The official monetary unit in the Dominican Republic is the peso (signed as RD$ or DOP), which is made up of 100 centavos. The coins are in value of 1, 5, 10 and 25 pesos and the bills are 20, 50, 100, 200, 500, 1,000 and 2,000.
Money should be changed in a bank or in an official exchange kiosk . One should always get a receipt for each exchange transaction. Banks are typically open from 8:30 am till about 4pm.
Many places in the Republic accept the United States dollars and euros as well. But be careful what you pay. Sometimes it might be more expensive to pay with the US dollar or euro. On the other side sometimes it might be cheaper to be with the dollar or euro, so make sure you do your math! If you enter “1 USD in DOP” or “1 EUR in DOP” in Google search box, you will get the latest exchange rate.
Punta Cana Exchange Rate
In February 2014 the exchange rate was as follows:
- 1 EUR (€) = 59 DOP
- 1 USD ($) = 43 DOP
- 1 GBP (£) = 72 DOP
The lowest Dominican peso has been in last 10 years is 16 RD$ per US dollar or 14 RD$ for 1 euro.
If you are interested how the rate has been changing over the last few years one of the best places to check that is Yahoo! Finance.
From there you will learn that in for the past 3 years the DOP has been declining by few percent each year.