US Embassy Warning via Credit Card Fraud

[cobraboy]

Originally Posted by pyratt

A company in the USA is offering protection for up to $1million USD in fraud.

Costs $10 per month, called LifeLock. I always let the credit card companies know when I am OCONUS...and where I'll be using the cards....

Caveat Emptor. The public promoter of LifeLock had had his identity stolen by a whole bunch of folks, prompting law suits, including a Class Action, I understand.

The best way to prevent ID theft is to lock your credit report and use cash.

[Robert]

Originally Posted by Chip

Suuuuurrrrre!!!, how do you get your money from your US bank accounts to your Dominican accounts when a wire transfer requires one to be present in the States - and obviously you can't because you live the DR.

Not True! If you have a BPD Bank account you can wire money online direct to your local Dominican bank.

BPD Bank is based in New York and is a FDIC insured bank.
They also have a branch and office in Santo Domingo.

[Chip]

Originally Posted by Robert

Not True! If you have a BPD Bank account you can wire money online direct to your local Dominican bank.

BPD Bank is based in New York and is a FDIC insured bank.
They also have a branch and office in Santo Domingo.

I'm aware of this but have never even been to NYC, and since I stay in Fl, how can I open an account?

[Chip]

Originally Posted by cobraboy

Chip, on the suggestion of a businessman I know and trust, I found that when a Cambio knows you and trusts you, they can act as a "bank" of sorts. I write personal checks drawn on my U.S. bank for my larger cash needs, and use a trusted ATM, just one at Banco Popular, for minor cash needs.

Heck, when I needed US$12,500 for certified checks drawn on BanReserves for Adaunas, he cashed my check and converted it to pesos at the top rate with a day notice.

My friend has thriving businesses and rarely uses a Dominican bank.

There are more than one way to skin a cat.

thanks .

[Tamborista]

Originally Posted by Chip

I'm aware of this but have never even been to NYC, and since I stay in Fl, how can I open an account?

They have an "office" in Miami, it's not a branch.

One Brickell Square
801 Brickell Avenue, Suite 1050
Miami, Florida 33131
Tel: (305) 938-6500
Fax: (305) 789-3999
Toll Free: 1-(888)-211-2636

[Chip]

Originally Posted by richardmci

well thanx for the "benefit of the doubt", but there is nothing "theoretical" or "inconvenient" about wire transfers ... this is the primary way that funds are transferred internationally.

If you don't want to use wires, you can walk into your local DR bank with your US credit card and take periodic cash advances from it, depositing the funds into your dollar account. But you'd pay the 3% or $75 cash advance fee (which is not that much more than the wire fee.) Whether by wire, credit card advance or other means, you should be funding a local bank account.

The point being that its a whole lot smarter to use a local bank's peso debit / ATM card (in which you are carrying minimal balances) for everyday living rather than be waving around a USD credit card or worse, a debit card tied to your primary US account. That's just an accident waiting to happen. A lot of the pain and suffering reported here can be avoided with reasonable steps.

but what do I know ... i'm just a newby.

richard

Well, now you tell me, heck I've only been living abroad for two and a half years and have transfered more than US100k in that time.

The question isn't if it can be done, it is if it can be done abroad.

Nonetheless, I called Wachovia and it appears it can be done over the phone from abroad so this is very hopeful - thanks entonces.

[Sanation]

I had my Visa Gold Card replicated in the Capital and used for purchases totalling US$8,000 at a hardware store located at St Denis, France on 02/06/2008.

I happened to be checking my online banking when the charges appeared and was able to put an immediate stop on the card. All the funds have been returned to my account and a new card is to be issued.

I couldn't tell you where my card was replicated as I only use it in reputable establishments in the city.

It is just one of those unfortunate things. I had the same thing happen 3 years ago when travelling from Italy to Australa via Kuala Lumpur. I made a purchase at the Sony shop at the Airport in KL and a few days later, I received a telephone call from Visa advising that there was some strange activity on my card.

I won't stop using a credit card as I do believe it is still the safest means to transact purchases. Be vigilant and monitor your card's activity and most importantly, keep a card with a low limit so you avoid any major surprises!

[Bronxboy]

Originally Posted by Sanation

I won't stop using a credit card as I do believe it is still the safest means to transact purchases. Be vigilant and monitor your card's activity and most importantly, keep a card with a low limit so you avoid any major surprises!

Very good advice.

I would also add that if you do not have a card with a low limit, use one that is almost maxed out but make sure you have room for some goodies!!!!!

[Robert]

Originally Posted by Chip

I'm aware of this but have never even been to NYC, and since I stay in Fl, how can I open an account?

You go to the BPD branch in Santo Domingo.
It's on the corner of Lincoln and Gustavo Mejia Ricart in Plaza Andalucia.

[Adam Spenser]

If this has been mentioned before it is good to reemphasize. If you have a US credit card the most you can be liable for whereever in the world it is unlawfully used is $50. If you have a debit card the card issuer is liable for nothing. I never understood why anyone would want a debit card over a credit card, because of this major difference.

Adam