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Dominican Republic > Dominican Republic Travel Info > Money & Banking
Money & Banking in the Dominican Republic
Currency
The official currency of the Dominican Republic is the Dominican Peso. It is divided into 100 Centavos. The Dominican Peso is freely exchangeable to the US dollar and other major currencies.
Currency code: DOP
For the daily exchange rate visit: Banco Central de la Republica Dominicana
Money exchange: some important tips
It is legal to exchange currency at commercial banks, exchange booths in hotels and exchange houses. The exchange rate is set by the Central Bank, based on prevailing market conditions.
Banks are open on weekdays from 8:30 am to 3 pm. There are no weekend hours.
Important: The best foreign currency to take in the Dominican Republic is US dollars. Small denominations are preferable. Note, that US dollars are accepted in some shops and restaurants.
Traveler's checks are accepted in the cities, but aren't much use in rural areas.
Accepted credit cards are Visa, Master Card, American Express and Diners Club. There are ATM machines around, but they are mostly in the cities and towns, not the resort areas, so don't rely on this as your only source of cash.
Important: Tourists are recommended to limit their use of personal credit cards due to credit card fraud. read more >>
Taxes
The government charges a 5% extra tax on hotel rooms, and an 8% sales tax on food and drinks. Restaurant bills collect 8% VAT and a 10% service charge.
Banking
The banking system is governed by the country's Central Bank, which is controlled by the Monetary Board and supervised by the Superintendency of Banks. The Central Bank regulates the country's credit, money supply and the official foreign exchange rate. Private banking is conducted by 14 commercial banks including major international institutions such as Scotiabank and Citibank. The Stock Market of Santo Domingo is a definite option for business development.