- Thread starter Fordtech
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Money Exchange?
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Yes, there are exchange houses and locals on the street offering you to exchange. RD$36.06 to US$1 is probably the best rate you'll find.
Safest and most hassle and likely hustle free... if you can do it within business hours: A bank.
Usually best rate or less than one percent off... no hand tricks, fakes unlikely, safe, nobody setup to follow around the corner.
There are good casas de cambio, some even excellent, but then there are some which are not. If you can't tell them apart, why take the risk when you don't need to.
Do NOT change money with guys (or worse, girls) on the street. Again, there are some good ones, but FOR SURE there are some hand trick players and others with cousins you don't want to meet.
... J-D.
Usually best rate or less than one percent off... no hand tricks, fakes unlikely, safe, nobody setup to follow around the corner.
There are good casas de cambio, some even excellent, but then there are some which are not. If you can't tell them apart, why take the risk when you don't need to.
Do NOT change money with guys (or worse, girls) on the street. Again, there are some good ones, but FOR SURE there are some hand trick players and others with cousins you don't want to meet.
... J-D.
JD is a very knowledgeable man, but I have to differ with him on this point. While banks are certainly the safest and best bet for changing money, I have heard no horror stories about the cambios in Sosua.
In the evenings and on weekends, for smaller amounts ($100 US or less) it is perfectly safe to exchange money on the streets of Sosua, or at a cambio house (the street people just work for the cambio houses anyway).
I have changed money lots of times on the street, and while I might not get the same as in a bank, it doesn't amount to more than a few pesos, one way or the other. And there are NO lines.
In the evenings and on weekends, for smaller amounts ($100 US or less) it is perfectly safe to exchange money on the streets of Sosua, or at a cambio house (the street people just work for the cambio houses anyway).
I have changed money lots of times on the street, and while I might not get the same as in a bank, it doesn't amount to more than a few pesos, one way or the other. And there are NO lines.
Interesting. The worst exchange rate I have ever got in Sosua was at the bank. I never change money there any more. If I had for some reason to change a very large sum of money I would go to the bank for security reasons. Then I would be withdrawing it from the bank in small amounts. I would also negotiate the rate before hand.
I always change money in amounts of $100-300 at a time in one of the cambios. After waiting in the bank on one occasion for almost an hour I decided it was time to check out the cambios and as I said I have never been back to the bank to change money only to deposit it.
Mack.
I always use a casa de cambio, never a bank and especially NEVER a guy on the street (I really don't need to count my fingers twice as well as my money thrice - LOL). Never had a bad experience but I do watch them closely.
Gregg
Gregg
I agree.
Why risk getting stuck with some counterfeit bills and no recourse and a lower exchange rate?
Unless the cambios are closed and the ATMs are out of service, it doesn't make sense to me to use the guys on the street.
The cambista one door to the right of SosuaLife closes 3AM and gives a fair rate, very competitive in the daytime. He pays as high as BSC.
Tell him The Oompa Loompa guy from Canada sent you for his best rate!
Interesting. Which bank was that, Mack?
I think the WORST rates are INSIDE the airport terminal and at most AI hotels I've seen (in both instances easily 10% or more off the bank and casa de cambio rate). Also the casas de cambio inside the Playa Dorada mall are way off, even thou there are two banks in there with realistic rates available to the public.
And as an other poster indicated, YES there is a bank, just next to the bath rooms on the outer side of POP airport's terminal, which has realistic rates.
Banks are however required to ask for a valid ID (passport or local ID card) when processing exchanges, some casas de cambio don't bother to.
I would be glad to be shown a casa de cambio in Sosua which significantly beats the rate of, lets say... a Banco Santa Cruz.
... J-D.
The only problem I ever had with changing money was about 5-6 years ago when they had this really stupid rule that in order for bills to be "legal" they had to look like they had just rolled off the printer at the mint. Any tears, unusual creases, or writing on the bills would make them worthless.
Every transaction (supermarket, restaurant, guagua) took forever because the cashier would need to examine each and every bill over and over, rejecting anything that didn't pass inspection. And then the customer would need to examine any bills that came back in change. It was the craziest thing I had ever seen.
And ultimately what happened is the tourists (including me) got stuck with all the "bad" money, couldn't buy anything (including food they had just consumed in restaurants), and got really PO'd vowing never to return. It got to the point where I would show my money before I ate anything to make sure I had enough acceptable money to pay for the meal.
And then suddenly the rule was gone.
So during this period I did my changing in the banks. But now if my ATM card isn't working (which seems to be alot this year...whats up with that?) I just change money in the street. No problem.
Every transaction (supermarket, restaurant, guagua) took forever because the cashier would need to examine each and every bill over and over, rejecting anything that didn't pass inspection. And then the customer would need to examine any bills that came back in change. It was the craziest thing I had ever seen.
And ultimately what happened is the tourists (including me) got stuck with all the "bad" money, couldn't buy anything (including food they had just consumed in restaurants), and got really PO'd vowing never to return. It got to the point where I would show my money before I ate anything to make sure I had enough acceptable money to pay for the meal.
And then suddenly the rule was gone.
So during this period I did my changing in the banks. But now if my ATM card isn't working (which seems to be alot this year...whats up with that?) I just change money in the street. No problem.
Dred,
Where exactly is WU in Sosua? Could you give a street and landmark, as I am "sort-of" familiar with the area?
The best rates in Sosua (that I know of) are in Banco Santa Cruz and Caribe Express, which is in Charamicos. They were recently 36.14 and 36.05, respectively.
The place inside the airports (Globo Cambio or something like that) is a complete ripoff. The bank outside of POP is gone, or has moved...There's now a rental agency in that location, I believe it was BanReservas.
The place inside the airports (Globo Cambio or something like that) is a complete ripoff. The bank outside of POP is gone, or has moved...There's now a rental agency in that location, I believe it was BanReservas.
Street-based Casas de Cambio are not legit operations (for the most part). In the Capitai, you drive down this one street in Los Mina (ZO) and they're standing out in the streets with huge thick wads of Pesos waiting for your Dollars and pay checks -- the rates are surprisingly excellent.
Yes, these are exactly they the ones some like me try to warn tourist or new residents who's street smarts we have no proof of, against.
This is not to say that maybe even a majority of these "street" guys are safe or will serve their passing by clientele fairly, but there is a well documented risk of facing a hand artist or little Houdini or worse, somebody who may later on put a tail on their customer.
Casas de cambio vs. banks: I know and have been further informed by PM that there are good casas de cambios which will match and in some cases even top rates for small amounts (meet rates banks only give above a certain amount). Also, casas de cambio tipically are not so likely to be crowdy, so one does not have to battle his spot in lane for too long just to exchange a quick fifty as this can be the case at some banks at some times.
Again, my point is, that when somebody comes on this board asking, my quest is to give them directions which are universally safe and still financially sound. While some may know an especially "good" casa de cambio or even have a street guy the believe THEY can trust, it's not the something which can universally be suggested as a standard IMO.
In some countries, it makes no sense exchanging money at banks and legit casas de cambio rule there. In again other countries, one has to settle with the street guys, local businesses or even hotels. At some European airports you can exchange most any currency INSIDE the terminal at the most competitive bank rates, even on Sundays! Short, it varies from country to country.
But in the DR, I still think, that banks offer a valid, safe option with competitive rates so they can be recommend to the general public.
If there are banks which screw people, giving them the worst rate as Mack suggested, they should be posted when such a claim can be verified, so that all can draw their own conclusions about bringing such an institution any more business.
... J-D.
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Western Union - Send Money - Money Transfer - Transfer Money Online - Find Location
Just click "Submit" There's a map of the Dominican Republic with all WU locations. You can use the arrows to scroll to any area. addresses and individual detail maps are listed below.
The Western Union in Sosua is on the main highway.
Coming from Puerto Plata, it is on the left hand side at the first traffic lights just before Playero supermarket.
I have used the Western Union in Puerto Plata several times although I find the rate at RUSA and other cambios a little better.
I have gone into the Western Union in Sosua a couple of times and ended up leaving because they were ridiculously slow and it wasn't even busy.
I will never go in there again.
Thanks Malibook. From Dread's post relative to yours, looks as if he may have never been to Sosua. I appreciate the heads up!
J D. My experience went like this. I deal with the Scotiabank in Canada therefore it was an easy no brainer for me to open an account at Scotiabank Sosua.
The following year I returned with a fair amount of cash (thousands) and the day after I arrived I went straight to the bank, exchanged it and deposited it into my account. Later that day my son in law arrived after the bank had closed and changed $100.00 on the street at a better rate. A few pesos of a difference on $100.00, but I was shocked. I went back to the bank the following day and protested but all I got was a smile. Lesson learned.
Shortly after that I found that Banco Santa Cruz had the best rate for changing $100.00 or so but the wait in line was unbearable plus I had to carry my passport which was copied not once but three times before the transaction was completed. So as I said in my previous post I discovered that the cambio gives me at least the same deal as Banco Santa Cruz without having to wait in line or show any id.
Mack.
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