- Thread starter Hamster
- Start date
Direct Deposit
I'm in Boca Chica but i go to the gym in San Isidro 3 or 4 times a week. There is a Scotia Bank co-located with Bravo and Smart Fit. I always go there because they seem to have the best rate and they're so convenient. There are no Scotia Banks in Boca Chica. Also I get an old fart discount with my bank on ATM fees, capped at 1%.
If memory serves me right, Popular has the worst exchange rate and by a significant margin. Johne would know if there are any Scotia Banks in Juan Dolio, but I suspect there are none. San Pedro would be your next option for that specific bank.
Regardless of how you choose to do this, make sure you have multiple ways to get money. Western Union or World Remit or Remitly are ones I have used. But never be stuck with one way only, because if something can go wrong, it will.
Get a debit card from your US bank and find out which banks here charge $0 for the ATM.....
or, as stated - use a teller
Done
or, as stated - use a teller
Done
I do the same as Windy and AE. It's very simple. Open a USD and peso account at a bank here with, say, double your monthly requirement. Let's say you open with $4,000USD. After 2 weeks to a month, deposit a check from your US account for $2K. The reason is it takes 2 weeks to a month for the funds to be available depending on the bank. Now, you can easily change USD to pesos online at your bank here for expenses here.
You just need to plan ahead and have some funds already in the bank here because the checks take time to clear.
This should be known to all. You can ALWAYS get more from Cambios when exchanging US dollars to pesos than a bank. That is a fact to anyone living here any length of time. So just take out the Dollars and go to a Cambio instead of letting the bank do it..................
I can send 7500 dollars a day from by RBC acct in Canada to my BHD account. It takes 2-3 days before its available. BHD charges me 7 dollars US, and RBC charges me 10 dollars Canadian. The Canadian government will deposit my pension cheques in many countries, but the DR isn't one of them.
That's true for many banks, but not all. I get the same exchange rate at Banco Santa Cruz online that I can get at any of the cambios in Cabarete or Sosua, including CaribeExpress. Can I get maybe .25 pesos better at some of the cambios I've seen posted in Santiago? Yes, but no way I'm driving all the way there for .25 pesos more.
If in the spirit of understanding more and why, have you ever looked at using ScotiaBank ABM card in a ScotiaBank DO ATM ? I did that anytime I need cash and there are no fees.
ScotiaBank has an ATM in the Emotions Hotel in Juan Dolio. It’s not on their website but it’s there between the entertainment stage and the gift shop.
I’ve never used a teller. You can go into any bank and hand them your ATM/Debit card and take out whatever you want?
Personably I have taken out 20,000 pesos 10,000 per transaction. I never tried higher. I also do global money transfer from the Canadian Bank to the Dominican one similar to what you describe at RBC. Most bills are paid electric from ScotiaBank DO
The question was ScotiaBank to Scotiabank.... Canada/DR
My case - teller - I have a Scotia account in both countries so I am a bit different.....
The ATM card itself has a limit..... one would be wise to speak to their bank about changing the limit if deemed too low
After seeing the issues of SS money being deposited directly in DR banks, I am happy I did NOT do that.
Simply deposit enough in US dollar accounts in DR banks here in the DR using US based checks from your US bank (that has your SS directly deposited to in the US) to cover your expenses in the DR.
Then withdraw the US dollars from the DR bank and change them where ever you feel comfortable from Wally's in Cabarete to Caribe Express or Western Union.
The bank will probably not have as good a rate if you exchange them in the bank itself. There are those money changers that will also change to DR pesos from a US check. I have never done that.
Make sure you calculate your savings - I have never seen it be enough to do 2 trips..... fractions you're talking for $100-150 US