RD$10,000 limit at Scotia Bank ATMs

Malibook · Oct 22, 2010

MikeFisher said:
Yeah,
but that's an Update from April 2004, isn't it?
I did never pay any extra Fee at any ATM on the Island til 2nd last Tuesday.
that's why I asked when He/She withdraw money from the Scotia Bank ATM in the DR free of extra charge the last Time, because it is something New here, October 2010 Update please.
thanks
Mike

No, that isn't an update from 2004.
That is current information.

Scotiabank - Global ATM Alliance
http://www.scotiabank.com/images/en/filespersonal/24207.pdf

2004 is the simply effective date of the currency conversion fee charged by the VISA network.

For foreign currency withdrawals performed at ABMs outside Canada, VISA International on our behalf determines the foreign currency exchange rate on the date of conversion. Effective from April 5, 2004, the exchange rate includes an amount equal to 2.5% of the converted amount.

AndyGriffith · Oct 22, 2010

Deyvi said:
We withdrew monies weds. and thurs. ---no fees. Again this is the relationship between bofa and Scotia. If you have a Schwab bank debit card there are no ATM fees worldwide.

Well in essence there are no ATM fees after they rebate you at the end of the month. I believe it is up to $25 worth of fees per month, but I am not absolutely sure on that. At $112RD per transaction, you are looking at $3 a transaction, which seems awfully expensive for DR.

Malibook · Oct 22, 2010

AndyGriffith said:
Well in essence there are no ATM fees after they rebate you at the end of the month. I believe it is up to $25 worth of fees per month, but I am not absolutely sure on that. At $112RD per transaction, you are looking at $3 a transaction, which seems awfully expensive for DR.

$3 seems cheap to me.
If you take out 10,000 pesos, it is around 1%.
If you take out 1,000 pesos, then it is very expensive.

MikeFisher · Oct 22, 2010

Yes,
I also find it cheap,
10K per sweep the 112 pesos Fee is 1.12% only.
so if others wave the Fee but take a 2+%% on the exchange rate I will happily stick to the 1.12% of Fee which would be half of a Fee only.
sure,
people who just take small amounts per transaction will be better of with a %% on the exchange Rate instead of a fix per transaction Fee.
Mike

Malibook · Oct 22, 2010

MikeFisher said:
Yes,
I also find it cheap,
10K per sweep the 112 pesos Fee is 1.12% only.
so if others wave the Fee but take a 2+%% on the exchange rate I will happily stick to the 1.12% of Fee which would be half of a Fee only.
sure,
people who just take small amounts per transaction will be better of with a %% on the exchange Rate instead of a fix per transaction Fee.
Mike

It is highly likely that you are also getting dinged for a currency conversion fee of at least 1%.
What bank are you with?

MikeFisher · Oct 22, 2010

darn, the copy and paste from my bank account's site to here in the Post doesn't work.
what I use is a Master Card credit card from Germany,
connected to a Bank Account with the Deutsche Postbank,
the account get's monthly automatically Billed for what I took/used/paid with the CC.
so I took sweeps of 10K Pesos each, the max the ATM's allow here.
each sweep I got charged:
10.112.- Pesos by exchange Rate of 51.71862 for 195.52.- Euros,
plus 3.58Euros(1.85%) for the Use of My CC in a Country Outside of the EU,
plus 5 Euros per Transaction for Taking Money Cash.

those Fees been the same since long Years, the difference now is the 112 pesos ectra for the ATM provider here in DR, that's why they charged me 10112 pesos while I got of course just 10000 pesos per sweep.

so to take 10K Pesos which been by that Day's exchange Rate 193.354 Euros,
I paid in Fees 5 Euros plus 3.58 Euros plus for the ATM Provider 2.17 Euros, total of 10.75 Euros, for received 193.354 Euros that's a 5.56% of Total Bank Fees, CC Company/Homebank and Local ATM Provider together.
the official exchange rate that Day from Euros in Pesos been 51.6175, so my homebank took nothing on top of that in case of exchange rate, the opposite, they been even great at my favor.
exchange rates from prior Dates like October 14th when I did my above mentioned Transactions can be looked up on Conversor de divisas | OANDA
just fill in the currencies and change the date in the Box.

so now I pay each sweep to take Pesos out of an ATM here in DR 5.56% while I paid til now just 4.44% for the same Transaction.

transfering money directly from the same Euros account over here to my DR Savings Account where I can withdraw the money then 5 Business Days later in the foreign currency costs me for Transfers up to 3.000.- Euros 3.19%, no Extra Fee for the Receiving Bank on my Savings Account here, but of course I have to look myself for the Place with the best Exchange Rate and have to wait til the Wire arrives.

those are My own 2 mostly used Variations of getting my Money in my hands, from Germany to the DR, sure the US or Canada or GB will have their own regulations and may apply different exchange rates for the currencies, too.
cheers
Mike

Malibook · Oct 22, 2010

MikeFisher said:
so now I pay each sweep to take Pesos out of an ATM here in DR 5.56% while I paid til now just 4.44% for the same Transaction.

Certainly seems like you have it all figured out but I don't understand why you think you are better off than the people who pay 2% or so.
They don't pay the other 5 and 3.58 Euro fees.

MikeFisher said:
so if others wave the Fee but take a 2+%% on the exchange rate I will happily stick to the 1.12% of Fee which would be half of a Fee only.

MikeFisher · Oct 23, 2010

Malibook said:
Certainly seems like you have it all figured out but I don't understand why you think you are better off than the people who pay 2% or so.
They don't pay the other 5 and 3.58 Euro fees.

on the Exchange Rates for the convertion.
I can not tell for all providers and it is alsso different by countries, but 1 of my friends is always around 3% down on the exchange rate when using his Visa, we once in a while use the same ATM's at the same Time, our pocketmoney for the Road when hanging out together, and he always is pi$$ed about the exchange rate.
the 5 Euros per Transaction to the Homecountry Bank is something many others don't have to pay, but I am since so long happy with that Bank providing me with other Advantages, so it stays.

so Your Homebank just takes a 2% and instead of a Fee per Transaction they take only a pecentage of the Exchange Rate?
that sounds like a good deal to Me,
specially when taking less money per transaction then the maximum at the ATM. I always take in 10K sweeps b/c the per transaction Fee of 5 Euros would be the same if I would take just 1000 pesos per sweep.

I would appreciate to find a machine in the Area that allows a higher amount per Transaction, would make a big difference in the Fees tho.
Mike

Acira · Oct 23, 2010

MikeFisher said:
on the Exchange Rates for the convertion.
I can not tell for all providers and it is alsso different by countries, but 1 of my friends is always around 3% down on the exchange rate when using his Visa, we once in a while use the same ATM's at the same Time, our pocketmoney for the Road when hanging out together, and he always is pi$$ed about the exchange rate.
the 5 Euros per Transaction to the Homecountry Bank is something many others don't have to pay, but I am since so long happy with that Bank providing me with other Advantages, so it stays.

so Your Homebank just takes a 2% and instead of a Fee per Transaction they take only a pecentage of the Exchange Rate?
that sounds like a good deal to Me,
specially when taking less money per transaction then the maximum at the ATM. I always take in 10K sweeps b/c the per transaction Fee of 5 Euros would be the same if I would take just 1000 pesos per sweep.

I would appreciate to find a machine in the Area that allows a higher amount per Transaction, would make a big difference in the Fees tho.
Mike

What about Progresso Bank? They allow up to 25,000 RDS per sweep.

Malibook · Oct 23, 2010

MikeFisher said:
so Your Homebank just takes a 2% and instead of a Fee per Transaction they take only a pecentage of the Exchange Rate?
that sounds like a good deal to Me,

Scotiabank customers can use a Scotiabank ATM anywhere to access their bank account without paying a fee except for the currency conversion fee that is charged by VISA.
Same goes for an ATM of other Global ATM Alliance members and vice versa.
That's why BoA customers use the Scotiabank ATM in the DR.

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