Money

Joy Seeker · #1 02-03-2004, 04:34 PM

I am visiting DR the second week in March. I have been reading about the exchange rate for the US dollar. It is trading today at 50 DR pesos to 1 US dollar. However, I have been reading reports that the exchange rate on the street is much better. Is it safe to deal with the black marketers? What is the black market rate? Where will I find a black market money changer? How much trouble can I get into with DR police if caught using a black marketer?

Should I bring American Express travels checks? Credit Cards? Or US Dollars?
Is it necessary to change US Dollars? Maybe DR businesses would prefer a hard currency, American Dollars over DR pesos? The DR peso is going down in value every day?

Should I change money at the Airport? Hotel? Bank? Or Black Marketer?

Ken · #2 02-03-2004, 04:42 PM

Don't worry about finding money changers on the street. These days, there are more than ever. BUT DO NOT CHANGE MONEY WITH THEM NO MATTER WHAT RATE THEY PROMISE YOU. Unless, that is, you don't mind getting counterfeit money or finding--after the money changer is out of sight--that his hands were faster than your eyes.

DO NOT change at the hotel because their rate is always below the going rate.

You can change at the airport at the banco de reserva location. They usually have a good rate.

Wherever you go, there will be bancos de cambio, businesses set up to change money. They have a business location, not a spot on a street corner. Check with them to see what their rate is. There are differences. You can also check the banks; they usually have a sign just inside telling you what the rate of exchange is.

For normal daily purchases, pay in pesos that you have gotten by exchanging for the best rate you could find. To get money, you can use your ATM card or cash travelers checks or currency.

If you tell us where you will be, maybe we can suggest a good place to change money.

Dolores · #3 02-03-2004, 04:45 PM

Stay away from street vendors. They may give you 5 more points than the banks or exchange houses, but you run the risk of losing it all from a vendor with a slick hand. Normally, exchange houses have better rates than commercial rates. The exchange houses will usually give you a better rate than a business that sells in pesos. With the depreciation of the peso continuing, more and more businesses are charging in US$, so many operators may ask you to pay in this currency. They will accept travel checks or cash.

See http://dr1.com/travel/prepare/currency.shtml for more information on currency operations in the DR.

Joy Seeker · #4 02-03-2004, 04:55 PM

I will be visiting Puerto Plata the second week in March.

Ken · #5 02-03-2004, 05:58 PM

JS, monitor this thread and see where people are reporting rates from in Puerto Plata. Todays exchange rate, 2003-July 2008...archive only

Vimenca is one good possibility. I change with them in Sosua and know they have one or two locations in Puerto Plata.

ricktoronto · #6 02-05-2004, 01:18 AM

Quote:

Originally posted by Joy Seeker
However, I have been reading reports that the exchange rate on the street is much better. Is it safe to deal with the black marketers? What is the black market rate? Where will I find a black market money changer?

Should I bring American Express travels checks? Credit Cards? Or US Dollars?

Hotel? Bank? Or Black Marketer?

Not on the street. NEVER.

Bring US$ or if you feel better or have a lot AMEX cheques.

Cambios are everywhere, NEVER HOTELS either, they are grey marketers - e.g. lousy rates for those too lazy to walk a block.

rmary · #7 02-05-2004, 02:24 AM

I think some clarification might be in order. Changing money "on the street" is not the same as ducking into a small shack or what could b called a "kiosk". Anyone who is legitimately changing money for you will give you a calculator print out of your exchange. In my experience, this is expected and they do it authomatically. If they do not.......say no thank you, or proceed with exteme caution.

I have changed money many times "on the street" in the sense of a shack or kiosk and gotten reasonably good rates. The term "on the street" might mislead people and drive them back to their hotel which would give them a much lover exchange rate than they would otherwise get.

Rose

Ken · #8 02-05-2004, 10:06 AM

Following up on rmary, the people to avoid are those walking the streets, often with a sheaf of bills in their hand, looking for tourists to change money for. These are the people to avoid. The places to use are the banks and what are called bancos de cambio, or exchange banks. These are small business locations, usually in an area with other stores, etc., and often have a sign outside indicating the currencies they exchange. Don't hesitate to ask several what their rate is, then change where you get the best rate. The rate of exchange is not a hard and fast number, and there are differences betwee the bancos de cambio.