Dominican Republic is a country in Caribbean region. Dominican Republic is the largest economy in the Caribbean and Central America region. Remittances and tourism earnings have helped the country build good amount of foreign exchange reserve.
Remittance inflow to Dominican Republic have been growing tremendously year on year. In year 2015, it received $5.19 billion as foreign remittances. Of this the maximum amount of $ 3.86 billion was sent from the United States alone. Dominican Republic receives inward remittances in multiple currencies. You can choose to send Dominican Peso (DOP), US Dollar (USD), Euro (EUR) or Costa Rican Colon (CRC).
When you send money to Dominican Republic, you’ll get multiple money transfer services. You should check the midmarket exchange rate and compare the remittance providers for exchange rate, fees & transfer time. You can leverage ExchangeRateIQ for this. This unified platform will not only help you find the best value to send mon
Current Exchange Rate(Mid Market) :- 49.46 DOP/USD
is a currency exchange rate. Usually traders in currency exchange market have two exchange rates -
- Selling exchange rate - at which sellers are willing to sell a particular currency and
- Buying exchange rate - at which buyers are willing to buy a particular currency.
Mid-market rate is the mid-point of these two rates. This is the most transparent and the most accurate exchange rate. It is also known as “Interbank Rate” or “Spot Rate” or “Real Exchange Rate”. This is the rate which independent sources like Reuter, Google etc show.