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DOMINICAN REPUBLIC (DOP) DOMINICAN REPUBLIC PESO
The peso is the official currency of the Dominican Republic. It is divided into
100 centavos. You will often prices written as ‘RP$’ in the Dominican Republic,
so as to differentiate their currency from other dollar using nations. The
international currency code is DOP. The first peso came into circulation in 1844
and it was not until 1877 that this currency was decimalised and the centavo
introduced. For a time, the US dollar became legal tender in the Dominican
Republic, but this was replaced by the peso again in 1937.
Currently in circulation
The coins in circulation are the 1, 5, 10 and 25 pesos. Banknotes come in the
values of 10, 20, 50, 100, 200, 500, 1,000 and 2,000 pesos. The central bank of
the Dominican Republic is the Banco Central de la Republica Dominicana.
Exchange facilities and traveller’s cheques
For most tourists, they should always be surrounded by plenty of opportunities
to exchange their foreign currency and traveller’s cheques. Although, if
travelling to the less touristy parts of the country, these will be fewer and
farther between. Do check your rates and commission charges before going ahead
with any transaction. If looking to take traveller’s cheques with you, it is
best to take these in US dollars. These would be accepted at many of the tourist
resorts and large establishments.
Using credit/debit cards
In the main hotel resorts, credit and some debit cards will be accepted. Also,
larger stores in the capital, Santo Domingo, and other larger towns should
accept credit cards with the most well known names (e.g. visa and mastercard).
Some ATM machines are available, but again these tend to be in the capital or
the largest towns.
Restrictions
Strangely, local currency imports and exports are apparently prohibited. With
this in mind, you may need to change your money into DOPs when you get there.
With foreign currency banknotes you must make a declaration of the amount you
are bringing into the country. There is no limit on the amount of foreign
currency traveller’s cheques being brought into the country. There is no limit
on the export of these cheques either and you are entitled to export up to the
amount of foreign currency which was declared on arrival.
Dominican Republic: an overview
Occupying around two-thirds of Hispaniola, the Dominican Republic is the largest
of the two countries which share this island. Haiti is the neighbouring country
to the west. The Dominican Republic has built up a tourist industry which is the
envy of many other countries in the Caribbean. The hotels and resorts are
typically of an exceptionally high standard and tourists find that the climate
is very agreeable. From gorgeous white sandy beaches to ample good shopping
opportunities, you can see why people go back to the Dominican Republic for
their holidays time after time.
The cost of living in the Dominican Republic, per se, is low. However, the
tourist industry is long established here and the prices tend to reflect this
slight air of manipulation. Some of the hotels can be quite expensive and the
facilities will be quite pricy also. Moving out of the luxury tourist centres
and into the country proper, you will find that prices will reduce significantly
and bargains will be had wherever you go.
