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.
- Thread starter deroque49
- Start date
Exchanging money in the DR...
I've always exchanged in the casas de cambio and never had a problem. Be smart about when, where, how much, who's watching, etc. Know the going rate and then shop around as they may vary from casa to casa.
There must be something going on with their exchange rate how come for the last 2 years it has stayed the same or in the same range 36-39 pesos? Spain and other European countries have asked for Bailouts, plus the double dip recession back in the States you would figure that it would have a domino effect on other currency's as the Dollar & Euro is weakening so would the Dominican Pesos, but it seems as though it's weathering the storm? Back to the main question i would carry enough cash sometimes the ATM's does no read your debit card, plus beware of credit card fraud when your down there it happened to me they cleaned up house by the time i noticed and tried to cancel my cards it was too late plus the Bank took 2 weeks to sort it out what do you do then when your on the Island and you Bank back In New York is going ahead with the Investigation do you just sit around. Or get some travelers cheques if i were you i would only use the credit card or debit for emergencies, well that's just me.
Everyone is making this very complicated for you.................
Bring Dollars, know what the current rates are..........and make your exchange at a cambio...........
Badda Bing...........that's it...........
Have a nice day........
B in Santiago
Bring Dollars, know what the current rates are..........and make your exchange at a cambio...........
Badda Bing...........that's it...........
Have a nice day........
B in Santiago
Just had some friends from the US leave after staying here for 3 weeks. They changed their money at the casa cambio which yes gives a much better rate. While they were here it varied 38-39 somewhat. They changed their money based on what they would be doing day by day. I would say that they changed money every 4-5 days. They also used their US dollars and the rate they were given at the cashier was on par with the casa cambio. Now on a sad note one of the friends used her ATM card and the machine never gave it back and after much going back and forth with the bank she got her card back but called her bank in the US and cancelled her card just in case. Just as others have said do not carry large amounts of currency around. If you are going to use your ATM card here just let your bank know you will be doing this so they won't think there may be a fraud issue with your card if they see it being used in another country.
Thank you very much everyone for all the responses, but I'm still unsure of what to do. From what everyone said so far it seems like my options are as follows:
1. Bring like $1000 in USD for the two week stay and change it at a casa de cambio and keep the money on my person, in my rental car and/or in my hotel room. This doesn't seem smart and makes me quite uneasy. I wouldn't feel comfortable leaving that much money in my hotel room. It seems like I'm just asking for a ruined vacation.
or
2. Only use my ATM card and make small withdraws every other day or so and risk getting conned at the ATM and either loosing my card or loosing all the money in my account.
Neither option seems that great. Any more suggestions? Thanks for the help so far.
ALSO, it seems like most people agree that the exchange rate is substantially better at the casas de cambio in comparison to the ATMs. Does everyone agree with this?
1. Bring like $1000 in USD for the two week stay and change it at a casa de cambio and keep the money on my person, in my rental car and/or in my hotel room. This doesn't seem smart and makes me quite uneasy. I wouldn't feel comfortable leaving that much money in my hotel room. It seems like I'm just asking for a ruined vacation.
or
2. Only use my ATM card and make small withdraws every other day or so and risk getting conned at the ATM and either loosing my card or loosing all the money in my account.
Neither option seems that great. Any more suggestions? Thanks for the help so far.
ALSO, it seems like most people agree that the exchange rate is substantially better at the casas de cambio in comparison to the ATMs. Does everyone agree with this?
Best rate for you: ATM and do notify your bank that you will be here or they will put a hold on the card fearing fraud
Best rate: Cambio or bank if you shop around both are about the same. Bank yesterday where I go was 39
Traveler's checks: FOR GET THEM as they are useless here
Bob K
Best rate: Cambio or bank if you shop around both are about the same. Bank yesterday where I go was 39
Traveler's checks: FOR GET THEM as they are useless here
Bob K
Don't overthink this.
This is no different than going to Europe.
Some people prefer to have cash on their person, others prefer to top up every day or two.
For a $1,000 week, you won't see the difference in the exchange rate as onerous.
This is no different than going to Europe.
Some people prefer to have cash on their person, others prefer to top up every day or two.
For a $1,000 week, you won't see the difference in the exchange rate as onerous.
Bank of America has a reciprocal agreement with Scotia Bank, zero ATH fees, and preferred TASA, I get 39 out of the ATH net of the MC/Visa International built in commission, not bad.
@ Young Seniors - Have you made it to DR yet?