Make friends with a reputable cambista and you can cash a US check at a competitive rate without waiting on line at a bank or worrying about your ATH card being compromised.
tambo'
- Thread starter Camden Tom
- Start date
Major Fraud Alert!!!!!!!!
Make friends with a reputable cambista and you can cash a US check at a competitive rate without waiting on line at a bank or worrying about your ATH card being compromised.
tambo'
What is the going rate for cashing a check or traveller check at a casa de cambio? And when I open my bank account in the DR, will I be issued a checking account with personal checks? I don't know if that is normal practice there as it used to be here. Checks are so rare anymore.
Names
If the right names are dropped you'll even get your first cheque cashed right away.
Janin
Done in a very informal way.
If the right names are dropped you'll even get your first cheque cashed right away.
Janin
Really, how good to know.
Hopefully my new employer will be a good name to drop. Uh, oh, hate to see what happens if you drop the wrong name! irate:Atm's
The way I limit my exsposure to ATM theft. Is I have two on line accounts at a bank in the UK one account is a savings account the other is a checking account. I have a chip and pin card which allows me to withdraw cash from ATM's. Using my ATM card I can only withdraw funds from my checking account. So if I am in need of some cash I go on line and transfer just enough cash from my savings account to my checking account. Then I can go to an ATM and make a withrawal the maximum that can be withdrrawn is only the amount in the checking account So if some one gets my card the maximum they can get is what is in my checking account Not very much as after I make my withdrawal there is at the most 5-10 pounds in my checking account Presumable I could use this system where I live in the USA.where I Live. Though I rarely use ATM 's in the USA
The way I limit my exsposure to ATM theft. Is I have two on line accounts at a bank in the UK one account is a savings account the other is a checking account. I have a chip and pin card which allows me to withdraw cash from ATM's. Using my ATM card I can only withdraw funds from my checking account. So if I am in need of some cash I go on line and transfer just enough cash from my savings account to my checking account. Then I can go to an ATM and make a withrawal the maximum that can be withdrrawn is only the amount in the checking account So if some one gets my card the maximum they can get is what is in my checking account Not very much as after I make my withdrawal there is at the most 5-10 pounds in my checking account Presumable I could use this system where I live in the USA.where I Live. Though I rarely use ATM 's in the USA
Exactly what I do too but I have a large overdraft facility which I never use but the people that cloned my card last November did!!!
Yes, the overdraft is the problem. Now try asking your bank to remove it - it is one of the most difficult things to do. One month later you get a later that they have given you so much overdraft facility again !? They just love you (and almost force you) to go overdrawn, so they can start all sorts of charges.
I think most of the problem today with the economy is the banks' fault, they just do all they can to encourage you to live on borrowed money and now everything is in a big mess (look at the market the last few days, we are heading for a mini crash).
I think most of the problem today with the economy is the banks' fault, they just do all they can to encourage you to live on borrowed money and now everything is in a big mess (look at the market the last few days, we are heading for a mini crash).
We pay all of our US bills (Credit cards, HOA dues etc) on line with our US checking account. No problem at all. And I still do not and will not use an ATM
card here. Going into the bank or using a local cambio is no big deal and much safer as far as you money is concerned.
Bob K
Such incredibly helpful insight - I feel more prepared for my move everyday. Is it commom for people like yourselves to use your credit card for most purchases and then just pay your credit card online? You see, I will be making my money in the DR, so therefore will be depositing monies into my DR account, the would have to write transfer money from my DR account to my US account each month to make my credit card payments and such. And then need money in my DR account to pay my monthly living expenses in the DR. I don't mind having to make a lot of extra effort to do all of this - the effort is much more welcomed than any kind of fraud! And I read I will need a letter from my bank here to bring to a bank in the DR to open up an account when I get there, along with my passport, is this still procedure?
Big hug to my online family of support!
BeachyGirl
And I read I will need a letter from my bank here to bring to a bank in the DR to open up an account when I get there, along with my passport, is this still procedure?Big hug to my online family of support!
BeachyGirl
About every 2 weeks, by internet, I transfer $$ from my canadian account to a canadian credit card. After that I go to the bank (to a teller) and withdraw pesos with the canadian credit card. Note that I don't use this credit card for my purchases but only to withdraw $$.
I have never used an ATM card,a debit card, or a US credit card here in the US. I have a Dominican credit card which I use occasionally, but generally pay cash here in the DR.
The Dominican commercial banks usually pay a bit less than casa de cambios. For those of you who are new, ask any new extranjero friends if they can recommend a casa de cambio, and if you know them well enough, ask them if they will "introduce" you to the casa de cambio. (If they are a customer there)
The first time you visit the casa de cambio, you go with your friend. They will usually copy your passport, ask you for your telephone number, address, etc. Then they will usually allow you to cash a personal check for pesos. (Try cashing a check for US$200 to $500 the first time out, no more)
What your friend's introduction means is that your friend is on the hook for your first check to clear. Any problems, they go looking for your friend. After the first time, they will accept your check without this, and YOU will be on the hook. If your check comes back for any reason (insufficient funds, bank error, WHATEVER,) the casa de cambio will usually charge you 2% of the funds PER DAY, until you make it good.
When I started using the casas de cambio ( I use 3 or 4 different ones in order to get the best tasa (exchange rate), I first wrote a check for $500. The next time, I cashed $800. Then $1000, etc. It was like building my credit rating with them, and after the first two or three checks sailed through OK, no more questions.
During the Hipolito era when the tasa went as high as 55 to 1, it was tough to even FIND US$, but I still had two casas de cambio who could get me whatever I needed, if I wanted US$$. One house does not charge me for US$, and another charges me 1% (that is , if I want US$500, I need to write them a check for US$505.)
I never need to use a wire transfer, and pay between US$30 and $50 for the privilege, as my casa de cambio will cash a check for me. If I need to cash a bunch, the casa de cambio will send their messenger to my bank, make the deposit in cash, and bring the deposit receipt back to me , so that I am not out in the street with a wad of cash, and looking over my shoulder. (and it's THEIR money until it crosses the bank`s counter into my account)
I did check my US bank on the ATM, and they would charge me $5.00 a transaction, with a daily limit of US$500 withdrawal on their ATM card. Another bank now offers only ddebit cards, and has discontinued ATM cards.
Good luck.
The Dominican commercial banks usually pay a bit less than casa de cambios. For those of you who are new, ask any new extranjero friends if they can recommend a casa de cambio, and if you know them well enough, ask them if they will "introduce" you to the casa de cambio. (If they are a customer there)
The first time you visit the casa de cambio, you go with your friend. They will usually copy your passport, ask you for your telephone number, address, etc. Then they will usually allow you to cash a personal check for pesos. (Try cashing a check for US$200 to $500 the first time out, no more)
What your friend's introduction means is that your friend is on the hook for your first check to clear. Any problems, they go looking for your friend. After the first time, they will accept your check without this, and YOU will be on the hook. If your check comes back for any reason (insufficient funds, bank error, WHATEVER,) the casa de cambio will usually charge you 2% of the funds PER DAY, until you make it good.
When I started using the casas de cambio ( I use 3 or 4 different ones in order to get the best tasa (exchange rate), I first wrote a check for $500. The next time, I cashed $800. Then $1000, etc. It was like building my credit rating with them, and after the first two or three checks sailed through OK, no more questions.
During the Hipolito era when the tasa went as high as 55 to 1, it was tough to even FIND US$, but I still had two casas de cambio who could get me whatever I needed, if I wanted US$$. One house does not charge me for US$, and another charges me 1% (that is , if I want US$500, I need to write them a check for US$505.)
I never need to use a wire transfer, and pay between US$30 and $50 for the privilege, as my casa de cambio will cash a check for me. If I need to cash a bunch, the casa de cambio will send their messenger to my bank, make the deposit in cash, and bring the deposit receipt back to me , so that I am not out in the street with a wad of cash, and looking over my shoulder. (and it's THEIR money until it crosses the bank`s counter into my account)
I did check my US bank on the ATM, and they would charge me $5.00 a transaction, with a daily limit of US$500 withdrawal on their ATM card. Another bank now offers only ddebit cards, and has discontinued ATM cards.
Good luck.
You have to go in and talk with the people in the cambio. Makes no difference where you are. If it is a place where they know you because you have changed money there, it will help. If you have somebody they know who will vouch for you, that helps. If you have a cedula, that helps because they can record the number and track you down if the check bounces.
Before somebody gives you money for a piece of paper with your name on it, they want to be pretty confident the check is valid.
I cash checks at Vimenca/Western Union and get same rate as if I were exchanging dollars for pesos.
Maybe you are more fortunate than most, windeguy, but most people who use ATM cards have some percentage reduction because one or both banks takes a small cut. With a check there are no deductions.
Before somebody gives you money for a piece of paper with your name on it, they want to be pretty confident the check is valid.
I cash checks at Vimenca/Western Union and get same rate as if I were exchanging dollars for pesos.
Maybe you are more fortunate than most, windeguy, but most people who use ATM cards have some percentage reduction because one or both banks takes a small cut. With a check there are no deductions.
I am a good and known customer with several casa de cambios in Higuey and in Capital, and so far nobody wanted to cash me a US personal check, no matter what, no matter amount. Only traveller's checks
They seem to cash checks drawn on Dominican banks only.I offered to bring invoices (phone, light, cell, etc.) to prove my address (still considering they KNOW me from previous transactions and even know my address from home-delivery transactions), as well as other references, but the whole idea of cashing US personal checks seems foreign to them.
Any ideas?
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Look for a different casa de cambio. All I write are checks drawn on US banks, and none of them bat an eye, they just ask me if I want pesos or dollars.
Are you sure that you have had an introduction, and are not just walking into a casa de cambio to change dollars into pesos? If that ?s the case, that's a huge difference, and it means that you have never been "introduced" - someone else willing to back you up for the first check, as a reference.
Even if you have been changing dollars there for 20 years, in big amounts, all they know is that you haven't tried to pass off phoney dollar bills. Writing a check that clears every time is a different matter to most.
Are you sure that you have had an introduction, and are not just walking into a casa de cambio to change dollars into pesos? If that ?s the case, that's a huge difference, and it means that you have never been "introduced" - someone else willing to back you up for the first check, as a reference.
Even if you have been changing dollars there for 20 years, in big amounts, all they know is that you haven't tried to pass off phoney dollar bills. Writing a check that clears every time is a different matter to most.
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