Why is the exchange such rip off with Popular

Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
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Have you tried going inside of the bank and asking the teller to contact the currency exchange desk at headquarters?

The first time I actually complained about the exchange rate and explained I wanted to take all my money that was withdrawing in cash and exchange it at another location they offered to do that for me and gave me a exchange rate significantly higher than their advertised rack rate.

Now the tellers and the bank manager knows my name and they do that for me automatically.
 

windeguy

Platinum
Jul 10, 2004
34,532
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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.
 

Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
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You are saying they up the exchange at their discretion based on your request?
Yes, I am saying they gave me a better exchange rate. No, I did not request it. The service was offered.

The first time the conversation went similar to this (except in Spanish):
I complained to the teller about the rate I was offered to exchange.
I asked to have all the money I wanted to exchange in cash.
She asked me to wait a moment while she spoke to the manager.
The manager asked me if I received a better rate would I be willing to do my exchange transaction at the bank.
I said "It depends on the rate".
The manager explained that the needed to call the market desk to see if they would offer me a better rate.
The manager called.
She returned with a better rate
I was happy.
I made my exchange transaction in my bank.

First time it took some time. Now, when I make the exchange request it goes very quickly. And it is consistently higher than the advertised "rack rate".

Dollar, Dollar bills man, get the money ‼️
 

drstock

Silver
Oct 29, 2010
2,887
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Cabarete

"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.
 

Yourmaninvegas

I am here to protect and serve
Feb 16, 2016
937
339
63
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"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.
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.
 
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USA DOC

Bronze
Feb 20, 2016
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If I think something is a ripoff...I always ask myself what country am I in..and as always it probably is, soo check around.
 

USA DOC

Bronze
Feb 20, 2016
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When using a debit card ( from the USA } at say the grocery store the cashier will ask pesos or dollars at check out.. I know what my card companys exchange rate is and that has always been better than any stores.
 
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CristoRey

Double soy latte-sugar free syrup w/ 1% milk
Apr 1, 2014
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I have both Dominican and US accounts but in
9 years of living here when exchanging dollars for pesos
I always use Casa de Cambio(s) as banks usually
offer lowest rates.
 

Radical

Active member
Jan 5, 2021
227
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SOMEWHERE
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
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
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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

The highest-earning business in the DR last year. They are in the business of making money. So am I. I bet you are too.

They are really good at it.
 

johne

Silver
Jun 28, 2003
4,373
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Aside from the best rate. . .who (what bank ) will receive dollars from a foreign bank and give you dollars?