Travel Money Questions

[Sabine]

Okay, I know I''m going to be showing my travel naive-ness here, but I''ve never traveled somewhere that didn''t accept the American dollar (not by choice), so please excuse my ignorance.

We''re going to the Dominican Republic for our honeymoon, and even though it is all-inclusive, we figured that we would need some cash for some little expenses, such as airport taxes, driver tips, buying things off of vendors, etc.

So, will it be okay to have American money for these types of charges? Would it be better to change some money before we leave? Where do we do that? Will the people where we do this know what type of currency we need to change it to?

And finally, at an all-inclusive, is there any reason to need traveler''s checks?

 

[neatfreak]

I''d call the hotel and ask. In much of the caribbean they like the american dollar (or at least they used to...). If you need to exchange see if your bank charges you a fee for using an ATM abroad. If not (or if it is reasonable), that often will give you the best exchange rate.

It''s sometimes worth it to have a few travellers checks, but these days they are almost obsolete IMO...I occasionally bring $100-200 in TC''s if I am really worried about it...

 

[surfgirl]

Sabine, the DR uses its own Peso, IIRC from my Caribbean trip last year. There are ATMs all over the Carib. so you can access money anywhere, and you can change USD into local currency at your hotel. If you only think you''ll need a couple-few hundred, I''d bring cash, keep it in your hotel safe, and change as you need local currency. And dont forget to change back into USD after you go through customs and immigration at the airport. Once you leave DR, you wont be able to change their currency into USD back home.

 

[noelwr]

Traveler''s Checks.

that makes me smile. they are so obsolete but still people travel with them. same idea as using checks to pay your bills... hehehe. sorry, not making fun, but it''s amusing that people still use these things.

ANYWAY, to actually be helpful and answer your questions. the best way to exchange money is to use the ATM. once you get to the airport, get some money from the ATM (it will give you local currency). don''t exchange cash at a bank because they charge fees (and a hotel will charge you even more).

don''t withdraw too much money, you can always withdraw more later. like I said above, if you have to exchange back the DOP to USD, they will charge you fees.

most likely, all vendors will accept USD cash, but will probably rip you off and will only give you change in DOP. best to pay them in their own currency.

 

[Sabine]

Thanks so much Neatfreak, surfgirl, and noelwr. Looks like I just need to take my atm card, some US cash, and no travelers checks and I should be fine (once I memorize a few more of the spanish phrases from my little pocket phrase-book...FI thinks it''s so funny that I''m worried about not being able to speak Spanish)! I''m soooo excited!

 

[Delster]

Sabine you've reminded me of a friend's husband who was soooo worried about travelling to Europe because he didn't think his bank card would work in the ATMs here because he didn't have 'a Euros account' - he thought that because all his money was in dollars in his account at home, that the ATMs in Europe wouldn't know what to do with it! Made perfect sense, and yet no sense at all

I was so worried about this stuff too the first time I travelled outside of Ireland. I remember bringing traveller's cheques and worrying about them the whole time!

I know nothing about the Caribbean but I imagine bring a mixture of local currency and some US dollars would be a good plan. That way you are covered for both eventualities.

Also I don't know if this works out as well in the States but what most people do here is they lodge money to their credit card and then use it like a debit card to pay for everything. That way you incur no extra charges like you would for using an ATM machine. You just have to keep a careful spending record so you don't go into the red!

 

[havernell]

Date: 7/9/2008 9:15:59 AM
Author: Sabine
Thanks so much Neatfreak, surfgirl, and noelwr. Looks like I just need to take my atm card, some US cash, and no travelers checks and I should be fine (once I memorize a few more of the spanish phrases from my little pocket phrase-book...FI thinks it''s so funny that I''m worried about not being able to speak Spanish)! I''m soooo excited!

Before you take your ATM card to DR just make sure that the network your ATM card works on matches with the network used down there. There are a few different ATM networks out there- Plus, Cirrus, Star, etc... so you can''t just use every ATM card in every ATM and have it give you money. The back of your ATM card should say what network(s) your card is linked into (or your bank should be able to tell you). Once you get that info, then try to see if you can figure out what networks are supported in the DR. This global ATM locator website may help if you find your ATM card is on the Plus/Visa network- http://visa.via.infonow.net/locator/global/. I''m sure you could google similar websites for the other networks as well. Or you could probably call the place you are staying in the DR and ask them what networks you''ll be able to access down there.

Hope your wedding is fabulous and that your time in DR is equally wonderful! Looking forward to seeing photos in a few weeks!

 

[iheartscience]

You''ve already gotten answers, but I just went to Costa Rica in March so I figured I''d answer too! Some towns we went to didn''t have ATMs at all so we definitely had to plan ahead and make sure we had enough $ for lodging, food, etc. Most places took CR currency and US currency. Some places actually only took US currency, though.

My sister brought traveler''s checks (no one else on the trip did) and she tried to use them a few times and everyone was like "Nope." No one took them at all. So don''t bother bringing them! Also, the exchange rate on traveler''s checks is terrible compared to the rate you get when you use your ATM or credit card. When I went to Costa Rica I took about $300 or $400 cash and then just used ATMs once I spent that $.

Also, just so you know, a lot of times your bank charges an exchange fee on top of any charges you would get for using out of network ATMs or whatever. It sucks, but it''s unavoidable and I''m sure it''s still cheaper than exchanging cash or traveler''s checks. I tried to use the ATM as little as possible so I wouldn''t get charged a bunch of fees every time. It makes me sooooo mad when I''m charged $5 for the privilege of taking my own money out of my account!

I''ve never stayed at an all-inclusive resort or a regular resort, but I would imagine you would just need tip money? You could always call your resort and ask them what they think you''ll need...

 

[sumbride]

I haven''t been to the DR, but before a trip to the Carribean I usually start saving up dollar bills. Most places will take US dollars but you will get change in local currency, so I try to have dollars for tips and small purchases. DH thought it was hilarious when I had about $70 in ones on our trip to Barbados. But it helped! I didn''t have to deal with a lot of exchanging.

As far as will you need money at an all inclusive... it depends. If you leave the resort, absolutely. If not, you''ll probably just charge extra things to your room account which will be settled with a credit card. We booked all our excursions through the resort, but on a few trips to town it was good to have cash. Credit cards will charge you a foreign exchange fee of about 3% which is a bit annoying, but on larger purchases it is easier than cash. If you do plan on using a card while you travel, you may want to call your credit card company ahead of time and let them know the dates you''ll be traveling. It will keep them from flagging it and possibly cutting you off. I usually only do this if I haven''t used the card in a while, but it''s a good practice if you don''t travel a lot and it would look odd to them.

 

[Delster]

Date: 7/9/2008 10:04:32 AM
Author: thing2of2
You''ve already gotten answers, but I just went to Costa Rica in March so I figured I''d answer too! Some towns we went to didn''t have ATMs at all so we definitely had to plan ahead and make sure we had enough $ for lodging, food, etc. Most places took CR currency and US currency. Some places actually only took US currency, though.

My sister brought traveler''s checks (no one else on the trip did) and she tried to use them a few times and everyone was like ''Nope.'' No one took them at all. So don''t bother bringing them! Also, the exchange rate on traveler''s checks is terrible compared to the rate you get when you use your ATM or credit card. When I went to Costa Rica I took about $300 or $400 cash and then just used ATMs once I spent that $.

Also, just so you know, a lot of times your bank charges an exchange fee on top of any charges you would get for using out of network ATMs or whatever. It sucks, but it''s unavoidable and I''m sure it''s still cheaper than exchanging cash or traveler''s checks. I tried to use the ATM as little as possible so I wouldn''t get charged a bunch of fees every time. It makes me sooooo mad when I''m charged $5 for the privilege of taking my own money out of my account!

I''ve never stayed at an all-inclusive resort or a regular resort, but I would imagine you would just need tip money? You could always call your resort and ask them what they think you''ll need...

This is the reason we just load up our credit cards and pay with those...

 

[Krissie]

You will get the best rate using an ATM, but just make sure that the ATM networks will work with your card. I have only ever had a problem in Brussels (random!) but subsisted exclusively on ATMs during my 16 months of living in England!

I never change money at hotels or any other change bureaus because I''ve found they offer terrible rates. I guess you can''t beat the convenience, though! I would just draw some money out at the airport when you arrive.

 

[Independent Gal]

What Krissie said. I usually find I get a better rate just pulling money out of the ATM. Estimate how much you'll need and try to take it all out at once. I always like to have some local currency, even in places where they lerrrrve US dollars, because you never know when someone might not want the hassle.

Plus, in a lot of places, US$ isn't getting much respect these days. It's a bit of a lame duck currency. Euros are king, I'm afraid.

But if you have a credit card, a stack o' $1 bills, and, say, $200 worth of local cash drawn from an ATM, you should be A-OK.

 

[swimmer]

You have gotten great advice!
Just a bit to add, sometimes ATM pin numbers are limited to four digits outside of the USA. Your ATM card is probably part of the larger networks, but you might want to put in a call to your bank to let them know you are going to travel, especially if you have one of those identity check/safety deals on your account. Several of my students have had their ATM cards eaten in the past few months while we were traveling because their parents had theft protection on the card and had not notified the bank that the card would be used out of the country.
Traveler''s cheques are totally useless, don''t bother with them.
Oh, and US $1 should be crisp or at least not mangled if you want to bargain or tip with them.
I personally keep a couple of crisp $100 bills hidden away for emergencies. Any bank will exchange them, but not necessarily $20s or anything small.
Have a great trip!

Oh, you have probably thought about this, but just in case, buy a phone card when you are there from the hotel lobby or wherever the concierge recommends, don''t get a 1800# one at home, it won''t work from outside the USA. And use the pay phone at the hotel lobby and not your room number unless you find out that there is no connection fee for outgoing calls. Hotels can charge several dollars to connect you to an outside line if they don''t specify that the connection is free.

 

[luvinlife]

HI Sabine-
I lived in Dominican Republic for 4 years and never had a problem using an ATM machine or my credit card. When my then BF would come and visit we would try a different resort....to say the least, we know them well. We would usually pay everything with a credit card. Remember thoses charges can be disputed. If you are staying at an All-Inclusive you won't be using much money.
As a side note:At times I would hear on the news of ATM scams, so be cautious where you use them. Be smart and be safe, remember you are going to another country.
I always had cash on me (dollars) when in DR, and never felt unsafe. Don't flash money around. Its not necessary.
Use the safe and eave a tip (We would leave 3-5 dollars per day), it is appreciated.
But most importantly........HAVE A GREAT TIME

. If you have any more questions, feel free to ask!

Smiles

LL

also: tourist places tend to be very safe. Bring cash with you for US, exchange it a front desk for pesos.

 

[surfgirl]

Honestly Sabine, I travel alot and for someone who''s not traveled much internationally, I''d advise to just take a few hundred in cash, split it between you and hubby while traveling to/from, and keep it in the hotel safe. Change at the hotel as needed. The exchange rate differences between a bank and the hotel aren''t enough to warrant going to a bank and it sounds like you''d prefer to be enjoying your honeymoon without worrying about where to change money. Alternatively, you could just change a few hundred dollars into DR Pesos in the airport, upon arrival, and change back any left over in the airport as you''re leaving. That seems the easiest for your situation.