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Thread: Exchange Rate

  1. #1
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    Default Exchange Rate

    I have been getting regular updates about the exchange rate of pesos to US currency which is apparantly very good right now.

    However, correct me if I am wrong, but it seems like these rates are posted mostly for people who either live, or do business there, or both.

    Does this mean that these good rates that are quoted are for large exchanges of money?

    My husband and I will be vacationing there next week in Cabarete and Sosua and on advise from this form, we are bringing $US with us and we will of course want to get the best rate.

    I know we can pay for a lot of things in US dollars but that doesn't mean we will get a good rate once.

    Any advise, please and thank you?
    MJ

  2. #2
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    Default rate

    close to 50 to 1.

  3. #3
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    You are better off paying in pesos than in dollars since hotels, restaurants, etc. usually use a lower exchange rate than what you get from a bank or banco de cambio.

    As a general rule, it seems that the bancos de cambio in Cabarete offer a lower rate than you can get in Sosua. However, there is a commercial bank there and perhaps it offers a comparable rate.

    Barring some unforseen rise in the value of the peso, you should get at least 49 to 1, probably 50 to 1 by then. This is the rate if you change US$5, 500 or 5000.

    Best not to change money with people on the street, no matter what rate they quote. I suppose some are honest, but many are not and you may get counterfit money or you may be short changed. These guys are slick. Stick with the commercial banks and established bancos de cambio. Don't change money at hotel reception desk since you will get a poor rate.
    Last edited by Ken; 01-21-2004 at 04:00 PM.

  4. #4
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    Default exchange rate

    Thanks so much Ken, for the good info.
    I really appreciate it very much.

    One thing though. Since we are going to be in Cabarete first (not sure when we will go to Sosua, maybe, sooner then we think)
    where would be the best place to get pesos if we need them?
    As I said, we only have US money with us, as we were told by many people of this site not to buy pesos here in Canada.

    Sorry to be asking you again. But I know my husband will be wondering what is the best to do when we first arrive.

    We also want to take one of tours offered by North Shore Dive Centre and they quote the price in $US. so if you get a really good rate on pesos the tour could cost you less, but if we have to pay in $US it will probably end up working out to be more. I am also not sure if we have to book this tour from the hotel in Cabarete or just comin in on the shuttle to Sosua one day and book from there for another day.

    One week isn't a lot of time and we want to make the most of it.
    Thanks again.
    MJ

  5. #5
    Grande Pollo en Boca Chica
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    Default Money Talk

    Originally posted by mjkalau


    Where would be the best place to get pesos if we need them?

    Cambios. In a pinch $50 US or so exchanged at the bank in the airport won't be too bad a rip-off. NOT THE ONE in the hotel or All Inclusive. Never. Go hungry or thirsty first.

    DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T
    DO THIS:
    As I said, we only have US money with us, as we were told by many people of this site not to buy pesos here in Canada.
    REMEMBER:
    DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T DON'T


    We also want to take one of tours offered by North Shore Dive Centre and they quote the price in $US. so if you get a really good rate on pesos the tour could cost you less, but if we have to pay in $US

    If they quote US$ they want US$ so pay them US$. They are no fools and they are just like hotels who amazingly enough, want US$. Forget pesos, or asking to pay in pesos. You'll buy pesos at 50:1 at a cambio and they will buy them FROM you (e.g. sell you the US$ for the tour) at 55:1 or 60:1. So DON'T (see above)

  6. #6
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    At Northerncoast Diving, you can go one day and book for the next. No problem. They want the advance notice because they get the equipment ready at 8am the day of the dive.

    You can change money at the POP airport. I was there on Sunday and noticed the exchange rate then was 49.50 to 1, which was as good as anywhere in Sosua.

  7. #7
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    Don't forget that you usually get a good exchange rate using your credit card. This is the case for credit cards where I receive the bill in US Dollars (in the US/Bahamas), it may be different for Canadians.

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