Negotiate exchange rate at the bank

sangria

Bronze
May 16, 2006
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i was in the scotia bank in puerto plata the last week and wanted to exchange some canadian dollars to pesos.

the rate at the exchange banks is 26 i think and i though i could do better at the bank but the teller was trying to negotiate with me.

first she offered me 23 then 24 then 25...i turned her down and left.

when i use the bank machine i am getting a rate of 27.6

since when can banks negotiate the rates...or was she just trying to pull a fast one on me...
 
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Freemo

New member
May 26, 2003
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Same in BanReservas Sto Domingo

We got the same in BanReservas - we were drawing out dollars to change into pesos with our usual guy, bank were offering a poor rate, and when we said what we were taking the money out for the guy started improving his rate until he matched our usual guy. We went ahead with our usual as he has at least shown that his rate is better to begin with.

But yes, strange that a bank starts haggle with you over rates.

It's also unusual for a security guard to accidently discharge his pistol in the foyer of the bank but that happenned when we we there back in October.
He was assing around aparently and his finger was still on the trigger as he re-holstered. Everyone froze and waited for the next shot in what we all thought was an ensuing gun battle. The guard got away without a scratch luckily, and his bosses didn't even give him a good talking to as far as we could see.

Otra mundo No?

Paul
 

Lambada

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Mar 4, 2004
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www.ginniebedggood.com
It's also unusual for a security guard to accidently discharge his pistol in the foyer of the bank but that happenned when we we there back in October.

British understatement, love it! :)

Yes sangria perfectly normal for banks or anywhere else to negotiate rates. And if you wire in a large transfer that you intend withdrawing in order to place on investment at a different establishment, you should see how the interest rate can be improved upon........;)
 

sangria

Bronze
May 16, 2006
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thanks both of you

before this i had never experienced that. it has always been the set rate just as you would exchange back home but that was cabarete. i will just stick to the atm i guess!

sangria
 

Chip

Platinum
Jul 25, 2007
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By far the best exchange rates can be found in the cambio houses, don't even bother changing money at the banks if you can help it. I learned this from a few experienced DR1'ers and it has saved me a lot of money.
 

Drro

Bronze
Mar 22, 2006
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I was told (and maybe read it here on DR1) that Banco Santa Cruz has the best rates especially for their depositors. Not true?
 

Tamborista

hasta la tambora
Apr 4, 2005
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I was told (and maybe read it here on DR1) that Banco Santa Cruz has the best rates especially for their depositors. Not true?

This is true, but you can find a higher rate for larger transactions.
 

sangria

Bronze
May 16, 2006
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anna its 5$ per withdrawal or i pay a flat fee of 25$ for unlimited withdrawals

i definitely seem to be getting a better rate withdrawing direct from the atm then exchanging elsewhere
 

Drro

Bronze
Mar 22, 2006
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Could you put in order of best rate exchange the following

Banco Santa Cruz for depositors
Cambio
Street

for say US$300 to $500 - if that is big enough to make a difference

In Sosua please.

Thanks
Ro
 

Golo100

Bronze
Jan 5, 2002
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ususally, if you are a steady bank customer with an official assigned to your account, you can always get a preferential exchange rate for your currency, specially when operations are higher than US$1000. I always get "casa de cambio" rates at my banks.
Otherwise, "Casa de Cambio" offer better rates. The only drawback with these agencies is security. They are usually out of the way of your neighborhood or business and you risk carrying money a long distance. They are usually situated in high crime neighborhoods and thieves are always on the watch for "exchangers"(cambiadores)
In spite of the loss in exchange, I always do it in banks. It all balances out in the end. Your bank is always next door. Figure in travel costs and security and make your choice.
Golo
 

Drro

Bronze
Mar 22, 2006
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Thanks Golo. Your points are well taken. When I do use a cambio I only do so when I've got transportation (car) so no one can follow me - hopefully. That actually now holds true for when I go to the bank also as people seem to hang out outside most of the banks in Sosua.
 

Golo100

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Jan 5, 2002
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Hey Drro..I also watch very carefully how the "watchman" at the bank looks at us customers. Although many of them have been killed in the line of duty by bank robbers(just yesterday another went down) there have been situations where the watchman has been the guy inside who tells the other one outside how much you took out and if you seem like a good victim for a hold-up. Yeah, you guys in Sosua have to have eyes in the back of your head and ears.