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Thread: Dominican peso

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    Default Dominican peso

    So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states.

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    Quote Originally Posted by JANET/NJ View Post
    So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states.
    Where has it been in the news in the US?

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    Ken
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    Quote Originally Posted by JANET/NJ View Post
    So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states.
    Since they won't be worth anything to you, I'll do you a favor and take them off your hands. I'll PM my mailing address. Tell me how much is the postage and I'll reimburse you immediately. Do you have a PayPal account I can put the reimbursement in?

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    nas
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    I am fying to DR next month to close my $RD 1000.00 accont.

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    Quote Originally Posted by nas View Post
    I am fying to DR next month to close my $RD 1000.00 accont.
    i'm not sure what type of transportation FYING is but if you mean FLYING, i cant understand why you would pay hundreds of dollars for an airplane ticket to close an account of 1000.00 pesos which is worth US 25.64. maybe you know something no one else does.

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    Does this mean that, if I have a rental contract in pesos, and the peso disappears, I will have to pay nothing????

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    I think the OP is worrying about the recent spat of peso devaluation, going over the RD$39.00 line for the first time since 2005, I think.

    Anyway, the monetary "authorities" had the DR Central Bank dump some dollars on the exchange market and it brought the price down to just below RD$39.00...

    However, if you have pesos, leave them alone, nothing is going to happen to them really fast. If you have dollars, all good. Now, if you have Lots and Lots of pesos, go change them to dollars, Euros or whatever...and hold tight...but it's all a gamble now.

    HB

    Moderator DR1.com

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    Ken
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    Quote Originally Posted by Hillbilly View Post
    I think the OP is worrying about the recent spat of peso devaluation, going over the RD$39.00 line for the first time since 2005, I think.

    Anyway, the monetary "authorities" had the DR Central Bank dump some dollars on the exchange market and it brought the price down to just below RD$39.00...

    However, if you have pesos, leave them alone, nothing is going to happen to them really fast. If you have dollars, all good. Now, if you have Lots and Lots of pesos, go change them to dollars, Euros or whatever...and hold tight...but it's all a gamble now.
    For sure nothing is going to change much during the next few months. The government is not going to permit a devaluation before the election in May.

    Why anyone would want to hold a lot of money in pesos, ever, is something I can't fathom. This is why many expats keep their money in an account in a bank in their home country and write personal checks which they cash at a friendly casa de cambio.

    JANET/NJ, when is your next vacation trip? If it is in the next 6 months or so, you are not likely to see much change.

    But in the future, keep your vacation money in dollars and change them when you get here. You almost always do better doing that than holding pesos for a year until your next vacation.

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    Only hold pesos for short term use.

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    Oh crap, I think I left RD$300.00 saved in the DR when I left, I think I need to call the folks down there and urge them to convert my "investment money" into dollars ASAP!!

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