Gambling in $ or Pesos

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golfarch

Guest
Having gambled in the DR a couple of times, I have always wondered about the statement I have heard about not being able to "cash out in dollars" if you win using pesos. It seems hard to believe that there would be no way to cash out, even if it meant cashing out in Pesos and then exchanging at a bank. What is the real story?
 
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Jim Hinsch

Guest
Re: Can you buy US$ with Dominican pesos? - Yes.

You can always buy US Dollars with Dominican pesos. You may not be able to do it directly at the Casino. There is a spread between the buy and sell rate of course, so it may be more profitable to not have to buy US Dollars.

You will see signs at many exchange houses (cambios) that advertise "We sell US Dollars". Most take in various international currencies all day long, selling Dominican pesos. Often, they run out of pesos on any given day. They are more than happy to sell US Dollars, the most common foreign currency, which keeps them in business for the day.

In the USA, you can buy US Dollars with pesos at the Miami, JFK, San Juan, and Newark airports and most major cities have banks and exchange houses that will purchase international currencies but you will get a better rate if you do it at an exchange house or bank in the DR before you leave.

I was told at one time that you have to retain a receipt showing that you started with at least as many US Dollars as you want to purchase but I've never seen it required. There also has been a myth spread around that once you have converted your money to Dominican pesos, you are stuck with Dominican pesos, or that Dominican pesos cannot be sold outside of the country. Both these are false.

Jim Hinsch JimHinsch@CSI.COM
 
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golfarch

Guest
Re: So, if I ....

So, if I win 50,000 pesos on a slot machine, does that mean I could exchange them for dollars and return to the U.S. with no problems?
 
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Jim Hinsch

Guest
Re: Yes, you can buy US$ and go to USA with it

Yes. You can buy US Dollars with the Dominican Pesos and return to the USA with the money in US$.

Another option is to deposit the money in a Dominican bank and have it wired to your bank in the USA. A bank can also assist with the currency exchange. There are many other ways to move the money, some that carry big fees, such as Western Union. You will have to declare the money with US Customs if you physically carry more than US$10,000 into the USA.

Jim Hinsch JimHinsch@CSI.COM
 
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golfarch

Guest
Re: Something tells me....

Something tells me I just killed any chance I had of hitting a big jackpot during my visit. :)
 
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Ed

Guest
Re: Can you buy US$ with Dominican pesos? - Yes.

Jim,

Are you sure about Newark? I recently went to the one of the currency kiosks in Newark Airport and they said they do not trade in Dominican Pesos.
 
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Jim Hinsch

Guest
Re: Can you buy US$ with Dominican pesos? - Yes.

Yes, I'm positive. They may not stock pesos to sell, but they sure buy them because I have sold them before, as recently as in the last 6 months, which I did just to be sure I could if I wanted to. They would not take the coins though. I always use the kiosk in the area between immigration and customs.