Do we just use US dollars when in the DR or do we need to get some local currency? I figure just dollars but hey este gringo no sabe nada!
- Thread starter richbettyjo
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Money
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Change dollars to pesos here. Bank or exchange anywhere outside of the airport.
The current rate of exchange is approximately 36.8 pesos to 1 US dollar. You will get fewer pesos per dollar when the banks are closed. When the banks are open they provide about the same rate as the exchange houses.
Always ask the rate and count your pesos.
The current rate of exchange is approximately 36.8 pesos to 1 US dollar. You will get fewer pesos per dollar when the banks are closed. When the banks are open they provide about the same rate as the exchange houses.
Always ask the rate and count your pesos.
Just out of curiousity looked at the Atlanta airport exchange rate a couple of weeks ago. They were offering 30 pesos on the dollar vs the 36.8 I can get easily here.
As advised, wait until you're here. If you're at an all-inclusive hotel, they'll probably exchange at around 33 pesos. If you're out and about try to find a place offering 36 or better. No need to lose up to 20% of your buying power on a poor exchange rate! Oh... and limit what you exchange at one time to avoid having to convert back to dollars when you leave.
Dollars are accepted in most tourist areas, but the vendor/restaurant will set their in-house rates so they make another 5-10% off of you. A 3600 peso dinner may cost you US$110 if you pay in dollars as opposed to US$100 if you can exchange on your own elsewhere and just give them the 3600 pesos.
As advised, wait until you're here. If you're at an all-inclusive hotel, they'll probably exchange at around 33 pesos. If you're out and about try to find a place offering 36 or better. No need to lose up to 20% of your buying power on a poor exchange rate! Oh... and limit what you exchange at one time to avoid having to convert back to dollars when you leave.
Dollars are accepted in most tourist areas, but the vendor/restaurant will set their in-house rates so they make another 5-10% off of you. A 3600 peso dinner may cost you US$110 if you pay in dollars as opposed to US$100 if you can exchange on your own elsewhere and just give them the 3600 pesos.
most often, you can put lots of stuff on a credit card, the exchange rate will be figured out by the CC company, usually at a good but not the best odds. for example master card might convert at 36.2, against 36.8 that you have to shop for. much better than you'll get at the airport or hotel, no need to worry, less of a target for crime, etc. but any good taxi driver worth his salt will make a 5$ taxi ride become a 20$ ride when it's done in US currency. you'll need pesos for the small stuff....................
I never had a problem exchanging money on the street. Just be aware of the exchange rates and what you should be getting back in return. The banks have a better rate but when the banks are closed it's not a bad option.
Some of the money changers have calculators on them so you can both work it out and agree on it without thinking to hard.
Some of the money changers have calculators on them so you can both work it out and agree on it without thinking to hard.
Sorry, but after all the horror stories about theft of credit card numbers while traveling in the DR, I always take cash!! I'd rather get had for a point or a point and a half for a hundred dollars, than being had for my entire credit line on a credit card!!!!!!!
Better to take 36 to 1 in cash and know your not getting had long after your back home!!!!
Every time i use a cc in the dr, i come home and have to dispute several charges I didn't make. I agree, take cash. Exchange on the street at a reputable place. In Cabarete I go to Wally's. If you can't tell where the good places are by looking then ask others.
Yes the banks sometimes give an extra peso on the exchange but they often have long lines and then you have to fill out paper work. The main thing is not to exchange at your hotel. Check the math on your exchange.
ATMs are everywhere and take foreign debit cards with the usual fees. Just use common sense as you would anywhere else. Make sure the ATM works by watching someone else use it first.
You get a better price sometimes by not using your credit card, esp at small hotels.
ATMs are everywhere and take foreign debit cards with the usual fees. Just use common sense as you would anywhere else. Make sure the ATM works by watching someone else use it first.
You get a better price sometimes by not using your credit card, esp at small hotels.
Caribe Express has one of the best exchange rates on the market, followed by Vimenca/Western Union. There are some private exchange houses that offer 5-10 points rate better than Caribe Express, but you have to know who/where they are, most private exchange houses will offer lower rate than Caribe Express.
Banco Santa Cruz has one of the best exchange rates among all banks, but you have to do the line (as in any bank), other banks' rates are not as good as BSC.
Best option - exchange in Caribe Express.
Banco Santa Cruz has one of the best exchange rates among all banks, but you have to do the line (as in any bank), other banks' rates are not as good as BSC.
Best option - exchange in Caribe Express.
Credit Cards or even debit cards
Just an fyi...
Most CC's or banks charge extreme fees for using the card outside of your home country. for the US I know they charge you a percentage 5-10% of what the purchase or withdrawl is...along with the atm fee itself and the bank atm fee that you doing the transaction...can be up to $20 just to take $100-$200!
Best bet, bring cash...you can exchange at the bank, supermarket, cambio or on the street...as long as its during the day...you should be fine as long as you not doing large amounts and leave the rest in the safe!
Just an fyi...
Most CC's or banks charge extreme fees for using the card outside of your home country. for the US I know they charge you a percentage 5-10% of what the purchase or withdrawl is...along with the atm fee itself and the bank atm fee that you doing the transaction...can be up to $20 just to take $100-$200!
Best bet, bring cash...you can exchange at the bank, supermarket, cambio or on the street...as long as its during the day...you should be fine as long as you not doing large amounts and leave the rest in the safe!
All the credit cards I've used in DR have charged me the same 'international exchange surcharge' - 3%. I agree that it's annoying.
My bank [PNC] does not charge a surcharge when using an ATM
AE
My bank [PNC] does not charge a surcharge when using an ATM
AE
5-10% is a bit of an extreme story...try the PAYPAL debit card, they charge like a 1% fee of the dollar amount. Bank of America has an arrangement with Scotia Bank RD. and waives the ATM fee, just the 3% MC/Visa International fee. I get very close to the cambio rate with the card, net of Fx fees.
IMO it is not always a good idea to keep 2 or 3 large in the safe, especially if you have a "new friend" in the room.
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