Canadian exchange rate here

windeguy

Platinum
Jul 10, 2004
33,062
1,255
113
Nope-your assumptions are incorrect. First off, I am rebated unlimited atm fees per month, so you can take that cchip off your shoulder. In terms of the exchange rate, the atm fee has been rebated, so 12000/266.6=45.01. That is the raw number minus the 120 atm fee.
I also have a similar situation when I use my ATM card. Some people are just "doubters".

I understand that a Charles Schwab card is one of the best to use for such purposes.
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
I also have a similar situation when I use my ATM card. Some people are just "doubters".

I understand that a Charles Schwab card is one of the best to use for such purposes.
Yes, this is correct. A Schwab Platinum Visa Debit Card. I was doing many atm withdrawals from Asociacion Cibao without any ATM fees whatsoever, but just a week or so ago, they changed their entire system. Now there is an atm fee per withdrawal and you can't even take $RD10,000 out at any one time.

That forced me to find another ATM-Banreservas doesn't work at all anymore-I've tried many times and it just times out or says 'invalid format'. Before I was able to withdrawal money and no atm fee at some of their atms, but now nothing at all.

I haven't tried Banco Popular, BHD, Vimenca or maybe Banesco. Maybe some of those have a more consistant exchange rate like I was receiving with at the Asociacion Cibao ATMs.

Banco Progreso is good in the sense you can take a lot of pesos out at any one time, but the exchange rate is total crap shoot it appears.
 

VJS

Bronze
Sep 19, 2010
846
0
36
Nope-your assumptions are incorrect. First off, I am rebated unlimited atm fees per month, so you can take that cchip off your shoulder.
Whoa there sensitive jimbo. Is that the 'high yield investor schwab checking account' you are in love with? With the high rate of, wait for it, 0.06% apr? Hope they throw in some vaseline with the deal, lol.
 

canned oj

Member
Oct 24, 2013
52
0
16
Has anyone noticed the cambio or Scotia rate for a Canadian dollar in Sosua area recently? Am thinking of using Anna C's formula.
 

AnnaC

Gold
Jan 2, 2002
16,050
410
83
Has anyone noticed the cambio or Scotia rate for a Canadian dollar in Sosua area recently? Am thinking of using Anna C's formula.
I should be clear that when I said here I meant in Canada.

doing it at today rate,

If I buy pesos in Canada, 1000 CAD will get me 30,392.77 pesos

But if I buy US in Canada 1000 will get me 738.65 THEN hoping that it's 45 to one in the DR that will get me 33,239.25 pesos

So now it would be a little less than 3000 pesos more by going that route.

If we could get more than 30.39 pesos for our Canadian dollar in the DR that would be great.

Anyone know what the exchange for Canadian to pesos at cambio is ?
 
Last edited:

EddieC

New member
May 8, 2003
85
0
0
I should be clear that when I said here I meant in Canada.

doing it at today rate,

If I buy pesos in Canada, 1000 CAD will get me 30,392.77 pesos

But if I buy US in Canada 1000 will get me 738.65 THEN hoping that it's 45 to one in the DR that will get me 33,239.25 pesos

So now it would be a little less than 3000 pesos more by going that route.

If we could get more than 30.39 pesos for our Canadian dollar in the DR that would be great.

Anyone know what the exchange for Canadian to pesos at cambio is ?
It's called arbitrage ladies and gentlemen. This is how fast money is made.
When you have an incompetent administration that worries more about China and Russia (as in the USA), an imbecile at the FED, and lots of different currencies to choose from, there is money to be made. Just be glad you are starting with Canadian currency, and stay based in the Canadian Dollar until you get the hang of it.


Sent from my iPad using Tapatalk HD
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
So here's my story on this one- Pulled out RD$20,000 from a Asoc Nacional ATM on Tuesday-the 13th in the evening. Received RD44.75 per $1USD.

I checked Xe.com for the exchange rate and it showed all over $45 on the 13th and the days leading up to the 13th.

Then, I checked Xe.com last evening and it shows the trade down to RD$44.75 on the 14th?

Is it possible that the data on Xe.com is delayed by a day or so. In other words, the data on the 14th is from the 13th or 12th?
 

Tamborista

hasta la tambora
Apr 4, 2005
11,365
910
113
XE are interbank rates and not what you or I will get to exchange hard currency on the street, as is OANDA, which is what the credit cards follow (- Fx fee ).
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
XE are interbank rates and not what you or I will get to exchange hard currency on the street, as is OANDA, which is what the credit cards follow (- Fx fee ).
Well this was with a debit card at ATM-so yes they are using these interbank rates. Your post was very helpful with the Oanda suggestion. I looked at their currency converter page and it appears that it's possible that they are using this rate instead of what is being shown on Xe.com. The daily rate on the 13th was $RD44.80, whereas Xe.com shows over $45 that day.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,365
910
113
If you buy an item / ATM withdraw with a foreign based credit card, it gets converted from RD Pesos @ the interbank rate to your base currency minus either 1% - 3%, depending on the bank.

However, the Interbank rate is usually a bit higher than the cambio / local bank rate.
So do an experiment, and see how OANDA is quoting the rate, and you can get an idea.
Around noon is usually that day's rate, AMEX MC/VISA can also be off by a day on the rate of conversion.
 

AnnaC

Gold
Jan 2, 2002
16,050
410
83
So it's been a year. Just checked and as of Friday a Canadian dollar will buy 31.41 pesos here in Canada. Not sure about in the DR
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,966
920
113
If you buy an item / ATM withdraw with a foreign based credit card, it gets converted from RD Pesos @ the interbank rate to your base currency minus either 1% - 3%, depending on the bank.

However, the Interbank rate is usually a bit higher than the cambio / local bank rate.
So do an experiment, and see how OANDA is quoting the rate, and you can get an idea.
Around noon is usually that day's rate, AMEX MC/VISA can also be off by a day on the rate of conversion.
My preferred transaction bank, USAA, reimburses all ATM fees, including international.
 

windeguy

Platinum
Jul 10, 2004
33,062
1,255
113
As one of my ATM cards will no longer work at all in DR it is now useless to me and I am looking for a back up US bank. *I cannot get the "good" Charles Schwab card others like to use since I have no US residence. *

Any suggestions?*
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,966
920
113
As one of my ATM cards will no longer work at all in DR it is now useless to me and I am looking for a back up US bank. *I cannot get the "good" Charles Schwab card others like to use since I have no US residence. *

Any suggestions?*
Were you or a family member (sibling, parent) in the military?

If so, I cannot speak more positively than USAA. Best. Bank. Ever.
 

cavok

Silver
Jun 16, 2014
4,635
515
113
So it's been a year. Just checked and as of Friday a Canadian dollar will buy 31.41 pesos here in Canada. Not sure about in the DR
The official rate at Banco Central on Friday was 35.18 pesos to the CAD.
 

windeguy

Platinum
Jul 10, 2004
33,062
1,255
113
Were you or a family member (sibling, parent) in the military?

If so, I cannot speak more positively than USAA. Best. Bank. Ever.
My brother was a Marine. *He passed away a number of years ago.* *I see nothing on the site that would allow me to qualify and:*

1 USAA Bank does not charge a fee for the first 10 ATM withdrawals. Subsequent withdrawals will be charged $2 each except when made at any USAA Bank-owned ATM. USAA Bank also refunds up to $15 in other banks' ATM usage fees for transactions at ATMs in the United States. The ATM fee refund does not apply for the month in which the account is closed. The ATM fee refund does not apply to USAA Cashback Rewards Checking. A 1% foreign transaction fee applies to withdrawals outside the United States.