Yes, I am saying they gave me a better exchange rate. No, I did not request it. The service was offered.You are saying they up the exchange at their discretion based on your request?
I get a better rate as well, and u.s. checks cashed and deposited immediately because I am a VIP in my bank branch.You are saying they up the exchange at their discretion based on your request?
My bank give better than the local exchange places such as Caribe Express. On average 20 - 25 basis points higher. So, not only do I get a better deal I do not have to physically move money.
"Why is the exchange such rip off with Popular?" Because they can!Yes, at my local branch in Cabarete they will give a better exchange rate for US$1,000+, but not for lower amounts. You have to wait while they make a long phone call first. They still don't give any better than the local exchange places, Caribe Express and Wally's, so I usually go there.
I learned many years ago not to use banks to change US dollars to DR Pesos.
Banks just don't give good FOREX rates in general.
Some people have special arrangement with banks where the rates are OK.
That much I know, I exchange USD to Pesos at Casa de Cambio but, that doesn't negate the fact that among all Dominican banks Popular is;
1. The one that offers (generally) the lowest exchange rate either at the counter or at the ATM
2. The most expensive to do business with, IMHO