Hmmmmmmmm, my sister is a student, I think she is gunna wack a grand on her barclaycard and suffer the interest over a couple of months. I'm not sure about this, I prefer dealing in cash and what I have in my pocket so not in a place to advise really, what you reckon?
- Thread starter Reidy620
- Start date
Exchange rates for all currencies
You get $1.36 (ish) to ?1 and then $DOP35 per $1US. So a ?1UK buys you $47.25DOP. You get $DOP44 (approx) per ?1UK if buying direct in the UK. It might be better to withdraw direct from the ATM's depends on the current rate and, more importantly, what you UK bank charges for ATM withdrawals abroad. I know that Lloydstsb charges about 1.50% or a minimum of about ?2UK for transactions.
Hope this helps
Tropical Regards
Reidy
If she plans to use a credit card to get cash, I would advise against it, since the interest on cash withdrawals, via credit card, could be upwards of 20% (per year).
If she still decides to use her credit card, it would be in her best interest to pay off the balance as soon as possible, within a few months, preferably. If I were in her shoes, and planned on only using a credit card, I would charge as much of the trip's expenses as I could (plane ticket, accommodations, etc.), and withdraw as little cash (for spending money) as possible.
Tue, Jan 27, 2009, 7:05PM ET
1USD = 35.45DOP
Dollars to Pesos
(link)
1GBP = 50.1202DOP
Pounds to Pesos
(link)
1USD = 0.7073GBP
Dollars to Pounds
(link)
Exchanging Pounds to Pesos in Britain
1000 Pounds = 50120.20 Pesos
Exchanging Pounds to Dollars in Britain, Then Exchanging Dollars to Pesos in DR
1000 Pounds = 1413.83 Dollars = 49766.82 Pesos
(at Victor's Cambio)
Exchanging Pounds to Pesos in DR
1000 Pounds = 46000 Pesos
(at Victor's Cambio)
1USD = 35.45DOP
Dollars to Pesos
(link)
1GBP = 50.1202DOP
Pounds to Pesos
(link)
1USD = 0.7073GBP
Dollars to Pounds
(link)
Exchanging Pounds to Pesos in Britain
1000 Pounds = 50120.20 Pesos
Exchanging Pounds to Dollars in Britain, Then Exchanging Dollars to Pesos in DR
1000 Pounds = 1413.83 Dollars = 49766.82 Pesos
(at Victor's Cambio)
Exchanging Pounds to Pesos in DR
1000 Pounds = 46000 Pesos
(at Victor's Cambio)
It is often much better to get your Dominican pesos in the Dominican Republic.
xe.com mid-market rates now are US$ 35.43, Euro 46.92, L 50.35, CDN$ 28.85, SW. Fr. 31.14.
US$ spread of .23/35.43=.65%
Euro spread 1.92/46.92=4.1%
L spread 4.35/50.35=8.6%
CDN$ spread 1.85/28.85=6.4%
Sw. FR. spread 4.14/31.14=13.3%
Cost to buy US$ should be around 2%, at least, that's been my experience.
ATM currency conversion spreads are typically 2.5% or so plus service charge, if any, per transaction.
Victor gives good rates.
Some cambios pay less, often much less.
Most hotels pay way less.
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The cambios in Sosua don't even post the rates.
I'm sure a lot of uninformed tourists get ripped off when there are no posted rates.
Just tell them you want 35.2 (or whatever a good rate is) or you will cross the street.
My amigo and I often use the same cambio on P. Clisante, across and just west of Brittania.
He just stops the car in the street, hold up some fingers (each representing $100 US), and the cash is delivered very fast.
I'm sure a lot of uninformed tourists get ripped off when there are no posted rates.
Just tell them you want 35.2 (or whatever a good rate is) or you will cross the street.
My amigo and I often use the same cambio on P. Clisante, across and just west of Brittania.
He just stops the car in the street, hold up some fingers (each representing $100 US), and the cash is delivered very fast.
That is an easy way to be ripped off if they don't know you, especially if you are in a car mate!
Banco Santo Cruz has the highest rates in town, or Caribe Express in Charamicos.
The cambio in Bridgeway Plaza is also fair, as long as you are not getting off a tour bus.
They know us well.
My recommendation for what people should do was in the top part of my post.
Speaking of getting ripped off, how do these guys changing money on the streets make a living?
Why would anybody take the chance of using them?
I would think that they would have to offer significantly more but I hear that they don't.
They generally try to change at 35/1 if the rate in Banco Santo cruz is 35.5, they get .20 higher than the posted rate, as do any account holders. Most only make a .10 or so commission and work for the cambio's around the corner.
I suspect that much of his business is residents and Dominicans, not tourists, thus somewhat more discerning about what rates ought to be
.scrubmuncher, to gain a picture of what is happening, particularly in volatile times, you have to really sit on the exchange rates & keep checking them, several times a day. Those of us who lived through the Hipolito era were familiar with peso volatility meaning substantial shifts every 4 hours on some days. Now the boot is on the other foot & sterling is whizzing everywhere. Against the US dollar a couple of days ago 1.35. Now 1.41. That makes a difference for your sister and her ?1000. Keep checking it.
Crumbs. I only checked a couple of hours ago..........see what I mean scrubmuncher?
Thanks, Tambo.
