Best method for money exchange

[madingo]

I am all booked for my trip 4/13-4/20. Airfare was 470 round trip from jfk; which I thought was a decent price. Staying at the sosua suite condos.

My question has to do with converting money. Usually I would purchase foreign currency in the US and bring it with me and then any extra cash I needed I would use a cash machine. But in reading through a number of reports it seems that most seem to change money in country. Do you get a better exchange rate in country then you would in the US? If I change money in the DR is better to change at the bank or from the money changing places? Just trying to figure out how to get the best rate and where. Thanks for any help.

mad

[SeaWeed]

use your debit card as the exchange rates are half decent and using the ATM's is so convenient.....
plus you don't have to worry about the money you brought down.......

[naptime]

use your debit card as the exchange rates are half decent and using the ATM's is so convenient.....
plus you don't have to worry about the money you brought down.......


i actually would not recommend this.

unless you know what your bank charges, you can get screwed. my bank for instance, gives a great rate.. but then two weeks later they do an adjustment, which screws me, and they charge a fee for international transaction sometimes s mch as 10 bucks. there goes your great rate.

plus, there are lots of scams in the dr, with atm's. you can be broke overnight.


take cash. exchange at western union with your passport. that gets you the best rate.

the street corner guy outside sosua suites going toward new garden, right on the corner. bald dude. he gives a great rate too if you're exchanging a larger sum.

[princepointe]

i actually would not recommend this.

unless you know what your bank charges, you can get screwed. my bank for instance, gives a great rate.. but then two weeks later they do an adjustment, which screws me, and they charge a fee for international transaction sometimes s mch as 10 bucks. there goes your great rate.

plus, there are lots of scams in the dr, with atm's. you can be broke overnight.


take cash. exchange at western union with your passport. that gets you the best rate.

the street corner guy outside sosua suites going toward new garden, right on the corner. bald dude. he gives a great rate too if you're exchanging a larger sum.


I'm with Chase and had no issue. I got whatever the current rate was a Banco Popular (38.8). No extra fees or anything. Would also recommend taking cash though. Pesos making disappear faster than dollars. lol

[Si_Poppi]

I avoid the ATM now too.
My bank charges $6 per transaction and the Dominican ATM charge 112 pesos plus the VISA/MC network charge 2.5% currency conversion fee.

Plus some of the ATM in Sosua are a joke.
Like Banreservas only let you take out 4000 pesos per transaction and Scotiabank is 5000.
The fees are a big percentage with these tiny amount.

Unless you have an account with Scotiabank or a Global ATM Alliance affiliate bank like Bank of America or your bank refunds such fees like Charles Schwab, and you can find an ATM with a reasonably high limit per transaction, I would not use the ATM unless there was no other option.

I did a cash advance at Banco Santa Cruz and a charge of 10,000 pesos showed up on my credit card at a good rate and no service fee.
They have a very small spread as they buy US$ for 38.85 and sell US$ for 39 so on 2 such transactions for $100 they make 15 pesos.
For small amounts it hardly seems worth the time it takes to do the paper work, photocopy the passport, and count the cash.

[JD426]

i actually would not recommend this.

unless you know what your bank charges, you can get screwed. my bank for instance, gives a great rate.. but then two weeks later they do an adjustment, which screws me, and they charge a fee for international transaction sometimes s mch as 10 bucks. there goes your great rate.

plus, there are lots of scams in the dr, with atm's. you can be broke overnight.


take cash. exchange at western union with your passport. that gets you the best rate.

the street corner guy outside sosua suites going toward new garden, right on the corner. bald dude. he gives a great rate too if you're exchanging a larger sum.

I dont recall him being bald ?:rofl: but if you mean the guy we call the "CHENGE" guy, who now has that little Box Kiosk thing he stands in front of (I think the Mayor made them do that shit, so as to be a real Cambio).. then YES,.. hes a REALLY GOOD DUDE who you can trust. Never got any fake bills from him.
He was giving 38.50, and the WU and Playero were giving like 38.85.. so almost no difference, and SO convenient..
But if you going to change a LOT, then go to WU, and yes definitely you need your passport.. I prefer the street guys now, as I can do a DRIVEBY, not even get out of my car, and get my change in like 30 seconds Flat...
Whatever you do, stay the HELL away from the Cambio on PC right near El FLOW, that guy is a crook and will try to shortchange you. He has tried it on like 5 different people already that we know of.

[TNT72]

I dont recall him being bald ?:rofl: but if you mean the guy we call the "CHENGE" guy, who now has that little Box Kiosk thing he stands in front of (I think the Mayor made them do that shit, so as to be a real Cambio).. then YES,.. hes a REALLY GOOD DUDE who you can trust. Never got any fake bills from him.
He was giving 38.50, and the WU and Playero were giving like 38.85.. so almost no difference, and SO convenient..
But if you going to change a LOT, then go to WU, and yes definitely you need your passport.. I prefer the street guys now, as I can do a DRIVEBY, not even get out of my car, and get my change in like 30 seconds Flat...
Whatever you do, stay the HELL away from the Cambio on PC right near El FLOW, that guy is a crook and will try to shortchange you. He has tried it on like 5 different people already that we know of.

He's tried it on me twice!

Fuck him. Now late at night, I go down past Coach's Corner, and if Wilson is closed and asleep, I'll bang on the gate closing off the apts behind his cambio to wake him up to get change.

[JD426]

He's tried it on me twice!

Fuck him. Now late at night, I go down past Coach's Corner, and if Wilson is closed and asleep, I'll bang on the gate closing off the apts behind his cambio to wake him up to get change.
And its always 500 pesos, he does some slight of hand thing, he thinks hes smooth.
but if you count your money in front of the cage, in his face, it just doesnt work for him,. I guess there must be people who just dont re count the money, and he gets away with it... He's a real DOUCHE....

[madingo]

thanks for the responses. where is the western union i sosua?

[TNT72]

Your staying at Sosua Suites.

Relax. Rick will give you all the info when you get there, and hook you up with other members.

You'll be fine.

[naptime]

its by the beach, by the main road, by playero, by...

nevermind... rick will have someone show you where to go. it's much easier to get to than to explain.

it's less than 5 minutes walk from your condo.



and yes jd, i was talking about the same guy "CHENGE" for some reason i was thinking he was bald.. but now i'm seeing a head of short grey hair in my mind?

either way.. i only use him, or wilson. wilson is just down past coaches corner, before happy bar. he's never tried to screw me over.

i just hate that they all try and give you 1000 notes. no one ever wants to hand you less. like 500's and 200's and 100's i hate that.

i hate being somewhere and being stuck with nothing but 1000 notes. or worse, one night i was really screwed and had nothing but 2000 notes.. ugghhhh

[BrooklynBeas]

I'm with Chase and had no issue. I got whatever the current rate was a Banco Popular (38.8). No extra fees or anything. Would also recommend taking cash though. Pesos making disappear faster than dollars. lol

I'm with Chase too and before my trip I asked them if they charge any international rate if I use my ATM, they told me there is a 3 percent international exchange rate, 3 bucks on 100, 30 on 1000, it can add up... I brought cash with me and changed with the change guy we are all talking about near Rockies... I know that dude for about 8 years and never have a problem with him... Good guy!

[Dr World]

Western Union is always the best rate, but there is always a slow line.

The best cambio is on Durante diagonally across from the 5 or 6 car parking lot for the Playero supermarket. He gives you a receipt with the exchange rate, the amount you are exchanging and the total you are receiving. He counts your money through the window. I also count the money while he is counting it and I count it once he hands it to me. I was there during the Superbowl and he gave me 38.8 one day.

Easy directions--- walk out of Classicos go to the right (the opposite direction of El Flow and Rumba) get to the corner and make a right. He is on the right hand side I think one or two doors from the corner.

Make sure you walk by the guys saying change on the corner when they run out of change they get it from him..

He gives the best rate out of all the cambios-- you can ask for the rates at any cambio before you exchange money..

[princepointe]

I'm with Chase too and before my trip I asked them if they charge any international rate if I use my ATM, they told me there is a 3 percent international exchange rate, 3 bucks on 100, 30 on 1000, it can add up... I brought cash with me and changed with the change guy we are all talking about near Rockies... I know that dude for about 8 years and never have a problem with him... Good guy!

Hmmm. That's weird. I just checked and I didn't have any fees. Maybe It's because I have a military account. That may be it. We don't get charged for shit. lol

[BrooklynBeas]

Hmmm. That's weird. I just checked and I didn't have any fees. Maybe It's because I have a military account. That may be it. We don't get charged for shit. lol

Could be, or maybe you have more dough then me so they wave fees? When you have money, rules don't always apply... But, I did sit down with a banker and ask him the question and he answered before checking my account... Must be the military account, cause I went to a branch on Park Ave in NYC and was wearing business work clothes so he didn't know I was a po' kid from Brooklyn... Lol

[rahsta]

I am all booked for my trip 4/13-4/20. Airfare was 470 round trip from jfk; which I thought was a decent price. Staying at the sosua suite condos.

My question has to do with converting money. Usually I would purchase foreign currency in the US and bring it with me and then any extra cash I needed I would use a cash machine. But in reading through a number of reports it seems that most seem to change money in country. Do you get a better exchange rate in country then you would in the US? If I change money in the DR is better to change at the bank or from the money changing places? Just trying to figure out how to get the best rate and where. Thanks for any help.

mad

Mandingo,

What airlines did you get that price?

[TNT72]

Mandingo,

What airlines did you get that price?

I'd step out on a sturdy limb and say Jet Blue.

[jose1234]

If your exchanging dollars for pesos, always count your money. When I first got here I got short changed by a couple hundred pesos a few times but caught the mistake while counting the money in front of the teller/changer. After the first few weeks here doing that, they never make a mistake with me.

[BrooklynBeas]

I'd step out on a sturdy limb and say Jet Blue.

I'd be right next to you on the limb... I paid 469 which is basically the same for my JetBlue flight..

[balcoach]

change

during the day, look for "genato" by the taxi booth at the corner of pedro clisante and dr. rosen
at night, go down pedro clisante, passed coaches corner and look for a short stubby guy, with a ball cap on, this is wilson.
tell them both that "kiko presidente" sent you, they will take care of you

if you want to change a big chunch of change, 1K or more, take your passport to Western Union and do it, and ask them to call for a better rate, you will get a better rate if they make the call

watch the change guys up by bon and la finca.... can get some shady bills up that way.

just my .02 centavos worth.. but what the hell do I know!

[BrooklynBeas]

Here's your change guy about 6 years ago...

http://i5.photobucket.com/albums/y163/BrooklynBeas/DR906043a.jpg

[TNT72]

change

during the day, look for "genato" by the taxi booth at the corner of pedro clisante and dr. rosen
at night, go down pedro clisante, passed coaches corner and look for a short stubby guy, with a ball cap on, this is wilson.
tell them both that "kiko presidente" sent you, they will take care of you

if you want to change a big chunch of change, 1K or more, take your passport to Western Union and do it, and ask them to call for a better rate, you will get a better rate if they make the call

watch the change guys up by bon and la finca.... can get some shady bills up that way.

just my .02 centavos worth.. but what the hell do I know!


To put it in a different perspective, walk out of Rocky's, look to the left and yell.......genato!!!!

He will come to you!

[eldorob]

And its always 500 pesos, he does some slight of hand thing, he thinks hes smooth.
but if you count your money in front of the cage, in his face, it just doesnt work for him,. I guess there must be people who just dont re count the money, and he gets away with it... He's a real DOUCHE....

Douche is a perfect word for him. One time he did it twice in a row to me, but I hadn't picked up the cash and made him recount each time. So I stood there while he did 3 recounts till he got it right. Little scum bag.

Next trip I'll try to get some pictures of that place if he's still there. We can't kick his ass, but we can put that little cocksucker in the Hall of Shame.

to the OP, one thing that may help is to know the rates and do the math prior to handing over the cash. example - if the going rate is somewhere around 38 and you give the guy 100usd then you got roughly 3800 coming back to you. It lets you concentrate on everything else going on during the exchange. You're never going to get taken for very much, but why lose $5 if you don't have to. Plus then you're pegged for being a "mark".

[madingo]

thanks for all the input. I will def change my money in country. My banks rates, in the past, always seem to be worse then what I have seen based on the spot rates I find on the internet--38.75 is the average as of close 2/24 on the internet as an FYI. My bank also has a 5 buck foreign currency fee which is not too bad but the rate has def been worse.

Being that I will probably be changing a little more then 1000, it seems western union may be my spot. But this decision can wait until I am there. No worries.

Also a good tip about the ATM machines charging each transaction for both usage and foreign currency; not to mention the limits on withdrawals. That would add up. I will only use this as a last resort if I find my chica/day average is higher then what I am envisioning; you never know when you are going to get in "the zone".

and yes the 470 round trip is for jetblue jfk-pop.

[osanhopps]

If I change money in the DR is better to change at the bank or from the money changing places? Just trying to figure out how to get the best rate and where. Thanks for any help.madI wish I knew if it was your first time to the DR it would make the choice easier. This is what I do when I travel there. First thing for me is to go to Western Union here then wire the money that I will be spending to myself in the DR, make sure that you state that you want to receive the currency in US Dollars and not pesos. I only carry enough for food, customs in the DR & taxi. If a forum member is in town they can direct you to the best place for exchange. Locals know where to get the best exchange rate, so I normally have a friend exchange it for me. Please note Western Union and banks will hit you with a fee. I rather give the fee to a friend if need. Normally that is just a beer.:iconTU::iconTU:

[Si_Poppi]

Douche is a perfect word for him. One time he did it twice in a row to me, but I hadn't picked up the cash and made him recount each time. So I stood there while he did 3 recounts till he got it right. Little scum bag.

Next trip I'll try to get some pictures of that place if he's still there. We can't kick his ass, but we can put that little cocksucker in the Hall of Shame.

to the OP, one thing that may help is to know the rates and do the math prior to handing over the cash. example - if the going rate is somewhere around 38 and you give the guy 100usd then you got roughly 3800 coming back to you. It lets you concentrate on everything else going on during the exchange. You're never going to get taken for very much, but why lose $5 if you don't have to. Plus then you're pegged for being a "mark".I changed an odd amount there once, I think it was $70, and he fucked up and gave me change for an extra $10. :mrgreen:

[Pepp-1]

The change guy with the little kiosk between Rockys and New Garden is an honest dude. Many have pointed him out. I like to do my calculations on my phone before I walk away. The exchange was right on spot. Watch the guy with the cambio near EL Flow. i never had any problems with him but he will boost the rates(way up) for his betterment in the evening. if you find yourself needing his services just hassle him a bit or just walk away. He will call you back. Always be prepared to walk away and count your dough right there before you leave the cage. I try to get change during the mornings or early afternoon from the change guys if I have to. Come late afternoon or evening they are trying to take advantage of the market.

[sanrinaldo]

Exchanging money is best done in the DR. If exchanged in the USA or Canada, you will probably get about 32 to 3300 pesos for $100.00. In Sosua, even Street vendors will pay you around 3900 Pesos for $ 100.00, and there are many places you can exchange. For a taxi from the Airport you will be able to pay in Dollars ($25.00) and at the Airport you have to pay $ 10.00(US) for entry fee.
I am all booked for my trip 4/13-4/20. Airfare was 470 round trip from jfk; which I thought was a decent price. Staying at the sosua suite condos.

My question has to do with converting money. Usually I would purchase foreign currency in the US and bring it with me and then any extra cash I needed I would use a cash machine. But in reading through a number of reports it seems that most seem to change money in country. Do you get a better exchange rate in country then you would in the US? If I change money in the DR is better to change at the bank or from the money changing places? Just trying to figure out how to get the best rate and where. Thanks for any help.

mad

[balcoach]

Exchanging money is best done in the DR. If exchanged in the USA or Canada, you will probably get about 32 to 3300 pesos for $100.00. In Sosua, even Street vendors will pay you around 3900 Pesos for $ 100.00, and there are many places you can exchange. For a taxi from the Airport you will be able to pay in Dollars ($25.00) and at the Airport you have to pay $ 10.00(US) for entry fee.

If you pay 25.00 USD at the airport for a taxi into sosua, you might as well go ahead and change your money in the US or canada because your losing money on both accords!

[Citynights]

another great spot is in the mall behind the orange phone store is located...look for the doorway with the iron gate... Buzz to get in...choirboy found this spot...found it to be the best rate in town...:iconTU:

[sicpup71]

thanks for all the input. I will def change my money in country. My banks rates, in the past, always seem to be worse then what I have seen based on the spot rates I find on the internet--38.75 is the average as of close 2/24 on the internet as an FYI. My bank also has a 5 buck foreign currency fee which is not too bad but the rate has def been worse.

Being that I will probably be changing a little more then 1000, it seems western union may be my spot. But this decision can wait until I am there. No worries.

Also a good tip about the ATM machines charging each transaction for both usage and foreign currency; not to mention the limits on withdrawals. That would add up. I will only use this as a last resort if I find my chica/day average is higher then what I am envisioning; you never know when you are going to get in "the zone".

and yes the 470 round trip is for jetblue jfk-pop.

here is the link to the rate.....remember to put the money in your safe and not to carry too much with you ,your never to far away to back to the safe to get more money.

http://www.xe.com/ucc/

[blazaveli]

This is the #1 option for exchanging money in Sosua. You don't have to worry about counterfeits or being shorted. And you always get the gong rate. I got 38.85 when I was there last week.

If you are near the entrance of the beach, the road to the left that leads you towards Playero Supermercato. It is right inside the building to your right before you reach the stop light.

I haven't exchanged money anywhere else since discovering the western union.



thanks for the responses. where is the western union i sosua?

[balcoach]

This is the #1 option for exchanging money in Sosua. You don't have to worry about counterfeits or being shorted. And you always get the gong rate. I got 38.85 when I was there last week.

If you are near the entrance of the beach, the road to the left that leads you towards Playero Supermercato. It is right inside the building to your right before you reach the stop light.

I haven't exchanged money anywhere else since discovering the western union.

Good option Blazaveli, definately, but remember, u need a passport at WU.

The absolute best rate in town, THE BEST RATE, is in charamicos at the CARIBE EXPRESS, from El Batey, enter charamicos in the first road, go down the hill, and hit your first left, and just past the Bon Ice Cream on your right is CARIBE EXPRESS. Hands down the best rate in Sosua. But, its a bit out of the way for the Pedro Clisante crowd.

All the spots are nearly the same, and you really only talking about less than one dollar when you exchange a couple of hundred dollars at a time.

Enjoy.

[BrooklynBeas]

Funny how far we are taking this thread when we normally would tell the newbie to "look it up"... Basically its pennies on the dollar by changing somewhere close to your hotel and not having to carry a passport or a copy of your passport to WU... As long as you get 38.50-38.85 to the US dollar, you are doing good... The most important thing mentioned on this thread, is dont carry to much on you... Anywhere from 100-150 US converted to pesos is more then enough to go out and have fun...

Enjoy the trip and dont forget to take pictures... :)

[blazaveli]

A regular ID works fine. You don't need to take your passport out of the safe.

Good option Blazaveli, definately, but remember, u need a passport at WU.

The absolute best rate in town, THE BEST RATE, is in charamicos at the CARIBE EXPRESS, from El Batey, enter charamicos in the first road, go down the hill, and hit your first left, and just past the Bon Ice Cream on your right is CARIBE EXPRESS. Hands down the best rate in Sosua. But, its a bit out of the way for the Pedro Clisante crowd.

All the spots are nearly the same, and you really only talking about less than one dollar when you exchange a couple of hundred dollars at a time.

Enjoy.

[BorisDaBulletDodger]

Nobody mentioned it but I have read and heard of the ATMS running out of money on weekends, and there are only a couple in Sosua. i RARELY use ATMS but noticed several trips ago, that my card Bank of America did not work at the Banco Popular but worked at Scotia.

Also I read somewhere about someone exchanging a large sum of cash at WU and they claimed one of the bills were counterfiet. I personally never had any issues with WU but would recommend only exchanging a few hundred at a time, instead of changing all 1000 you are bringing with you.

[BorisDaBulletDodger]

A regular ID works fine. You don't need to take your passport out of the safe.

I always show a copy of the passport, which btw you should always have with you, which worked.

Whats the big deal about showing a passport anyway or is it different for expats? Am I missing something coach?

[balcoach]

.

I always show a copy of the passport, which btw you should always have with you, which worked.

Whats the big deal about showing a passport anyway or is it different for expats? Am I missing something coach?

Boris, They have requested passports, to my knowledge, from the non dominicans that I have seen in there. Blazaveli, might be right, wear you might just need an official ID...drivers liscense, etc.

I got to the point, where they knew me, and i knew my pass port # and that would suffice as they would look me up in their system. But, its a good spot to change, but also a bit inconvenient from time to time.

If you are sitting on PC, got to one of the change guys and get a couple of hundred dollars. The difference in a rate of 38 or 38.5 on 200 US is....drum roll please...........about 2.00

Dont let this drive you nuts.!

Enjoy gentleman. I will return once I am finishe here in Italy.
PEACE

[blazaveli]

I always show a copy of the passport, which btw you should always have with you, which worked.

Whats the big deal about showing a passport anyway or is it different for expats? Am I missing something coach?

Not sure about that but you definitely do not need the passport itself to get an exchange. I change there eclusively for 4 trips in a row did not need a passport. just some form of identification. They don't use it to see if its really you, just so they can write the name on the ID on the form they fill out. They have never looked at the ID to see if was really me.

You should not be walking around in a 3rd world country as a foreigner with NO form of ID on you to begin with. Even if it is only a photo copy as Boris mentioned above.

With that said, shouldn't be any reason for anyone not to be able to use a WU, specially since its so close to everything. And I've never encounted a counterfeit issue before. We're starting to make it sound as if its a hassle to exchange at a western union when its not at all. Its more of a hassle for me trying to negotiate a rate with streetwalkers.

[madingo]

thanks for all the input. a lot of real good advice. I agree I am not looking to go crazy over the diff between 38 and 38.50. It was more confirming that the US banks were only giving like 33. That is a noticeable spread.

it also makes sense to not exchange the whole amount at once to minimize exposure.

[BorisDaBulletDodger]

Not sure about that but you definitely do not need the passport itself to get an exchange. I change there eclusively for 4 trips in a row did not need a passport. just some form of identification. They don't use it to see if its really you, just so they can write the name on the ID on the form they fill out. They have never looked at the ID to see if was really me.

You should not be walking around in a 3rd world country as a foreigner with NO form of ID on you to begin with. Even if it is only a photo copy as Boris mentioned above.

With that said, shouldn't be any reason for anyone not to be able to use a WU, specially since its so close to everything. And I've never encounted a counterfeit issue before. We're starting to make it sound as if its a hassle to exchange at a western union when its not at all. Its more of a hassle for me trying to negotiate a rate with streetwalkers.

The same happened in Medellin, there is 3 exchanges at the Envio Mall, all around the same exchange rate displayed, I went to the highest one, and the person I was with said that they require a passport and the other one didn't, so I went with that one that didt check passports, why I don't know. A few days later, they asked for a passport, it was a different girl.

I do remember getting a detailed reciept which I threw away

I thought there was some kind of conspiracy reporting system which I guess there is not.

[JD426]

The same happened in Medellin, there is 3 exchanges at the Envio Mall, all around the same exchange rate displayed, I went to the highest one, and the person I was with said that they require a passport and the other one didn't, so I went with that one that didt check passports, why I don't know. A few days later, they asked for a passport, it was a different girl.

I do remember getting a detailed reciept which I threw away

I thought there was some kind of conspiracy reporting system which I guess there is not.

If you change like $10,000 US in one shot at WU , trust me , someone is gonna report it, and you will get questioned when you return to the USA , there will be a record of it ...no doubt about it.
Purchase of a Sim card at a Orange store for ex, definitely recorded to YOUR passport ID, diff topic perhaps.
Pretty sure we can all theorize exactly "why" as well...you would be surprised how stupid some people are, like that Surfer Dude/windsurfer instructor from Calif in Cabarete who got nabbed recently..