USA issued ATM highst DR Limits

malko

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Notice all those cameras in the bank that are capable of capturing you enter your debit card PIN if you aren't careful? I would never use a debit card here to directly access my foreign bank account. Someone getting directly into that account would be disastrous and a nightmare to correct. Dealing with a compromised CC is so much easier with much less direct liability.

Nowadays most banking apps have a freeze/unfreeze option.
When I go shopping and I am at check-out, I un-freeze my debit card, pay, and then freeze it again.
And with all these Fintech/neo-banks we get bank's inter-exchange rates---- there is no beating those rates. And accounts and cards have literally 0 fees. So that's reason #471 NOT to deal with a DR bank....😆😆
 
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cavok

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Notice all those cameras in the bank that are capable of capturing you enter your debit card PIN if you aren't careful? I would never use a debit card here to directly access my foreign bank account. Someone getting directly into that account would be disastrous and a nightmare to correct. Dealing with a compromised CC is so much easier with much less direct liability.
Most US credit cards have foreign transaction fees, cash withdrawal fees, and offer lousy exchange rates. I wouldn't want to use a debit card at an ATM due to all the reports of card ID theft at those, but I haven't heard any stories yet of debit card fraud when used inside the bank(?).
 
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Radical

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Correction: I went back to BSC today with my passport. The minimum they would give me inside the bank was 20,000 pesos. Maximum is 100,000 pesos.

What a process that was. They even had the manager come over to double check everything. Photocopies of everything. Totally insane,

So you managed to get cash using your USA issued ATM Card from BSC using their teller?

What was the exchange, any imposed local fees?
 
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cavok

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Yes. I withdrew 20,000 pesos. My account was debited $353 USD for an exchange rate of 56.66. That's only about 0.1 pesos from the best rate I can get around here. Not enough to lose sleep over. No additional fees have been posted to my account so far.
 
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Radical

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Yes. I withdrew 20,000 pesos. My account was debited $353 USD for an exchange rate of 56.66. That's only about 0.1 pesos from the best rate I can get around here. Not enough to lose sleep over. No additional fees have been posted to my account so far.

Umm... that may just be another open door to access money without having to wire or transfer it at a very good exchange as well.

Does BSC requires a bank account with them to allow the transaction?
 
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william webster

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Don’t overthink it

ATMs work just fine
I rarely go to my bank and I have both US and RD accounts

I withdraw pesos
 

Radical

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If an ATM only gives me 10,000 I just log in again for 10 more

That would be RD$3000.00 in local cost if and using a Popular ATM to dispense the cash plus whatever your own bank adds to it, hack at it - instead, I do it with an ATM that dispenses $40K and do x5 withdrawals once a month, cost me RD$150 per withdraw and I get that amount rebated by my own bank, so effective cost is $0.00

And one last inconvenient from Popular ATMs - the ATM will lock and won't allow more than x3 transactions per day with the same ATM card for "security."
 

cavok

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Umm... that may just be another open door to access money without having to wire or transfer it at a very good exchange as well.

Does BSC requires a bank account with them to allow the transaction?
I was thinking the exact same thing. This could be even better than wiring my money down here. The only downside I can see is any wait time you might have in the bank. No BSC bank account information was requested. I'm surprised there was no transaction fee(?). If one is posted to my account next week, I'll update the info.
 

cavok

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If an ATM only gives me 10,000 I just log in again for 10 more
ATM's here charge anywhere from 150 to 300 pesos per transaction. That adds up. Also, since it's a debit card, I prefer to be using it as little as possible since, as previously pointed out, if the card info gets hacked and money is withdrawn from your bank account, it's not easy getting that money bank, unlike a credit card hack which is easy to resolve.
 
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Radical

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I was thinking the exact same thing. This could be even better than wiring my money down here. The only downside I can see is any wait time you might have in the bank. No BSC bank account information was requested. I'm surprised there was no transaction fee(?). If one is posted to my account next week, I'll update the info.

That's the result of good exchange of messages within this thread, your experiences and ideas of what have worked and what has not provides valuable insights to make informed decisions thereafter
 
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Radical

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ATM's here charge anywhere from 150 to 300 pesos per transaction. That adds up. Also, since it's a debit card, I prefer to be using it as little as possible since, as previously pointed out, if the card info gets hacked and money is withdrawn from your bank account, it's not easy getting that money bank, unlike a credit card hack which is easy to resolve.

Exactly!

It'll be foolish to give money away with unnecessary fees - banking in DR is extremely difficul and expensive may I add
 

Tom0910

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I'll never understand why people have and use debit cards that don't reimburse ALL atm and foreign transaction fees....
 

NanSanPedro

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I'll never understand why people have and use debit cards that don't reimburse ALL atm and foreign transaction fees....
Sometimes they're just not available or the fee is nothing more than a nuisance. I have 2 debit cards and the Fidelity one is fee free. My bank reduces my fee to 1% as I'm eligible for the old fart discount. 1% is not worth worrying about given that I've been with my bank for over 35 years.
 

cavok

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I'll never understand why people have and use debit cards that don't reimburse ALL atm and foreign transaction fees....
Some banks don't offer that feature, the person might not travel internationally much, and it can be a headache switching banks and all the linked autopay accounts.