How to avoid paying fees when exchanging foreign currency

Every time I go to DR I exchange around $1000.00 into pesos. The exchange rate appears to hover around 36 to 37 pesos per dollar, currently it is at 36.95pesos to the dollar. The hotel exchanges 34 pesos to the dollar. I'm doing the math and 36,950 pesos is equal to $1,000, however the hotel will give me 34,000 pesos which is 2,950 pesos or almost $80.00 I lose out just by exchanging!!! My question is are there places that exchange close to or at the exact exchange rate of the day?

I know people do it to make a profit and maybe it's a dumb question but I was just wondering if some people gave back the exact exchange rate, perhaps waiting until the dollar becomes even stronger to trade it in. I've mentioned this before, but I think I'll just pay everything in dollars if that is the case. Can you pay restaurants in dollars? Thanks in advance!

belmont said:

Check out this thread for the latest exchange rates:
http://www.dr1.com/forums/living/77301-todays-exchange-rate.html

Shop around, but commercial banks located in the cities usually post a very reasonble rate with no service charges. Also, the ATMs dispense pesos at a good rates but check if your bank has any fees.

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Unfortunately my debit card doesn't work in DR due to several fradulent charges so I have to take a large amount of cash. That's my problem everytime I go... I don't want to use my credit card because I like to pay for my vacation up front.

DMV123 said:

Do your exchanging out side the hotel! Go to a reputable Cambio. What area of the country you going to? Someone will recommend a good cambio where you will get a good rate of exchange, not the rip off rate.

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I'll be in Santo Domingo in the Gazcue area. Does anyone know of any casa de cambio's that will exchange at 36.95 to the dollar or at the lowest 35 pesos to the dollar?

belmont said:

Banco Popluar is quoting 36.90 today. They have offices located through the country. See: Popular en l?nea

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So they will exchange this rate to the dollar? That's an excellent rate! Thank you I will just locate the closest banco popular in Santo Domingo... Thanks!

DavidZ said:

Right now you should get *at least* 37.10 to the dollar, tell them the rate you want and you should get it - or close to it...just don't do it on the street!! Caribe Express is paying 37.15...last week I got 37.30 at Banco Santo Cruz...The more you exchange, the better the rate...$1000 should give you the best possible rate, but you may not want to do that much all at once, you are kind of announcing that you have a lot of money...

Also, while you can pay for almost everything in dollars, you will always lose out...restaurants and other places (taxis, etc) are notorious for using a low exchange rate...often 5 pesos or more below the going rate.

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I'm not dumb but I always get so confused by this.. I wouldn't tell them in advance that I was paying in dollars. For example if the bill came and it was 400 pesos, if the exchange rate is 37.95 ten I would leave them $10.54, actually I would just leave $11.00... Restaurants wouldn't have a problem with that right? If I remember correctly many places have the price in pesos dollars and even euros...

DavidZ said:

Right now you should get *at least* 37.10 to the dollar, tell them the rate you want and you should get it - or close to it...just don't do it on the street!! Caribe Express is paying 37.15...last week I got 37.30 at Banco Santo Cruz...The more you exchange, the better the rate...$1000 should give you the best possible rate, but you may not want to do that much all at once, you are kind of announcing that you have a lot of money...

Also, while you can pay for almost everything in dollars, you will always lose out...restaurants and other places (taxis, etc) are notorious for using a low exchange rate...often 5 pesos or more below the going rate.

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I'm not worried about exchanging a lot of money I will have people with me.