Should I Exchange Money Before I Travel to the Dominican Republic in 2024? (2024)

To exchange your money for Dominican Pesos before you travel, you may be tempted to use traditional banks or airport bureaux de change. Be aware that they always charge high commissions and apply very weak exchange rates.

Alternatively, you can use Wise's travel debit card to get Dominican Pesos at the real exchange rate with no hidden fees charged by Wise. You can exchange money to Dominican Pesos at an ATM in the Dominican Republic with no foreign transaction fees, making Wise a reliable and cheap travel card.

Let's dive in to see if you should exchange money before you travel to the Dominican Republic, along with our top 3 travel tips for foreign exchange:

Top Tips on Money Exchange Before Travel to the Dominican Republic

• 01. Should I exchange before travel to the Dominican Republic? scroll down
• 02. Can I use US Dollars in the Dominican Republic? scroll down
• 03. Is it cheaper to exchange currency in the Dominican Republic? scroll down
• 04. How can I exchange Dominican Pesos? scroll down
• 05. Top Option: Open a Wise multi-currency account scroll down
• 06. Second Option: Use a traditional bank scroll down
• 07. Last Resort: Airport bureaux de change scroll down
• 08. Our recommendation before traveling to the Dominican Republic scroll down
• 09. FAQ about foreign exchange before travel scroll down

Should I Exchange Money Before Traveling to the Dominican Republic?

These days, using a credit card is convenient and hassle-free since most vendors in the Dominican Republic accept credit cards such as Mastercard, VISA, American Express, and other credit card issuers. These issuers use their own exchange rates, but they are typically very close to the mid-market exchange rate (usually around 0.5% to 0.9% weaker). Check Mastercard's exchange rates here and check VISA here.

Therefore, you do not necessarily need to exchange money before traveling to the Dominican Republic if you plan on using your card for most transactions. Just make sure that your credit card waives international card transaction fees, otherwise those fees will add on very quickly.

Get Great Exchange Rates With Wise

If you need Dominican Pesos in cash, there are a few options to consider. The best option is to use Wise's multi-currency account, which allows you to exchange currency digitally and instantly at the mid-market exchange rate. You can then use the Wise debit card to withdraw cash from local ATMs.

Another similar option is to use your home bank's debit card to withdraw cash from local ATMs (again, the card issuer, like Mastercard, will apply their exchange rates to your transactions). Just note that using credit cards for cash advances should be avoided, as it often results in high interest payments imposed by credit card companies.

PayPal, Banks, and Bureau de Change Charge Hidden Fees

You can use your bank at home to exchange for cash before your travel but this will likely cost you due to their weak exchange rate margins. The worst options are using PayPal or bureaux de change at the airport, as their exchange rates and fixed fees can equate to up to 7% to 15% of the total exchanged amount.

When exchanging foreign currency, expect to encounter two fees:

• fixed fees, and
• exchange rate margins.

Fixed fees are charged by providers for their service, either as a flat fee or percentage of the transaction amount. Meanwhile, exchange rate margins refer to the weaker rate applied by currency exchange services compared to the mid-market exchange rate. Companies often neglect to disclose this margin, allowing them to pocket the difference as profit. Some providers may advertise their services as "fee-free," but still profit through the exchange rate margin.

What Currency Is Used in the Dominican Republic?

The official currency used in the Dominican Republic is the Dominican peso, which you might see being referred to as its currency code DOP. The Central Bank of the Dominican Republic is the central bank that issues DOP as legal tender, which is accepted by businesses and citizens in the country. Dominican Pesos comes in various denominations, including 1, 5, 10, and 25 peso coins, as well as banknotes in values of 20, 50, 100, 200, 500, 1000, 2000, and 5000 DOP.

As of 2023, the Dominican peso is a floating currency, meaning that its value is determined by market forces. The DOP exchange rate fluctuates depending on supply and demand, as well as economic and political factors.

Can I Use US Dollars in the Dominican Republic?

While the Dominican peso is the official currency in the Dominican Republic, there are rare cases where vendors may accept US Dollars (USD) in addition to DOP.

For instance, some hotels and other vendors that frequently have non-Dominican customers may accept USD. However, they will set their exchange rates on purchases, which can be unfavorable for travelers. It's typically better to pay in the local currency (DOP) to avoid any additional fees or unfavorable exchange rates.

Is It Cheaper to Exchange Currency at Home or in the Dominican Republic?

If you are exchanging at a brick-and-mortar bank, costs will be high regardless of if it is at home or in the Dominican Republic due to poor exchange rates and high fees. Instead, we generally recommend you use your debit card or multi-currency account debit card at a local ATM in the Dominican Republic to withdraw the local currency. Revolut and Wise are among the best travel cards available.

How and Where Can I Exchange Money For Travel to the Dominican Republic?

Instead of airport kiosks that offer exchange services, the top option is to open a Wise multi-currency account for free, allowing you to exchange money at or near the mid-market rate at local ATMs with no additional commission fees. The second option is to use a legacy service like a traditional bank, although this will come with higher exchange rate margins and fees.

Let's walk through these options in detail:

1. Open a Wise Multi-Currency Account For Free

When you get foreign currency witha Wise travel debit card, you'll never face any fixed fees for your first $100 per month transacted with your Wise account.

You can exchange and hold up to 50 different currencies, including Dominican peso, at the real mid-market rate (aka zero exchange rate mark-up).

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Wise's fixed fees usually hover at 0.4%, which is among the most competitive on the market. For less common currency pairs, Wise may charge around 1%, and in rare cases, up to 2% of the exchanged amount.

For these reasons and thanks to the app's ease of use, we recommendWiseand it's virtual card without hesitation.

• Multi-currency runner-up: Revolut Account
• Learn more: readour Wise Review.

2. Use a Legacy Service Like a Traditional Bank

One of the cheapest ways to get cash while abroad is to use an ATM with your debit card. It's best to use either your multi-currency account's debit card or your bank's debit card that charges zero international card transaction fees.

Keep in mind that some ATM operators may charge fees for foreign cardholders to use their machines. Check to see if your bank waives or covers these foreign ATM withdrawal fees for you. Try to find a Global ATM Alliance ATM machine in the Dominican Republic for cheap withdrawals.

Exchanging Banknotes Before Your Travels

Ordering foreign currency directly from major banks before your trip can give you a sense of security and peace of mind. Just bear in mind that their exchange rates may not always be the best available.

Some banks will have certain common currencies like Euros or Canadian dollars on hand, but anything above a certain threshold will require a pre-order. Consider ordering Dominican Pesos in cash a few weeks ahead of time to make sure it arrives in time for your trip, as some banks require up to 10 business days of notice.

Traveler's Checks

Traveler's checks are available for purchase at most banks and are usually offered in denominations of $20, $50, $100, $500, and occasionally $1,000. In addition to the exchange rate markup, a service fee of 1% to 4% is typically applied.

3. Exchange Currency At an Airport Bureaux de Change or PayPal

Airport bureaux de change are widely known to be tourist traps with high markups. In fact, we've seen that their exchange rates can be as high as 10% or more above the mid-market rate. For example, if you want to exchange 100 USD to 5,500 DOP, you may receive only 4,900 DOP back, as the rest of the value goes to the bureaux de change.

It's safe to say that buying foreign currency at banks, airport kiosks, and money changers should be avoided unless you're stuck with non-local currency in cash and want to get rid of it. In that case, it's better to exchange just enough money to get by until you can find a more reasonable option, like an ATM.

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Our Dominican Pesos Travel Tips In Conclusion

In conclusion, a multi-currency account is the best way to exchange currency before or during your trip. If you prefer cash, your next best option is to withdraw Dominican Pesos in cash using a debit card from a local ATM.

Keep in mind the following points as you enjoy your travels to the Dominican Republic:

• Be aware of the difference between the mid-market rate and the provider's weaker rate;
• Comparefixed fees charged as commission for exchange service;
• Avoid airport kiosks because they charge the highest commissions and weakest exchange rates;
• ConsiderWise or Revolutto get Dominican Pesos at local ATMs.