I noticed Remitly offers this very good exchange rate for the first time users, but I can't find any way to see what they offer after the first time, do you guys have a link to their real exchange rate, or know what % usually they take off from mid-market price...?
- Thread starter franco1111
- Start date
Banco Popular ATM withdrawal foreign debit card
Remitly's introductory rate is only good for the first $500 USD (I'm sure there's a similar limit for other currencies). If you enter a higher amount on their Rates and Fees section, you can see their normal rate too. Generally they are about a peso less than the local rates here in the DR.
I had sent €2100 from my Dutch bank via REMITLY to Banco Popular The money arrived in a minute before cash pick-up The bank employee did not want to pay out Because the amount was too high After five visits to the bank. They said: That the money had not arrived And 12 times a conversation on the Remitly website. Chat Remitly told me that they could refund the money if Banco Popular would answer their question Banco Popular refused to answer for 8 days Then I went to file a complaint with Banco Popular, about the fact that they did not want to answer And without me having filled in the complaint form they suddenly said: We are going to pay out now. So I waited 8 days before I got my money. So I will never send to Banco Popular again but to Caribe Express
Banco Popular is now and before total GARBAGE.....................Avoid at all costs...........
You're really good !! I agree with you all the way... how many people make fundamental decisions in their life (like moving to the DR) and they don't know the language, the culture, they don't even try it here a few times before moving. It is really too much !! As for banking in the DR, I have a canadian Scotiabank account and I use my canadian debit card to withdraw here at the DR Scotia ATM. No fee. Each transaction is maximum $10k pesos, and I can withdraw up to the daily maximum determined on my canadian Scotia account.
Well 20 years ago I did in fact get burned due to my own ignorance. However, I initially came to SD for a work project. One turned into another and I managed to string together some early wins. That said, mistakes happen. The illusion of the puta and palm tree dream is strong! I struggled with financial movements from the states and got screwed by folks like BanReservas and our dear friends at Popular. I dabbled in a PayPal pilot with corrupt Popular and had to drop that. WU didn't like me sending money from my US bank to myself in DR and decided to ban me permanently, hence my deep hatred for the company. Xoom looked good on paper but was also a major fail. When I found Remitly, I used it for a year and never looked back. No ATM shenanigans in DR. If I was busy, I would just send to my trusted moto guy. The chicas at Caribe Express in Cab were wonderful and life went along fine. Well, for a while anyway.
All the while I have just deposited check into my BP account here withou issue. BUT:
If US banks find you doing things in the DR, they will cut you loose. That I found out from a couple of "on line" banks when using
ATM cards here. My friend in another country was cut loose by Schwab because he over used an ATM card.
If US banks find you doing things in the DR, they will cut you loose. That I found out from a couple of "on line" banks when using
ATM cards here. My friend in another country was cut loose by Schwab because he over used an ATM card.
Different banks have established policy and protocol to combat money laundering. Monthly limits are one example. I think the issue here is there are too many suspect US persons (meaning previously flagged for shady money movements) who can't seem to figure out how to get themselves cash in a legal manner. And we know for certain a population of Canadians who defrauded the govt by moving money though US to DR banks for their illegal business practices!
Neither I nor my friend who have had US accounts blocked have ever done anything that would cause such a block other than being in a foreign country.
He recently got cancelled on a mail and scan service in the US. Big brother is overbearing. There was nothing illegal. And so it goes.
I wasn't referring to your friend, but to the overarching conundrum of anti money laundering regulatory environment
Not surprised about your friend with the Schwab card. Sxhwab pays for all ATM fees. At 350 pesos a pop at many ATM's here, they're not going to let that continue for long. I have another US debit card that I had to use for couple months that didn't pay ATM fees and never had any problem with it. Used it frequently.
And that is probably why he got cut by Schwab. Despite having more than a million with them in USD>
I think we’d be very surprised to find out how many average Americans have million dollar assets with funds like Vanguard, Fidelity and Schwab.