Currency exchange

Best way is to use your ATM or credit card for cash withdrawals. We would order about a week's worth of DOP from our US bank before coming down so that we didn't have to worry about it on arrival. The only USD we carried was what we thought we needed while in transit, knowing that once we were back in the US airport, we could default to credit cards again!

We've actually never exchanged US dollars for pesos here, except when moving money from our USD to DOP bank accounts at Banco Santa Cruz.

I opened a Scotibank acct.  in Canada and use my Scotibank debit card in the D.R. at any Scotibank. No fee withdrawals and excellent exchange rate.

Plan B is taking your Canada dollars to a reputable money exchange where they currently pay 43 pesos to the CAD dollar. Canseda Exchange in La Romana is trustworthy

I use my mastercard for most purchases including gas, restaurants and groceries. Good international exxhange rate and i carry very little cash

I exchange my us & 🇨🇦 $'s at local street depots.  Always the best rate.  Also use World Remit and send myself pesos to Caribe Express depots in DR

Like Steverino7777, I changed all banking to Scotiabank in Alberta and even opened a Scotiabank account in Moca. I also use my Cdn debit card when needed - such as weekends to various locations on the island. Painless and no hassle. I also have, in the past, sent $$ to myself via Remitly, a Vancouver based exchange company and very inexpensive - for example about $990 Cdn costs $9.45 - and that price is going down. Remitly also can send $$ from a Cdn account to a Dominican account....fyi...cheers

Thanks for the information, already have Scotiabank account so will use that, have also rented
for next winter so all set, thanks everyone for your tips.

Does Remitly allow you to send Canadian dollars from the D.R. to Canada?

Steve:  I am sure they allow it but for an exchange I would imagine.   If they are physically in the DR, they have the same problem you do...

Yes - I just sent payment to Lily (direct to her bank account) for work she is doing for me and also to the bank account of my contractor who is building my house. The first transfer went through no problem. However the next day when I sent another similar amount, to BHD Leon, they asked for more info and are now processing....but for regular amounts not so frequent, I think is is OK. Remitly charged me $5.35 to send......I have been using them for almost two years - but was sending to Caribe Express and I or my wife went to pick it up.  I am going to change that to deposit to my Scotia account in Moca - after I go see the manager when I am back in August.

2VP: The question was Canadian dollars from DR to Canada...
Does your answer still apply?

A quick tip for Canadians only:  Look into the STACK Mastercard.  It works a little differently.  It is more like a cash card.  You deposit the amount you want to have access to the STACK mastercard account from your Canadian BA.  I use Interac (no charges) and they have a convenient mobile app.  When you start using up the money, top it up again.  Advantages: no exchange fees from your Canadian dollars to your Dominican Pesos.  No other fees.  Security on the amount that can be charged on the card by controlling what you deposit into the account.  It's a MC so is accepted everywhere.  You can withdraw cash at the bank machines up to 20K pesos in 1 shot (no fees, it's not a cash advance) You have an instant confirmation on your app of the amounts spent and where.

Cheers,

While YOU can be anywhere to initiate a transfer from your bank, in any country served /serviced by Remitly. I would say one would have verify that specific question with Remitly. Apologies - never entered my mind to consider that....

When you start actually living here and visiting Canada, you might find yourself in the same situation where you come back to the DR with just a little too much Canadian cash...

Dear Terryo:

I'm late to this party, and I'm not Canadian, but hopefully I can help a bit.  [Please forgive me for being a Yank, it is a genetic condition bequeathed by my parents.  😁]
Nevertheless, I'll try to add some value.

First, as made clear by the wide range of responses, there's probably several dozen ways to accomplish what you asked about. 
>> The most honest answer is "it all depends."   Currency exchange rates change each and every day, even minute by minute.
>> The depots generally are regarded as providing the best exchange rates if you have cash in your hand right now -- certainly better than DR banks. 
>> But, you DO NOT want to be flashing large wads of cash and doing multiple exchanges a day -- if only as a matter of personal safety & security.   

Like DDMcGee and others, we prefer to use ATMs from our local DR bank to draw pesos as needed.  Don't  stress about the exchange rates, it's all funny money anyway.
>> But, you'll need to take care you're using an ATM from your bank, or the network your bank uses, to avoid ATM-specific fees.
>> Be aware that ATMs will have withdrawal limits per-transaction, day and sometimes month.
>> Also, if your accounts have seen low usage for a long while, a sudden spate of cash withdrawals in a short period may trigger fraud concerns and freeze your ATM card for a week or month.  [This happened to us during our March trip to the DR.]
>> The wise expat thus plans several different ways to exchange or withdraw funds.  Credit card backups with no currency or ATM fees are recommended.  ALWAYS have some cash (pesos) with you. 
>> Personally, we make sure to end each trip with at least DR$10k pesos to save as seed money for starting the next trip.   
>> Airport ATMs are readily available as you arrive at SDQ, but ATMs can all go down at once due to power failures or loss of the GPS timing signal.   
>> DO NOT EXCHANGE MONEY AT THE AIRPORT, unless you're truly desperate.  Worst of all exchange rate options.

We prefer to use specific credit cards to charge expenses...my American Express card, for example, gives better exchange rates than ANY other source I've seen, and guarantees ZERO foreign currency or ATM fees.
>> Often those bennies come with premium credit cards so you might see annual fees -- but in my experience, well worth the fees.  Make sure you read the fine print.

If you are transferring larger sums (more than a couple thousand) to your DR bank, I've found MoneyCorp to provide the best exhange rates and lowest additional fees (usually zero).  Moneycorp makes their money by offering a slightly lower exchange rate...yet it is always better than what the banks offer.
>> MoneyCorp, an international service, has created several subsidiary corporations (e.g., MoneyCorp USA) to simplify  transfers for customers.  That"s been helpful to us, as our smaller, rural-based banks and credit unions have conniptions at sending direct wire transfers to places like Panama and the Dominican Republic.  Your mileage may vary. 

For small transfers, I've personally found Remitly offers the overall good pricing -- though not always the best each time.  Remitly's app also has a superb user interface design, and absolutely the best tracking/status system I've seen.

A very useful tool is the Monito website, which essentially is the Priceline or Kayak of money transfer services.  It compares current pricing for a number of transfer services and recommends  the top few at that moment  However, Monito doesn't transfer funds itself. 

At minimum, install a currency rate app on your phone, so you can learn the current daily exchange rates before you exchange funds.

GENERAL WARNING:  Lots of wires or transfers to Latin America countries will bring attention from your national taxing or financial crimes folks.  That's especially true for Panama, for historical reasons. 
>> Since you're simply transferring or wiring amounts typical for vacation or residency, you shouldn't actually see much impact
>> However, if you are transferting large sums on a regular basis -- say, you're purchasing or building a home -- you should expect occasional unexplained "delays" of the wire.  Our best guesstimate is that the Feds place a hold on such transfers until a human being reviews it.  This may add an additional day or two, but sometimes adds a whole week.  PLAN ACCORDINGLY.  Don't make your wires or transfers at the last minute.

Okay, I hope some of that is helpful to you.  If not, perhaps it will be helpful to other readers in the future.

Best wishes,

Jim
RusherExpat

Terryo wrote:

Hi , can anyone tell me the easiest way to exchange Canadian currency while on an extended stay
in D.R.
Don't want to exchange twice into U. S. and then to Pesos , or  can you just use a credit card when
needed at an ATM machine, don't want to have lot's of cash on hand just enough for a weekly
budget. T.I.A. TERRY.

Mike - until I win a lottery, that'll never happen to me.... but point taken....thanks!!

Is it better for me as Canadian to take Canadian money to Dominican and exchange it ? or to exchange my Canadian $ to US in Canada, and to exchange my US in Dominican?
Last time I done the exchange last January I lost around 350$ canadian to get 3000 US
Thks

Hi
I Didn't got this part can u pls explain
(Also use World Remit and send myself pesos to Caribe Express depots in DR)

freeperson.  Every time you do an exchange it probably costs you 3% or more.  Sometimes you don't even know it.  Fewer exchanges save you money.  The best is to use your Cdn bank card here and withdraw pesos from the ATM.  One exchange fee and a decent rate.  I use a STACK card and there are NO exchange fees...even better.  If you want to bring some American cash (1 exchange fee for you) and in most cases you can spend it here but there will always be a cost to spend USD here (another exchange fee).  Using World Remitly,  would be CDN dollars to pesos and you pick it up at several available locations in DR, mostly banks incl. Caribe express.

I agree with Dominican Mike. I opened a Scotiabank acct. in Canada and take my debit card south every winter. Scotiabank is all over the D.R. and exchange rates are fantastic . Canadian dollars to Pesos is up from 35 pesos to the CAD dollar 3 years ago to 45 pesos now. No need for you to ever deal with the American dollar. Pesos are the preferred currency for most Dominicans.....

Sorry getting confused about udont know what are Stak card and World Remitly .can you pls explain?
Thanks

What paper i need to open a Scotiabank account in Las terrenas?
I will open a checking account here in Canada with Scotiabank

Sorry another question LOL.
do I need to open an account in Las terrenas with Scotiabank ? to be able to use my Canadian Scotiabank card ?

Just look up STACK master card on the internet.  It's for Canadians only.

Also, keep in mind that ATM's have a transaction charge of about 250-300 pesos.

You can also exchange Canadian dollars to pesos in Canada but I am not sure what rate they give you.

You can use your Scotia Bank card at any Scotia ATM in the DR and there are no transactions fees.  No account here needed.

No account needed here (Rep Dom) to use the ATM
Cdn Scotia card = free withdrawals in pesos

Or
Bring Cdn cash and change it here

The card might be the easiest way... Cdn Scotia acct.... nothing more

Please advise if I can use my CIBC debit card to withdraw at a Scotiabank ATM ?

goin: Yes, but there will be a charge...

I would agree about the Cdn cash Willie except that the exchange is usually not very good and it's not accepted in many of the larger stores whereas USD is.

Most places don't want Canadian cash. You will have to exchange it here at a bank or casa de cambio or on the street.  Often the exchange rate isn't good! 

Best to use your card and withdraw pesos. The exchange rate is usually pretty good that way. And you only exchange once, cdn dollars to pesos.  Not cdn to US to pesos.

I have been coming to the DR for 9 years and almost every other month....I exchange at the airport on arrival with passport in Las America SD airport...at tha bank in the airport Banreserv....always close to the official exchange rate...never a problem except on Sunday and sometimes Saturday...the banks are closed then

goinforit wrote:

Please advise if I can use my CIBC debit card to withdraw at a Scotiabank ATM ?

Ask CIBC if they have a relationship w/ ant DR banks.... for free ATM use

I tried last year to exchange her in Canada from Canadian to Pesos they don't

Freeperson; They do exchange but it depends where you go.  Obviously they have to have pesos in stock.  I have had several Canadian clients tell me they exchanged in Canada...probably exchange houses...

Any bank or exchange place in Canada will provide pesos, given enough time to order them.  You also may be asked to pay upfront. I have done it a few times.

If you need to pay for utilities or HOA condo fees can you pay with Dominican Pesos ?
Also If I recall overstay penalties at the airport when departing need to be paid in UD Dollars, is that correct?

goinforit wrote:

If you need to pay for utilities or HOA condo fees can you pay with Dominican Pesos ?
Also If I recall overstay penalties at the airport when departing need to be paid in UD Dollars, is that correct?

Our condo fees were stated in USD and we paid by wire transfer semi-annually.

For utilities, I use bank transfer from my Banco Santa Cruz account, but have also used both pesos and a credit card at Luz y Fuerza.

I have no clue on overstay fees because we established our residency when we moved here.

Overstay fees can be paid in dollars or pesos

Merci 'planificateur' vos commentaires sont toujours pertinant.

Hi if you need to communicate in French there is a forum for that.  This one is English please.