Money Facts in the Dominican Republic
By Robert Nickel
The Dominican Republic occupies the western most portion of the island of Hispaniola in the Caribbean Sea. With the emergence of a picturesque resort community on the western tip of the island, at Punta Cana, there has been an steady increase in the number of travelers to the area. The tropical climate and exotic natural beauty of the country are hard to ignore when planning winter get-aways!
Then there are all the inevitable questions of how much money to bring, in what form and in which currency. To begin with, the Dominican Republic uses the Dominican peso and uses the abbreviation RD$. Pesos are not generally available outside of the Dominican, so three main options exist for those visiting the country. First, use a credit card for expenditures. All major cards are accepted at most hotels, resorts, restaurants and shops in tourist areas; including American Express, Diners Club, MasterCard and Visa.
The second option for spending is the use of traveler's checks in US dollars, as most banks will exchange them. The third option is combining the use of credit cards, having some money exchanged into Pesos and using foreign currency for direct purchases. Keep in mind not all business accept payments other than in Pesos or credit card. If you choose to have currency exchanged into Pesos, know that currencies from Canada, France, Germany, the Netherlands, Spain, Switzerland, the UK and the US will be accepted by banks. When leaving the Dominican, up to 30% of Pesos can be reconverted into foreign currency but only if receipts for the original conversion are shown.
When emergency cash becomes a necessity, remember that most ATM's at major banks do accept international bank cards. Banking hours in the Dominican are slightly different than in North America or Europe. Independent branches are generally open from eight in the morning until three in the afternoon during weekdays. On Saturdays the banks open at nine in the morning and close at one in the afternoon. However, if the branch is located in a shopping mall, the banking hours are slightly extended. Weekdays see the banks open at nine in the morning and close at seven in the evening. Saturday hours are nine to one in the afternoon.
If your trip is nearing a close, you have managed to go through all your Pesos, maxed out the credit card, but really really want that little trinket at the street vendor outside the resort, offer US dollars. They may not be legal tender in the Dominican, but most vendors will gladly accept them. The Dominican Republic may do their best to accommodate visitors to their nation, even bend traditions and customs, but that doesn't mean travelers should expect locals to cater to their needs. Respect the ways of the Dominican people, in turn they will respect the ways of the tourist.
Then there are all the inevitable questions of how much money to bring, in what form and in which currency. To begin with, the Dominican Republic uses the Dominican peso and uses the abbreviation RD$. Pesos are not generally available outside of the Dominican, so three main options exist for those visiting the country. First, use a credit card for expenditures. All major cards are accepted at most hotels, resorts, restaurants and shops in tourist areas; including American Express, Diners Club, MasterCard and Visa.
The second option for spending is the use of traveler's checks in US dollars, as most banks will exchange them. The third option is combining the use of credit cards, having some money exchanged into Pesos and using foreign currency for direct purchases. Keep in mind not all business accept payments other than in Pesos or credit card. If you choose to have currency exchanged into Pesos, know that currencies from Canada, France, Germany, the Netherlands, Spain, Switzerland, the UK and the US will be accepted by banks. When leaving the Dominican, up to 30% of Pesos can be reconverted into foreign currency but only if receipts for the original conversion are shown.
When emergency cash becomes a necessity, remember that most ATM's at major banks do accept international bank cards. Banking hours in the Dominican are slightly different than in North America or Europe. Independent branches are generally open from eight in the morning until three in the afternoon during weekdays. On Saturdays the banks open at nine in the morning and close at one in the afternoon. However, if the branch is located in a shopping mall, the banking hours are slightly extended. Weekdays see the banks open at nine in the morning and close at seven in the evening. Saturday hours are nine to one in the afternoon.
If your trip is nearing a close, you have managed to go through all your Pesos, maxed out the credit card, but really really want that little trinket at the street vendor outside the resort, offer US dollars. They may not be legal tender in the Dominican, but most vendors will gladly accept them. The Dominican Republic may do their best to accommodate visitors to their nation, even bend traditions and customs, but that doesn't mean travelers should expect locals to cater to their needs. Respect the ways of the Dominican people, in turn they will respect the ways of the tourist.
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