Travelers Checks or Not?

DRtechie · #1 09-17-2003, 05:04 PM

I have a co-worker going to Boca Chica tomorrow. He wants to know if he should take Travelers Checks, use the ATM machines or just take cash and exchange it at a local exchange house. What's the best option? Thankx

ajicaribe · #2 09-17-2003, 05:34 PM

My best suggestion is to take Travel Checks because of the security they offer.
They need to be signed once or twice before cashing them, they must be signed in front of a clerck, at the bank.
They can be ensured as well.

Taking cash is too risky, and going to the ATM boxes is kind of walking in the Capotillo with a gold chain around your neck.

Even in Samana, at the Cajero Popular you are warned when taking money out.

Last time I went down, I made one trip to the bank, cashed what I thought I would need and then rented a save box.

HTH
Aj

ricktoronto · #3 09-17-2003, 10:38 PM

Tell him or her to make a color photocopy of the name/photo page and carry that when cashing these.

After a few trips (it helps to stick to one cambio) they may skip it once they recognize him but it will do and will be much better and less risky than carrying the real passport around.

Without ID they won't cash them at cambios. I know they must match the signature but that alone is insufficient.

Tor · #4 09-18-2003, 11:18 AM

I always just use the atm's no problem.

johne · #5 09-18-2003, 01:46 PM

Originally posted by ajicaribe

Last time I went down, I made one trip to the bank, cashed what I thought I would need and then rented a save box.

I did something similar last week in Boca Chica--but what I did was take cash--was met at the airport-went directly to the hotel and rented the safe box. Then as needed over the week I would take small amounts of cash to the cambio--In this way I didnt have to exchange back again--walk away at the end of the week with my cash.(or what I had left of it---)

ronks · #6 09-18-2003, 03:47 PM

What charges are associated with travelers cheques? Do the exchange houses or banks charge a fee? Can you only get Dominican pesos in exchange or can you get U.S. dollars? For example, I have a $100 travelers cheque but only want to change $20 into pesos, will they give me the remaining $80 in U.S. dollars?

Thanks

Ron

ajicaribe · #7 09-18-2003, 04:46 PM

Thanks johne, your tips is very good.

ronks, they may do that. I guess it depends where you are, and if you know the Casa de Cambio already.

I know that it has been done. I have seen it.
If not, I do not see any reason why they wouldn't do it.
At the end of the day, you are still exchanging.

But who knows, in this box of surprise anything can be expected.

Aj

Ken · #8 09-18-2003, 06:46 PM

ronks, no fee, and money in pesos.

ricktoronto · #9 09-18-2003, 11:12 PM

What charges are associated with travelers cheques?

None, although when you buy them there may be a fee of 1%. Sometimes with premium banking packages or through AAA or other associations you can buy them without commission.

Do the exchange houses or banks charge a fee?

Cambios don't - at least I haven't paid for this nor would I agree to - in fact you "may" get more RD$ than for cash. You should.

Can you only get Dominican pesos in exchange or can you get U.S. dollars? For example, I have a $100 travelers cheque but only want to change $20 into pesos, will they give me the remaining $80 in U.S. dollars?

Nope. Not likely. If you want US$ cash, bring some down with you. Or bring smaller travelers cheques like $20's and $50's not $100's - there is not much purpose in bringing the cheques and then turning them into US cash when you really buy everything in RD$ pesos. Just like the US there is not a lot of mileage out of US$20 converted to pesos.

You can always ask them for US$ but it is mostly a one way business.

ronks · #10 09-19-2003, 12:22 AM

Thank you all for your constructive input. The problem I am facing is that I plan to move to the DR, specifically the north coast and how to bring enough money to last a year and keep it secure is an issue for me. I have read many posts and since the banking system is not to be trusted, I do not feel comfortable with a lot of cash. This is the one big hurdle for me that I am trying to resolve. Investment houses are not an answer for me since I am not looking for an investment. So it looks as if I will be bringing a credit card and lots of travelers cheques and stashing them in some safety deposit box and exhanging them as is required. Are Visa travelers cheques accepted most everywhere? Thanks again.

Ron