What Currency Is Used in the Dominican Republic?

What currency is used in the Dominican Republic?

If you're planning a Caribbean holiday in Punta Cana, investing in Dominican real estate, or paying for local services, it’s essential to understand the country’s currency. This guide is written for tourists, property buyers, importers, and international businesses. It explains what currency is used in the Dominican Republic, how it works, and how to manage it efficiently while avoiding common money mistakes.

Dominican Republic’s official currency: the Dominican Peso (DOP)

The official currency of the Dominican Republic is the Dominican Peso, abbreviated as DOP and commonly symbolised as RD$ to distinguish it from other peso-based currencies.

• Currency name: Dominican Peso

• Currency code: DOP

• Symbol: RD$

• Subunit: 1 peso = 100 centavos

• Issued by: Central Bank of the Dominican Republic (Banco Central de la República Dominicana)

The peso has been the country’s legal tender since the 1940s and is required for all transactions, including hotels, shopping, public transport, and wages.

Coins and banknotes in circulation

• Coins: RD$1, RD$5, RD$10, RD$25

• Banknotes: RD$50, RD$100, RD$200, RD$500, RD$1,000, and RD$2,000

Banknotes feature images of national heroes, historical events, and architectural landmarks. The currency design has been modernised over the years to improve security and usability.

Where the peso is used

The Dominican Peso is the only legal tender in the Dominican Republic. It is accepted in all cities and towns across the country, from Santo Domingo and Santiago to tourist areas like Bávaro, Samaná, and La Romana.

While US dollars are widely quoted in tourist zones, especially for hotels, tours, and resort packages, most transactions in shops, supermarkets, and local services are settled in DOP. In most cases, even if you pay in USD, change will be given in pesos, and conversion may not be favourable.

How the Dominican Peso works

The DOP is a floating currency, meaning its value is determined by supply and demand in global foreign exchange markets. The Central Bank monitors inflation and monetary stability, adjusting interest rates and market operations accordingly.

As of 2024, typical exchange rates are:

• DOP 55–60 per US Dollar

• DOP 70–75 per British Pound

Rates can vary based on economic trends, tourism flows, and international investment activity.

Benefits and considerations of using DOP

Advantages:

• Required for all local transactions including shopping, food, and transport.

• Available at competitive rates from ATMs, local banks, and authorised exchange bureaux.

• Universally accepted across the country, including in rural areas.

Considerations:

• USD may be accepted in resorts, but conversion rates are not always transparent.

• Foreign-issued cards may incur fees, and some local businesses prefer cash.

• DOP is not widely exchangeable abroad, so it should be converted before leaving the country.

Common misconceptions

A frequent myth is that the US dollar is accepted everywhere in the Dominican Republic. While it is often quoted in tourist areas, the Dominican Peso is required for most purchases, especially outside hotels and resorts.

Another misunderstanding is that exchange rates are the same across providers. In reality, airport kiosks, hotels, and tour desks often offer lower rates than banks or ATMs.

Tips for managing your money in the Dominican Republic

• Use local ATMs to withdraw pesos, ideally from major banks like BanReservas, Banco Popular, or BHD León.

• Avoid exchanging money at the airport, where rates are generally less favourable.

• Use cards with no foreign transaction fees and always choose to be billed in DOP, not your home currency.

• Carry small bills and coins for taxis, tips, and purchases in local shops or cafés.

• Keep some cash handy, as rural areas and small businesses may not accept cards.

FAQs

Can I use US dollars in the Dominican Republic?
Only in select tourist locations. All local transactions are settled in Dominican Pesos (DOP).

Is it better to exchange before I go or after arrival?
It’s usually best to withdraw DOP from a local ATM or exchange a small amount upon arrival.

Are credit and debit cards widely accepted?
Yes, in cities and tourist areas. But cash is preferred in many local businesses and rural zones.

Should I tip in pesos or dollars?
Both are accepted, but tipping in pesos is more practical for locals and ensures the amount is fair based on current rates.

Real-life example

A traveller from Canada books a stay in Punta Cana. While their resort quotes prices in US dollars, they explore nearby local restaurants and markets, which all list prices in pesos. They withdraw RD$10,000 at a local bank ATM and use it for taxis, excursions, and dining. They tip staff in pesos and avoid overpaying by always asking for prices in local currency.