Transferring dollars to pesos account at Sociabank

judypdr

Active member
Jul 23, 2011
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Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
 

windeguy

Platinum
Jul 10, 2004
33,076
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Banks generally give poor rates compared to Western Union or Caribe Express when buying dollars. Some people have good luck with ScotiaBank , but they ask for that consideration and probably change $1,000 US or more to get it. I have never considered doing what you did for that very reason.

My best rates are generally when I use a Schwab card at at ATM where the Forex rate is better than Western Union or Caribe Express.
 

bob saunders

Platinum
Jan 1, 2002
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dr1.com
Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
We have had the same issue in the past so when we transfer we tell the bank to give us the Carib Express rate or we will withdraw the US dollars and go exchange it ourselves. The bank then gives us the same rate. This works, at least for us, at the BHD in Jarabacoa.
 

KateP

Silver
May 28, 2004
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Banks make money when they sell. They buy cheaper then sell higher.

Sent from my BLN-L24 using Tapatalk
 

Hillbilly

Moderator
Jan 1, 2002
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i DISLIKE sCOTIABANK.

I really did not mean to shout. However,, I can leave it like that and not feel bad.
I NEVER change dollars at a bank. I am getting 50.30 (at least this week) at my Casa de Cambio.
He also changes my checks on a US bank.

As far as Scotia goes, I am cancelling all my accounts and putting them in my Dominican wife's name. Same with Popular dollar account. I will have NO money in the DR.

I would warn all to hold on to or get as many dollars as possible. Change only what is needed in the short term.

Not a scaredy cat, but just a little bit weary right now.

HB
 

Dr_Taylor

New member
Oct 18, 2017
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Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
I only have a USD account in the DR. I see no reason for a peso account. Every time the peso falls as compared to the USD, you lose money. Those cents add over time. When I need pesos, I simply go to the ATM and make a withdrawal at the bank's ATM to avoid the fees. The bank always gives the best rate on the exchange.
 

ljmesg

New member
Aug 6, 2017
526
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i DISLIKE sCOTIABANK.

I really did not mean to shout. However,, I can leave it like that and not feel bad.
I NEVER change dollars at a bank. I am getting 50.30 (at least this week) at my Casa de Cambio.
He also changes my checks on a US bank.

As far as Scotia goes, I am cancelling all my accounts and putting them in my Dominican wife's name. Same with Popular dollar account. I will have NO money in the DR.

I would warn all to hold on to or get as many dollars as possible. Change only what is needed in the short term.

Not a scaredy cat, but just a little bit weary right now.

HB
What do you think will happen?
 

jimmythegreek

Bronze
Dec 4, 2008
1,066
4
0
Hi...I transferred US$500 from my dollars account at Scotiabank to my pesos account. I only received 49.8 pesos to the dollar. Is that right? I wasn't "buying" dollars. I was "selling" them. I should have received more than 50 pesos to the dollar? Please comment so I understand....
Take the money out and transfer at Caribe Express or Banco La Nacional for $50.15.
 

Drake

Bronze
Jan 1, 2002
661
16
18
I closed my Scotia account as they never had any dollars and would always give a crappy service. Once they gave me a fake 100 dollar bill then they did not want to accept it back. I moved to nanco Progresso who had the best exchange rates but unfortunatly just got taken over bu Scotia. Now there exhange rates are getting worse. Scotia are only good for their morgage loans were their interest rates are competative.
 

william webster

Platinum
Jan 16, 2009
24,213
915
113
I have experienced that dollar shortage....it happens at many banks

I think the government scoops all the US$$ for the treasury.... debt repayments perhaps
Banks can order it... just not always on hand

FWIW
this happens to me in Canada too... they only carry limited amounts of foreign currency
Even US$
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
19,859
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Playa Najayo & South Jersey
BHD is never short of Dollars.
It depends on the branch. I've never had a problem in San Cristobal, but at the small branch in SD where we opened the accounts [in a strip mall on Independencia, because that's where my in-laws business is and they knew the manager] they never seem to have dollars. Ever.
 

william webster

Platinum
Jan 16, 2009
24,213
915
113
Exactly.... it depends...

There is no foolproof answer

You go in the afternoon... some client withdrew $5000 that morning

Like Joseph & Mary.... no room at the inn
 

william webster

Platinum
Jan 16, 2009
24,213
915
113
I usually stop by...tell them what I need

If they have it on hand... fine
If not, they tell me when to return for it

Life in the islands ..... it’s a breeze
 

bob saunders

Platinum
Jan 1, 2002
27,853
1,473
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dr1.com
I don't deal with Scotiabank how the BHD in Jarabacoa always has lots of US dollars. I am in the bank twice per days and usually in the lineup for 15-30 minutes so I get to observe a lot.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
19,859
1,080
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Playa Najayo & South Jersey
I usually stop by...tell them what I need

If they have it on hand... fine
If not, they tell me when to return for it

Life in the islands ..... it’s a breeze
When you live in the boonies, aka campo, it’s a pita to have to make two trips. Same thing with cambio places, half the time the places in SC, including Caribe Express, have no pesos!! We’ve started going the other direction, west to Bani, to exchange dollars.
 

TerryLewis

Newbie
Dec 27, 2018
1
0
0
Hello,

New here and considering Caribe Express for sending money to my relatives. Is it safe? Or is it better to try something else? I've been planning to send a large sum, so I'm afraid that there can be issues.

Thanks,
Terry
 

Uzin

Bronze
Oct 26, 2005
1,348
6
38
Banks always have lower rate than top rates you can get from other places, that goes without saying.

But I am amazed a bank can have a negotiated exchange rate other than the official one.... ! ?

How is that possible, their rate must be set officially on the day for all branches of a bank from the central branch, what would they put on their official paper work; "customer called so we gave him a better rate !!!!?"....

This smells all sorts of scam (for the bank, not the customer), I wonder if they call a guy from Caribe Express or WU or some other broker to come and pick up the US$ and probably take a little cut themselves... ! Sounds really unhealthy.
 

chico bill

Lobotomy Surgeon
May 6, 2016
7,036
1,010
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I usually stop by...tell them what I need

If they have it on hand... fine
If not, they tell me when to return for it

Life in the islands ..... it’s a breeze
William your attitude is admirable, but if you can not convince your wife, you will have a hard time convincing forum members.
It could also be interpreted 'Life in the islands....It blows'