Living and Trading in DOP: FX Guide to Dominican Republic
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Dominican Republic with the Dominican peso
What's in this Dominican Republic currency guide?
What currency is used in Dominican Republic?
The official currency of Dominican Republic (country code: DO) is the Dominican peso, with symbol RD$ and currency code DOP.
Loading rates...
|
|
|
Frequently Asked Questions
What currency should I use in Dominican Republic?
The domestic currency in Dominican Republic is the Dominican peso.
What is the Dominican peso currency code and symbol?
The three letter currency code for the Dominican peso is DOP — symbol is RD$.
Which countries use the Dominican peso?
It is the domestic currency in Dominican Republic.
Is the Dominican peso a closed currency?
No, the Dominican peso is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and DOP?
Here are some popular conversion amounts for USD to DOP (US dollar to Dominican peso)*.
| USD | DOP |
|---|---|
| $ 16.94 | RD$ 1,000 |
| $ 84.70 | RD$ 5,000 |
| $ 338.80 | RD$ 20,000 |
| $ 1,694 | RD$ 100,000 |
More amounts
*Converted at the current USDDOP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Dominican Republic
Using Wise for Dominican peso travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Dominican peso otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Dominican peso cash before departure, you can save money by ordering online. You generally get better rates and can pick up the DOP cash locally or even on travel day at the airport.
Dominican Republic: Travel Guide
The Dominican Republic is a country located on the island of Hispaniola in the Caribbean Sea. It shares the island with Haiti. The country has a population of around 10.4 million people and its capital and largest city is Santo Domingo. The official language is Spanish and the country has a presidential representative democratic republic form of government.
The Dominican Republic is a popular tourist destination known for its beautiful beaches, clear blue waters, and warm tropical climate. Some popular tourist destinations include:
1. Punta Cana: A resort area known for its white sand beaches, crystal clear waters and many All-Inclusive resorts.
2. La Romana: it's a city located on the southern coast of the island, known for its beautiful beaches, and Casa de Campo, a luxury resort.
3. Santo Domingo: The capital and largest city, known for its historic and cultural sights, including the Alcazar de Colón, which is the oldest vice-regal residence in America and the Cathedral Santa Maria la Menor, the first cathedral of the New World.
4. Jarabacoa: A mountain town known for its scenic beauty, hiking and adventure activities like river rafting and paragliding.
5. Samaná: A peninsula located in the northeast of the island, known for its beautiful beaches, whale watching and Los Haitises National Park, a protected area of mangroves and caves.
6. Jaragua National Park: This National Park is located in the south-west of the country, it is the second largest protected area of the Caribbean, it's home to a diverse range of wildlife and plant species, including the endangered Hawksbill turtle.
7. Playa Rincon: it's considered as one of the most beautiful beaches in the country, located in the Samana Peninsula, with clear waters, white sand and a long beach area.
8. Cigar factories, like Tabacalera de Garcia and Tabacalera La Aurora, both located in Santiago, are worth a visit for anyone interested in cigar production, where you can learn about the process and enjoy a cigar tasting.
The country is known to have a high level of crime, specially in some urban areas and tourists should be aware of their surroundings. It's advisable to be extra cautious when it comes to personal security, and avoid carrying valuables and showing off wealth. Always be informed about the local situation and respect the local laws.
USD/DOP Market Data
The below interactive chart displays the USD/DOP change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Dominican Republic - Best Rates
To get a good (and fair) exchange rate when sending money to Dominican Republic you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Dominican Republic
When sending money to Dominican Republic it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Dominican peso amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted DOP amount will be transfered to the recipient account you specify in Dominican Republic.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Dominican peso deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Dominican Republic
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Dominican peso currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the DOP exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Dominican peso bank account: A local DOP bank account can make it easier for you to manage your finances and pay bills while you are in Dominican Republic. It may also be more convenient to use a local DOP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Dominican Republic. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Dominican Republic. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Dominican Republic, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Dominican Republic.
Dominican Republic economy
The Dominican Republic has a mixed economy that has been growing rapidly in recent years. Its main industries are tourism, free trade zones, and construction. In 2020 the GDP was around $89.7 billion and the GDP per capita was around $8,700.
Tourism is a major contributor to the economy, with millions of visitors coming to the country each year to enjoy its beautiful beaches, warm tropical climate, and rich culture. The tourism sector is a significant employer and generates significant income for the country.
The free trade zones industry is also a significant contributor to the economy, with over 200 companies operating in the country providing jobs to thousands of people and generating export revenues. These zones offer tax exemptions and other benefits to companies that invest and operate in them, making the Dominican Republic an attractive destination for foreign investment.
Construction is also a significant sector, driven by the growth of tourism, the increase of foreign direct investment, and the country's development of housing projects, infrastructure and public works.
Agriculture, services and manufacturing are also important components of the economy, with the country being an important exporter of tropical fruits and vegetables, notably, bananas, and also of tobacco, rum and cigars.
The Dominican Republic has been facing some economic challenges in recent years, including high inflation, a large current account deficit, and a high level of debt. Additionally, the country has a relatively high level of poverty and income inequality, which remains a significant challenge for the government to address. The Covid-19 pandemic has affected the Dominican economy negatively, but the government has put measures in place in order to recover from this crisis.