Exchanging money

I was given travel information that states, "Local currency is Peso which must be acquired through a bank". Is this accurate? Must money be exchanged at a bank or do large hotels exchange money as well? Would the exchange rate be lower outside a bank? Would US dollars be accepted most places if we did not exchange our money? We will be staying at Coral Costa Caribe beginning Nov. 5th

Yes the peso is the local currency. You can exchange at hotels as well. Hotels are possibly even worse than banks. Use exchange booths, you see them all over. Do shop around, they have different prices. You can haggle with them as well. Remember that the posted prices are for cash. you should get a better price for travelers checks. I have not met an expat yet that paid posted prices. you can easely pay with dollars as well. But again your exchange rate will than be left up to the vendor, without much choice to you.

Why would you get a better price for travelers checks?

Tom

Don't ask me Tom but that is not infrequently the case. A better price is offered for traveler's cheques. Albeit, not much.

Re: Checks...they attract theives less than cash which has no names, no signatures. A money changer usually works for or with a group of changers with the money moving up to the main man/owner/operator and may not uncommonly have $50,000. to $100,000. in US to transport/move/whatever. If it was all cash his risk of being attacked is considerably greater for "no questions cash" Usually there will be less actual bills in T/C's than equivalent number of cash bills as travellers buy larger denominations than they might have carried in cash. (Easier to transport) Generally less counterfiet problems as well so less loss.)

But you know what? I would STRONGLY reccommend you exchange cash over cheques. I had the worst experience trying to exchange cheques at the airport. I was in a hurry so I just quickly signed the cheques- by the way I had 20 of them I was exchanging. Well, the official decided that my signatures did not look anything like my original signatures on the cheques so he threatened to not accept them. That would have meant a loss of $200 US for me. I was panicked and begged him to exchange the money. After making me sign EACH of the 20 cheques TEN TIMES, he finally gave me the money. I was so flustered!!!! Ever since then, I have ALWAYS taken cash!!! It's possible that at the booths they may not be as strict with identical signatures but at the airports, they'll put you through everything before they let you cash the cheques. My advice to you?????

TAKE CASH - NOT CHEQUES!!!!!!

Some, not all, private exchange houses will pay slightly more for checks than cash. I think it has more to do with money laundering than risk of theft. Money changers are well armed. Cash is sometimes easier to convert than traveller's cheques if the money changer doesn't know you.

Karen, you are coming well before the big influx of Dominicans returning home for X-mas with US$. Dominicans like to change with money changers. So much so that I can remember one money changer who was paying less than the banks for US dollars at Christmas time. He simply was getting more dollars than he could convert through his usual channels, so he ran to the bank to collect his premium and stay liquid. Under normal conditions, the change houses pay about 2% to 3% more than the banks or hotel based operations, but this can vary considerably with supply and demand.

If you are talking about converting a lot of money, shop around at the park in San Pedro de Macorix, 10 miles from your hotel. There are three or more change houses there. (Casa de cambio Villa, Pena, or Ramses.) If you are coming as a tourist and just want one or two hundred dollars changed, it probably isn't worth the trouble.

One last suggestion. Change the money yourself at an established operation. Do not change it on the street. Do not give it to someone to change for you. Do not accept help from a local "guide" in showing you where a change house is.

Just got back 2 weeks ago from Puerto Plata and I found that some banks were paying more than the exchange house. So, shop around!!! And if a place down the street is giving you more, then the person and they will probably match it for you.

Seven responses to Karen's question and no one has mentioned using an ATM. Does anyone have experiences with ATMs in the DR.

Jim

The best advice is to bring US Travellers Cheques. Only cash enough for a few days. Carrying cash makes you a prime target for thieves, I don't care how big you are. Keep track of the ones you have cashed and be sure to keep the numbers separately. If you use a credit card to buy something always write "Pesos RD" under the amount or you may be charged $US.Always destroy the carbon copies. This is not being paranoid, believe me! Canadian Bob.