Paypal..............

[JDR]

I am checking the rates online as I draw money out and its about .2 - .5 higher than the street. The limit is 10,000 pesos a day here which is more than I need. Better than carrying cash. :D

[jd_mine]

Explain this Paypal thing please?? How does this it work, what do you do with it in relation to DR???

[JDR]

It is an ATM card and it gets money from your checking account. When I take money from it I get a dollar fee and a higher rate than my regular bank gives me.

[guttaman]

I thought the bank that owns the ATM in the DR sets the rate.

[JDR]

I thought the bank that owns the ATM in the DR sets the rate.

Nope, your bank does.

[Kevy]

You kind of explained this to me before, but is there a link or a more detailed explanation somewhere? I looked at paypal.com, but I am not sure of where you get the ATM card.

[Kevy]

Nevermind, it looks like you have to get a paypal premier account, here is the link

Paypal accounts (https://www.paypal.com/us/cgi-bin/webscr?cmd=xpt/general/PaypalAccountTypes-outside)

[guttaman]

OK, i have a premier account and just found the link on my account page. Said it will take 2 to 4 weeks to get approved and get card. Also electronic transfer of money from my checking account to paypal account will take 3 to 4 days. Can have it done instantly but it will cost a percentage. I think it is 2.9% just like the the receiving fee in a regular transaction. JDR, stop by the Shark Bar and explain this to Big Lou. I did not know about the ATM card. I think i told him he could only use his checking account and ATM card from the US. Thanks, Boston Jim