The reversed peso depreciation trend

[josh2203]

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Get the best currency exchange rates for international money transfers to 200 countries in 100 foreign currencies. Send and receive money with best forex rates.

www.xe.com

i use that same site for reference but as pointed out by AE above and also other members, at least cavok, the rates there do not take into account any local margins etc. exchange points and banks might charge, which is correct. But, obviously the rates provided here by banks or whatever, are based on something, and that something is provided by that site (among others).

See this thread for example:

https://dr1.com/forums/threads/dominican-peso-devaluation-trend-is-on-hold.414435/#post-5773728

 

[cavok]

Live exchange rates

Currency Exchange Rates and International Money Transfers

Get the best currency exchange rates for international money transfers to 200 countries in 100 foreign currencies. Send and receive money with best forex rates.

www.xe.com

I have never found their rates to be realistic here at cambios in the DR.

 

[cavok]

i use that same site for reference but as pointed out by AE above and also other members, at least cavok, the rates there do not take into account any local margins etc. exchange points and banks might charge, which is correct. But, obviously the rates provided here by banks or whatever, are based on something, and that something is provided by that site (among others).

See this thread for example:

https://dr1.com/forums/threads/dominican-peso-devaluation-trend-is-on-hold.414435/#post-5773728

I find that the rates banks give are usually less than you can find at cambios.

 

[SKY]

I find that the rates banks give are usually less than you can find at cambios.

Not usually, ALWAYS.................

 

[josh2203]

I find that the rates banks give are usually less than you can find at cambios.

Yes, definitely. Cambios always give the best rates, and also give better service. Back in the day, we had a 500 EUR note (a damage deposit paid back in EU), which a bank would not take but a cambio in POP did and with a good rate.

 

[CristoRey]

I find that the rates banks give are usually less than you can find at cambios.

I tend to use them as a marker having an idea what to expect at the local exchange at a minimum.

 

[cavok]

I tend to use them as a marker having an idea what to expect at the local exchange at a minimum.

Some banks, like BHD and Banco Popular, tend to be well below what you will get at the bettr cambios.

 

[cavok]

Not usually, ALWAYS.................

For a while, BSC's rate was only 0.10 below the best rate I could find up here. That's hasn't been the case for quite a while though.

 

[AlterEgo]

Some banks, like BHD and Banco Popular, tend to be well below what you will get at the bettr cambios.

True BUT a couple of times when Mr AE withdrew dollars at BHD (Sirena San Cristobal, Caribe Express is literally across the lobby from them), they asked if he was going to exchange the dollars for pesos. He said yes, and they matched Caribe Express. Not every time, but it happens.

 

[SKY]

True BUT a couple of times when Mr AE withdrew dollars at BHD (Sirena San Cristobal, Caribe Express is literally across the lobby from them), they asked if he was going to exchange the dollars for pesos. He said yes, and they matched Caribe Express. Not every time, but it happens.

I will give you a tip if you are buying Dollars for Pesos. BHD on the app has the best rate because they give such a bad rate the other way in the spread.............

 

[DrNoob]

xe.com shows the mid-market rates, the ones used between financial institutions for forex transactions so you will not find it directly as an end-user easily. The difference will depend on type of instrument (cash/card/SWIFT etc) + charges and the institution that sets them. This is why the WU rate is different from Remitly vs a SWIFT transfer. However, it is gives an idea of what to expect at the cambio and once in 2024, I got a very slightly better rate than xe.com at the cambio near Banco Popular in Sosua. But never again.

 

[Tug7777]

Living here year round it’s a great move. I have A peso account ive been adding to but need to hide it from the wife. Bad clothes shopping addiction. And I still sub contract in the states so interest income gets tricky. Looking into fast tract citizenship but unfortunately there is no 5 million dollar gold card here………….

Funny you mention Bad clothing addiction, yup my lady friend has one of those ,HeHe !

 

[Fulano2]

So that's a 4,000 DOP difference with the amount you exchanged. At least for us that's not peanuts, we can get basic groceries for about 3-4 days (prices are ridiculously high in the DR) with that...

Four bottles of wine. It takes little effort to get drunk sometimes.

 

[Fulano2]

Funny you mention Bad clothing addiction, yup my lady friend has one of those ,HeHe !

Lucky it’s cheap clothing addiction. I regret the day I gave mine an AMEX “cheap is not for me” she said from that day on.

 

[cavok]

xe.com shows the mid-market rates, the ones used between financial institutions for forex transactions so you will not find it directly as an end-user easily. The difference will depend on type of instrument (cash/card/SWIFT etc) + charges and the institution that sets them. This is why the WU rate is different from Remitly vs a SWIFT transfer. However, it is gives an idea of what to expect at the cambio and once in 2024, I got a very slightly better rate than xe.com at the cambio near Banco Popular in Sosua. But never again.

If you've been following the exchange rate thread, there always seems to be one or two cambios in Santiago that give a better rate than anywhere else for some reason(?). It's been a while but a couple times I got a better rate at a cambio in Cabarete than the official rate at Banco Central.

 

[Notengo]

If you've been following the exchange rate thread, there always seems to be one or two cambios in Santiago that give a better rate than anywhere else for some reason(?). It's been a while but a couple times I got a better rate at a cambio in Cabarete than the official rate at Banco Central.

I guess cambios also have clients who like to exchange their ‘spare’ pesos to a stronger currency that also doesn’t devaluate like the peso. Are transactions via cambios traceable?

 

[drstock]

I guess cambios also have clients who like to exchange their ‘spare’ pesos to a stronger currency that also doesn’t devaluate like the peso. Are transactions via cambios traceable?

At the bigger money change places like Caribe Express you always have to show your cedula or passport. What they do with that information I don't know. It probably isn't traceable using some guy with a big wad of notes offering change on a street corner.

 

[SKY]

At the bigger money change places like Caribe Express you always have to show your cedula or passport. What they do with that information I don't know. It probably isn't traceable using some guy with a big wad of notes offering change on a street corner.

There is no record. They check ID because some are on a list of some sort that they won't serve you. But it is only a check and the transaction is in cash and the amount is not even noted............