Planning to pick up souvenirs at the colorful markets of Santo Domingo or settle a taxi fare in Punta Cana? Wondering whether you'll need to pay in pesos or dollars?

When preparing a trip to the Dominican Republic, most travelers think about white-sand beaches, jungle excursions, and lively evenings—but many forget to research the local currency. Yet understanding how to pay on the ground can save you unnecessary banking fees and everyday hassles. Here's everything you need to know to manage your money with ease during your stay under the tropical sun.

What is the official currency in the Dominican Republic?

The official currency of the Dominican Republic is the Dominican peso (RD$). The US dollar is also accepted in many places, particularly in upscale hotels and tourist zones. This may sound convenient, but it isn't always advantageous for travelers.

Regarding exchange rates, as of spring 2023, 1 euro was worth approximately 58 Dominican pesos and 1 US dollar approximately 55 pesos. Rates remain unstable due to the country's economic situation. To simplify your calculations on the ground, you can estimate 1 euro for 60 pesos.

If you arrive with euros, you won't have any trouble exchanging them. All banks and currency exchange offices accept euros. However, it's recommended to settle your purchases in pesos rather than dollars. Using dollars can lead to price increases, as many merchants take advantage to inflate their rates.

In certain hotels, particularly those run by Europeans, you may notice that rates are sometimes displayed only in dollars or euros. Know that these establishments are legally required to accept payment in Dominican pesos. Before paying, take time to verify that the exchange rate applied is in line with those used by local banks.

Payment methods

You can pay for purchases by credit card at most major retailers such as supermarkets, shopping mall stores, hotels, and many restaurants. Before spending or shopping, make it a habit to ask if the terminal is working properly. Even when cards are accepted, the machine may sometimes be out of service.

In small shops, souvenir boutiques, or neighborhood bars, cash payment remains the norm. It's best to always have some cash on hand.

If you want to avoid the high fees of traditional banks, use a Wise card. Whether paying for expenses or withdrawing money, Wise allows you to enjoy a favorable exchange rate and very reduced fees, both in the Dominican Republic and abroad.

Where to exchange money?

At banks

• Banreservas
• Banco Popular Dominicano
• Scotiabank
• Banco BHD León
• Banco Vimenca
• Banco Santa Cruz
• Banco Caribe
• Banco BDI
• Banco López de Haro
• Banco Ademi
• Banco BELLBANK
• Banco Múltiple Activo Dominicana
• Banco JMJ
• Citibank
• Banco Promerica
• Banesco
• Bancamerica

If you plan to exchange money at a local bank, it's best to check their website for the day's exchange rate. Each establishment sets its own rates, and the differences can be quite significant from one bank to another. The advantage is that no additional fees are charged when exchanging directly at the branch.

At a currency exchange office

If you want to benefit from a good exchange rate, visit a "casa de cambio". These are local exchange offices, used by residents as well. They generally offer far better conditions than those aimed solely at tourists.

When you exchange money at a "casa de cambio," the agent typically gives you a receipt. It shows the amount you provided, the applied rate, and the sum you receive in pesos.

Let's take an example: if you exchange 300 euros, make sure the peso amount is correct. But also remember to verify that the euro amount noted matches what you actually handed over. A quick check prevents errors.

That said, avoid exchanging money at airports, hotels, or heavily touristy areas, where rates are often less favorable.

Where can you withdraw money in the Dominican Republic?

At ATMs

It's easy to find ATMs in the Dominican Republic, especially in cities and tourist zones. However, in isolated rural areas, they're scarce. So be sure to stock up on cash before venturing into the countryside.

Also pay attention to withdrawal limits, as they depend on the bank managing the ATM. Some restrict withdrawals to 2,500, 4,000, or 10,000 pesos. Only a few ATMs, such as those at Scotiabank, allow you to withdraw up to 20,000 pesos in a single transaction.

At a bank

If you need to withdraw a large amount, go directly to a bank counter. By presenting your credit card (with embossed numbers) and your original passport, you can request a withdrawal larger than what ATMs allow.

Even if it requires a small effort to exchange a few words in Spanish, this option remains more advantageous. With each ATM withdrawal, your bank charges a fixed fee plus a percentage on the amount withdrawn. To limit these fees, it's better to make as few withdrawals as possible.