The Use of Money:

The Dominican Republic uses another currency called the Dominican Peso. If you come from another country, it is important to change money to the Dominican Peso if you’re planning to buy something in a store or in a supermarket. One U. S. Dollar is equivalent to 40-50 Dominican Pesos. The exact equivalence depends on sociopolitical and economic factors on the day. One tip is exchanging money using an ATM machine, a local money exchange house, or at a bank because the exchange rate is better. At the airport or at a hotel the exchange rate is poor.

Picture of Dominican Peso

How are prices?

Mostly cheaper but not everything. Since the Dominican Republic produces many tropical fruits and vegetables, the prices of these things are lower for a foreigner who comes from the United States of America or Europe. It is not limited to just vegetables but an extensive portion of everything that is produced by the country is cheaper. When objects come from another place, however, it’s another story. The prices become equivalent or higher in the Dominican Republic. This means that a bag of Holsum sliced bread has the same price in the Dominican Republic as if you purchase it in Puerto Rico or higher. A new iPhone purchased in a local retailer will have the same price as it was purchased in The U. S.
House or apartment prices depends on the location, but the prices are usually lower. The most expensive places to buy are the closest to the major cities (Santiago or Santo Domingo) centers. They are a little lower as if you bought a decent apartment (3 rooms and 2 bathrooms) is San Juan, Puerto Rico. My father lives 15 minutes far from the city center of Santiago and he paid the equivalence of 101,101 U.S. Dollars for his apartment.