Money Management While Travelling for 2 weeks?

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zeida604

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Sep 22, 2011
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Hi all,

It'll be my first trip to the DR and I'll be spending about a week in SDomingo and then the rest travelling around more remote places like Barahona.

My question is how can I manage money. It sounds like Visa is not really a big option? Is ATM very common everywhere? Should I just be carrying lots of cash (which I never like to do for obvious reasons)...

Any tips on how to carry money and take out more money while travelling would be great!

Thanks..
 
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DavidZ

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Aug 29, 2005
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ATMs are very easy to find in all cities and most decent sized towns...and will give you a good exchange rate. Try not to carry too much cash at any given time and try to use ATMs in well lit, well traveled locations. You should also do a quick glance at the card slot to make sure it hasn't been tampered with (to steal your card or info). I haven't heard of this happening in quite a while, but it's still possible..as in the US and rest of the world. You may want to notify your bank you'll be using your card out of the country and check if they have a foreign transaction fee...
 
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Ken

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Jan 1, 2002
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Best to use ATMs at banks whenever possible. Not 100% guarantee that nothing bad will happen, but much safer than using ATMs in supermarkets, etc.

Cash advances on a credit card are much, much safer than a debit card. You have a lot of protection with a credit card but none with a debit card.
 
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SKY

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Apr 11, 2004
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Make sure you check what your charges are over here. You may see a round trip first class ticket to Paris on your card.........
 
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DRob

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Aug 15, 2007
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I agree with the previous posters, and offer the same advice that I would if you were traveling to any other location, including Disneyworld.

Most of what you'll need to spend money on (hotels, food in regular restaurants, etc.) can be handled with a debit or credit card. There are ATMs all over the country, which can help you with your cash needs.

I'd try to refrain from having more cash than you think you'll need on you. Also, minimize your "bling index," which means go easy on the jewelry or fancy clothes.

Much can be negotiated, such as cab rides. Always have a sense of the costs in advance, and don't just step into any car with a taxi sticker on the front windshield.

That said, and despite some of the "gloom an' doom" posters on this board, Dominicans are largely very pleasant, welcoming people living in a great country for tourism. Treat them nicely, and they almost always reciprocate. Hope you have a great time.
 
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La Rubia

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Jan 1, 2010
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Ken said:
Best to use ATMs at banks whenever possible. Not 100% guarantee that nothing bad will happen, but much safer than using ATMs in supermarkets, etc. Use one after one of the money lenders use it, it seems to me the safest bet, as they know which ones are safe:p

Cash advances on a credit card are much, much safer than a debit card. You have a lot of protection with a credit card but none with a debit card. I haven't done that since I learned the hard way in college just how expensive that can be. I use a debit card that only draws from a savings account, to limit any losses.
Click to expand...

Best advice is to not put all your egges in one basket. Bring some cash, a debit card which you draw from 2-3 times, and a credit card should do.
 
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rubio_higuey

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Feb 7, 2007
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Bring some cash, and a debit card. If you can "transfer" money to your debit card account prior to withdrawal, best option. Try not to use cards for payment in stores. While Visa, MC are accepted, your run a HUGE and REAL risk of your card being cloned. ATM withdrawals are a bit safer option in that regard. Wire yourself some money via Western Union or Xoom and have that transfer "awaiting you" in the DR as a backup. You can either withdraw the money or cancel upon your return home. To use card for payments in stores, try to get one of the "prepaid cards" e.g. for US$100 and then pay as much as you can as quickly as you can - if the card gets cloned, it's prepaid, and no risk for you. I would get couple of these prepaid cards in 100 or 200 dollar denomination, depending on your length of stay and planned spending (e.g. if you have prepaid accommodation or not, etc.)

Also, for ATM withdrawals, most DR banks now charge a foreign card fee of RD$112 (3 USD) and give you only about 100 dollars worth of money (RD$4,000). As far as I know, Banco Leon and Banreservas do not YET charge a foreign card fee. Banco Santa Cruz, Popular, Progreso, Scotiabank, La Nacional etc. DO charge foreign card fee. This fee is on top of what your bank may charge for foreign ATM withdrawal.
 
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puryear270

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Aug 26, 2009
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A couple of years ago, I had a big issue with two different credit cards being copied in one trip. The next trip, I used pre-paid credit cards for my hotels: I knew which hotels I would be using, knew the rate, and made sure that they took credit cards. With the prepaid card, I knew that if it were lost or stolen, no one would be able to make many charges with it.

Since then, I have not had any problem using a credit card here, other than the credit card company flagging transactions and calling me to verify. I think credit card security has gotten much better over the last couple of years. Perhaps others can say why, if that is indeed the case.

Note that many privately owned hotels do not take credit cards. Since nearly all have websites, ask before getting here.
 
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zeida604

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Sep 22, 2011
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Sounds good all so I'm hearing a mix of ATM, Cash, and VISA should be good to go. What about travellers cheques?

Also is Barahona a good enough sized towns will they have ATMs, places that accept visa, etc?

Thanks for all the help!
 
Tamborista

Tamborista

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Apr 4, 2005
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I would ONLY carry travelers cheques as a "last resort", they are a P.I.T.A. to cash and often command a discounted rate.
 
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Ken

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Jan 1, 2002
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To repeat what I said earlier, use credit cards for cash advances and never use a debit card. You have a great deal of protection if using a credit card, with a debit card you have none. There have been several threads recently started by people who used debit cards and had money taken from their account by others who gained entry via the debit card.
 
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Givadogahome

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Sep 27, 2011
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Ken said:
To repeat what I said earlier, use credit cards for cash advances and never use a debit card.
Click to expand...

Does that not work out rather expensive if you are already making credit card payments? Your confidence with this statement leads me to believe you use different credit cards to most of us, or it could be I am getting the wrong end of the stick here.
For every person who has issues with debit cards there are many thousands who don't. Use a sensible cashpoint where fiddlers are not able to fiddle.
 
hammerdown

hammerdown

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Apr 29, 2005
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There are quite a few bank machines in Barahona, only use them when the bank is open in broad daylight....as far as cash advances on credit cards go, go inside the bank to do this....I have used Banco Reservas in Barahona for this procedure and it was painless.....have a great time as this is the most beautiful part of the country
 
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CaptnGlenn

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Mar 29, 2010
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In the U.S. you usually pay GIGANTIC fees and interest on cash advances on credit cards ... and that was before the banks really got crazy with various fees in response to the new regulations that went into effect Jan 2011, NOW they're even worse. I don't know about anywhere else, but my bank, (along with most other major banks in the U.S.), will protect and cover me for fraudulent use of my debit card (a VISA card) just like credit cards. Check with your bank.
 
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zeida604

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Sep 22, 2011
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Nice one hammerdown! Appreciate the specific info here...any other info you do have on the Barahona area would be great....thanks in advance!
 
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