Money, Money, Money!

HeatherS · #1 01-20-2003, 11:21 PM

We are coming to Santo Domingo for a week in february and the hotel and everything will be paid prior. We want to bring spending cash... but I want to know what is the best to bring... USD? USD then convert to Peso's? Visa Cards? Master Cards? ATM/Debit Cards? USD Travellers Checks? Peso's Travelers Checks? (My Bank Issues them). What of those are the most convenient/safest? Or should there be a combination of the above. We have to pick up our rental car from the airport and I assume they will allow our credit card for that, but from there on out... what should I expect or plan to bring? Please advise.

Marc · #2 01-20-2003, 11:53 PM

My advice would be ATM and traveller's cheques. Bring some cash to get you settled in (taxi to hotel, etc), and know that US dollars are always welcome. Credit cards may be safer in SD than on the North Coast where we lived, but we heard many stories of numbers getting stolen by businesses where you use your credit card....we didn't use ours much.

marc

ricktoronto · #3 01-21-2003, 12:07 AM

If you have a lot then travelers cheques for most with some cash on hand - you can get some pesos more or less reasonably at the airport.

I have never seen RD$ peso traveler's cheques and I bet nobody in the DR has either so skip those.

ATM fees can be pretty steep per transaction and the machines can be pretty stingy with the daily amount like 2,000 or 3,000 pesos which is not much. So ATM cards as a fallback sure. (See warning on official rates below)

Credit cards can be an OK deal at hotels, car rental ( essential) better restaurants and stores. Probably surcharged at smaller ones.

Since the credit card (fraud use of) is the bank's problem go ahead and use it if you get points etc., and be careful as it may clear at the official rate, like 20 or 21 on days you may be able to get more than that with cash for pesos at a cambio.

HeatherS · #4 01-21-2003, 12:11 AM

Thank you for all the suggestions. So I was planning to bring $600 USD spending money.

I figure I will do it half and half. Half Cash Half Travelers Checks and then bring my credit and debit cards in case of an emergency.

Sound Good or still No?

Lee-Lee · #5 01-21-2003, 02:08 AM

bring some sort of a calling card as well.... when i tried calling canada and the states from the DR, the people to whom i made the collect calls received some outrageous charges on their bills.

make sure you look into that if you're planning to make any calls home.

Jim Hinsch · #6 01-21-2003, 03:23 AM

Quote:

Originally posted by ricktoronto
If you have a lot then travelers cheques for most with some cash on hand - you can get some pesos more or less reasonably at the airport.

I have never seen RD$ peso traveler's cheques and I bet nobody in the DR has either so skip those.

ATM fees can be pretty steep per transaction and the machines can be pretty stingy with the daily amount like 2,000 or 3,000 pesos which is not much. So ATM cards as a fallback sure. (See warning on official rates below)

Credit cards can be an OK deal at hotels, car rental ( essential) better restaurants and stores. Probably surcharged at smaller ones.

Since the credit card (fraud use of) is the bank's problem go ahead and use it if you get points etc., and be careful as it may clear at the official rate, like 20 or 21 on days you may be able to get more than that with cash for pesos at a cambio.

Daily withdrawel limits are set by the issuing institution of your bank card. The machines know nothing about that limit and have a "per transaction" withdrawel limit, typically RD$4000. So you can withdraw the higher withdrawel limit on your card by making multiple transactions at the same machine. I've withdrawn RD$32,000 or more from a single machine over several minutes. American Express reimburses me for ATM fees because I have a high-value brokerage account.

Jan · #7 01-21-2003, 07:25 AM

The calling cards I brought here from USA did not work here. Just get Codetel calling cards...my opinion

chicker · #8 01-21-2003, 09:23 AM

If I had to do over again, I would have brought more cash and relied less on the ATMs for only one reason. I was getting between 20 and 21 pesos per dollar at the ATM plus about 2 bucks per transaction fee when I could have been getting 23/24 pesos per dollar at a cambio. I just assumed that my normal daily limit of US$300 per day was still in effect on the credit card, though I never got near that amount in one day.
When I used my credit card to pay for my hotel, I got about the same rate as with the ATM. You spend several hundred dollars and those couple pesos per dollar really start to add up. I've never used travelers checks anywhere so I can't comment on those, and also, as has been stated, neither of my phone cards worked even though they were 'international' calling cards that I bought in the US.
Have a great trip!
st louis mike

Dominican Babe · #9 01-21-2003, 09:39 AM

Whenever I go, I take US$ cash and US$ travellers checks. Never had a problem using either, although I do change some to pesos too.

I always use a Codetel card for phone calls.

kjdrga · #10 01-21-2003, 10:30 AM

I usually just use my ATM and take maybe 100USD in cash and then charge stuff. My credit union gives me free withdraws per month and I've usually gotten great rates both at ATM's and Credit cards. I tried to do the traveller check thing but it usually took so long to find a place to change it and ATM's are widespread and easily accessable.