Every year, more than 10 million tourists visit the Dominican Republic. This Central American country – sometimes referred to as “the DR” – has beautiful beaches, delicious food, and robust history and culture. These make it an excellent destination for travelers all year round.
While there you’ll use Dominican Republic currency to pay for goods and services. Learn how to exchange US dollars (USD) for the Dominican peso (DOP), frequently asked questions about transacting in the Dominican, and how to send money to the Dominican Republic with Western Union.
What’s the currency of the Dominican Republic?
The Dominican peso, abbreviated as DOP and represented by the symbol “RD$,” is the primary currency you’ll use in the Dominican Republic. Here are some important things to know about this currency:
- Banknote denominations: 50, 100, 200, 500, 1000, and 2000
- Coin denominations: 1, 5, 10, 25
- Subunit: Centavo (1/100 peso)
- Currency nickname: Plata (silver)
- Banknote designs: Historical figures like Salomé Ureña (a famous poet and educator), national landmarks, and cultural symbols.
- Security features: Watermarks, security threads, variable magnetic ink, microprints, hologram, and more.
- Central bank: Central de la República Dominicana (Central Bank of the Dominican Republic)
History of the Dominican peso
After gaining independence from Haiti in 1844, the Dominican Republic introduced its peso, replacing the Haitian gourde. In 1877, the peso was further divided into 100 centavos. However, in 1905, the US dollar replaced the peso as the official currency at a rate of 5 pesos to 1 dollar.
In 1937, the Dominican Republic began circulating its currency again, introducing the “peso oro” (gold peso). The US dollar continued circulating alongside the peso oro until 1947 when the country’s central bank issued the first paper pesos and gradually phased out the dollar.
Initially backed by gold, the peso became a fiat currency in 1963, meaning it is no longer tied to a physical commodity. Today, all banknotes of Dominican Republic money bear the inscription: “Este billete tiene fuerza liberatoria para el pago de todas las obligaciones públicas o privadas” (This bill is legal tender for the payment of all public or private debts).
7 tips for exchanging US dollars for Dominican pesos
If you’re traveling to the Dominican Republic on a vacation, for your studies, or on business, you’ll need to get your hands on Dominican pesos. Whether you want to track today’s USD to DOP exchange rate or learn how to stay safe when converting your cash, consider the following tips.
1. Research and compare exchange rates
One way to ensure you get more Dominican pesos for your dollars is to compare exchange rates from multiple sources. Reputable sources include banks, exchange providers, and online platforms like Western Union. Since 2005, DOP has steadily lost value compared to USD due to high inflation and a consistent trade deficit. Because of its weak currency value, the Dominican Republic can be a relatively cheap place to travel.
Exchange rates for Dominican Republic money are constantly changing. Track live exchange rates to keep up with the latest information. Just don’t forget to account for commissions and fees you might be charged for your exchange.
2. Notify your bank ahead of traveling
If you plan to travel to the Dominican Republic, notify your bank beforehand. Your bank may freeze or place a hold on your account when you swipe your debit card or withdraw money from an ATM in the country without prior notice, which can be a hassle. Plus, you may have international travel benefits or services connected with your bank account, such as international customer support or cash services.
You can typically notify your bank of travel plans via phone, online, or mobile app.
3. Avoid exchanging money at airports, hotels, and tourist areas
It might feel convenient to convert USD for DOP at the airport when you arrive in the DR or at your hotel, but doing so will likely cost you. Exchanging your dollars at these locations and other tourist areas will likely yield a poor exchange rate.
There’s a black market currency exchange for Dominican Republic money, so stay away from unlicensed street vendors. These could pose a security threat or sell you counterfeit bills.
4. Consider commissions and fees
When exchanging dollars for Dominican Republic currency, you might be charged a currency conversion fee, a delivery charge, or a commission. These fees should influence your choice of exchange partner. Western Union, for instance, is known for its transparent pricing and competitive exchange rates, making it a worthwhile choice.
You’ll likely still be charged processing fees if you don’t exchange USD for physical DOP banknotes. For instance, using your credit card to pay at a restaurant or hotel may incur up to an 18% processing fee.
5. Withdraw Dominican Republic pesos instead of US dollars from ATMs
When looking for where to exchange foreign currency, remember that you can withdraw local peso banknotes from an ATM. ATMs are widely available across the Dominican Republic, except in remote areas where you must bring cash. Withdraw Dominican pesos from local ATMs to save on exchange fees and avoid additional costs associated with dynamic currency conversion.
6. Exchange money in the Dominican Republic instead of the US
You may find a few places in the US to exchange your dollars for Dominican pesos, but if you want a good exchange rate and more currency conversion options, wait until you arrive at your destination to make your exchange for the Dominican Republic money. You can easily find Western Union agent locations nationwide to exchange your money.
7. Use reputable exchanges
The best way to exchange currencies in the Dominican Republic is at a local bank, exchange office, or online. A DR currency exchange office, known as a “casa de cambio,” will be reputable and give you a solid exchange rate. Banks like Banco Popular Dominicano, Banco de Reservas, and Banco BHD Leon are good options.
Western Union also has 150 agent locations in the Dominican Republic, making exchanging money convenient in several places. Alternatively, you can use the Western Union® app to convert currency online, which uses state-of-the-art technology like Touch ID, transfer tracking, and data encryption to ensure security.
Using money in the Dominican Republic
Using DR currency is the best way to pay for goods and services in the country. Here’s what you need to know about the peso and how it’s used.
Can you use US dollars in the Dominican Republic?
You can sometimes use US dollars in the Dominican Republic, especially in tourist areas like Santo Domingo and Punta Cana, and in hotels, resorts, restaurants, and shops catering to tourists. You may see prices posted in dollars at major hotels and tourist destinations.
However, it would be best if you still carried some Dominican pesos for smaller purchases and transactions, as some vendors may prefer or only accept the local currency. Additionally, using US dollars may result in less favorable exchange rates than using pesos.
Tipping etiquette in the Dominican Republic
In the Dominican Republic, tipping is customary and appreciated by service workers. A tip of around 10% of the bill is typical for good restaurant service. Rounding up the fare for taxi rides is also common. Tipping staff – such as bellboys, housekeepers, and concierges – is customary at hotels. Additionally, tipping tour guides and drivers for excursions is also appreciated.
Where to get Dominican pesos near me?
Finding a currency exchange near you in cities and tourist areas shouldn’t be an issue. You can easily convert dollars to the Dominican Republic currency at banks, currency exchange offices, or travel agencies. For instance, Western Union has many agent locations throughout Santo Domingo and Santiago de los Caballeros.
FAQs
How much is the US dollar in the Dominican Republic?
The Dominican peso is a floating rate currency, so its value constantly changes compared to the dollar. Check out the latest USD to DOP exchange rate on Western Union to see what you can expect when converting currency.
What currency should I take to the Dominican Republic?
Because you can sometimes use US dollars in major cities and tourist areas in the Dominican Republic, carrying some USD can be helpful. Still, local vendors and rural areas won’t accept dollars, so you’ll want to exchange your money for Dominican pesos when you arrive.
Can I use my credit card in the Dominican Republic?
You can sometimes use your credit card in the Dominican Republic, but due to the country’s sales tax policy on credit card transactions, you’ll likely pay a fee of up to 18% of your purchase.
Can I use my debit card in the Dominican Republic?
Debit cards can be a usable form of payment in the Dominican Republic, although they may not be as widely accepted in rural areas. You can also typically use your debit card to withdraw pesos from ATMs.
Can I exchange money through Western Union in the Dominican Republic?
Yes, Western Union has numerous agent locations across the Dominican Republic where you can exchange currency or receive money sent from abroad.
