Sosua Reports

[QUOTE=The Mind Bender; 1329419]I think I got a bad exchange rate on some US currency the other day (lost out on $1000 pesos according to the internet)

In the future wouldn't it be better rate wise to get to money changed while in the US? What do you guys normally do when coming to DR?[/QUOTE]That's about $25. If you know the exchange rate you shouldn't have a problem. They will usually do the calculation in front of you on a calculator or you can do it yourself on their calculator or your phone calculator to get an idea of how many pesos you should get back. You should be able to get the best rate on the ground in the DR.

[QUOTE=The Mind Bender;1329076]Quick question: does Passions take credit cards?[/QUOTE]Due to daily withdrawal limits on my debit card and the holiday weekend this past Labor Day I was screwed. My bank cut me off and I couldn't get any cash from an ATM. I was forced to try using a credit card for everything. Only the better restuarants and hotels take credit cards. I tried to use a CC at Passions. They do not take them.

[QUOTE=Orgasmico;1329447]That's about $25. If you know the exchange rate you shouldn't have a problem. They will usually do the calculation in front of you on a calculator or you can do it yourself on their calculator or your phone calculator to get an idea of how many pesos you should get back. You should be able to get the best rate on the ground in the DR.[/QUOTE]Watchout, for "the hand is quicker than the eye". In other words some guys, will calculate the money, count it out rewl fast, then try to leave real quick. Because they will actually short you $200 pesos, maybe more if your drunk or not paying CLOSE ATTENTION!

[QUOTE=Bkgee;1329403]NEVER USE A CREDIT CARD![/QUOTE]I use my PayPal credit card in the DR whenever I eat at one of the better restaurants.

[QUOTE=Orgasmico;1329447]That's about $25. If you know the exchange rate you shouldn't have a problem. They will usually do the calculation in front of you on a calculator or you can do it yourself on their calculator or your phone calculator to get an idea of how many pesos you should get back. You should be able to get the best rate on the ground in the DR.[/QUOTE]But wouldn't it just be better to have all your money changed at Miami Airport? Seems they'd give a better rate and anywhere in DR.

[QUOTE=DeepMmpactt;1329500]Watchout, for "the hand is quicker than the eye". In other words some guys, will calculate the money, count it out rewl fast, then try to leave real quick. Because they will actually short you $200 pesos, maybe more if your drunk or not paying CLOSE ATTENTION![/QUOTE]Yeah that's what happened to me. You live you learn I guess.

[QUOTE=DeepMmpactt;1329500]Watchout, for "the hand is quicker than the eye". In other words some guys, will calculate the money, count it out rewl fast, then try to leave real quick. Because they will actually short you $200 pesos, maybe more if your drunk or not paying CLOSE ATTENTION![/QUOTE]Good advice. Although I thought counting is something you do wherever and whenever you exchange money or make a money transaction. You touch on another good point, which is people should try to exchange money when they are sober. Sosua is relatively safe, but it ain't Kansas as they say.

Most of this stuff is common sense. Changing money is not a game of "3 card monty." There are hundreds of posts in this thread on where to exchange money, whether a bank, Western Union, etc, there is no reason to exchange money with someone that is trying to pull a fast one. There are exchange shacks with people just sitting there all day.

I've seen more mongers lose money on their own then by getting ripped off by change guys.

I got a great rate from the local Scotiabank so I recommend using that.

For those who don't know it's just about a quick 10min walk away from the main Bar strip on your left.

[QUOTE=The Mind Bender; 1329707]I got a great rate from the local Scotiabank so I recommend using that.

For those who don't know it's just about a quick 10min walk away from the main Bar strip on your left.[/QUOTE]Hanging out with Jao once he told me if you have a Bank of America account in the states you won't incur any fees withdrawing money from a Scotiabank ATM in the DR. FYI

[QUOTE=Sabor;1329786]Hanging out with Jao once he told me if you have a Bank of America account in the states you won't incur any fees withdrawing money from a Scotiabank ATM in the DR. FYI[/QUOTE]That is correct information, you will get close to 39 net out of the ATM, make sure you notify Bank of America of the duration of your tip, otherwise their "Fraud Detection" department will shut down the card after one use in DR.

[QUOTE=Buscemi;1329798]That is correct information, you will get close to 39 net out of the ATM, make sure you notify Bank of America of the duration of your tip, otherwise their "Fraud Detection" department will shut down the card after one use in DR.[/QUOTE]Same applies for Scotia Bank accounts in Canada. They need you to call them and they will adjust your daily cash withdrawal and single transaction limits for the period of your trip. This was the only reason I opened a Scotia account. Also the individual ATM. S in the DR can heve different transaction limits but this is not ann issue as there are no costs to withdraw money provided you use a Scotia ATM

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The view of the trade wind condo

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Your banking institution may or may not charge for an ATM transaction. It depends on your agreement.

There is always a VISA / MC fee on a conversion. Visa rate on debit and credit is usually 2. 5%

Scotiabank ATM fee on other institution card is 110 peso. There is no fee inside a branch or if one uses Scotia's $RD card. One can open a chequing peso account and pay maintenance and other fees. Minimum is 5, 000 peso.

Savings are available in general to residents. Don't forget the insurance against insolvency is only 50, 000 DOP.