Exchanging money in the DR...

[william webster]

I'll be in the DR for the first time for two weeks in August and was wondering what people do for money while they are there. I've heard that most people just use ATM's, but don't they get a bad exchange rate? I've read that the casas de cambio get a much better exchange rate. I'm not sure if I want to use those though because I'll be lugging around loads of cash everywhere I go and would prefer to not get robbed (not saying that the DR is super dangerous, I just want to be smart. I wouldn't want to carry around a ton of money while traveling anywhere really). Should I just use the ATM's? Is the difference in the exchange rate that much? Advice please, thanks.

One word answer.................. No

 

[Gary F]

We were in Puerta Plata from 6-19-2012 thru 6-26-2012 and of all the places we went they took american or pesos money. We stayed at the iberostar Costa dorada resort and the exchange rate was 37 pesos to 1 american dollar. Like i said we didnt exchange much money cause most all places took either one, which made it easy for us. The one thing i did notice is that the resort would convert american to pesos but not pesos back to american. We wanted to test our CC ( bank Of america ) we used it at an Atm and the machine charged a fee of 195 pesos which was is not much in American dollars. It felt cool to bring a little pesos money home to keep for a souvenir.

 

[bizzyboneizo]

just bring 500 in your pocket and leave 500 in the bank to withdraw and you can even take money out the bank by the cashier i believe its cheaper and you get the best rate. dont be scared to lose 15 dollars through out the trip to be safe

 

[davetuna]

dont forget that the supermarkets and la sirena will take dollars and give change in pesos also. very handy. from memory last time i did that they were about 38.5 and e/r was 39...so you can shop with dollars......

 

[Dandman]

This is so simple. You get screwed on credit cards, at the bank and with travelers checks. Be careful, bring cash and use the cambio. Simple.

 

[rubio_higuey]

Western Union the money to yourself like one transfer week worth of money times the duration of your stay (best by using online transfer form your checking account, lowest fees) and then go to Vimenca/WU, get the money and exchange there or in casa de cambio. You can also get a prepaid VISA card (local) in Banco Leon and deposit your spare cash there (that's in case you will stay over several weeks or longer).

 

[rubio_higuey]

Should I just use the ATM's? Is the difference in the exchange rate that much? Advice please, thanks.

The ATM will give you about 38.9, plus your % that your bank charges for foreign transaction (usually 1 - 2 %), Casa de cambio is 38.8-39.1. So you are talking about average 2%. For 1000 dollars it's 20 dollars.

BUT (yes I know you should not start sentence with BUT) most recently ATM's in the DR started to charge for withdrawal form foreign accounts, RD$112 pesos per transaction. Not all, and it varies by bank and location. For example, Banco Leon does not charge nationwide. Banco de Reservas does in the Capital but not in Higuey or La Romana (don't know other places). Plus, your bank MAY charge you for ATM withdrawal (US$5, usually) and you can take only 4,000-10,000 pesos per withdrawal in the DR ATM (depends on bank). The banks that do not charge foreign withdrawal fee: Bank of America (only in Scotiabank), ING Bank (Orange checking), Fidelity (Smartcash) and Schwab.

 

[pollogringo]

This is so simple. You get screwed on credit cards, at the bank and with travelers checks. Be careful, bring cash and use the cambio. Simple.

Cash is king. But be smart. Time of day, who's around, amount to be exchanged, etc. You should have no problem if you're aware of your surroundings and act with discretion.