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Author Topic: Exchange cash  (Read 970 times)

Frank

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Exchange cash
« on: March 27, 2018, 12:32:24 PM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

Creative

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Re: Exchange cash
« Reply #1 on: March 27, 2018, 01:14:09 PM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

mp3

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Re: Exchange cash
« Reply #2 on: March 27, 2018, 01:17:35 PM »
i do carry U.S. 1's for tipping

Frank

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Re: Exchange cash
« Reply #3 on: March 27, 2018, 01:18:46 PM »
Ok cool

HipHop

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Re: Exchange cash
« Reply #4 on: March 27, 2018, 01:34:09 PM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.
Too many woman, not enough days

Creative

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Re: Exchange cash
« Reply #5 on: March 27, 2018, 02:44:36 PM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

HipHop

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Re: Exchange cash
« Reply #6 on: March 27, 2018, 07:44:39 PM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

I’ve been trading currency’s since  before they switch the market to decimal and I was able to exploit the bid ask spread for .25 to .75 at 1000 shares connection trades.
Over 25 years and I’m 37..

That’s the worse advice you could give him. Opening a bank account with Charles swabs smh 🤦🏽‍♂️
Please don’t give anymore financial advice.


Bro like everyone said, exchange your money into pesos at the bank or western union, if you exchange a large amount like a Grand if you ask The Western Union agent for a better rate than she quarter or is posted they will ask the manager and make a phone call to see if they can match the current rate for your dollars. I do it all the time. When receiving Western Union transfers from abroad.
Too many woman, not enough days

pimptrick

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Re: Exchange cash
« Reply #7 on: March 28, 2018, 05:38:35 AM »
Did not know Western Union exchange loot.  I always got like 50-75 peso less than the exchange rate from the exchange spot down from Bailey.

Like my 1 was 48 peso in December January. max was 48.50.  Plus, I got the better rate in the morning. Just a few pesos.  Nothing huge.

Creative

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Re: Exchange cash
« Reply #8 on: March 28, 2018, 08:45:31 AM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

I’ve been trading currency’s since  before they switch the market to decimal and I was able to exploit the bid ask spread for .25 to .75 at 1000 shares connection trades.
Over 25 years and I’m 37..

That’s the worse advice you could give him. Opening a bank account with Charles swabs smh 🤦🏽‍♂️
Please don’t give anymore financial advice.


Bro like everyone said, exchange your money into pesos at the bank or western union, if you exchange a large amount like a Grand if you ask The Western Union agent for a better rate than she quarter or is posted they will ask the manager and make a phone call to see if they can match the current rate for your dollars. I do it all the time. When receiving Western Union transfers from abroad.

Dude I can care less how long you have been trading currency as that is no indication on how good you are at it. And this is not a dick measuring contest, So stop it with the insults. Just clarify facts.

1. Please explain how opening an account with Charles Schwab is a Bad Idea if you want to use an ATM's and they have no debit/conversion fees world wide. Not everyone wants to carry a shit ton of cash to exchange it for a shit ton of more cash.
2. I did explain that if you convert cash in a Bank you get the EXACT MARKET RATE.
3. And why would you use a Money Transfer Firm to Change US dollars into Pesos when you can just go to a bank. Money transfer firms are into making Money off of transactions so I bet they are not giving you the exact value. 
4. What are you using to determine current currency exchange rates?
« Last Edit: March 28, 2018, 08:48:57 AM by Creative »

jd66

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Re: Exchange cash
« Reply #9 on: March 28, 2018, 10:09:36 AM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

I’ve been trading currency’s since  before they switch the market to decimal and I was able to exploit the bid ask spread for .25 to .75 at 1000 shares connection trades.
Over 25 years and I’m 37..

That’s the worse advice you could give him. Opening a bank account with Charles swabs smh
🤦🏽‍♂️
Please don’t give anymore financial advice.


Bro like everyone said, exchange your money into pesos at the bank or western union, if you exchange a large amount like a Grand if you ask The Western Union agent for a better rate than she quarter or is posted they will ask the manager and make a phone call to see if they can match the current rate for your dollars. I do it all the time. When receiving Western Union transfers from abroad.

How is having a Schwab Card bad advice? 

They are actually a good deal if you want to make ATM withdrawals.

1.  They always give you true market rate at the time of the transaction.  There is no place in Sosua, banks and WU included that are giving you the true market rate.  That's how they make money

2.  They refund all of your ATM fees at the end of the month.

You don't even need to have any other assets held with Schwab in order to have their card so please explain how having a Schwab card is bad advice



HipHop

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Re: Exchange cash
« Reply #10 on: March 28, 2018, 10:39:40 AM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

I’ve been trading currency’s since  before they switch the market to decimal and I was able to exploit the bid ask spread for .25 to .75 at 1000 shares connection trades.
Over 25 years and I’m 37..

That’s the worse advice you could give him. Opening a bank account with Charles swabs smh 🤦🏽‍♂️
Please don’t give anymore financial advice.


Bro like everyone said, exchange your money into pesos at the bank or western union, if you exchange a large amount like a Grand if you ask The Western Union agent for a better rate than she quarter or is posted they will ask the manager and make a phone call to see if they can match the current rate for your dollars. I do it all the time. When receiving Western Union transfers from abroad.

Dude I can care less how long you have been trading currency as that is no indication on how good you are at it. And this is not a dick measuring contest, So stop it with the insults. Just clarify facts.

1. Please explain how opening an account with Charles Schwab is a Bad Idea if you want to use an ATM's and they have no debit/conversion fees world wide. Not everyone wants to carry a shit ton of cash to exchange it for a shit ton of more cash.
2. I did explain that if you convert cash in a Bank you get the EXACT MARKET RATE.
3. And why would you use a Money Transfer Firm to Change US dollars into Pesos when you can just go to a bank. Money transfer firms are into making Money off of transactions so I bet they are not giving you the exact value. 
4. What are you using to determine current currency exchange rates?

  Since you want to be so accurate I’d love for you to point out the insult. Stop being so sensitive if your a man Express yourself without being butt hurt. Again please quote where I insulted you. I gave in a very specific opinion of you giving terrible advice.
Too many woman, not enough days

HipHop

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Re: Exchange cash
« Reply #11 on: March 28, 2018, 10:44:05 AM »
This may have been covered in another topic before so I apologize in advance. Is it best to exchange USD for pesos or would it be cool just to carry all USD? Reason so I ask is that it seemed better to carry USD cash in places like Jamaica, especially $1 bills for shit like tipping. Plus I’ve heard people not liking to exchange because they feel like they lose money doing it. Thoughts?

In Dr you will pay more if you are paying in USD. You should convert your money at the Bank which will give you the exact rates. Also if you have and account with Charles Shwab bank you can avoid conversion fees and Atm fees when getting money from an ATM.
You won't have a bad trip but you will pay a little more for everything.

I know it’s not a huge deal but for the sake of accuracy the banks do not give you an exact current Exchange rate. But they do give better rates than most street exchangers . Western Union is also OK
 with the rates.

The reason why most guys feel like they lose money is because they don’t understand the exchange rate conversion. They’re not good at math so they can’t really do the conversion in their head so if someone tells them for 500 pesos for something they don’t know that that’s approximately $10 immediately. So this is how they feel like they lose money.

It’s always better to exchange the money from US dollars to pesos. Especially now with the peso hanging around 49 and above.

Last time I was at Banco Popular they gave me the same rate as the market rate. I use the XE currency app to see market rates. I've been studying Forex for over a year so I understand currency conversion. Now it is different if you bring cash to a bank to convert (you will get the closest to exact) verses taking money out of your account because your Bank in the US will charge your a conversion fee. That is why I suggest charles schwab. Which is the best bank to have for travelers according to dudes on this site and reviewers on the internet.

I’ve been trading currency’s since  before they switch the market to decimal and I was able to exploit the bid ask spread for .25 to .75 at 1000 shares connection trades.
Over 25 years and I’m 37..

That’s the worse advice you could give him. Opening a bank account with Charles swabs smh
🤦🏽‍♂️
Please don’t give anymore financial advice.


Bro like everyone said, exchange your money into pesos at the bank or western union, if you exchange a large amount like a Grand if you ask The Western Union agent for a better rate than she quarter or is posted they will ask the manager and make a phone call to see if they can match the current rate for your dollars. I do it all the time. When receiving Western Union transfers from abroad.

How is having a Schwab Card bad advice? 

They are actually a good deal if you want to make ATM withdrawals.

1.  They always give you true market rate at the time of the transaction.  There is no place in Sosua, banks and WU included that are giving you the true market rate.  That's how they make money

2.  They refund all of your ATM fees at the end of the month.

You don't even need to have any other assets held with Schwab in order to have their card so please explain how having a Schwab card is bad advice

Unless you guys plan on defrauding the IRS. You will pay taxes on every single exchange on your  account making it more expensive than paying your bank fees. now if you plan to do some fancy IRS swindling then go right ahead.

Can a certified Tax Expert please chime in and inform them.
Too many woman, not enough days

Creative

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Re: Exchange cash
« Reply #12 on: March 28, 2018, 11:09:06 AM »

jd66

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Re: Exchange cash
« Reply #13 on: March 28, 2018, 12:28:52 PM »


Unless you guys plan on defrauding the IRS. You will pay taxes on every single exchange on your  account making it more expensive than paying your bank fees. now if you plan to do some fancy IRS swindling then go right ahead.

Can a certified Tax Expert please chime in and inform them.


.
You are terribly miss informed about that.
IRS only cares about gains and losses from exchange transactions.

Exchange gains and losses only happen when moving money between the two currencies

Taking money in USD on your Schwab card and getting paid in RD results in no gain or loss because you are getting it at market rates

The reason you don't get market rates in the DR is they are making money on the exchange not you.

The only way you would have a gain  is if you exchange at one rate hold it and later exchange it back at a higher rate but virtually no one does that unless you are holding it for speculation.

Most everyone here puts a little money into their Schwab account in USD and withdraws it in RD at market.  There is no exchange gain or loss on that.  That is a personal transaction rather than a investment transaction.  So losses on personal transactions are never deductible but gains from personal transactions are always includible.  A one way street there with IRS.
 
The bank charges a fee for using their ATM and Schwab gives you that fee back at the end of the month so you are made totally whole.

No need to complicate something so simple


 
« Last Edit: March 28, 2018, 06:59:46 PM by jd66 »

pimptrick

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Re: Exchange cash
« Reply #14 on: March 28, 2018, 12:36:16 PM »
I will just leave this here:

https://www.nerdwallet.com/blog/banking/debit-card-foreign-transaction-international-atm-fees/

Nice link.  So it will cost me 4 bucks to get 100 out the ATM.  That adds up over a 3-4 day trip.  16-20 dollar minimum. Losing 1000 peso from the current process of having that 1000 for a Haitian THOT.

 


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