30/04/2024
Many people ask about what currency is better? Please read below as it can help you decide what is best for you and locals when visiting the DR.
Dollars, Pesos ??? Whatever you are most comfortable with will be fine. There is no hard fast rule..
While US is accepted everywhere in the free world, most countries will require a fee to change US dollars to the local country currency. Imagine the crappy rate you get when spending US in Canada? Same thing everywhere.
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Pesos are the currency of the Dominican Republic, and they are accepted everywhere, and they are accepted at par with the prices displayed on the menu or the price tag. So your $300 Peso meal will cost you $300 Pesos!
But.......!!!!.
If you pull out US cash, be prepared to pay the equivalent of $350 pesos with the local exchange rate being highly in favour of the establishment.
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People get a better deal with goods when they use Dominican Pesos with the local vendors and in the markets shopping for souvenirs and food. When spending US dollars a poor rate of exchange is to be expected.
If you are Canadian, you will be subject to 2 exchange fees - 'one' when you buy US for more than it is worth- and 'two' when you spend that US for less than it is worth.
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You can purchase Pesos in Canada before coming, or you can exchange CDN dollars with the money changers at the Playa Dorada Mall or at a bank. They give a fair rate. And depending on which hotel you are staying at, you can also get a decent rate at the hotel lobby for your CDN cash. Some hotels are much much worse than others, so be sure to check their exchange rate.
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Most establishments will take credit cards but be sure to bring your photo ID. La Sirena, Jumbo, Jose Luis all take credit cards. All of the finer restaurants will accept credit cards. However, when dining out, remember there may be a surcharge when using a credit card, it is best to ask if there is a price difference for cash.
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And ... there are ATM machines at many prominent locations where you can get pesos using your Canadian debit card. There is usually about a RD $250 fee associated with the ATM ( $6.00 CDN ) so avoid taking out small sums daily. It is best to go for the max $10,000 Pesos and pay the fee just once. Canadian Scotia Bank customers can use the Scotia Bank ATMs without a fee. La Sirena has a Scotia Bank ATM and the Jose Luis Supermarket downtown is right across the street from the Scotia Bank.
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Currency Tips:
• Bring lots of small bills as most retailers claim not to have change and they are great for tipping at resort.
• Only carry the amount of cash that you need on you.
• Subdivide cash in your pockets to prevent flashing money around.
• Don't use travelers checks.
• Keep credit card info in your safe in case you lose your card.
• ATMs will work with most North American bank cards.
• Know the exchange rates.
Salud
Thank you to Rosanna Abrahim
