Hello All, This is Syringles... I am getting closer to my May 1st "dream trip"... (6 month trial w/ trip home half way for Dr. Visists, grandchildren, test to see about moving more permanently)... Anyway.. I remembered reading much in banking section on ATM issues and thought I had read somewhere suggesting using PayPal... Basically, I am having difficulty figuring out the best way to arrive without multiple credit or debit cards and only taking out as much cash at a time as I might need for a week. I hope those familiar with Punta Cana area (if it is different) can let me know if I will be able to arrive at airport and get first amount of "pesos" and I suppose this must be done with my American Debit Card? Or could I use a starter set of pre-puchased traveller's checks and use them all for a week or two worth of RD$?
Then from that point, in order to not be using my US bank debit card (lose it and I'm in trouble), I wonder if the local banks or even "Exchange" sites if there is such a thing would take a Paypal transfer? I recently found an article where American bank accounts are sometimes flagged for frequent ATM withdrawals and purchase in foreign countries when one is still a US resident.. Then there is the issue (as I will always be going back and forth for the 3 months visits... with calling Debit/Credit companies with the message they require that I will be out of country (then back in)... I suppose eventually a Dominican Bank account would be prudent but for those first six months, I am not sure how to go about getting weekly (if that's a good timing) withdrawals of DR$'s ... One can send money to themselves, even in another country, using Paypal (i.e., you can send to anyone's email address as long as they have also signed up for Paypal and have that email address linked to a bank.. I have sent money this way to my son who lives in California.. so simple, just entering his email address. However; since I can't test this since I'm not in the DR...I must suppose it works as described, and there is absolutely no fee when transferring money to myself (using another email address associated with my second bank account... using a debit card, there is a fee...Since I won't have the Dominican Bank Account right away, what I am getting at is .... do most banks and /or 'Exchange sites" accept Paypal as a means of making the exchange.. This would be a perfect solution for me. Paypal advertises their global acceptance but I sure would like to hear any news from this group.... The PayPal worldwide site has the Dominican republic listed as a country one can use PayPal to both pay for services or send money... However; I still wonder as I know IP addresses can be tracked and it will be clear I am going from one IP to the same?
So if anyone has any idea on the fine details, advantages or disadvantages with using Paypal in the Dominican Republic, I would very much appreciate your advice.
Advice on best way to get money during my fist 6 month stay?
This can be pretty easy. First PayPal cannot be linked to a Dominican bank account. I know because I have tried.
Your best bet - first bring some American cash with you. Don't change at the airport unless you have to. Whoever picks you up at the airport will usually know where to exchange money.
It is best to use your credit cards at grocery stores etc, just let the cc company know you are going back and forth.
ATM - ask your bank ahead of time about international ATM fees. Find out the rules and use them to your advantage. For example if the fee applies for transactions up to say us $500 then withdraw that amount. The machine will spit out in pesos. So 500 would be say 22,000 pesos then withdraw that every month. Or however often you need to.
Okay so ouch to the PayPal issue. I knew it was too good to be true. Even though they seem to spell out that u can! I was pretty sure you would definitely have the answer to this. Perhaps payPal is stating that they have some Vendors that will accept their payments in the Dominican Republic.
I assume you also are hinting that the airport is a higher rate so this is why I should wait and I am almost positive that besides just an ATM there is also a bank with the ability to exchange at the shopping center one and a half blocks from where I will be.
what I am surprised about is that my American debit / credit cards will be accepted for purchases for example the grocery store. If that is the case then that's fantastic as I thought that I would have to use Dominican pesos to pay for everything at such things as grocery stores and restaurants etc. This is why I was thinking I had to take out cash every week. That is a load off my mind.
I will use my 6 months to figure out where to open a Dominican bank account in the future but I am now relieved and once again thank you for your first hand experience and knowledge.
Syringles
You are very welcome honey. As for paypal being accepted here, I've heard of no stores accepting paypal. Sorry!
Yes there will be a bank or Western Union in the plaza where you can change money!
Also coming from the US get a Bank of America Debit card and use the Scotia bank ATMs here. There is no facility fee just the customary 3% trans action fee (but exchange rate is very good so you will be about even). Also the United Airline visa card has NO transaction fees on purchases.
Bob K
Thanks for that insight Bob and welcome home.
You are welcome and good to be back home.
Bob K
If you have US PayPal account and have their Master Card, you can use it everywhere they accept Master cards in this country.
To all who have replied to this subject... Wow,, thanks and sorry for the late reply.. seems my gmail setting was off and notifications were going to my Promotions pile which I generally look thru quickly and delete.. Since I logged back on and noted the new information from Bob, Demi, Planner, etc., I decided to get a Paypal Debit Master Card as that will allow me to xfer certain amounts of funds at a time, then withraw/convert to Dominican Peso and my understanding is these will simply show up on US bank account as PayPal transactions... It is too late for me to do the suggested Bank of America card (account) as I just opened a Chase account along with my other local checking not knowing about the connection between BOA and Scotia Bank for the lower fees.. Hopefully, I'll be able to get decent fees with a Chase connection or as I will find out soon, the Paypal Debit card...
Have had much news on my condo, very exciting which I will post about soon as I have compiled a last list of major questions, (things I didn't ask the owner, etc... many having to do with what type of American like foods I can expect to find) so one more big post to come.
thanks to all for your help and again, sorry to have missed your kind responses., Syringles
No problem. Glad it is working out.
Bob K
Me too, glad it worked out. And waiting for that last list of questions......LOL
Wow - interesting, i just learned more. I've always just entered DR with American cash, exchanged for pesos and tried to just budget my way through, which has worked but with that theres always the worry whst if i lost the cash. Didn't realize I could use my BOA debit card, and withdrawal from Scotia bank for little or no fee.
Correct BOA used to be NO fees at all. Now recently has changed to NO facility fee but now a 3% trans action fee. Still not bad as the rate is better than most banks will give you and certainly better than hotels, airports and many street changers.
Bob K
That would apply for a Scotia debit card from Canada too wouldn't it? Just the transaction fee?
You need to check with Scotiabank directly.
I actually did ask someone that worked at my branch about transfers, fees etc and they didn't know so I'll have to find one that specializes in international finance. I thought I'd check with the forum to see if any Canadian expats have had any experience with Scotia debit cards (since the forum seems to have better advice than experts a lot of the time!).
NO they waived facility fee is from any bank in the global network.. So my BOA card is good a Scotia. Only the 3% transaction fee.
Bob K
Articles to help you in your expat project in Dominican Republic
Many people might assume that banking could be problematic or even unsafe in the Dominican Republic, but it is ...
If you are looking for a job in the Dominican Republic (DR), here are some tips and suggestions. Job hunting can ...
If you are moving to the Dominican Republic, one of your primary concerns is likely to be the healthcare system ...
Just like anywhere else in the world, people in the Dominican Republic want to find love, their significant other ...
What is driving like in the Dominican Republic and how do you obtain a driving licence? Find out all about it in ...
This article will cover the Dominican Republic's educational system, including public schools attended by 80% ...
