Imagine arriving in Santo Domingo ready to explore and try your Spanish at souvenir shops, only to discover that outside of your all-inclusive resort and a few tourist hotspots, many smaller shops do not accept cards.
In fact, while many places accept USD, you can’t count on that. And while ATMs to withdraw money are available in Santo Domingo and Punta Cana, they are less plentiful off the beaten path.
When planning a trip to the DR, Peru, Costa Rica, or Ecuador, understanding currency exchange and whether to use cash or card can significantly impact your vacation. The last thing you want while relaxing on a Dominican beach is to worry about having enough cash for a fresh coconut.
To avoid unexpected bank fees for cash withdrawals and bumping up on your daily withdrawal limit, here’s a guide to the currencies you’ll need for your travels in these countries.
Exchange Rates by Country
| Name of Country | Name of Currency | Currency Symbol | Exchange Rate |
|---|---|---|---|
 Dominican Republic |
Peso | DOP (RD$) | 1 USD = 60 DOP |
 Peru |
Sol | PEN (S/) | 1 USD = 3.76 PEN |
 Costa Rica |
Colón | CRC (₡) | 1 USD = 514 CRC |
 Ecuador |
U.S. Dollar | USD ($) | 1 USD = 1 USD |
Note: The exchange rates are as of November 27, 2024. It’s best to check the most up-to-date exchange rates before your trip.
Dominican Peso
The currency of the Dominican Republic is the Dominican peso (DOP), which is issued and overseen by the Central Bank of the Dominican Republic. Its symbol is “$” or “RD$.”
The currency of the Dominican Republic is the Dominican peso (DOP), symbolized as “$” or “RD$,” and issued by the Central Bank of the Dominican Republic.
- History: The Dominican peso was introduced after the nation’s independence from Haiti in the 1800s.
- Exchange Rate: $59 DOP equals about $1 USD, or roughly $100 DOP equals $2 USD. One peso is divided into 100 centavos, similar to the US dollar.
- Getting Pesos: You’ll typically need to exchange money in the Dominican Republic. Use foreign exchange ATMs with the best rates and check for limits when you withdraw cash.
Haggling in Dominican Republic
In Dominican Republic, negotiating is common at a souvenir or gift shop but not in supermarkets. Carry cash and be friendly when bargaining.
Currency Denominations in Dominican Republic
Peso Bills:
- 50 pesos
- 100 pesos
- 200 pesos
- 500 pesos
- 1,000 pesos
- 2,000 pesos
Peso Coins:
- 1 pesos
- 5 pesos
- 10 pesos
- 25 pesos
Peruvian Sol
The currency of Peru is the Sol (PEN), symbolized as “S/,” with one sol divided into 100 céntimos.
- Exchange Rate: One US dollar equals about 3.76 soles. Use an exchange calculator for quick cost estimates.
- Using Dollars: US dollars are accepted in many restaurants, large hotels, and gas stations.
- Where to Exchange Money in Peru:
- Banks, supermarkets, or a casa de cambio (exchange houses).
- Cambistas (street money changers): Registered with municipalities, they wear colored vests with QR codes for verification and offer competitive rates in tourist areas.
- Cash Tips in Peru:
- Carry small bills, as vendors often lack change for larger denominations.
- Be aware of counterfeits and scams like short-changing—study authentic bills and check vendors’ credibility.
Haggling in Peru
In Peru, haggling is common, especially for inflated tourist prices, but it’s important to respect artisans by offering a fair price.
Currency Denominations in Ecuador
The currency of Peru is the sol. The term “nuevo sol” was used until 2015, when the currency name was officially shortened to “sol.”
Sol Bills:
- 10 soles
- 20 soles
- 50 soles
- 100 soles
- 200 soles
Sol Coins:
- 1 sol
- 2 soles
- 5 soles
Céntimos Coins:
- 10 céntimos
- 20 céntimos
- 50 céntimos
Costa Rican Colón
The currency of Costa Rica is the colón (CRC). Its symbol is “₡” and one colón is divided into one hundred céntimos. It’s named after Christopher Columbus, who is Cristóbal Colón in Spanish.
Costa Rican Colones are colorful, featuring deer, sharks, monkeys, sloths, hummingbirds, and butterflies. Different denominations of the bills come in different sizes to help those with visual impairments.
US dollars also are accepted in many parts of the country, as are credit and debit cards. It’s always a good idea to check if vendors accept credit cards and to bring cash with smaller denominations in case you want to get a discount. One American dollar is approximately 514 colones, though exchange rates always vary.
Haggling in Costa Rica
In Costa Rica, haggling is uncommon in places like gift shops, where listed prices are typically final.
Currency Denominations in Costa Rica
Colón Bills:
- 1,000 colones
- 2,000 colones
- 5,000 colones
- 10,000 colones
- 20,000 colones
- 50,000 colones
Colón Coins:
- 5 colones
- 10 colones
- 25 colones
- 50 colones
- 100 colones
- 500 colones
Ecuador – U.S. Dollar
Ecuador uses American dollars (USD) as its currency. In 2000, the country adopted the US dollar as the official currency, after the sucre tumbled in value during a financial crisis.
Sucre notes were no longer considered legal tender but could be exchanged at Ecuador’s national bank, the Central Bank of Ecuador until March 30, 2001. The exchange rate back then was 25,000 sucres per US dollar.
Always plan to have cash as your first method of payment. Although credit cards and debit cards are widely accepted in larger cities, such as Guayaquil, Esmeraldas and Manta, a lot of other places don’t have card payment options.
Like other countries, Ecuadorian merchants accept cash but may lack change. Bring smaller denominations particularly for restaurants and smaller merchants.
Haggling in Ecuador
In Ecuador, haggling is common with street vendors and some services but is often considered rude in stores and restaurants.
Currency Denominations in Ecuador
Bills:
- 1 dollar
- 5 dollars
- 10 dollars
- 20 dollars
- 50 dollars
- 100 dollars
Coins:
- 1 cent
- 5 cents
- 10 cents
- 25 cents
- 50 cents
- 1 dollar
Where to Exchange Money Before You Travel
Exchanging money before you travel can help you avoid high fees and unfavorable exchange rates. Here are some of the best ways to exchange money before you travel.
1. Use Your Bank
- Order Foreign Currency: Many banks offer the service of ordering foreign currency for their customers. This often comes with lower fees and better exchange rates than airport or hotel exchanges.
- Check for Partnerships: Some banks have partnerships with foreign banks, which might provide better rates for currency exchange.
2. Online Currency Exchange Services
- Online Platforms: Websites like Travelex, XE, and Wise allow you to order foreign currency online and have it delivered to your home or a local branch for pickup.
- Rate Comparison: These services often allow you to compare rates and choose the best deal.
3. Currency Exchange at Airports
- Quick and Reliable Alternative: Although generally not recommended due to higher fees and less favorable rates, in most cases, airport currency exchanges can be convenient if you need some local currency immediately upon arrival.
4. Travel Cards and Prepaid Currency Cards
- Preloaded Cards: These cards can be loaded with a set amount of foreign currency before you travel. They offer security and convenience and often come with competitive exchange rates.
- Multi-Currency Cards: Some cards allow you to load and hold multiple currencies, which can be useful for multi-destination trips.
5. Credit and Debit Cards
- Low-Fee Cards: Look for credit or debit cards that offer low or no foreign transaction fees for purchases. Some cards are specifically designed for travelers and provide competitive exchange rates.
- Notify Your Bank: Always inform your bank of your travel plans to avoid any issues with card usage abroad.
6. Foreign Exchange Kiosks
- Local Options: Visit foreign exchange kiosks in your city. While they might offer better rates than airport kiosks, it’s still wise to compare their rates with other options.
7. Currency Exchange Apps
- Mobile Solutions: Apps like Revolut, Wise, and PayPal can provide competitive exchange rates and allow you to manage currency exchange from your smartphone.
Frequently Asked Questions
What is the currency used in the Dominican Republic?
The currency used in the Dominican Republic is the Dominican peso (DOP).
Is $100 a lot of money in the Dominican Republic?
$100 USD is not a lot of money in the Dominican Republic, but it can go a long way, especially for daily expenses like food and transportation.
Does the Dominican Republic accept US dollars?
The Dominican Republic does accept US dollars as they are widely accepted in tourist areas. But Dominican pesos are the official currency, are accepted everywhere and provide better value.
How can I exchange money in the Dominican Republic?
You can exchange money at banks, ATMs, or currency exchange centers.
What currency should I take to the Dominican Republic?
Bring US dollars for convenience in tourist areas, but you’ll need Dominican pesos for local vendors and rural areas.
Can I use my credit card in the Dominican Republic?
Yes, credit cards are accepted in urban and tourist areas. However, credit card transactions may incur up to an 18% tax.
Can I use my debit card in the Dominican Republic?
Yes, debit cards can be used to withdraw Dominican pesos from ATMs. However, they may not be accepted in rural areas.