Know Your Options Before You Send Money to the Dominican Republic
Know Your Options Before You Send Money to the Dominican Republic
If you are not knowledgeable about the country's currency, know that it is the Dominican peso, and $1 US is equal to 36.42661 of them. While it is illegal to use anything other than this currency in the country, many do bring in and use US dollars. However, it is safe to have at least some pesos. Fortunately, when you send money, whether through banks or debit cards, the money that is received will likely be in pesos.
If you want to be fully prepared, you can give your friends a prepaid debit card before they leave. That way, if they need some money while traveling, you can add funds to the card by phone or internet. The cost will be $5, and your friends will then be able to use the card at stores that accept credit or debit cards. The fee will be about 36 pesos. If they want to withdraw cash, the fee will likely be about 100 pesos, and they can find ATMs at any branch of Banco Popular throughout the country.
Your friends might leave before you can hand them a prepaid debit card. While you could have it mailed to them, it will usually take a week. If you need money sooner than that, and only plan to send money to Dominican Republic once, you can use a bank. The fees are typically higher, but the funds usually go through in one to three business days. However, only a few banks send money to Dominican Republic. HBSC is one bank that offers money transfer services to the area, usually for free or rather cheap if you are sending to another HSBC branch in Dominican Republic. If you need to send to another bank, such as Banco Santa Cruz, Banco Popular Dominicano, Banco Caribe, or others, the cost is usually about $30 to $40. As long as you include this amount in your budget, and know how long the funds will take to transfer, this could be a good option for you.
You should consider whether your friends will need money just once or a few times, and think about how soon they will need it. If you think they will need it right away or very often, giving them a prepaid debit card before they leave could be a good move. If the issue is sudden and they can wait at least a day for the money, you can send money to Dominican Republic through a bank.
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