Just askin..Whats a Buck bringing now? Bank or Changer , Hotel, street?

[Rob]

I suppose you could look at it as a fee, but it comes down to how much the Cambio owners feel that the dollar exchange is worth.

Yesterday the Cambio downtown in Coral Seas Plaza (Gold Nugget) was 121 to 1 and Banmark, past the Texaco was 121.5 to 1.

This past summer when the J$ was in freefall, the interbank rate was 138 to 1, the Gold Nugget was 125 to 1 while Banmark was 127.5.

At that time there was a higher risk for the Cambios, so the rates were much lower than the interbank rate.

Essentially capitalism, supply, demand and the exchange rate risk involved determine the rate.

Rambo asked about "the street rate" which is determined more on the fly. You may be offered 110 to 1 because a non-dollar trader doesn't have all the resources that a cambio or bank has at their disposal. With the dollar hitting 138 to 1 just a few months ago, the small businesses can't absorb the risk as readily as the larger traders.

[Bruce]

Thanks Rob. Would the street rate be when I am dealing with vendors or anyone selling goods?
Probably similar to the dealing with peso rates on the street in Mexico.

[captaind]

Hi Bruce,

Best way is to exchange spending cash to JA. Then calculate cost in US @ 120 to 1. Easier than calculating the variable "exchange" rates of the vendors

example: using 5,000 Ja , ....Subtract the last two zeros = 50.00, (that would be 100 to 1), then subtract another 15% or so and you're within a buck or two.

Or just use your phone to calculate.

[Bruce]

Thanks Captain. Does Linston have a preference, or does it not matter to him?

[HarryS]

Best way is if you have a debit card with no atm fees or foreign transaction charges. I have a TD Bank Premier checking account. When I take JMD from an ATM, I get the exact rate and no fees. My bank even refunds any fees charged by the ATM. No way to beat that.

[ukran1ans]

Best way is if you have a debit card with no atm fees or foreign transaction charges. I have a TD Bank Premier checking account. When I take JMD from an ATM, I get the exact rate and no fees. My bank even refunds any fees charged by the ATM. No way to beat that.

Wow, that's even better than my Ally Bank (I just have a 1% transaction fee and ATM fee, so I was getting $132 out $136 international rate back in Sept where taking out $30,000 JMD at a time)