The Dominican Republic (DR) is a holiday destination mainly characterised by a pleasant climate during the year, and it welcomes many visitors for a tourist stay. The use of foreign currencies such as the euro is generally a harmless phenomenon in the country at various establishments, but tourists may be limited in certain services due to the lack of alternative means of payment. In particular, the Euro is a valid currency in the DR, and it can be converted locally to avoid taxes.
Paying in foreign currency in the Dominican Republic?
The DR allows the use of exotic denominations to accompany the official currency (Dominican Peso) in its territory, and the most commonly found ecu is the US dollar. Indeed, the circulation of notes of various kinds is prominent in the nation’s tourist spots as well as in important trade areas. As the Euro is an international currency unit, individuals staying in the country can quite happily stick to this preference to pay for their host’s activities.
However, the use of the euro outside the tourist area directly implies risks of overbidding on the purchase of basic goods or services. For this reason, tourists are advised to have local banknotes in small denominations when making transactions with traders or using public transport (taxi, bus, guagua, motoconchos, etc.).
The euro on a card
Bank cards are also accepted for payment of various fees and can be used to withdraw local or foreign money from ATMs. However, the limit varies depending on the institution and the type of card the individual has, and it is recommended to go to the DR with a relatively large amount of cash. In addition, the withdrawal of euro currency in the DR may be charged by the traveller’s bank.
Protecting yourself from the exchange rate
The economic instability of the DR also causes a significant fluctuation in the value of the local currency, and its value may therefore vary depending on where the tourist wishes to exchange currency. In addition, each vendor is able to apply a different conversion rate due to the addition of a commission fee, but changes in large sums normally involve a lower surcharge. On the other hand, visitors exchanging euros for dollars or Dominican pesos can go directly to the banks and exchange offices in town to get a less biased exchange rate.
It should be noted that the rate charged in some places such as airports, hotels or on the street can be significantly disadvantageous to a newly arrived tourist.