten), St. Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands)"
If you buy something here - regardless of what - yes, they charge 3%...no matter what. Always have. But a withdrawal at a Scotiabank ATM SHOULD NOT be charged. I always get my money back if there is any issue. Maybe they flagged my account as a Royal PIA. Who knows...but thats their agreement with me. Mister Customer.
B of A Scotiabank withdrawals in DR have always been subject to a 3% "International transaction" fee, built in to the amount you are charged, not separate. This is charged by MC/Visa International, NOT B of A or Scotia Bank.
They give you the Interbank rate which is better than the street, so after you lose the 3% on the transaction, it is closer to 1.5%. If the street pays 42.50, you'll get ~ 42. I always check my tasa, have not taken cash out of an ATM in a while, so this is past experience, not recent.
They give you the Interbank rate which is better than the street, so after you lose the 3% on the transaction, it is closer to 1.5%. If the street pays 42.50, you'll get ~ 42. I always check my tasa, have not taken cash out of an ATM in a while, so this is past experience, not recent.
It actually says you can avoid the USD5 EXTRA fee by using an ATM of the global ATM alliance. If you use an ATM outside the alliance you will be paying 3%+USD5.
The rate I get is always a little lower than what the bank buys dollars for, that's correct. But the rate didn't change, so now one is paying 3% to BofA + the x% visa is taking by the exchange rate they are using.
Not quite sure what you mean. The "foreign transaction fee" is BofA. Schwab bank has no currency exchange fees or other fees and rebates all ATM fees charged by the machine...though there are barriers to non-us residents.
Still, I'm inclined to think the cambio relationship check cashing makes sense since there's less opportunity for mischief and it's the proven solution.
I've been using BofA to withdraw for the past two years and their exchange rate is pretty much the same as Banco Central's one. But now since Nov 8th we have been charged for 3%, this is not just for DR is worldwide. :dead: