This one is more of interest to anyone whose local currency is not USD
So, I checked today's cash rates at Scotia bank (Compra rates, they buy USD, CAD and euros, pounds and yens)
I checked at the same time the interbank rates for USD/CAD/DOP
For every 10,000 peso
ATM withdrawal I pay about 200 pesos fees to the Dominican bank, and at the same time I loose 2.5% to Visa over the interbank rate)
I did all calculations for 60,000 pesos for three types of scenarios,
a) Exchange CAD cash into DOP in Dom Rep
b) Exchange CAD cash into USD cash at home and then USD cash into DOP
c) Withdraw DOP at the
ATM billing CAD account
All three came very close, so the preference is not a price, but convenience, safety etc.
The only way to save was in b) when I go through the foreign exchange broker and not the bank, and it saves 2% or in my example 1,200 pesos for 60,000 pesos in cash.
There may be other bump if I can find the exchange in Dom Rep which pays more for USD cash than Scotia, and is safe and proven. So, who pays more in Sos. and by how much?
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