HELP - Currency undecided

[OrangePeel71]

I hope someone can help. I'm coming to the DR in 4 weeks from the UK and am undecided about what is the best currency to bring.

Should I

A - Bring a mixture of DR peso's and US Dollars
B - Just bring DR peso's

Also What travellers cheques are best (USD or British Sterling)

thanks in advance.......

 

[Hillbilly]

Bring Dollars

There is no way that any exchange house in GB will give you a fair shake on changing pounds sterling for DR pesos....

If you can, bring traveller's cheques in US dollars or ?uros...both are freely exchanged here. There are legal, and honest, exchange places at the airport and many more wherever you will be going, so don't change a lot at one and certainly do not change a lot at the airport...They may be honest but they will generally not give a newly arrived person the very best exchange rate...

Have a good time,

HB

One tiny piece of advice: Never flash a "wad" of money, either pesos or foreign currency, please.

 

[daydream]

I hope someone can help. I'm coming to the DR in 4 weeks from the UK and am undecided about what is the best currency to bring.

Should I

A - Bring a mixture of DR peso's and US Dollars
B - Just bring DR peso's

Also What travellers cheques are best (USD or British Sterling)

thanks in advance.......

Hi OrangePeel71 (love the name by the way!)

If travelling from UK it is best to take USD with you and take advantage of the currently strong ?. Then change your USD to pesos when you get there......that way you will get a much better rate than of you changed ? to pesos in the UK.

As for travellers cheques - again I would advise taking USD cheques for the same reasons as above.

The ? to peso rate (and vice versa) that you get in UK are not good so you want to try and avoid having any pesos left over at the end of your trip.......so just change up your travellers cheques as and when you really need them. Change them at a bank in town to get the best rate - and not at the hotel.

Where abouts are you visiting in DR?

I am going over in 4 weeks too

Daydream

 

[Hlywud]

Listen to Hillbilly

US$ my man

 

[ricktoronto]

A - Bring a mixture of DR peso's and US Dollars
B - Just bring DR peso's

Also What travellers cheques are best (USD or British Sterling)

#1 Rule: NBPOTDR.

Never buy pesos outside the DR. The rates are APPALLING, and every DR airport has a cambio inside to do this and every town has about 10. They dork you on the Euro big time so take the advice bring US cash and T/C's.

 

[Tor]

Bring a small amount US dollars, and use the atm's.

 

[ricktoronto]

Keep in mind your bank may charge ATM fees that are as much as $5 a transaction , for US$100 worth that is a 5% loss on the peso. If the traveler's cheques are free they are a good bet. under $1000 if there is a safe in the room I would just bring US cash.

 

[rellosk]

... If the traveler's cheques are free they are a good bet.

Except, most places now charge as much as 3% to cash travelers checks in the DR.

 

[Bob K]

Rellosk is correct

Bring USD. If using travelers checks you won't get as good an exchange. They usually will charge you up to 5% for using checks. If you have a safe available bring cash. NEVER carry more the you need for that day with you. As HB said do not flash a wad of money.

Bob K

 

[Ricardo900]

AMEX Check Card

What about the new American Express Travellers Check Card
http://www10.americanexpress.com/sif/cda/page/0,1641,22395,00.asp?aexp_nav=travcheques

 

[daydream]

Keep in mind your bank may charge ATM fees that are as much as $5 a transaction , for US$100 worth that is a 5% loss on the peso. If the traveler's cheques are free they are a good bet. under $1000 if there is a safe in the room I would just bring US cash.

Nationwide are the first bank in the UK not to charge you ATM fees abroad - so if you have an account with them you are sorted.

I just opened one - it's definitely worth it for travelling purposes if nothing else.

Daydream

 

[rellosk]

Nationwide are the first bank in the UK not to charge you ATM fees abroad - so if you have an account with them you are sorted.

You will still be charged a fee by the bank who owns the ATM in the DR. Hopefully, it's only $1 or $2 per transaction.

 

[la_barbie]

Take USD, trust me ... I work in the currency exchange industry ...

 

[riravaga]

hello,

I sugest to mixture dollar and euros, euros has better exchange rate.

 

[rellosk]

hello,

I sugest to mixture dollar and euros, euros has better exchange rate.

I don't know why, but they seem to take a much higher vig in the DR for Euros than for Dollars.

 

[la_barbie]

thats cause the euros worth more then the USD... today we were selling the USD for 1.26 and the Euro for 1.57 CAD

 

[Tamborista]

Banco Popular always pays the same rate for AMEX Travelers Cheques as US cash. I also got a fair tasa at the the cambio on Pedro Clisante right past North Coast Divers on the way to the beach.

 

[rellosk]

thats cause the euros worth more then the USD... today we were selling the USD for 1.26 and the Euro for 1.57 CAD

When I said vig (I don't think that's the official term), I was referring to the percentage they charge above the actual rates.

For example, last year when the rates were US1.00:RD45 and US1.20:EUR1.00 they were only giving about RD49:EUR1.00. They should have been given RD54:EUR1.00. That about a 10% vig. Lately it's come down, but they still pay less than they should on the Euro.