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Dominican Republic : Banking & Communications

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Top 10 Banking & Communications

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  • 1. The Peso

    The Dominican peso is divided into 100 centavos, with notes of 5, 10, 20, 50, 100, 500, 1,000, and 2,000. The last two are often impossible to change, especially in rural areas. The only coin in everyday use is the 1 peso. The peso’s exchange rate against the US dollar and other currencies fluctuates widely, and there is an official rate announced daily in newspapers.

  • 2. Using US Dollars

    In tourist areas and all-inclusive hotels, prices are often quoted in US dollars, which are preferred to pesos. In more remote places, however, the peso is still the preferred currency.

  • 3. Banks & ATMs

    There are many foreign-owned and local banks, all of which will change dollars at the official rate, though queuing at the counter can be a lengthy business. Opening hours are normally 8:30am to 5pm, Monday to Friday. Major banks such as the Banco Popular, Banco Leaon, and Banco del Progreso operate ATMs, which accept the cards such as MasterCard and Visa.

  • 4. Bureaux de Change

    Casas de cambio offer more or less the same rates as banks and will cash traveler’s checks. They also have longer opening hours than banks.

  • 5. Credit Cards

    The major cards are widely accepted in hotels, restaurants, and tourist-oriented stores, but not in out-of-the-way places or corner stores. Look at the slip carefully before signing and make sure that you are not charged in US dollars if you think you are paying in pesos. Credit cards can also be used for cash advances at certain banks, but this will involve at least 5 percent commission.

  • 6. Telephones

    Public phones are plentiful and normally reliable, operated by several private companies. It’s a good idea to buy a phone card (Verizon) for between RD$25 and RD$500 (see Buy a Phone Card), which allows you to make cheap international calls. Calls made from hotels are often quite expensive, so call family collect.

  • 7. Phone Codes

    Calls made within the Dominican Republic require a 7-digit number with no area code. To call outside the country, first dial 00 followed by the country code. To call the Dominican Republic from abroad, dial the international access number (00 in the United Kingdom, 011 in the United States and Canada) then 809 and the 7-digit number.

  • 8. Charges

    Phone charges can vary enormously, from exorbitant hotel rates to much cheaper calls made from a phone center, where the operator dials for you and you sit in a booth. Calls between different towns and districts are charged at the same rate as those to the US. It is much cheaper in all cases to call before 8am, after midnight, or on Sundays.

  • 9. Mail

    Mail is dreadfully slow, and you should not use street mail boxes. Special delivery (entrega especial ) services are available at big post offices, but even these are unreliable. It is better to use an international courier company if sending anything important or valuable.

  • 10. Internet

    Internet services have expanded and improved dramatically but are still often victims of power cuts and technical problems. The main tourist areas now have a plethora of Internet cafés, but not all have quick DSL connections, and you are normally charged by the hour. Despite all the problems, email is still the best way of keeping in touch.

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