Where to Exchange Money in Cabarete
Learn about exchanges, ATMs, and banks in town
One question our guest services desk gets asked on a daily basis is where to exchange money in Cabarete. Exchanging your dollars or euros at the airport is not recommended since you’ll lose a lot of cash that way. In this post we’ll talk about exchanges, ATMs, and banks in town. Bonus information: handling money.
What to know about money before you arrive
Taking out or exchanging money in Cabarete is really easy. Nonetheless, you should talk to your bank about traveling to the Dominican Republic before you arrive. Some banks have different rules about funds while in other countries. For example, your bank may charge something like a $15USD foreign transaction fee every time you hit the ATM, in which case it’s better you bring cash. Similarly, your bank may block your card as soon as you try to use it which can be a huge hassle to deal with at the start of your trip. Talk to your bank before you arrive and find out their policy for the Dominican Republic, let them know your dates of travel. Your banks may have a sister bank in Dominican Republic which means you won’t get charged any extra fees for using your money here.
It’s worth mentioning that American dollars are widely accepted at restaurant and bars in Cabarete. Most exchange places in Cabarete take euros and Canadian dollars, but all other currencies should be converted to dollars before you arrive.
Why Cash is King in Cabarete
In many cases using a card will be a pain or impossible. That’s because many local businesses and restaurants do not accept credit cards. There are several reasons behind this, the power or internet in most cities is not 100% reliable, the taxes on card transactions are high, and fraud is impossible when cash is the only tender. That being said, Villa Taina accepts most major credit cards and we have a 24 hour power. So, if you feel more comfortable using your credit card, all is well at our hotel.
Should I bring cash or use ATM’s?
It’s best to bring some cash with you on your trip to Dominican Republic and also visit a bank to withdraw money. When traveling, you want to always leave financial space for emergencies so don’t bring your whole travel budget with you and risk the possibility of losing all your funds. Bring some of your dollars or euros to Cabarete so you don’t have to rush to an ATM right away. Most businesses will accept dollars.
If you’re wondering how much cash you might need in Cabarete read about it our previous post.
Where to Exchange money in Cabarete
If you’ve brought your currency and want to know where to change it into pesos you have many options. We are only going to highlight the three with the best rates.
- Caribe Express
Located in Plaza Media Luna (that’s what you would say to the public car, bus taxi, or moto driver) Caribe Express offers the best rates for your dollars or euros. Make sure you bring ID.
- Wally Exchange
Here they exchange Canadian dollars as well as euros and USD.
- Janets Supermarket
The rates here are ususally almost as good as the rates at Caribe Express. Plus, you can shop for food at the same time.
Where to take out money in Cabarete
If you need an ATMS in Cabarete, we want to make sure you’ve notified your bank and found out their policies about using money in Dominican Republic. Here are all the ATM’s in Cabarete (the title is what you should say to your taxi or moto conch driver):
- Banco Popular – next to Belgian Bakery
- Banco Progresso – this is the closest bank to our property
- BHD Bank – located at the alleyway entrance towards Pomodoro Pizza
- Scotia Bank – across from Mojito Bar
- BanReservas – next to Janet’s
- La Bomba – The gas station in Cabarete has an ATM inside
We hope this information was helpful. Please feel free to ask us any questions if you have any.