- Thread starter franco1111
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Banco Popular ATM withdrawal foreign debit card
Banco Popular ATM gives me 20,000 pesos and the fee is 300 pesos. Regarding the currency conversion option; many banks all over the world have started doing that.
The currency convertor is used for the suckers with cards from another Country that see it and think they are getting something good. Most Supermarkets and other stores have it when you use the machine at checkout. Now the thieves in BP are using it at the WORST possible rates. Be aware......................
There are lots of differences in ATM's. The first time we went to Bayahibe the ATM's only gave 2,000 pesos years ago. Pathetic. They want you to do multiple transactions so you pay multiple fees. The ones in Jumbo in Punta Cana are the same. I only tried once because of that. You have to try different ATM's to see which will give you 10,000 or sometimes 20,000. Most don't show the limit on the machine. What worked best for me until about six months ago was Nacional. 20,000 pesos at one tme, no fee. Now they charge a fee in PC anyway. But, still I think you can withdraw 20,000. I used to find Scotiabank and Progresso that gave 20,000 but its a crap shoot.
It's isane especially with chase. They at thetime would only let me withdraw 100 at a time and about 1000 pesos per transaction.Fooled agan. Coño. My wife tells me not to use that word. It is not so bad from a Dominicano she says, but from an extranjero, it's not ok. However, it is applies in this case. As I kick myself for being duped. I post this here so others can avoid this mistake.
I have for many years withdrawn money from ATM's in the DR with a foreign debit card - U.S. bank. My bank does the exchange rate and I get the right rate. For example, now the rate should be about 59 pesos for a dollar.
Never has the screen come up that shows an exchange rate and asks you to accept it. I saw that screen for the first time at a Banco Popular ATM today. I have been out of the country for a while.
I did not read the question completely. The choice I think was do you want to accept the Banco Popular rate or the rate your bank will give you. I have seen this choice in another country and know not to accept the ATM rate. But, here Banco Popular asks the question in a different way.
So, without reading the rate, etc. I just accepted it. The alternative choice was don't accept it. I did read that. It said something about sin conversión. I thought that might result in them rejecting the withdrawal. Now, I think not. I think it would have resulted in my bank doing the conversion. I will see next time.
The reason this is such a big deal is that the Banco Popular exchange rate in this ATM situation is 51 pesosto the dollar. The real rate today should be about 59 pesos, more or less.
So, on a 10,000 peso withdrawal, they screwed me out of 1,500 pesos, about 25 dollars. Again, coño. Never again. Ladrones.
On a different topic, tropical wave moving through today. Wow. Mucha agua. Y ahora trueno.
Altnerative i found (may be late to the party): But i use Remitly the other the day with their debit card deposit function (if you have a account here with a visa debit card) . It came instantly. I was very impressed. No fee, but of course they made a few points off the exchange but it next to nothing.
I switched to bank of america last year. I pay 5 dollars flat to take out 30k at the ATM.
0.99? For Remitly?
I just checked and they would charge me almost €4 for a transaction.
I have my account in Swedish Krones, so perhaps it's cheaper to use Euro.
But it's not like you can switch between currencies. If you started your account in one currency you have to stick with it.
I earn in CAD, so I would have to convert first from CAD to SEK and then from SEK to DOP, plus the fee.
So then at least for me, it's cheaper to just use the ATM, don't know why BHDs ATM don't charge any fees.
It says they will on the ATM, but when I check the transaction, the fee is not there.
I don’t know about that Kricke, sorry. I am talking within the Euro zone to DR Pesos.
I just withdrew $200,000.00 pesos. Check my transactions in my Canadian Bank and for every $20,000.00, $548.10 was taken. According to XE when I withdrew the money the rate was $467.18 so I assume the difference was bank fees, atm fees and higher exchange rate fees. Long story short 48.10 x 10 withdrawals of $20,000.00=$481.00 CDN for fees
Full disclosure first: I don't use ATM. Never had or will. And I travel to the states frequently and arrange my financial needs in DR while there.
That being said, to solve some of the problems of high fees, abuse, delays etc... could you not have your source of funds deposited in your US bank in a dollar account and open a dollar account here in the DR. Accumulate 3-4 months and wire the sum for a cost of $35-40 one time? Then convert to pesos at will at best rate available. In the meantime, pay other bills you might have in original country on line from the bank in USA. (for example, Amazon.)
As I disclosed above, IDK, but this idea sounds like a stress eliminator.
Here to learn. Have a great day
That being said, to solve some of the problems of high fees, abuse, delays etc... could you not have your source of funds deposited in your US bank in a dollar account and open a dollar account here in the DR. Accumulate 3-4 months and wire the sum for a cost of $35-40 one time? Then convert to pesos at will at best rate available. In the meantime, pay other bills you might have in original country on line from the bank in USA. (for example, Amazon.)
As I disclosed above, IDK, but this idea sounds like a stress eliminator.
Here to learn. Have a great day
Get a US Dollar checking account alone or along with other accounts you may have in the US. Open a Dollar account here and just deposit checks on the US account into tje DR one. Cost ZERO...........
I've done the wire transfer method (USD to USD) for several years and it works for me. Only takes a day to go into y account here, although my US bank always says it could be up to two weeks or so in their disclosure they read to me (we have to speak on the phone to do the transfer). Between my bank's fee and the receiving fee on this end, each transfer is $55 USD. So, if someone chooses this method, they have to determine how much to transfer in order to come out end in the long run with the difference in exchanging currency locally or using a service like Remitly. For me, the wire transfer method is advantageous.
We use BHD in DR, money is available in about 10 days. You’re misunderstanding, this isn’t something “offered “, you’re just depositing a USA check into your DR account
There are many other ways to get cash here. For me, using the foregien debit card from my US dollar account at the ATM here worked fine until now. I could withdraw 20,000 pesos at a time and no fee. And, excellent exchange rate done by my bank. It is just this time with new screen on the Banco Popular ATM, I chose the wrong conversion answer.
Don't let them do the exchange rate. Say no, there is that choice that says "sin conversion" and that will let your bank do the exchange rate. I only used that ATM because I was i a hurry. BP charges 300 pesos for a withdrawal. Some people get this back if they have a Charles Schwab card.
I have an account at BP too. I just never got a debit card for it. No fee with their card at their ATM's. And if you have a peso account, no conversion from dollars to pesos. So, lots of solutions. I just wanted to point out this new trick from BP to take your money. About 12 percent of the withdrawal amnout it seems to me. Outrageous.
Sounds crazy- but for some reason at the scotia ATMs at Nacional let me take out 30k per transaction up to 50k a day.
It's strange because at their banks it only allows me 10k per transaction up to 50k.
Yep. I do all that. But I have another challenge that perhaps you can suggest an answer. I have several new rentals in the US. How can I get a renter to pay directly to my DR bank where I have a dollar account, so that I may see their rent was on-time? (ie; not pass thru my US bank using Zelle that cannot be used outside of US. Using Zelle I can see on line if rent was paid on time but it's another step in the process.)
Doesn’t your Zelle go directly into your USA account? Mine does (PNC). How about Venmo? My daughter has rentals and they Venmo right into her checking account. Then you just write a check to DR account.
- Post Covid, all banks via Superintendencia de Bancos, changed their rules regarding fees.
- Also, they took advantage of the 0.15% DGII tax to add more fees (for local transactions/cards) and you guys aren't the only ones being scammed by the DR banks; we Dominicans, too.