Bank Screwing

slas7713

New member
Aug 9, 2004
262
6
0
My wife has a debit card and for over a year now every month she has been going to the local bank and pulling out $500 U.S. at a time. Well, the bank has now decided to limit the withdrawal to 9,000 pesos max and charge 250 pesos per withdrawal. Is this now standard practice?

Hopefully she and my son will be out of there in a few months. Until then and for all that live in the DR the best you can often do is just bend over and say, "Thank you may I have another!"
 

Seamonkey

Well-known member
Oct 6, 2009
1,366
81
48
All banks are different. Banco Santa Cruz is now a max of 5000 pesos per transaction with a 120 peso charge. The max was 20000 up until a few months ago. Yes they like to bends us over.
 

Ken

Well-known member
Jan 1, 2002
13,510
172
63
My wife has a debit card and for over a year now every month she has been going to the local bank and pulling out $500 U.S. at a time. Well, the bank has now decided to limit the withdrawal to 9,000 pesos max and charge 250 pesos per withdrawal. Is this now standard practice?

Hopefully she and my son will be out of there in a few months. Until then and for all that live in the DR the best you can often do is just bend over and say, "Thank you may I have another!"
Many of us have established a relationship with a banco de cambio and write personal checks on our bank account in the US. We can write these checks for any amount and no fee is charged. You get your money in pesos, but it sure beats using debit cards.
 

Casino127

New member
Jan 13, 2012
214
0
0
Many of us have established a relationship with a banco de cambio and write personal checks on our bank account in the US. We can write these checks for any amount and no fee is charged. You get your money in pesos, but it sure beats using debit cards.
But i presume the rate of exange is 2 or 3 % lower that the bank exange ?
 

Tamborista

hasta la tambora
Apr 4, 2005
11,357
895
113
But i presume the rate of exange is 2 or 3 % lower that the bank exange ?
Actually, in many cases, the "tasa" from a casa de cambio is equal to/better than a bank.
Regular customers & larger transactions will often command higher rates.
 

Casino127

New member
Jan 13, 2012
214
0
0
I was at the biggest cambio exange office in POP (don t remenber the name) not far from Beller, close to amber museum.
I change traveller checks at a rate of 35.5 pesos a $. I usually change at Santa Cruz at 39 pesos. in Sosua.
It was my first time in this office, they took my pass. photocopy. Fast transaction. I had no choice since i was in a rush.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,357
895
113
Travelers Cheques....OHHHH!!!!
Almost always command a discount, regardless of who changes them, useless pieces of paper in RD!
Good luck replacing one if you lose one, AMEX will credit you, but will have to FEDEX you a new one.
 

slas7713

New member
Aug 9, 2004
262
6
0
Many of us have established a relationship with a banco de cambio and write personal checks on our bank account in the US. We can write these checks for any amount and no fee is charged. You get your money in pesos, but it sure beats using debit cards.
I was doing this while I was living there but my wife is in a different town and the jefe of the local cambios wasn't too receptive to the idea, I did try though.
 

waytogo

Moderator
Apr 3, 2009
6,405
568
113
Santiago DR
Travelers Cheques....OHHHH!!!!
Almost always command a discount, regardless of who changes them, useless pieces of paper in RD!
Good luck replacing one if you lose one, AMEX will credit you, but will have to FEDEX you a new one.
I'm surprised they even took them...........bring cash....

B in Santiago
 

william webster

Well-known member
Jan 16, 2009
23,521
534
113
You just speak to your home bank about your limit if you want to raise it.

I know they go up to $1000/day and the Scotiabank machine allows it.
 

KateP

Active member
May 28, 2004
2,847
6
38
I'm assuming she's withdrawing the money at the ATM? Has she tried inside the bank?
 

Casino127

New member
Jan 13, 2012
214
0
0
Many of us have established a relationship with a banco de cambio and write personal checks on our bank account in the US. We can write these checks for any amount and no fee is charged. You get your money in pesos, but it sure beats using debit cards.
Can we do that relationship with them with personal checks on another country than the US ?
Thanks,
 

Tamborista

hasta la tambora
Apr 4, 2005
11,357
895
113
Many of us have established a relationship with a banco de cambio and write personal checks on our bank account in the US. We can write these checks for any amount and no fee is charged. You get your money in pesos, but it sure beats using debit cards.
I would not walk with fews US$k in my pocket. Do they cash certified checks from other countries ?
Thanks,
Can you please read the thread, you keep asking questions that have been answered 10 times on this message board! Once you a develop a relationship with a cambista, they will cash any check.
 

Casino127

New member
Jan 13, 2012
214
0
0
Thanks a lot Tamborista. Which is the best casa the cambio in the Sosua & POP area ?? that you could refer me to ?
 

Ken

Well-known member
Jan 1, 2002
13,510
172
63
Thanks a lot Tamborista. Which is the best casa the cambio in the Sosua & POP area ?? that you could refer me to ?
You can't just walk as a complete unknown into a banco de cambio and cash a large personal check. They have to get to know you. If you know somebody that is regularly using a particular banco de cambio, a recommendation from that person will be a big help and you should use the same banco de cambio. If you don't have someone to make a recommendation, you may need to talk with various bancos to see if one is willing to take a chance if you write a small check. If all goes well, after a few good experiences you may be allowed to write larger checks.

If you are just in the DR for a vacation visit, forget it. If you own or are purchasing an apartment or house, there shouldn't be much trouble finding one to take your checks, especially if you can use the lawyer assisting you as a reference.
 

Casino127

New member
Jan 13, 2012
214
0
0
You can't just walk as a complete unknown into a banco de cambio and cash a large personal check. They have to get to know you. If you know somebody that is regularly using a particular banco de cambio, a recommendation from that person will be a big help and you should use the same banco de cambio. If you don't have someone to make a recommendation, you may need to talk with various bancos to see if one is willing to take a chance if you write a small check. If all goes well, after a few good experiences you may be allowed to write larger check

If you are just in the DR for a vacation visit, forget it. If you own or are purchasing an apartment or house, there shouldn't be much trouble finding one to take your checks, especially if you can use the lawyer assisting you as a reference.
Thanks Ken for your Infos !!!
I do owned fews buidings in the RD, and fincas , also i have been living here over 20 years, can i use you as a reference, since you are a pro in that field. I used to deal with a SFM cambio exange but they had to close their offices since they where been investigated with tax procedure . So long . & tanks for good answer......
 

andy_089

New member
Mar 23, 2003
201
22
0
I went with my US debit card to a branch office of Banco de Reservas and took out RD$100,000, which they told me is the limit per day. I went there several times more and took out always RD$100,000 at the same branch.

Then I tried another branch of Banco de Reservas in the same town and they said that their limit is RD$75,000. I argued with them that I'm getting 100k at the other branch with no problems, but they refused to give me more. Next day I went back to the first branch and got my 100k again.