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The best way to manage spending money for food, drinks, gifts, excursions and activities in the Dominican Republic is to withdraw pesos (the local currency DOP) from the ATM machines that are everywhere. It's easy, you will receive the best exchange rate and you can withdraw up to 10000 pesos (about 200 USD) per day.
Normally locals pretend to change Euros at the same rate as US dollars.
There are 5 banks into Cabarete, all with ATM machines, and some official currency exchange offices (Agente de Cambio).
Bank list ing :
For official current exchange rates, look at Banco Central Internet site.
For real rates that you will get in Cabarete, have a look to CabareteGuide
Be aware - the BHD cashing machine next to the beach may have been tampered with. Your data could be phished and after you get your money, your card/data could be used to access your account. The police and the bank have received reports of the problem, but it may not have been addressed by the time you try to use it. Be cautious.
BEWARE, all banks and machines give Pesos, if you want US you must purchase it at the going rate which is high, up to 42% some times so deal with the pesos or bring enough US money for the trip. You also may be SHOCKED, to find that each time that you go to the bank machine the fee is $5 for the withdrawal but it's not indicated on the receipt! Plan your money needs carefully!
Keep in mind that US $ are highly desired by the local vendors, so you may be able to negotiate a better price if you pay with US $. Be sure to do your conversion calculations (carry a small calculator) before you decide if it really is a better price. A tip of 1 US $ is slightly more valuable than the same amount in pesos simply because it is US currency.