- Thread starter TNJ1996
- Start date
Do you have to convert US $$ to DR peso?
You should only post your question in one section, TNJ
Pesos are the legal currency here. I have seen instances, in supermarket, for example, where people have paid in dollars. But this caused delays as cashier had to call a manager who had to figure out what exchange rate to allow and how much change customer was entitled to.
When you pay in dollars, you are stuck with whatever exchange rate the person receiving the dollars decides on. There is nothing hard and fast that requires all to use same exchange rate.
Whether to exchange there or here, depends in large part on what rate you can get there. Exchanging here, do not exchange in your hotel. they customarily give a lower rate.
You might indicate where you will be going for your visit. Someone familiar with that area can make suggestions as to best place(s) to exchange your dollars for pesos.
Pesos are the legal currency here. I have seen instances, in supermarket, for example, where people have paid in dollars. But this caused delays as cashier had to call a manager who had to figure out what exchange rate to allow and how much change customer was entitled to.
When you pay in dollars, you are stuck with whatever exchange rate the person receiving the dollars decides on. There is nothing hard and fast that requires all to use same exchange rate.
Whether to exchange there or here, depends in large part on what rate you can get there. Exchanging here, do not exchange in your hotel. they customarily give a lower rate.
You might indicate where you will be going for your visit. Someone familiar with that area can make suggestions as to best place(s) to exchange your dollars for pesos.
Thanks Ken!
We are actually going to Punta Cana (Allegro Bavaro), so if anyone knows anything about the area, let me know. From what you're saying, I think we will convert the money, otherwise I think I will be worried that I may be getting shortchanged or something since I wouldn't know offhane how much I am actually getting back.
We are actually going to Punta Cana (Allegro Bavaro), so if anyone knows anything about the area, let me know. From what you're saying, I think we will convert the money, otherwise I think I will be worried that I may be getting shortchanged or something since I wouldn't know offhane how much I am actually getting back.
Thanks for the reminder Ken!
Thanks for the reminder about the posting of the question. I know this was the second time. 1st time, I couldn't remember if I submitted it or not (had to minimize it at work and when I got back to it, wasn't sure if I did). And today, my fingers were to fast and I went into the General Stuff section, thinking I was in the General Travel section. No wonder nothing seemed relevant to what I was reading prior to today..
Thanks for the reminder about the posting of the question. I know this was the second time. 1st time, I couldn't remember if I submitted it or not (had to minimize it at work and when I got back to it, wasn't sure if I did). And today, my fingers were to fast and I went into the General Stuff section, thinking I was in the General Travel section. No wonder nothing seemed relevant to what I was reading prior to today..
You can exchange in the airport. Or in the resort there is a bank. Just change what you need cause you wont get as good a rate changing pesos for dollars. But for the markets around the resorts you can sometimes get a better deal if you have dollars...just have to be smart and watch what they put on their little calculators!
Exchange
Usually, airports are the very worst place to exchange currency. You'd better wait 'til you get to an exchange office (preferably out of the resorts) or a bank.
I think you will get a better rate if you exchange in DR as compared to the US. In the States the only market for the peso is touristic (ie no business demand, hence, no high volume). In DR there is a huge demand for US currency. I know that's usually the way it is in Canada; I musn't be very different in the US for that matter. Also, within DR, the US$ often is a little overvalued compared to other currencies, which is good for you! I'm pretty sure you'll get a better deal in DR.
What I would recommend is that you buy a small amount of pesos in the US if you can. This way you won't be caught up with only US$ when you arrive in DR. The rest, you exchange in DR.
Usually, airports are the very worst place to exchange currency. You'd better wait 'til you get to an exchange office (preferably out of the resorts) or a bank.
I think you will get a better rate if you exchange in DR as compared to the US. In the States the only market for the peso is touristic (ie no business demand, hence, no high volume). In DR there is a huge demand for US currency. I know that's usually the way it is in Canada; I musn't be very different in the US for that matter. Also, within DR, the US$ often is a little overvalued compared to other currencies, which is good for you! I'm pretty sure you'll get a better deal in DR.
What I would recommend is that you buy a small amount of pesos in the US if you can. This way you won't be caught up with only US$ when you arrive in DR. The rest, you exchange in DR.
The bank is one of the worst places to change your money, probably THE worst save the hotel front desk. The airport is one of the best places, very unlike most other countries. About a month or so ago, the Santo Domingo airport had all the exchange houses beat in Boca Chica.
I can't speak for the Punta Cana airport, but the airport in Santo Domingo gives as good of a rate, sometimes better, than the local cash exchanges, including Western Union.
Exchange what you will spend.
See www.BocaChicaBeach.net/money.html for the scoop on money.
Don't buy any peso in the USA. You'll pay at least a 15%, probably closer to 20% markup and there is absolutely no need. You won't need pesos until you are outside of the airport.
US currency is readily available to anybody who wants to buy. The cash exchanges sell their dollars every day (in order to get more pesos to exchange for tomorrow and get rid of the dollars they took during the day.
I can't speak for the Punta Cana airport, but the airport in Santo Domingo gives as good of a rate, sometimes better, than the local cash exchanges, including Western Union.
Exchange what you will spend.
See www.BocaChicaBeach.net/money.html for the scoop on money.
Don't buy any peso in the USA. You'll pay at least a 15%, probably closer to 20% markup and there is absolutely no need. You won't need pesos until you are outside of the airport.
US currency is readily available to anybody who wants to buy. The cash exchanges sell their dollars every day (in order to get more pesos to exchange for tomorrow and get rid of the dollars they took during the day.
Jim Hinsch said:
Also the airport Banco Reservas outlet near the luggage carousels at the far end has an other advantage for gringos, after you stop there for some pesos is is easy to wander out to the exit into the terminal without getting within 100 feet of the customs screeners. They don't seem to notice, care or mind.
TNJ1996 said:
I have been thinking about this question since it was posted, so today decided to do a google search to see what someone might get if they converted their currency to Dominican Pesos before leaving the US or some other country. I checked several websites, and I found a variety of exchange rates quoted for every currency. To convert US Dollars to Dominican Pesos today, rates ranged from a low of 17.20 to 1 to a high of 17.90 to 1. By comparison, any visitor to Sosua today can get AT LEAST 18.20 to 1 for their dollars.
I think it is always wise to wait to convert until you get here, but this is especially true now when the value of the Peso is falling. The rate you get tomorrow may be higher than the rate today.
I would never change money with the people roaming the streets with hands full of pesos, regardless of what rate they offered, you will likely be cheated. Nor would I change money at the hotel. I know from experience the rate they use makes money for the hotel. Banks are the safest, but not the best available. An established money-exchange business is usually your best bet.
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Yahoo and Oando.com have been
Stuck at 17.2 to 17.4 for a long time - I think Yahoo reports some official rate and not a daily real world rate. The DR1 home page seems to be as accurate as any , plus or minus a bit for cambio transactions- should be adequate to judge the approximate amounts.
Stuck at 17.2 to 17.4 for a long time - I think Yahoo reports some official rate and not a daily real world rate. The DR1 home page seems to be as accurate as any , plus or minus a bit for cambio transactions- should be adequate to judge the approximate amounts.
Thanks to everyone for all of the input research you did! And the tips too!
I am going to watch (or attempt to watch) the figures of the peso more closely, especially because of the fluctuation. I was surprised that the rates differ in different parts of the country! We're leaning towards just exchanging down there, probably at the airport. Are there Banco Reservas in all of the airports (we'll be at Punta Cana)? Mine as well exchange there since we'll be getting in aroung 1pm and check in isn't until 3pm.
I am going to watch (or attempt to watch) the figures of the peso more closely, especially because of the fluctuation. I was surprised that the rates differ in different parts of the country! We're leaning towards just exchanging down there, probably at the airport. Are there Banco Reservas in all of the airports (we'll be at Punta Cana)? Mine as well exchange there since we'll be getting in aroung 1pm and check in isn't until 3pm.
Tor said:
ATM's are a good way for the traveler to get money; avoids the risk of carrying large sums with you. However, if you are concerned about getting the best rate, then ATM's are not the way to go. The rate they pay out is below the current local rate, plus they charge a small fee for using the ATM. Living here, I used ATM's for a long time, but then realized that I was losing money by doing so. Now I cash personal checks and get a much better rate without paying any fees for doing so.
Particularly now when the peso is falling in relation to the dollar, I am very glad that I'm not relying on ATM's.
But for the traveler only here for a short time, I agree that the ATM's are a good way to get cash.