Dominican Republic Money - Banking - ATM Machines - Credit Cards - Currency

So Much More Than You Imagined...

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The official currency of the Dominican Republic is the Dominican Peso. While it is true that many services or businesses catering to tourists might accept US Dollars for payment (or might even have some prices posted in US Dollars also), you certainly will need to have Pesos when visiting any stores in non-tourist areas or paying for services outside of tourist areas as well. Do not expect or assume that any merchant or business will be able to provide changes in US Dollars (or a currency other than Pesos) for any purchases that you make.

Most major currencies can be easily exchanged into Pesos at banks or money exchange booths, called a Casa De Cambio (exchange house is the literal translation). Most larger resorts and hotels might also offer money exchange at the main reception or hospitality desk, but as a rule of thumb, you should expect to obtain the worst exchange rates at a hotel or other tourist business, and the best exchange rate usually at a Casa De Cambio.

There are No Currency Exchange Controls in the Dominican Republic and you may freely convert (buy and sell) between the Dominican Peso and other currencies. However, chances are you will be able to convert Pesos into US Dollars or Euros almost every where, but should you wish to convert into other currencies - then it may require a visit to Banco De Reservas, the nation wide banking entity owned and operated by the Banco Central (Government owned Central Bank).

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The list of currencies easily exchanged into Dominican Pesos by most money exchange counters include the following:

US Dollars, Canadian Dollars, Euros, and UK Pound Sterling. Should you be coming from a country that uses a currency not listed here, our advice is to consider converting that currency to US Dollars or Euros prior to visiting the Dominican Republic (as finding a money exchange desk to do the conversion to Pesos will be much easier).

Credit Cards issued by a bank in your home country (Visa, Master Card, American Express) are accepted at most tourist establishments, restuarants and shops.

ATM Cards & More Banking Continued Below

A Listing of Hotels for less than US$100 per day - some with Swimming Pool and other amenaties. We believe this is the only directory listing of its kind on any Dominican Republic related website.

You may use your ATM debit card from your home country at most cash machines, but of course check to make sure your existing card has either the CIRRUS, MAESTRO or PLUS logo. Most banks in the Dominican Republic will be a member of one of these card networks. However, keep in mind that most ATM machines have a daily limit of RD$5,000 Pesos or about US$150 to US$200, depending upon exchange rates. You may also take a cash advance at many local banks with your credit card, but keep in mind the service fees to do so may be as high as 1.5 percent.

Bank Accounts, Wire Transfers

Most local banking institutions will offer savings accounts and certificates of deposit in Pesos and US Dollars. Some now offer accounts in Euros as well. The minimum required balance to open a Peso Savings Account is anywhere from RD$1,000 to RD$5,000 depending upon the bank. The minimum to open a US Dollar or Euro Savings account is US$500 at most banks. Debit cards are available and will work in conjunction with your savings account (you can access your savings account balance with an ATM debit card). Interest rates will be higher for Peso Accounts and Time Deposits (Cerificates of Deposit) than they will be for US Dollar or Euro Accounts. Interest rates for certificates of deposit in Pesos can be as high as 20 percent, annualized yield. Unless otherwise stated, all interest rates quoted are annualized rates, just as is the case with banks in the US, Canada and Europe.

Foreigners may open a bank account without restriction, showing a valid and current passport as identification. Bank account interest is locally tax-free in the Dominican Republic and as such, no tax ID number requested or required.

Funds may be sent to your US Dollar, Euro or Peso Account via bank wire transfer from your home country. However, in the case of Peso, obviously you would wire transfer US Dollars or Euros and the bank would exchange these funds into Pesos for deposit to your Peso Account. Fees to send or receive a wire transfer are about US$30 per transaction at most banks.
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If you are interested in establishing a bank account by mail in the Dominican Republic with one of the local banks, please send an email to the following (and ask about banking introduction services): Email: info@ascotadvisory.com
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