Imagine arriving in Santo Domingo 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 in Latin America accept USD, you can’t count on it. When planning a trip to the Latin America, 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 the Dominican Republic, Peru, Costa Rica, and Ecuador. Exchange Rates by Country [Updated May 2025] Name of Country Name of Currency Currency Symbol Exchange Rate Dominican Republic Peso DOP (RD$) 1 USD = 58.8 DOP Peru Sol PEN (S/) 1 USD = 3.66 PEN Costa Rica Colón CRC (₡) 1 USD = 507,6 CRC Ecuador U.S. Dollar USD ($) 1 USD = 1 USD Note: The exchange rates are as of March 04, 2025. 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 the Dominican Republic In the 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 Explore Student Travel Programs in the Dominican Republic 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 See our high school and college programs in Peru 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 are also 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 504 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 Discover teen travel programs in Costa Rica 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 Explore our travel programs in Ecuador 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.