Exchange rates for all currencies

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Reidy620

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Mar 30, 2008
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Many thanks to all posters..........

When I first joined DR1 I searched in vain for a thread that would give me what I could expect to receive "on the ground" for a ?UK in Sos?a. I couldn't find one.

So I decided to start one off that dealt with all currencies, not just the $US (which was all I could find).

Thanks to all posters, even those that argue just how much the spread is, but I would much rather you post just how much, at your local cambio, "Joe Public" can expect to get for his Pound/USDollar/CDNDollar/SWFranc/FRFranc etc: isn't that what they really want to know?

Now I'm really off to bed.

'Night & see all you Sos?ans at the end of June.

Tropical Regards
Reidy
anpalmisl.gif
 
Tamborista

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hasta la tambora
Apr 4, 2005
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Malibook said:
The word spread can have more than 1 financial connotation and I think the word spread is quite appropriate in both of these instances.

I would say that spread is a more accurate term than something like markup, commission, or profit margin since we don't know what the cambio's costs are.

So what word(s) would you suggest?
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Feel free to call the markup a spread.

The cambios cost is where you sell him CAD.

I am sorrry but the difference between the tasa a cambista pays - XE.com is not a spread dude...Call it whatever you like, you made up this number, and it is not a standard industry calculation!

The only value in quoting a site like XE.com or Oanda is to see if Visa international is paying you correctly.
 
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Malibook

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Reidy620 said:
Thanks to all posters, even those that argue just how much the spread is, but I would much rather you post just how much, at your local cambio, "Joe Public" can expect to get for his Pound/USDollar/CDNDollar/SWFranc/FRFranc etc: isn't that what they really want to know?
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I think the cambio rates alone are meaningless without a forex reference.
If someone tells me the cambio rate for a Loonie is 26, isn't it relevant to know if the forex rate is 27 or 31?
If one can get an extra 10-20% more bang by taking US$ and using the ATM, I think this is highly relevant.
 
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Malibook

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Tamborista said:
Feel free to call the markup a spread.

The cambios cost is where you sell him CAD.

I am sorrry but the difference between the tasa a cambista pays - XE.com is not a spread dude...Call it whatever you like, you made up this number, and it is not a standard industry calculation!

The only value in quoting a site like XE.com or Oanda is to see if Visa international is paying you correctly.
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I meant that we don't know what the cambio's margins are relative to their costs as the term markup would imply.

The online currency converters are useful to see if it is best to change one's home currency or if it is significantly better to buy US$ or use the ATM.
This is more valuable than being able to check up on the Visa and Mastercard networks.
Visa and Mastercard can be counted on to charge currency conversion fees of 1-2.5%.

What number did I make up?
 
Tamborista

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hasta la tambora
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You win Malibook, you are 100% correct, and can have the last word, as you always seem to need.

feliz fin de semana,

tambo'
 
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Reidy620

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Malibook said:
I think the cambio rates alone are meaningless without a forex reference.
If someone tells me the cambio rate for a Loonie is 26, isn't it relevant to know if the forex rate is 27 or 31?
If one can get an extra 10-20% more bang by taking US$ and using the ATM, I think this is highly relevant.
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With respect Mailbook i disagree, I would summise that 95% of most DR1 posters/visitors would not care about a Forex rate (or recognise one if it bit them on the leg) when they were sorting out their finances before travelling.

Perhaps they just would like to know what the exchange rate is?

Take myself, I have a spreadsheet, which I constantly update, between what would be best..

Do I change ?UK into $US at whatever the Post Office/my local bank/Crown Money service (or the whole plethora of others have to offer) and then change my $US into $DOP in the RD?
(I will know what exchange rate I am going to get because of L&F's posting of the latest updates in the local cambio). - Not a Forex in sight!

OR... do I take ?UK and change to ?DOP whilst there?
(by using L&F's rate I know what I can get for my ?UK <in the="" local="" cambio=""> before I leave). - Not a Forex in sight!

OR... do change ?UK into $DOP at whatever ........... etc. Still no Forex!

So - - - at what stage would I ever have a need to consult just what XE.com were offering and why and just what am I supposed to be comparing this against?

All I want to know is which is better for me? Taking ?UK, changing my ?UK to $US or changing my ?UK to $DOP and NONE OF THEM have got anything to do with Forex . . only the local cambio exchange rate.

Malibook .. may I ask that, instead of posting the latest Forex spread and complaining how c**p it is; you post the rates on offer at your local cambio : no your local two cambios so people can make an informed choice!!

If you do I will raise a cold one to you, if you start talking about spreads etc then...well.

I got out of bed to write this

and now I'm going back.

Regards

Reidy
xxx</in>
 
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Malibook

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Reidy620 said:
<in the="" local="" cambio="">So - - - at what stage would I ever have a need to consult just what XE.com were offering and why and just what am I supposed to be comparing this against?

All I want to know is which is better for me? Taking ?UK, changing my ?UK to $US or changing my ?UK to $DOP and NONE OF THEM have got anything to do with Forex . . only the local cambio exchange rate.
</in>
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I can't imagine why you would have to contact your bank and do any of those calculations.
Regular visitors to the Dominican Republic should know that there is a sizeable hit when changing cash other than US$ and Euros.

For newbies, knowing that the cambios pay well for US$ and way less than the forex rate for their cash makes it simple and obvious what they should do.

I would find that much easier than contacting my bank to get the CDN$/US$ rate, and then finding out what the US$/DOP rate, the CDN$/DOP rate, and then doing the calculations.

The best option of all is using the ATM with a card with no transaction fee and low currency conversion fee.
Figuring this out before making a transaction would be tough to do without knowing the forex rates.

I will try to post some cambio rates the next time I am in the DR and if people want to think that it is best to take their Loonies and Pounds to the DR, good for them.

Sorry if I kept you up and hijacked your thread.
Perhaps I can make it up to you with some Presidentes some day.
 
L

Lambada

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I certainly thought Reidy that the purpose of the thread was to tell people what you would get today for which currency if you went to a cambio here in DR. And that is what I have been doing on a weekly basis ever since, sometimes twice weekly. But I agree it needs more than just me being the boots on the Puerto Plata ground & earlier in the thread, much earlier, I asked that someone give a Sosua cambio rate & someone else a Cabarete cambio rate or a Punta Cana cambio rate, so that people could compare. No-one ever has, at least not week in, week out. I can't believe that there isn't a single Sosua/Cabarete resident with a bit of altruism - we don't post this for ourselves (I never change money here because I have a fixed monthly income in pesos already), we do it for those outside the country.

Now, can someone else pull their weight or should Lambada go on strike? ;)
 
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Malibook

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Lambada said:
we don't post this for ourselves
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I may have strayed off of the original intent here but I am not posting for my benefit either.
I have received points and praise for my informative posts here.:nervous:

There are many Canadians who only know Loonies.
Some of them who are used to getting 23 or 24 at the hotel or tourist cambio might see 26 and think it is so great.
They should be happy to find out that they can get an additional 15% or so more bang for their bucks.
Or they could have more pesos for tips and charities.
 
Tamborista

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hasta la tambora
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Reidy620 said:
A healthy discussion never hurt anyone. I will, however, take you up on the beers if your in Sos?a the first two weeks in July or November ;)
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It would certainly be my pleasure to treat you and Mali to a few suds if we overlap in town, I promise no Fx discussion.

tambo'
 
L

Lambada

Rest In Peace Ginnie
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I agree with you Malibook that overall using an ATM will give the best rates. However, what hasn't been mentioned is the inconvenience of an ATM scam when it happens (skimming, shoulder surfing, lebanese looping etc). I think that is why many travellers, certainly some I know from UK, tend to bring travel cheques with them & thus are looking out for what rate they can expect to change at.

And y'all enjoy your dwinkies party :cheeky:.
 
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