Currency Dominican Republic
Currency Dominican Republic -What banknotes and coins are there?
The official currency of the Dominican Republic is the “Peso Dominicano”, the Dominican Peso. A peso is divided into 100 centavos. The valid banknotes currently in circulation are 50, 100, 1000 and 2000 pesos, the coins are 1, 5, 10 and 25 pesos. Centavos are no longer used because of their low purchasing power compared to the US dollar. Very rarely you get a piece of 50 centavos. In everyday life, the whole peso is rounded when shopping or “change” is given in kind. In addition to the official currency of the Dominican Republic, the US dollar is also tolerated.
Where and how can I change money in the Dominican Republic?
The Euro can easily be exchanged into the local currency. However, it is recommended that you take US dollars with you, with which you can also pay directly. Only banks and exchange offices with an official central bank license are allowed to exchange money in the Dominican Republic. They are usually open from 8 a.m. to 6 p.m., in tourist areas often until 8 p.m.. Cash withdrawals with credit cards at ATMs are limited to the equivalent of 1,000 US dollars per day. Some ATMs also accept Maestro cards, but with high fees. Traveller’s cheques are impractical, as hotels or restaurants usually refuse them. Banks accept them at sometimes high discounts.
The import of Dominican pesos
A maximum of 20,000 Dominican pesos may be imported. However, this amount can cause customs problems when entering the country. Foreign currencies may be imported indefinitely, but must be declared and proven if the equivalent value is USD 10,000 or more. Their export is possible up to the amount of the amounts declared upon entry – minus the amount exchanged in pesos. The peso cannot be exported as a pure domestic currency of the Dominican Republic. The upper limit for the return exchange is 30 percent of the amount exchanged at the beginning of the trip.
Price Comparison Dominican Republic – Europe
Although the prices for domestic products in the Dominican Republic are below the Euro zone level, the country has long ceased to be a low-cost destination. Many things now cost almost as much as in Germany. Imported goods in particular can be significantly more expensive. In many shops, especially in souvenir shops, there is no price labelling in the Dominican Republic. Haggling is not only permitted here, but is expected. The “Plástico”, the all-inclusive bracelet for package tourists, is regarded by many traders as a “challenge” and often leads to adventurous pricing. If you don’t have pesos, you should pay in US dollars. The euro is accepted in many places, but it is charged 1:1 to the US dollar and thus at a bad exchange rate.
In the Dominican Republic, as a sign of satisfaction, between five and ten percent of the invoice amount is tipped – often in US dollars. In some restaurants, ten percent of the tip is already booked on the bill.
As a rule of thumb, chambermaids get between two and five dollars a day, hotel bellboys one dollar a piece of luggage. In upscale restaurants, five to ten dollars is a good guideline for the waiter. One dollar per round of drinks is usual at the bar. Tourist guides are given ten dollars for a day trip.