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Bring pesos in or exchange in DR?
NEVER in a million centuries bring pesos with you unless you have them left over from a previous trip. The rates are horrible at airports and banks, etc., outside the DR. You could pay double. Bring cash or travelers cheques if you are bringing a lot and buy pesos at the cambio daily or as required.
ATM problems have been reported by more than a few people here but by and large if you go to a major bank you are probably OK. The fees can add up so bringing US$ with you it really the simplest option.
ATM problems have been reported by more than a few people here but by and large if you go to a major bank you are probably OK. The fees can add up so bringing US$ with you it really the simplest option.
ricktoronto said:NEVER in a million centuries bring pesos with you unless you have them left over from a previous trip. The rates are horrible at airports and banks, etc., outside the DR. You could pay double. Bring cash or travelers cheques if you are bringing a lot and buy pesos at the cambio daily or as required.
ATM problems have been reported by more than a few people here but by and large if you go to a major bank you are probably OK. The fees can add up so bringing US$ with you it really the simplest option.
are you saying that I could bet better exchange rates in DR?
I thought the daily exchange rate is what everyone gets.
Do you get better deals when paying in peso or dollars?
You get a better deal if you don't exchange your dollars for pesos till you get to the DR.
Check out the rate here and compare
http://www.dr1.com/forums/showthread.php?t=26541&page=84&pp=10
Check out the rate here and compare
http://www.dr1.com/forums/showthread.php?t=26541&page=84&pp=10
raphster said:are you saying that I could bet better exchange rates in DR?
I thought the daily exchange rate is what everyone gets.
Do you get better deals when paying in peso or dollars?
You have much to learn grasshopper! There is no single daily exchange rate. Even within the country it varies from place to place. Because dominican pesos are not widely traded in the US and there are costs involved in getting them there, the exchange places at the US airports, etc. pay very poor rates (about 25% less than in the DR).
Unless you arrive at night, you will have no problem exchanging dollars for pesos on arrival. All the DR airports have cambios, but you will get better rates elsewhere. Problems with ATMs are overhyped.
With the exception of some tourist hotels, you will be paying for everything in pesos. It's not a question of getting a better deal, it's the currency.
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raphster said:are you saying that I could bet better exchange rates in DR?
I thought the daily exchange rate is what everyone gets.
Do you get better deals when paying in peso or dollars?
What part of "never in a million centuries" implies otherwise?
You will be lucky to get away with paying 150% of the real cost plus fees at an airport FX dealer. BUY PESOS IN THE DR ON ARRIVAL AND NOWHERE ELSE. Oh, and when you sell them back at the end of your trip you will get about 1/2 of the real value.
Hope that is easier to understand.
raphster,
ricktoronto said:
"Oh, and when you sell them back at the end of your trip you will get about 1/2 of the real value."
No doubt true. If you enjoy your trip and plan to return, I would normally recommend you take any pesos remaining with you for next time. If you are the rare visitor who doesn't plan on coming back, spend any you have left on souveniers, etc. With the lousy exchange rate right now, you may want to do that anyway.
Because there are cambios everywhere, there is no need to exchange everything at one time. Convert dollars to pesos as you go, a couple of days worth at a time. That way you won't be "stuck" with a lot to unload at the end of your trip.
ricktoronto said:
"Oh, and when you sell them back at the end of your trip you will get about 1/2 of the real value."
No doubt true. If you enjoy your trip and plan to return, I would normally recommend you take any pesos remaining with you for next time. If you are the rare visitor who doesn't plan on coming back, spend any you have left on souveniers, etc. With the lousy exchange rate right now, you may want to do that anyway.
Because there are cambios everywhere, there is no need to exchange everything at one time. Convert dollars to pesos as you go, a couple of days worth at a time. That way you won't be "stuck" with a lot to unload at the end of your trip.
I work at a currency exchange place here in Toronto, i checked this morning and if you were to buy dominican pesos here you would get 17.6 pesos for 1 CAD dollar and 20.6 pesos for every 1 USD ..... so buddy, bring the loot with you and get it exchanged down there
Another example of asking the question, getting the straight dope then challenging the reply. Oy vey, some days.
la_barbie said:I work at a currency exchange place here in Toronto
Hey, Miss, I was told Toronto was a good place to trade CNY, many Chinese buyers over there, is that right?
I am money changer in Paris, France
Sorry for that question not being DR related
Barnab?