- Thread starter JasonR
- Start date
Cheapest ATM withdrawals with revolut or wise cards?
I don't know if this is an option for you but several US investment firms rebate your ATM cash advance fee. I use Fidelity but there are others. Also, my bank offers partial rebates to seniors (old fart discount).
Thus I have 2 debit cards, so I can withdraw $600 from one and $500 from another daily if I wanted. Never have but it's available. I almost exclusively use the Fidelity cash management account and never pay any fees. Others will disagree, but I have not found a reason to open a Dominican bank account in almost 4 years of living here.
Thus I have 2 debit cards, so I can withdraw $600 from one and $500 from another daily if I wanted. Never have but it's available. I almost exclusively use the Fidelity cash management account and never pay any fees. Others will disagree, but I have not found a reason to open a Dominican bank account in almost 4 years of living here.
No, I have never bought a car and probably never will. But if I was going to, I would look into a wire transfer from my bank. I haven't checked in over a year, but the last time I did check it was $35 to do a wire transfer. I'm not sure if a lawyer is needed or not. I'm very wary of getting scammed. Someone more experienced that I should comment on that.
Use a wire transfer for purchasing a big ticket item like a car. Have done that when purchasing new. Both the originating and destination banks could charge fees for that transfer.
Some US banks have issues when they discover you are living out of the country. I was cancelled by Bank Of Internet and BankDirect over the years.
Some brokers and financial planners also won't deal with you if you live outside the US. I had to switch a long term financial advisor recently when he changed companies. The one I got, whom I had used previously, had to get special permission to take me on.
I have a Schwab account now that refunds all ATM fees, but I have heard of people that have been cancelled by Schwab as well for not living in the USA.
Not having a local source for funds as a backup, a small USD account in a local bank, is something I would never be without. Others seem fine just using ATMs, and that can certainly work as long as you don't ever need a large some of money one day and also as long as those cards continue to work. I prefer multiple options for access to funds. I would also never have just one card that I can use in an ATM.
My USA bank says I have a $500 USD daily max ATM withdrawal limit here in DR. But every ATM I use here only allows 12,000 DOP max withdrawal. I asked a Banreservas banker why, she said Dominican ATM’s will ONLY give 12,000 max per withdrawal because of regulations on foreign bank cards. Has anyone been able to withdraw more than 12,000 pesos at an ATM here?
Yes. Nacional Bank ATMs have given me more than 20K on many occasions from my US account.
I take 25k pesos almost every time I go. I prefer Scotia Bank ATM because I believe that their exchange rates are best. I just got 25k yesterday at the Scotia Bank ATM in Chinatown. But I have also used Popular and BanReservas ATMs, always getting 25k. The issue I have is getting 10k pesos at a time, and you can only use your card 3x a day. So I get 10-10-5 every time I go. Again, using Fidelity, I don't pay ATM fees.
I think you'll find that if you attempt another withdrawal of 12k after your initial 12k, it will let you. You can withdraw up to your $500 limit, but it will cost you two withdrawal fees. Another way the banks rip people off.
I'd be intrigued to know if anyone has successfully used a BHD machine with a foreign card recently. Every time I try with my UK card, it tells me I have exceeded my withdrawal limit, even if I haven't used it for a while. A friend tried his US based bank card in a BHD machine and had the same message.
No. I quit BHD Leon probably over a year ago. They don't work for either of my debit cards. No clue as to why.
BANESCO ATMs allow up to 20K at the time, x3 times a day, for a total of 60K daily with an USA ATM card, if the USA bank has those limits available
Asociacion la Nacional same network and same limits
Done it many times.
Shwab is one of the best option to avoid ATM charges, as they are free with them but their set daily limit I believe is only $600 USD and they will not raise it, Ive called them and request limit to be increased, they do not flex on that.
I have to put in a plug for Fido (Fidelity). Extremely satisfied with their service. No ATM fees and transfer to my main bank account is only 1 bidness day. Transfer to cash account is instantaneous.
Could you post a link to that account?
I would love to get something as Schwab -- with no ATM fees but with a faster ACH time and a higher daily limit
With password too? Lol, just kidding.
https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview
This is just for cash management. I have 2 401Ks that I draw from periodically. I put $ into the cash management account and also into my bank. Very simple.
To get around the limit I just opened three accounts. I bought a 60,000 peso car in the DR by pulling cash from the ATM,great exchange rate and no fees.
Just opened it.
Faster and easiest online process I've endured to open a bank account.
Some folks are getting confused; there are a few "limits" to get around and one needs to know what are those limits and how to defeat and get away around them.
- One is the "daily amount" set by your own USA bank (this is the max amount of monies your USA bank allows for withdrawal in a day; that changes and would depend on the bank)
- Second is the "amount limit" per withdrawal set by the local banks here in the DR (this is how much money can be taken at once; that too might vary depending the local bank)
- Third is the "daily amount limit" set by the local bank (this is the total amount of times the local bank allows money to be taken out in a day)