Banreservas ATM Withdrawal

[belmont]

Wells Fargo Bank has an economical service called Global Remittance Service. For a $6 fee I can go to Wells Fargo online and have up to US$1000 transferred from my account for pickup in the DR. It is available to be picked up immediately at any Banreserva, Banco del Progresso or Banco BHD. It is paid in pesos at the current bank exchange rate.

https://www.wellsfargo.com/per/intl_remittance/centralamerica-caribbean

 

[mountainannie]

Wells Fargo Bank has an economical service called Global Remittance Service. For a $6 fee I can go to Wells Fargo online and have up to US$1000 transferred from my account for pickup in the DR. It is available to be picked up immediately at any Banreserva, Banco del Progresso or Banco BHD. It is paid in pesos at the current bank exchange rate.

https://www.wellsfargo.com/per/intl_remittance/centralamerica-caribbean

wow!! thanks!! Wells fargo absorbed my Wachovia account so this will work for me now!

 

[rubio_higuey]

So then maybe this is the exchange rate that Visa is using currently for all foreign card holders?

strange strange strange

RD$1.000 - US$26.11 -- 38.299
RD$2.000 - US$51.45 -- 38.872
RD$4.000 - US$102.83 -- 38.899

I guess depending on the amount they use different exchange rate .... strange but seems true, as I get midle-lower-higher rate in that sequence.

04/05/2012 CASH ADVANCE ATMBR21 OFIC. EL HIGU REPUBLICA DO
No Description
Cash Amount: -$102.83

04/04/2012 CASH ADVANCE ATMBR33 OFICINA BOULEV REPUBLICA DO
No Description
Cash Amount: -$26.11

04/03/2012 CASH ADVANCE ATMBR33 OFICINA BOULEV REPUBLICA DO
No Description
Cash Amount: -$51.45

 

[rubio_higuey]

EDITED: yes oanda is showing a similar interbank rate as I got in periods 1-2 business days PRIOR to my posted transaction dates, actual dates when i made the wihdrawal.

 

[rubio_higuey]

EDITED: yes oanda is showing a similar interbank rate as I got in periods 1-2 business days PRIOR to my posted transaction dates, actual dates when i made the wihdrawal.

So I guess it will be trip to OANDA website first before making withdrawal to see if the rate is "favorable".

 

[AndyGriffith]

strange strange strange

RD$1.000 - US$26.11 -- 38.299
RD$2.000 - US$51.45 -- 38.872
RD$4.000 - US$102.83 -- 38.899

I guess depending on the amount they use different exchange rate .... strange but seems true, as I get midle-lower-higher rate in that sequence.

04/05/2012 CASH ADVANCE ATMBR21 OFIC. EL HIGU REPUBLICA DO
No Description
Cash Amount: -$102.83

04/04/2012 CASH ADVANCE ATMBR33 OFICINA BOULEV REPUBLICA DO
No Description
Cash Amount: -$26.11

04/03/2012 CASH ADVANCE ATMBR33 OFICINA BOULEV REPUBLICA DO
No Description
Cash Amount: -$51.45

I did two separate ATM withdrawals for $RD4,000 and each one I received 38.299. A week before March 17th, I was receiving 38.899 for the $RD4,000 transaction. I think what happened is my bank is now no longer absorbing the 1% Visa foreign currency transaction fee, but I am not absolutely certain about that. It could be something to do with the actual conversion rate as you noted here.

 

[AndyGriffith]

I did two separate ATM withdrawals for $RD4,000 and each one I received 38.299. A week before March 17th, I was receiving 38.899 for the $RD4,000 transaction. I think what happened is my bank is now no longer absorbing the 1% Visa foreign currency transaction fee, but I am not absolutely certain about that. It could be something to do with the actual conversion rate as you noted here.

Update here-did another $RD4,000 atm withdrawal today and the rate came out to 38.948. What I can deduce from this is that the problem was the currency conversion rate used by Visa in the last two weeks of March. Neither Banreservas nor my own bank are charging any fees to reduce the conversion rate.

 

[AndyGriffith]

And we're back-Same game once again: 38.299 for $1 USD on atm withdrawal today after receiving between 38.85 to 39 for weeks on end. Definitely looks like Visa conversion is sometimes giving a rate well below the actual market. Why this happens from time-to-time is unknown to me. Anyone know why? Thanks.

 

[rubio_higuey]

And we're back-Same game once again: 38.299 for $1 USD on atm withdrawal today after receiving between 38.85 to 39 for weeks on end. Definitely looks like Visa conversion is sometimes giving a rate well below the actual market. Why this happens from time-to-time is unknown to me. Anyone know why? Thanks.

That Visa rate seems to correspond to Oanda intermarket rate...I guess some people's games on international markets...buying low to get dollars, would be my guess...

 

[Criss Colon]

Banserervas lets me with draw 5000 pesos,twice,=10,000 pesos,with no fee.
My bank in BOSTON CHARGES ME $1.00 EACH TRANSACTION.
However,the BR machine in Supermercado National "Ate" my card and charged me $100 US that it never gave me in early December.
I "Almost" never use my debit card in a Cash Machine.I have a new card now from my Boston bank.I won't use it in any machine that "swallows",then "Spits Out" the card.

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[granca]

Hola der fish. There is an advantageous, quick and to me easy way to get my money available in the DR. About every 3/4 months, using the internet, I contact hifx.co.uk for a rate to transfer pounds sterling 5000 to my us dollar account here, they give me a money market rate less a couple of cents. i contact my UK bank, again using the internet, and transfer the money same day to hifx, no charge. Hifx email me to confirm receipt of money. I did it last two weeks ago on a Thursday, hifx emailed me Monday to say they had transferred the money. On wednesday I was able to withdraw from Banco Popular. UK bank - no charge, hifx - no charge, Banco Popular - charge about 25 pesos. Hifx have a branch in the US buit you would have to email hifx UK to get their name etc. Keep life simple wherever you can. I stopped using DR ATM s when they introduced their exorbitant charges.

 

[rubio_higuey]

Banreservas has no such fee. But Banco Popular lets me withdraw up to 5000RD at a time and Banreservas only 2000RD. And there is a $4.95 fee from my bank for each withdrawel.

Banreservas does not charge fee IN THE INTERIOR. In Santo Domingo it charges the fee. Tried that. Romana, Higuey, etc. No fee. SD = fee. Only bank that does not charge fee for now is Banco Leon. Banreservas = 4.000 pesos max, Banco leon 2.000 pesos max. My bank does not charge fee. I transfer money to Fidelity and to ING, no withdrawal fee, and I get great exchange rate. The only problem is ING Orange charges 1.5% intl transaction fee, fidelity none. Problem with Fidelity is they hold your funds for 4 business days after they arrive. They are on your account but "on hold" and cannot use them. But if you forecast, using fidelity is great option. Just transfer via electronic debit form your other bank account to Fidelity or to ING.

Derfish your best bet now is Scotiabank, or BHD. 10.000 pesos in one transaction, same 112 pesos fee as Popular.

 

[Criss Colon]

Banreservas does NOT charge me any fee here in Santo Domingo,maybe they don't like you???
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[AndyGriffith]

Banreservas does NOT charge me any fee here in Santo Domingo,maybe they don't like you???
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Banreservas no atm fee-none, my bank (Schwab) no international transaction fee or atm fees also.

I have definitely identified the problem as the conversion rate that is being used by Visa. I never had this problem prior until a few months ago before Easter when this $38.299 rate kept popping up when the market rate at the banks was no lower than 38.65. I do believe Oanda.com might give a good guess to what Visa is using to convert dollars to pesos, but who knows. I even called Visa and they don't have DOP on their online conversion calculator! What a laugh.