Exchange rate and the best place to exchange $s to $RD

[ltsnyder]

I heard a recent El Caribe article quoted an exchange rate of 38RD to one US$. But published rates seem to be at about 28RD to one US$, and whenever I go to the "Banko del Cambio" in Puerto Plata I seem to get a quote 2 pesos below the current published quote. Where is the best place or way to sell US$s for pesos? Dosn't Sosua/Puerto Plata always have poorer sell rates than Santiago or Santa Domingo? I have a big purchase coming up in the thousands of dollars and would like to know what to do.

-Lee

 

[Golo100]

Confusing, confusing

I am trying to figure out what you are asking for. First it looks as if you want to get pesos for your dollars, then it seems that its the opposite, that you need dollars for a large operation. Which is it?

If you are selling dollars you need to locate a businessman in need of large amounts of dollars. They will pay your price above any street or bank rate.

If you are buying dollars, specially in amounts exceeding US$5000 you need to put up hard pesos for it.

You need $10,000? $15,000? Are you ready for $55 to $1

TW

 

[ltsnyder]

Dollars to Pesos

I want to buy pesos, US$5000 of pesos or more a 38 pesos to US$1 sounds good, 55 to is even better but I don't believe that will ever come to pass. Is it legal to make this kind of transaction between business men? If so this should be considered a solicitation. But why would any one come to me when the banks are posting a buy US$ rate of 31 to 1? Are these posted rates for real, or are they economic window dressing?

-Lee

 

[Ken]

Sosua and Puerto Plata have lower exchange rates than Santo Domingo and Santiago. You are likely to get your best rate from a banco de cambio that is located in Santo Domingo.

There is not a fixed exchange rate. And lately it has been rising and falling daily based on many, many factors.

On any given day, you will find a variety of rates quoted by individual bancos de cambio and commercial banks, even when located in the same area. Even when near neighbors. Today, for example, on a short stretch of the main street in Sosua, the signs in front of 4 bancos de cambio ranged from 30 to 32.

It is possible that a business acquaintance will offer to buy dollars at a higher price than that being quoted by a commercial bank or banco de cambio, especially if he needs a large sum. Just because a buy rate is posted doesn't mean the poster has the dollars to fill all requests.