The official Dominican Republic currency is the Dominican Peso, circulated in one and five Peso coins and in 10, 20, 50, 100, 500, 1000, 2000, Peso paper notes.
Note: Many of the all inclusive villas, hotels and resorts will accept the local Peso or they can provide access to an Exchange house.
Dominican Paper Bills (Pesos) vary in color.
Within the Dominican Republic economy the U.S. dollar is widely accepted, it is the currency of choice and it is widely used for purchases however you can always pay by Peso if you prefer.
The Peso floats freely against the U.S. dollar which means that the official exchange rates can change rather drastically from day to day.
Nearly all hotels in the Dominican Republic list their rates in U.S. dollars, while most restaurants and shops deal with both U.S. and Dominican Republic Currencies.
The Peso is divided into Coins known as "centavos" coins in circulation are 1, 5, 10, 25, and 50 centavo pieces, the coins can be somewhat confusing. The smaller coins have such a small value that many retail stores round down or up to the nearest 10 centavos.
Steep devaluation of the Peso has made traveling to the Dominican Republic a cheap destination. Especially for those carrying Euros, U.S. dollars or Canadian dollars.
Dominican Republic Currency
The best Dominican Republic exchange rates are available at the Exchange houses called Casas de Cambio.
You will find them in tourist areas and hubs they are open 7 days a week usually from 8:00am to 8:00pm.
Banks and Western Union
You can also change money at banks (bancos) whose typical foreign exchange hours are Monday through Friday 8:30am until 6:00pm. Banks do not exchange on weekends and they are closed on Sunday.
Check with your local hotel some of them have an internal local branch bank. Western Union also exchanges money and they can be found at almost all tourist hubs.
Note: When exchanging always ask for plenty of small bills (RD$20) notes or less don't expect many local businesses to have change for large bills.
Credit cards are widely accepted throughout the Dominican Republic and cash machines are common in the tourist areas.
Credit cards are a safe way to carry money, we recommend them because they provide a convenient record of all your expenses, and they offer relatively good exchange rates.
You can also withdraw cash advances from your Credit Cards through banks or ATM's. Keep in mind that when you use your Credit Card abroad most banks access a 2% or more fee above the 1% fee charged by Visa or MasterCard for Currency conversion on credit charges.
If you don't mind the fees then credit cards may be the smart choice.
It's always a good idea to carry around some cash for small expenses, like cab rides, or local restaurants or even small shops that do not take credit cards. "Remember, in the Dominican Republic economy U.S. dollars are accepted everywhere."
According to the 1991 Dominican Republic Banking Law, only the major commercial banks and their branches are entitled to exchange foreign currency for Dominican Pesos, under the law, many tourist hotels are authorized to change money and cash travelers checks as well.
Black Market transactions/changing money in the streets is illegal.
Under the same law leaving the Dominican Republic with more than U.S. $10,000.00 in cash or travelers checks is not allowed.
Be careful the authorities take this law very seriously, fines and or prison can be imposed.
If you are approached in the streets for a money exchange don't do it.
Dominican Republic Currency will always be available in all tourist hubs, easy access to money is available at ATM's that are usually located in the lobby area of hotel and Resorts. ATM's are linked to huge networks that most likely include your bank at home.
Use the toll free numbers to locate ATM's. Most Caribbean islands have ATM's though they may be hard to find outside the main towns.
If you are traveling abroad ask your bank for a list of over seas ATM's.
Dominican Republic currency.
Many Dominican men and women make their living from tips, tips are both widely practice and expected, maids, taxi drivers, porters and other hotel staff work for tips 5, 10. or 15 pesos is customary.
Note: Tips are expected even at all inclusive resorts. Many of the more sophisticated restaurants automatically add a 10% tip to the check. Smaller restaurants do not always apply this gratuity.
Dominican Republic Exchange Rate and Conversions