Where to change US dollars?

[charlessquare]

Hello fellas
we are a family of 5 landing at POP in February.Is it better to change our US at the airport or at destination-Cabarete-?What's our best option,banks,hotel cambios,street cambios,?
Thanx in advance
Carlo

[The Voice]

Originally Posted by charlessquare

Hello fellas
we are a family of 5 landing at POP in February.Is it better to change our US at the airport or at destination-Cabarete-?What's our best option,banks,hotel cambios,street cambios,?
Thanx in advance
Carlo

Actually, you probably better off not carry too much US dollars with you. You can withdraw your money in pesos just by using a local atm. That's what I always do and I never had any problems. All I get charge is $1.50US by my bank to withdraw the money. The local atm's do not charge you. Just check the exchange rate before you go and bring a small calculator with you, so that you can keep track of how much money you withdraw. Banks are usually fair with the exchange rate, while other places are not.

[ricktoronto]

With the numerous posts on broken and fraudulent transactions on ATM's that may be bad advice. To the OP bring cash & use cambios. Banks take way too long, hotel cambios are for lzay suckers who don't care about being clipped.

[carina]

I agree, bring cash and change at any cambio in town, there are tons of them. You also get a better exchangerate here, as the ATM would give you the exchange rate your bank has.
Cambios usually give a little better exchange rate than your hotel or any bank. You´ll see signs outside every cambio, so that won´t be a problem at all.

[shadInToronto]

Does anyone know the exchange rate for CAD? ... just wondering if it's worth bringing USD.

Thanks,
Shad.

[rellosk]

Originally Posted by shadInToronto

Does anyone know the exchange rate for CAD? ... just wondering if it's worth bringing USD.

Assuming you can get a fair USD/CAD exchange rate in Canada, you are better taking USD. Here's a recent post showing the rates in the DR:

http://www.dr1.com/forums/showpost.p...postcount=1143

[laurapasinifan]

I went to my regular cambio, in Li Cey this past week, and only got 31.50 on the 18th of Nov..3 days later i got 33.50 in santiago then at the casinos we went to we 33-34......one in Puerto platta the other 2 in santiago.......the casinos are safe.......good luck...bob

[charlessquare]

Originally Posted by carina

I agree, bring cash and change at any cambio in town, there are tons of them. You also get a better exchangerate here, as the ATM would give you the exchange rate your bank has.
Cambios usually give a little better exchange rate than your hotel or any bank. You´ll see signs outside every cambio, so that won´t be a problem at all.

carina,thank you for the invaluable advice,but please explain how cambios give a better rate than banks.Are cambios not privately owned?
And if your info is good which cambio should i go to in Cabarete,since there are so many of them?
When in Rome do as the romans do....
carlo

[bigbird]

Originally Posted by charlessquare

carina,thank you for the invaluable advice,but please explain how cambios give a better rate than banks.Are cambios not privately owned?

I am curious too. I know in Sosua they have guys on the street exchanging money. How do they make a profit?

[rellosk]

Originally Posted by bigbird

I am curious too. I know in Sosua they have guys on the street exchanging money. How do they make a profit?

The same way the cambios make money, on the spreads. The street money changers, since they don't post their rates, have an opportunity to make more money by raking the unsuspecting tourist. They start out with a low rate and than negotiate up if necessary. Unfortunately, some of the cambios are also starting to do this.