11/2009 - Sosua Money Exchange (The Best Locations)

When I was out there it seemed like the supermarket (either the small one across from pj's or the larger one on the main road...I think they are the same name "playero") was the best place...if its 35 and change they give you 36:1...if its 36 and change they give you 37:1...just dont go in there trying to change 500+ US...that will take all the money at the smaller one!
The cambio was 35:1
The bank was 36 and change but then again you have your atm fees so like most said...walk with plenty of cash and then exchange what you need, put the rest in the safe

Quote:

---

Originally Posted by chicmatic

where do people exchange in Santo Domingo?

---

There are a few places chicy baby if you walk past the park and make a left about a quarter of the way up the street on the left right across from the hotel (I forget the name) there is a place like El Flow they have a good exchange rate and there is also a location in a mall located right across from the police station on the Conde. Maybe someone will help me with the name of the Hotel and Street where the police post is located.

Quote:

---

Originally Posted by chicmatic

where do people exchange in Santo Domingo?

---

The Big Hotels were not too bad with their rate, but the BEST rates are in BOCA Chica, so if you make a day trip to the beach, thats the place to shop for a good rate. There are a bunch of them on the main street in BC so the competition is good. The Banks from my experience did NOT give the best rates, the Little Cambios DID.

Quote:

---

Originally Posted by unclecrook

Whatever you do bring plenty of cash, i like to aviod hassles and just exchange alot at the airport, i know many will argue that you dont get the best exchange rate but you know what i dont care i dont have to worry about it after that so

---

A fool and his money will soon part!

The Mac Man

Quote:

---

Originally Posted by craigmac

A fool and his money will soon part!

The Mac Man

---

I like to pay the chicas the first price they ask no matter what it is , so I dont have to worry about it . :rofl:

Western Union is always a option. The down side is that you need your passport and I rarely carry my passport.
The street "vendors" are a good option, but know what the going rate is.....I do not haggle over 35.8 vs 36.1 Over the past year or so I have been getting 36 about every where I go...........:)

I will give ya 50 cents worth do not exchange money near El Flows the little queer tried to scam me out of 1000 pesos on a 100us last trip good try!

Other thing is the exchanges in Charmicos seem to pay another 50 pesos more on a 100 us exchange rate than street cambio guys.I would not bother for the extra 50 but if you are near Hermans your a short walk straight up the entrance another 100 yards or so on the right there is two exchanges there.

My take exchanging money in Sosua (cambios):

1. I never use the guys in the streets because there are too many people watching WTF you're doing. Of course anyone watching you enter a caambio also knows what you're there for but not the amount you exchanged.

2. Most of the cambios with a storefront are relatively equal and generally, if you know the current rate, you don't need to shop around unless of course you feel you are getting screwed over. Never been an issue for me.

3. The cambio just past El Flow, heading towards the beach, is well regarded by many locals and expats, but shit can happen anywhere if people think they can get away with it. This goes for virtually anything and any business in the DR.

4. Exiting Rocky's and turning right, just past Super Marcado Carmen is an internet place and a cambio, both owned be the owners of the super marcado and they also give a consistently fair rate.

5. Banks do give a good rate, but are often very slow and you may need ID and unless you have other business there or notice that there is no line it's not worth the wait IMO.

6. Western Union also gives and excellent rate but again they are often slow and you must have your cedula or passport.

7. I would recommend just using the closest storefront cambio to you whenever you need to change money but you really need to be armed with the correct current rate to ensure that you get the best possible rate. There are many other possibilities for changing money but do not often apply to tourists. A little negotiating is expected and accepted but it will likely only get you a very slight raise in the offered rate, weekdays only. It's much more set in stone at night and on weekends. In fact expect to get a little less on the weekends, it's been like that for years.

I hope this helps a little.

Quote:

---

Originally Posted by unclecrook

Whatever you do bring plenty of cash, i like to aviod hassles and just exchange alot at the airport, i know many will argue that you dont get the best exchange rate but you know what i dont care i dont have to worry about it after that so

---

This is NOT a good thing to do. The rates are always terrible and there are many places to change money.

Do NOT exchange money in the airport.

I've asked this elsewhere but still don't feel too sure. Why not exchange with an ATM? Personal banks generally give a good rate and if the ATM fee is only $3-4 doesn't it make more sense than carrying $500 in cash with you and then storing it in a safe? You can lose the money anywhere along the line and safes are not always safe. All that said, I have often traveled in places with NO safes, so it may be a bias. I know you are paying a 4% premium, but you are guaranteed the going rate and don't need to deal with any money changers. That's just my 2cents, though I am WANTING to be convinced otherwise. I just don't see the benefit yet. As alway, I appreciate everyones thoughts and ample experience.

i allways bring a bundle of cash with me and change evry day a lil i never had any problam with noone just a lil advice i allways take down the safe key from my room key so if i lost my key noone will have my room number and the safe key and also i allways hide the safe key in the room so i do feel verry safe

+1.

I always bring some cash with me to cover the initial weekend. I typically arrive on a Saturday, and sometimes the ATMs run dry; hence the cash.

After that, I resort to pulling money from ATMs. The one next to the Super Super is best because it allows to withdraw up to RDP 20,000 thus minimizing transaction fees.

Quote:

---

Originally Posted by goinggetstough

I've asked this elsewhere but still don't feel too sure. Why not exchange with an ATM? Personal banks generally give a good rate and if the ATM fee is only $3-4 doesn't it make more sense than carrying $500 in cash with you and then storing it in a safe? You can lose the money anywhere along the line and safes are not always safe. All that said, I have often traveled in places with NO safes, so it may be a bias. I know you are paying a 4% premium, but you are guaranteed the going rate and don't need to deal with any money changers. That's just my 2cents, though I am WANTING to be convinced otherwise. I just don't see the benefit yet. As alway, I appreciate everyones thoughts and ample experience.

---

Quote:

---

Originally Posted by goinggetstough

I've asked this elsewhere but still don't feel too sure. Why not exchange with an ATM? Personal banks generally give a good rate and if the ATM fee is only $3-4 doesn't it make more sense than carrying $500 in cash with you and then storing it in a safe? You can lose the money anywhere along the line and safes are not always safe. All that said, I have often traveled in places with NO safes, so it may be a bias. I know you are paying a 4% premium, but you are guaranteed the going rate and don't need to deal with any money changers. That's just my 2cents, though I am WANTING to be convinced otherwise. I just don't see the benefit yet. As alway, I appreciate everyones thoughts and ample experience.

---

Living down here, I always get my money from ATM's I haven't seen American dollars in over 2 years now, I feel the ATM's gives good rates. But again my situation is different from most on this board.

What fees do they charge Americans per transaction if you take cash from the ATM in Sosua?

Unless it's changed recently it's 40,000rd as long as the limit from your bank on your personal card is that high....just over $1100 USD

I verified this with Banco Progresso some time ago and have withdrawn 40k in one go myself.

Quote:

---

Originally Posted by pi3141516

+1.

I always bring some cash with me to cover the initial weekend. I typically arrive on a Saturday, and sometimes the ATMs run dry; hence the cash.

After that, I resort to pulling money from ATMs. The one next to the Super Super is best because it allows to withdraw up to RDP 20,000 thus minimizing transaction fees.

---

I pay $5 per transaction but that's a charge from my bank, not the local bank.

Quote:

---

Originally Posted by LJDMV

What fees do they charge Americans per transaction if you take cash from the ATM in Sosua?

---

You need to look at the T&C of your bank account.

I typically pull from my European (rather than American) account when in Sosua (Euros rule!) and pay about 5 Euro per transaction.

Quote:

---

Originally Posted by LJDMV

What fees do they charge Americans per transaction if you take cash from the ATM in Sosua?

---

Quote:

---

Originally Posted by LJDMV

What fees do they charge Americans per transaction if you take cash from the ATM in Sosua?

---

Quote:

---

Originally Posted by Apostropheman

Unless it's changed recently it's 40,000rd as long as the limit from your bank on your personal card is that high....just over $1100 USD

I verified this with Banco Progresso some time ago and have withdrawn 40k in one go myself.

---

Both those things depend on your individual bank in the US or wherever also sometimes depends on the Dominican bank as well, I have a fee deducted every month from my account in NY, so I don't have to pay an extra fee every time I make a withdrawal. Also if you are going to use your card in a foreign country it is best to let your bank know ahead of time, or else they may keep your card, thinking it may have been stolen or compromised in some other way.

As far as daily limits, in the U.S. I can withdraw up to $1,000 dollars per day. The banks I use down in the D.R., generally allows the same thing, I can take up to about 36,000 rd at any given time. But there are some banks in the D.R. that will only allow you to take out a certain amount at a time, you can use it more than one time, and withdraw up to you daily limit, but if your bank charges a fee per transaction, you have to pay that fee each time.

I was surprised on this last trip when I went to Banc Reserva on Pedro Clisante across from Super Super, when I lived there I would go there and withdraw 35,000 pesos at any time, but this trip they had a limit of only I think it was 8,000 pesos per transaction, so had to use it multiple times, when I was withdrawing money for the party. I later found out a couple of different banks on Pedro gave a better limit, Progresso for one, in the same Plaza as Super Super, and then further down the Scotia Bank.

Good advice. The last 2 days, Monday and Tuesday, the ATM's were out of cash due, in part, to Monday being payday for pretty much everyone. I have 2 friends here that were all but out of funds as they did not bring much cash and could not get any from the banks....ALWAYS bring a few hundred or more to cover things like this.

When I was coming here on vacation I always brought $500 USD or more in cash. Once i arrived I would get funds from the bank and keep the cash in reserve but sometimes that cash had to last a few days due to things like bank holidays and payday. Better safe than broke on vacation! :rolleyes::rofl:

Quote:

---

Originally Posted by pi3141516

+1.

I always bring some cash with me to cover the initial weekend. I typically arrive on a Saturday, and sometimes the ATMs run dry; hence the cash.

After that, I resort to pulling money from ATMs. The one next to the Super Super is best because it allows to withdraw up to RDP 20,000 thus minimizing transaction fees.

---

Quote:

---

Originally Posted by Apostropheman

Good advice. The last 2 days, Monday and Tuesday, the ATM's were out of cash due, in part, to Monday being payday for pretty much everyone. I have 2 friends here that were all but out of funds as they did not bring much cash and could not get any from the banks....ALWAYS bring a few hundred or more to cover things like this.

When I was coming here on vacation I always brought $500 USD or more in cash. Once i arrived I would get funds from the bank and keep the cash in reserve but sometimes that cash had to last a few days due to things like bank holidays and payday. Better safe than broke on vacation! :rolleyes::rofl:

---

When I lived there, sometimes all the banks in Sosua would run out of funds on the weekends because of all the tourists down there, I found out there is one spot that always seemed to have funds when all others did not. It was the cash machine at the Coastal Gas Station just past the turn-off for Casa Linda, as you are going towards Cabarete, it never failed me in a time of need.

Keep it in the back of your mind in case of an emergency, not to many people know about that one. ;)

I get charged ~$3.50-$4.50 US per transaction. That said, my regular checking account reimburses me $5.00 in ATM transaction fees/month and my online savings account (which I usually use) reimburses me $10.00. For a week long trip, I am basically covered. Both banks also give the best board exchange rates for the 24 hour period. (BTW, my Amex card gives me the best rates for the month). I have NEVER paid a transaction fee to a DR bank.

Also, last time I was in Cabarete I needed to take out a large amount of cash (~14000RD). The ATM had a limit of 5000 RD (it was a Saturday night.) I used the machine three times in a row (5000RD each time). The system wasn't smart enough to know what I was doing. It took a long time - luckily it was in a bank where the ATM was enclosed and lockable. As a bonus, my bank at home recognized this as ONE transactions (they were minutes apart) and I paid the fee only once. I had to fight with the machine a little (there were a few failed attempts), but I got my cash and paid only $4.00 for 15000RD at a rate beating the money changers. As an added bonus, I didn't have to flash all that cash on the street. I hope this trick helps someone else.

As a side note - I always take a few hundred US in cash (stored in my trust money belt - see this post http://news.insearchofchicas.org/for...=217950&page=2) just in case.
Just a thought - does anyone know of a way to get a few hundred pesetas in the states? I'd love to be able to get out at the airport, jump in a guagua, and deal with ATMs once in Sosua.

Quote:

---

Originally Posted by yayow

Both those things depend on your individual bank in the US or wherever also sometimes depends on the Dominican bank as well, I have a fee deducted every month from my account in NY, so I don't have to pay an extra fee every time I make a withdrawal. Also if you are going to use your card in a foreign country it is best to let your bank know ahead of time, or else they may keep your card, thinking it may have been stolen or compromised in some other way.

As far as daily limits, in the U.S. I can withdraw up to $1,000 dollars per day. The banks I use down in the D.R., generally allows the same thing, I can take up to about 36,000 rd at any given time. But there are some banks in the D.R. that will only allow you to take out a certain amount at a time, you can use it more than one time, and withdraw up to you daily limit, but if your bank charges a fee per transaction, you have to pay that fee each time.

I was surprised on this last trip when I went to Banc Reserva on Pedro Clisante across from Super Super, when I lived there I would go there and withdraw 35,000 pesos at any time, but this trip they had a limit of only I think it was 8,000 pesos per transaction, so had to use it multiple times, when I was withdrawing money for the party. I later found out a couple of different banks on Pedro gave a better limit, Progresso for one, in the same Plaza as Super Super, and then further down the Scotia Bank.

---