Money Changing Questions

[richmondfun]

I'm planning my first trip, so yes...I'd be considered a virgin mongerer and have a few questions. When you travel to the DR, do you bring cash or use ATM cards or another form of money? I'm worried that if I use an ATM card, I might not be able to withdraw enough money daily to cover my expenses. If you bring cash, how much is advisable and in what denominations? I'm not sure if large bills would be a good idea for exchanging and would like some advice on what would be best. Thanks for the help.

[gmalet]

I bring about 700 cash for a 7 night trip. If I run out then I start using the ATM.

Bring 20 dollar bills.

Also bring additional cash to pay my hotel expense. You can usually get a discount if you pay cash for the hotel.

[Nakom]

I would recommend you bring $200 cash for every day you are in the DR (including your first and last day). You are new so you really have no idea how much you will need, and will not be getting rock bottom prices on chicas and food. Also bring cash for your hotel bill on top of that. $100 bills are perfect and are easy to change at the bank, at the cambio's, and on the street. I bring my debit and credit card but they never leave the safe - they are only for an emergency. Some times they do not work, ATM's can run out of money on weekends, and there are security risks with using cards (and ATM's for that matter) in the DR.

[Talis]

I have payed cash for everything except for plane tickets for my trips. My routine is pretty simple: I have three envelopes when I leave home. One is for all known set costs (hotel, car, etc) and is sealed, the other is for my daily activities (food, girls, taxi, etc) and is also sealed. The third is for the first day costs (airport luggage, airport travel, the 10 dollar fee, initial taxi to Sosua, the first day stock up of supplies). For the first and third envelope I try to have exact change: a 10 dollar bill for the entrance card, a 20 for the taxi, and then 200 for stocking up on supplies - The super mercado takes dollars. If the hotel is 485 and the car is 237 I make sure I have those exact amounts and paperclip them so I do not have to get change.

The only time I get into the first envelope is when I need to pay one of those known bills. This way you do not need to go through your money and budget what you have left and think of the hotel, etc. If I can I pay those right up front.

For the second envelope I stock 300 per day all in 100 dollar bills. I will probably never spend that much in a day but I try to always have 300 dollars in pesos available.. So if I spend say 160 one day (I have 140 dollars left) then I take 200 out of that envelope and restock during the day. I tend to think of it in Pesos.. I count my pesos in the morning.. Figure out how many 100 bills it will take to get over 10,000 again and take that much out. On Fridays I try to get enough for the weekend (600 dollars in pesos on hand) as the rates are worse on the weekend and at nights from the guys standing on the corners changing cash.

For my upcoming trip I will probably move that down to $200 per day since I have a better idea what my costs normally run and I should be spending less this trip anyway.

[weyland]

ATM's can run out of money on weekends, and there are security risks with using cards (and ATM's for that matter) in the DR.
True. Best to use your bank card inside the bank at the teller counter. You will need your passport as well.*

*Not sure if US citizens can get away with a driver licence? Would someone please advise. Thanks.

[gmalet]

True. Best to use your bank card inside the bank at the teller counter. You will need your passport as well.*

*Not sure if US citizens can get away with a driver licence? Would someone please advise. Thanks.

You need your passport at Banco Popular. Drivers license is not accepted.

[DRCowboy]

ATM's - I have two bank cards, main and backup. I have had no problem is SD, Punta Cana, or Santiago. I always pull extra for weekends exactly as outlined above. I do not use at night. "Neon sign saying cash in hand, rob me". Do not use while drunk (but that's another story).:rolleyes:

ATM's - Many shopping centers supermercados have them to one side of the entrance (inside). Very convenient and Pretty safe during the afternoon. :)

ATM's - I personally like Banco Popular. They scan your card and give it back (does not go allthe way into the machine). Never had it eaten. Only denied if I used it to many times a day or above daily limit.

Supermercados Playero y Sirena take my credit cards and have historically given me a good rates. Shopping with novia for cooking supplies, rum, beer etc.

I normally take $100 cash per day (food, drinks, chicas) as backup money. Cash for hotel and cash for rental car. Sealed envelope in passport kept in safe.

As said before do not carry large amounts of cash. Do not carry original passport.

I photo copy all credit cards (front & back) in case I need to cancel or check balance. This is also kept in the sealed envelope.

Have a plan , have a backup plan. Above all else have fun.

[GrandePadre]

We hit the monbey changer by the orange store down the street from NG. we were getting the same rate as the western union. ATM's charge you fees and you don't get the same rate. Today we got 37.15, no passport needed.

[Seville]

Bring cash and change your money at the Caribe Express office in Los Charamicos. Need a copy of your passport. There or possible WU office has best rates. 37.15 in Los Charamicos today

[gdogg]

Notify your bank before you leave that you'll be using your ATM card in the D.R.. They may flag your account for suspicious transactions and you'll be in a pickle. Also try to get enough cash for the weekend by Thursday. The ATM's are notorious for running out of cash on weekends (especially on holidays). At the very least, go inside the bank to get cash before they close on Friday.

[Seville]

We hit the monbey changer by the orange store down the street from NG. we were getting the same rate as the western union. ATM's charge you fees and you don't get the same rate. Today we got 37.15, no passport needed.

Bargain:wink:

[mikelodge]

Bargain:wink:

Many bar owners or hotel owners will change some money for you at the going rate but I would never rely on them having what I want. I always ask if I need to change because many of them get a tiny profit if they change enough money.

There is a guy that I have seen hotel owners call who comes right to the hotel and gives you the same rate as the change places like the one by Happy bar past phone places. This way you don't have to go anywhere and carry all the money if you are changing alot to get it done.

For example rather than hassling with changing every day or two if you know you are there for a week change $1000 into pesos right away and put it in your safe the same place your dollars would have been.

Many times changing a thousand US you might get .10 more and this way you have it done and only carry 7k-10k pesos around with you.

[Talis]

I photo copy all credit cards (front & back) in case I need to cancel or check balance. This is also kept in the sealed envelope.

Have a plan , have a backup plan. Above all else have fun.

I forgot to mention that.. Make a copy of all cards and passport and have them in a sealed envelope. Better yet: Scan them, encrypt them, and email them to yourself... You always have a copy available that way that can;t be stolen.

[Nakom]

I would not recommend going into Los Charamingos on your first trip with a bunch of cash and your passport. Go to Banco Popular, 1 block from the NG Hotel and straight back to your safe.