Dominican Republic Currency

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Dominican Republic Currency

Money makes the world go round. So goes the saying. Like in any other trip, learning the currency of the country of destination is as essential as understanding its national language. Wherever you go, whatever you do, you'll be sure to incur expenses. Traveling to the Dominican Republic does not really mean you have to be an expert in the Dominican Republic currency. It does not also suggest that you learn how to speak Spanish by heart. However, it is wise that you know the equivalent of the Dominican peso against you own currency to get the most out of the services and goods you are paying for. Learning the basics of Spanish works practically the same way as well.

The peso is the official Dominican Republic currency. Coins of 1 and 5 pesos, and bills of 10, 20, 50, 100, 500, 1000, and 2000 are the available denominations. The U.S. dollar is most convenient form of currency to use anywhere in the country. It is also the easiest currency to be exchanged into the Dominican Republic currency. Most hotels and other establishments accept the U.S. dollar as payment and prices of good and services are often displayed in the Dominican Republic currency with their corresponding amount in U.S. dollars. Currencies from other large countries can also be exchanged to the Dominican Republic currency in major tourist places all over the country.

Generally, the best exchange rates are offered by the banks and money changers, which are set by the Central Bank according to the current conditions of the international market. Most banks are open from 8:00 am - 3:00 pm on weekdays, although some are open until the early evening. Exchange booths that can be found at the airport or in hotels usually give lesser rates because they are the most convenient options. The Dominican Republic currency is not available outside the country. So it is not possible to have a few pesos handy even before you reach the Dominican Republic.

Credit and debit cards are widely accepted in the country. It is however advisable to have some cash handy in case you chance upon an establishment that does not honor those cards. If you decide to bring Travelers cheques, it is highly advisable that they be in U.S. dollars so that you can avoid any exchange rate charges.

If you haven't spent all the Dominican Republic currency that you exchanged for, you may convert back a maximum 30% of it to U.S. dollar as long as you can present the original receipts. These transactions can only be done in banks and other official centers approved by the Central Bank. So, what do you do with the remaining pesos? Shop till you drop.

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