Current situation on ATM machines and exchange rates?

[stinqu]

NO!!!What planet are you from???

[murano2010]

Can you pay at register with phone if offline?

If you mean does one require wifi or data in order to pay at the register?  The answer is NO.   What is required is a phone that uses NFC technology.   

NFC means Near Field Communication.    The three main apps for making contactless payments are Samsung Wallet, G Pay, or Apple Pay.   Once those apps are installed, one has to link their CC/DC to the app.   A person can choose a default card.  Or choose any linked card for payment. 

I have Samsung Wallet/Samsung Pay, and I also have G Pay.   I dont use Apple Pay.   I have about 4 different cards linked.  But I mainly use my Charles Schwab card with my digital wallet.   Ive known people who use their Iphones with Apple Pay regularly to pay for groceries in La Sirena and Jumbo.   

[Travelguy90]

Can you pay at register with phone if offline?

If you mean does one require wifi or data in order to pay at the register?  The answer is NO.   What is required is a phone that uses NFC technology.   

NFC means Near Field Communication.    The three main apps for making contactless payments are Samsung Wallet, G Pay, or Apple Pay.   Once those apps are installed, one has to link their CC/DC to the app.   A person can choose a default card.  Or choose any linked card for payment. 

I have Samsung Wallet/Samsung Pay, and I also have G Pay.   I dont use Apple Pay.   I have about 4 different cards linked.  But I mainly use my Charles Schwab card with my digital wallet.   Ive known people who use their Iphones with Apple Pay regularly to pay for groceries in La Sirena and Jumbo.

I believe the transaction requires you to be connected to the Internet as the phone will reach out to your bank for authorization.

You don’t. Even without a sim card(my iPhone 12 is still locked internationally) I’m able to use tap pay in DR, Brazil, and Colombia as long as I have my travel notification set. Sometimes things can get wonky but you should be to use google wallet/Apple Pay.

[sosuasosua]

Can you pay at register with phone if offline?

If you mean does one require wifi or data in order to pay at the register?  The answer is NO.   What is required is a phone that uses NFC technology.   

NFC means Near Field Communication.    The three main apps for making contactless payments are Samsung Wallet, G Pay, or Apple Pay.   Once those apps are installed, one has to link their CC/DC to the app.   A person can choose a default card.  Or choose any linked card for payment. 

I have Samsung Wallet/Samsung Pay, and I also have G Pay.   I dont use Apple Pay.   I have about 4 different cards linked.  But I mainly use my Charles Schwab card with my digital wallet.   Ive known people who use their Iphones with Apple Pay regularly to pay for groceries in La Sirena and Jumbo.   

Can you pay at register with phone if offline?

If you mean does one require wifi or data in order to pay at the register?  The answer is NO.   What is required is a phone that uses NFC technology.   

NFC means Near Field Communication.    The three main apps for making contactless payments are Samsung Wallet, G Pay, or Apple Pay.   Once those apps are installed, one has to link their CC/DC to the app.   A person can choose a default card.  Or choose any linked card for payment. 

I have Samsung Wallet/Samsung Pay, and I also have G Pay.   I dont use Apple Pay.   I have about 4 different cards linked.  But I mainly use my Charles Schwab card with my digital wallet.   Ive known people who use their Iphones with Apple Pay regularly to pay for groceries in La Sirena and Jumbo.

I believe the transaction requires you to be connected to the Internet as the phone will reach out to your bank for authorization.

You don’t. Even without a sim card(my iPhone 12 is still locked internationally) I’m able to use tap pay in DR, Brazil, and Colombia as long as I have my travel notification set. Sometimes things can get wonky but you should be to use google wallet/Apple Pay.

  Thanks for answering my question

[murano2010]

I noticed that bangoskank posted something to the effect that he "believes the transaction requires you to be connected to the Internet as the phone will reach out to your bank for authorization."

On some digital wallets in the world, an internet connection is necessary in order to make purchases.  The 1st problem, is that the app itself may require a wifi connection.   Such as the case with GCash in the Philippines.   Or M-Pesa in Kenya.   So if you have a bad connection in the store/place, one could run into problems making transactions.

The Philippines has other options.  like Paymaya.  Paymaya no longer requires an internet connection.  Only that your phone has a sim installed subscribed to a local phone carrier.  Like Smart,TNT or Sun.

But GPay, Samsung Wallet and Apple Pay can all be used without an internet connection.  The magic happens using the NFC technology that is built into certain phones.  To communicate the credit or debit cards digital info to the payment terminal.   

It's like using the card without having to actually physically put it in a terminal.    Thats why wifi or an internet connection is not required to make payments with that system. 

[crazy_canuck]

No one using remitly?

[murano2010]

No one using remitly?

I have used Remitly.  It's one of my backup apps.  Used it a couple of times in 2022.  But for some reason, I took to using Wise instead of Remitly in 2023.   I think because Wise started offering better exchange rates than Remitly.   Plus the money showed up where I wanted it to go almost instantly.

So if I was sending a large amount of cash to a foreign account, the rate that I was getting was worth it.  It's worth me checking to see what Remitly is offering these days.   But for now, I'll stick with what works.    I made 3 transactions with Wise while I was in Kenya.  Sent money directly to my M-Pesa account.   Money was there within a few minutes.   That impressed me. 

 

[nacho]

It has been said a few times in this thread, and so all this advice of how to send money to yourself by monegram, xoom, or whatever, is kind of pointless.

If you are an American or if you have an American address, get yourself signed up for a Schwab card. All ATM fees reimbursed, so no worries which machine you use, and exchange rates are the most current used with no reductions made for the company to make some money (such as Xoom or WU does)
It really is a no brainer. Unless for some reason you do not have a bank account in the USA, and only use cash (and that means you have other problems)

[tugboaboat5393]

All excellent points, im down here for 60 days i did bring cash but will with draw from my usa debit card at bank popular so far no issues in an emergency i can tap my long term trusted chica to pick up cash for me at western union,,,,no worries the good ole SS check gets direct deposited no issues !

[murano2010]

It has been said a few times in this thread, and so all this advice of how to send money to yourself by monegram, xoom, or whatever, is kind of pointless.

If you are an American or if you have an American address, get yourself signed up for a Schwab card. All ATM fees reimbursed, so no worries which machine you use, and exchange rates are the most current used with no reductions made for the company to make some money (such as Xoom or WU does)
It really is a no brainer. Unless for some reason you do not have a bank account in the USA, and only use cash (and that means you have other problems)

I disagree with one thing you said.  "Exchange rates are the most current used........etc".   

Even with using Charles Schwab DC, the exchange rate you get on an ATM withdrawal or making a purchase can vary depending on the system you are connecting to.    I conducted my own experiment to prove it.   And I also found out by trial and error.   

Here is my experiment.  I went to BP in Sosua to withdraw 10000 pesos.  At the time I got 55 to 1 on my withdrawal.   Then I went directly to the ATM at Banco Nacional in Sosua to withdraw 10000, and I got over 57 to 1 on my money.   

When I checked both withdrawals online, I can clearly see that it cost more using the BP machine, than using the Banco Nacional machine.    The BP USD withdrawal amount was higher than the Banco Nacional amount.

And the difference in cost cant be blamed on the 250 peso ATM fee.   55 to 1, vs 57 to 1, is a significant difference.   Especially if we were withdrawing ones daily limit from an ATM.

The other example was me getting gas in Puerto Plata with my Ch Sch card.   I noticed that the exchange rate on that purchase was significantly lower than what the current exchange rate would have been at the Texaco in Sosua.   If I would have waited and bought the gas in Sosua, I would have gotten a better exchange rate.   Meaning, it would have cost less for the same amount of gas.

IMO,  Banco Popular, and that gas station ( in PP next to Burger King ) their payment system is set up to get more money from a debit card purchase.   One reason may be, tourists are frequently coming there.  So they set it up so that one will pay at a higher rate if they use their debit card through their payment terminal, instead of paying cash.   

That's why it's important to know the payment system where you are making purchases, or using an ATM.   I have gotten wiser since Ive realized that not all payment systems will yield the best exchange rate when you use them.   Before I make multiple withdrawals from an unknown ATM, I will make just one withdrawal 1st.   Go online, and check my Charles Schwab to see what was the rate for that one withdrawal. 

If the rate is to my satisfaction, then I will proceed in making the rest of the withdrawals I need/want.   Most of my grocery store and Pricemart purchases in the DR using my Charles Schwab card/Digital wallet offer a pretty good exchange rate.   Texaco and the new Gas station in Sosua both give me a good exchange rate on my purchase when I buy gas.   

TBH one can make a good argument for paying exclusively with a CS card at these places instead of paying with pesos.   

[jd66]

Not one time have I ever had a Schwab ATM withdrawal not process at the market rate at the time of withdrawal.
Never! ever anywhere.

[murano2010]

Thats good news, especially if people are getting the market rate for their ATM withdrawals using CS at Banco Popular in Sosua.  Back when I conducted my experiment, their system may have been rigged.   I havent used BP ATM in Sosua since that experiment.   Especially since the machine only dispenses up to 10k pesos per transaction.    That incident I witnessed may have been resolved, and it's probably ok now. 

The ATM machine I use ( Banco Nacional in PP ) allows withdrawal amounts of up to 30k pesos per transaction.  Ive made 4 transactions of 30k each on several occasions.  With a great exchange rate.  Sometimes the machine will force a lower amount that one can withdraw.  Like only 20k pesos per transaction.   But that is still good.

The very last time I visited that ATM, something new happened.  The machine actually charged me a fee.  For years, Banco Nacional were not charging any fees at their ATMs.   Things change.  Of course, CS reimbursed me for any fees at the end of the month.

[tugboaboat5393]

Quick question banco naitional location in Sosua ?

[Pussyrus1422]

Quick question banco naitional location in Sosua ?

Directly across from Policia Nacional on the highway 5 .

[Tex1988]

A schwab card pays you back all bank fees I believe either by the 20th or the 25th of the month.

Is the exchange rate the same at any ATM you use with your Schwab card?