The best way to change dollars into pesos. A how to.

toursamanawithterry · #1 04-02-2009, 01:41 PM

I recommend using your ATM card from your local bank in the USA (check what their fees are first) to take money out of a bank machine when you come out of customs into the area where everyone will be waiting (this is the case in most airports, SDQ, STI, POP, PJU). You get the best exchange rate and my bank only charges me $1.50 for using machines here. The banks here charge you nothing. The exchange rate today is 35.6 pesos per dollar. That is at the western union in Samana. At the airport by customs they exchange dollars at about 32 pesos per dollar. The bank machine will generally give you about .1 peso better than everyone else. So right now it would be 35.7 pesos at a bank machine. This is on 4-2-2009. All machines in the country have an English option at start up.

The best thing about this is that you don't have to run around with a couple thousand dollars on you (if you are visiting for an extended period of time). I would just recommend taking out 18,000 pesos (roughly $500 US) each time to optimize your ATM fee. BanReservas bank machines allow you to take out this amount in one transaction. I think Scotiabank machines also allow you the full amount. Banco Popular machines often times only allow you to take out 10,000 pesos on any transaction.

If your ATM card is also a debit card your local bank will often make purchasing things cheaper than a regular credit card because they don't charge a percentage for the exchange.

Berliner · #2 04-03-2009, 12:58 AM

Banco Popular and Scotia Bank allow 10.000 Pesos maximum.
Most of the other ATMs I know have the same limit, in hotels sometimes less.
If you are charged only $1.50 for using machines here for getting appr. 285 $ (= 10.000 Pesos) it might be a good deal.
European banks often charge up to 4 € for one transaction.
The exchange rates of the banks are usually ok.

windeguy · #3 04-03-2009, 05:54 PM

I am never charged here for using an ATM, but my bank in the US actually pays me up to a total of $10 US a month in what it thinks are ATM fees. Because of this I receive a better rate than any of the normally used exchange houses.

I dispute the statement that banks will pay a good exchange rate for cash. If you have cash to convert, Western Union and Caribe Express offices are better and easier to use. In a bank you will almost always lose a about a peso on exchanges in the several hundred dollar range.

I do know of people here that have a fear of ATM machines, but I have never had a problem in 7 years.

AlterEgo · #4 04-03-2009, 06:18 PM

Quote:

Originally Posted by Berliner

Banco Popular and Scotia Bank allow 10.000 Pesos maximum.
Most of the other ATMs I know have the same limit, in hotels sometimes less.

I always take 15,000 pesos at a time, usually from BHD, but from others as well. Never have had a problem [except once when no $$ came out of the machine - but it came out of my checking account. I did get it back after filing a claim with my bank]

toursamanawithterry · #5 04-03-2009, 06:21 PM

I took out 18,000 pesos from a Banreservas ATM and my statement back in the US says $503.38 US plus $1.50 ATM charge. That calculates to 35.65 pesos to the dollar. It's almost a wash considering that most places were exchanging at 35.6 that day but you don't have to carry around a bunch of dollars while you are on an extended vacation. I had been in some little towns recently that were changing dollars at just 33 pesos per dollar.

I used my same ATM/debit card to pay 4,680 pesos at the cash register and it came to $130.88 US. That turns out to be 35.75 pesos to the dollar with no extra charge whatsoever. Leave the cash and credit cards at home and use your debit card when you can. Otherwise you can use the ATM machines just as long as they are not on the grounds of a AI hotel. But if you are at an AI hotel your going to get screwed on the exchange anyway even with cash.

toursamanawithterry · #6 04-03-2009, 06:23 PM

Always calculate the pesos equivalent of $500 US when you go to take out the maximum from an ATM machine. Right now you can take out 18,000 pesos as I mentioned earlier based on the normal $500 daily limit for States based ATM cards.

Tamborista · #7 04-03-2009, 06:26 PM

Quote:

Originally Posted by toursamanawithterry

Always calculate the pesos equivalent of $500 US when you go to take out the maximum from an ATM machine. Right now you can take out 18,000 pesos as I mentioned earlier based on the normal $500 daily limit for States based ATM cards.

Actually this is not correct information, since several banks are currently limiting ATH withdrawals to RD10,000. Please do a bit more research!

I concur with Berliner's post above....both Scotia Bank as well as Banco Popular ATH's would not dispense more than RD10,000 recently using a Bank of America card.

Bank of America does not charge any fees using Scotia Bank machines incidently... and offers a very competitive tasa out of the machine, on par with Caribe Express FYI.

tambo'

toursamanawithterry · #8 04-03-2009, 06:27 PM

I agree with you windeguy that you should never unless you are in a huge bind change money inside the bank. You will always, I know always is a strong word that's why I used it, get at least .5 peso to 1 peso less per dollar.

To reiterate:
Bank machines: the best.
Inside the bank: the worst.
Inside an airport: absolute highway robbery.
Credit card: forget about it unless your credit card does not charge you to convert.

toursamanawithterry · #9 04-03-2009, 06:29 PM

I was basing that on the banks that do allow the limit in one transaction, such as Banreservas and apparently BHD.

Quote:

Originally Posted by Tamborista

Actually this is not correct information, since several banks are currently limiting ATH withdrawals to RD10,000.

I concur with Berliner's post above....both Scotia Bank as well as Banco Popular ATH's would not dispense more than RD10,000 recently using a Bank Of America card.

tambo'

Tamborista · #10 04-03-2009, 06:41 PM

Quote:

Originally Posted by toursamanawithterry

If your ATM card is also a debit card your local bank will often make purchasing things cheaper than a regular credit card because they don't charge a percentage for the exchange.

ANY U.S. Debit Card with a Visa/MC logo is charged 3% of the transaction for DEBIT card purchases, in some cases it is built into the exchange rate, in other cases it is billed seperately as an "International FEE!"

This is Visa/MC International policy, not the bank's.

I experienced this with B of A as well as JPM/Chase.

Thanks for the help!~

tambo'