How to Work & Play with Dominican Money
Most items, services, and real estate is much less expensive in the DR. However, getting your currency into Dominican Republic pesos can cost some money; and can add up to quite a bit, if you neglect to manage your money exchanging.
Exchanging Foreign Money for Dominican Money
Money changing almost always comes with a cost, and the challenge is to get the most for your money when exchanging currencies. In my experience the best way to change your currency is to go to a local bank. The bank will give you the best and most current exchange rate. As of July 2015, the exchange rate for USD is 44.5 pesos per dollar. I do not recommend changing your money in the airport as you will get just about the worst exchange rate possible.
You can also go to an ATM machine and the money will deliver in pesos. This is will also be the going bank rate, but the other thing to consider is that the ATM fee in the DR is from 120 pesos to 175 pesos. This is quite steep considering most ATM machines dispense a maximum of 5000 pesos, a little over $110 USD. This means you are spending about 3-4% in ATM fees. It is best to find an ATM machine that will allow at least 10,000 pesos withdrawal at a time, and reduce the cost of getting pesos to about 1-2%.