Daniel is Founder and CEO and has 20 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

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Summary

The official currency of the Dominican Republic, the Dominican peso (DOP, denoted RD$) is on a crawl-like exchange rate arrangement with the US dollar (USD). Currency transfers and sending money to and from the Dominican Republic are not restricted. Transferring money out of the country in amounts above RD $10,000 requires various registrations and declarations.

Dominican Republic money transfer regulations

The Dominican Republic has no foreign exchange controls in place and does not restrict international money transfers. The country places some restrictions on the import and export of liquid currency, however and requires amounts be declared when transfers exceed RD $10,000. The limit for import and exports of Dominican pesos is of RD $20,000 for banknotes and RD $100 for coins. When bringing more than US$10,000 of foreign currency into the country, it is required to declare it upon arrival. When exporting amounts in excess of USD $10,000 it may also be required to show proof of ownership. The currencies that are most frequently exchanged with the Dominican peso are the US dollar, the Canadian dollar, the UK pound, and the European euro.

Dominican Republic economic background

The second largest economy in the Caribbean, the Dominican Republic has shifted from a predominantly agricultural economy to one based on tourism and services. Its economic growth over the past two decades has been possible due to its strategic location in the Caribbean and its entering into a free trade agreement with the United States (CAFTA-DR). Despite this growth, opening a business in the Dominican Republic can be challenging, mostly due to bureaucratic hold ups. The process requires seven different steps and it takes over 150 days to receive the necessary permits to open a business. In addition, the up front capital required is equal to half the average annual income.

Once viewed primarily as an exporter of coffee, sugar, and tobacco, the Dominican Republic is now services oriented, reaching a GDP of USD $61.16 billion in 2013. Highly dependent on its relationship with the US, which receives half its exports, the country has registered significant growth in the tourism and telecommunications sectors and in free zone trade. 5% of the Dominican Republic’s GDP is derived from remittances from Dominican expatriates living and working in the United States; the Dominican republic does not restrict overseas money transfers for personal remittance payments.

Dominican Republic monetary and regulatory authority

The Banco Central de la República Dominicana is responsible for regulating country’s banking and monetary system. Created in 1947 and serving as an independent organization, the Central Bank is governed by Monetary and Financial Law. The Central Bank is also responsible for the execution of the foreign exchange and monetary policy, the issue of banknotes and coins, and the management of the contingency fund.

Currency

The official currency of the Dominican Republic is Dominican PESO (DOP), denoted RD$. Banknotes are in denominations of: RD $2,000, 1,000, 500, 100 and 50, while coins are available in denomination of RD $ 25, 10, 5 and 1. The Dominican peso is not available outside of the Dominican Republic.