Be careful changing money
Guys,
A note of warning if you get too comfortable with local companies:
I've had a pretty decent relationship with Western Union in Santiago, and have changed a lot of checks there.
I was very busy today, so I went in without asking the rate first. I assumed that since I've changed so much money there that they would just give me the rate of the day.
Wrong!
They came back with a rate of 40:1 on US $500. I said "isn't that low?? I thought it should be at least 42:1".
They told me that the rate had dropped since the morning. Since I've worked with them a lot, I trusted them and took the money. People you know won't lie right to your face, right?
I later found out that other places were changing at 41.5 & 42.
I called back later to find out what had happened. They told me that was their special rate. I told them it was MUCH lower than other places, and I couldn't understand it since I'd done so much business with them. They made all kinds of excuses which just did not make any sense (the rate is set by the office in santo domingo - no you can't call another vimenca office, as their rate is special and different, etc, etc).
Yep, I got burned. I changed at 40:1 when todays rate is at least 42:1.
A friend of mine has a rule: he wants to do business with the kind of people that if you leave US$10,000 in a bag in their car, they'll call you and bring it back.
Western Union/Vimenca Santiago failed that test today.
Maybe I'm crazy to think anyone here in this country would be like that. But isn't doing business with someone over a good period of time worth that? They trust me to give them checks that don't bounce, and I trust them to give me a reasonable rate for the day?
It only cost me RD $1000, but as a percentage its pretty significant. And what happens the next time if I'm not 100% watching what is going on and I'm changing US $10,000??
So I won't be doing any more exchanges at Western Union/Vimenco in Santiago.
Alternatives:
- Coffeesport.com, has offices in La Loteria and Calle del Sol
- Banco Santa Cruz
- even any major bank would have given me a better rate than Western union did today.
HB - any suggestions for contacts at Banco Santa Cruz? If they want my business, I'm willing to switch all my transactions over to them.
Guys,
A note of warning if you get too comfortable with local companies:
I've had a pretty decent relationship with Western Union in Santiago, and have changed a lot of checks there.
I was very busy today, so I went in without asking the rate first. I assumed that since I've changed so much money there that they would just give me the rate of the day.
Wrong!
They came back with a rate of 40:1 on US $500. I said "isn't that low?? I thought it should be at least 42:1".
They told me that the rate had dropped since the morning. Since I've worked with them a lot, I trusted them and took the money. People you know won't lie right to your face, right?
I later found out that other places were changing at 41.5 & 42.
I called back later to find out what had happened. They told me that was their special rate. I told them it was MUCH lower than other places, and I couldn't understand it since I'd done so much business with them. They made all kinds of excuses which just did not make any sense (the rate is set by the office in santo domingo - no you can't call another vimenca office, as their rate is special and different, etc, etc).
Yep, I got burned. I changed at 40:1 when todays rate is at least 42:1.
A friend of mine has a rule: he wants to do business with the kind of people that if you leave US$10,000 in a bag in their car, they'll call you and bring it back.
Western Union/Vimenca Santiago failed that test today.
Maybe I'm crazy to think anyone here in this country would be like that. But isn't doing business with someone over a good period of time worth that? They trust me to give them checks that don't bounce, and I trust them to give me a reasonable rate for the day?
It only cost me RD $1000, but as a percentage its pretty significant. And what happens the next time if I'm not 100% watching what is going on and I'm changing US $10,000??
So I won't be doing any more exchanges at Western Union/Vimenco in Santiago.
Alternatives:
- Coffeesport.com, has offices in La Loteria and Calle del Sol
- Banco Santa Cruz
- even any major bank would have given me a better rate than Western union did today.
HB - any suggestions for contacts at Banco Santa Cruz? If they want my business, I'm willing to switch all my transactions over to them.
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