Author Topic: Money Exchange?  (Read 7628 times)

Offline Robin

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Money Exchange?
« on: December 29, 2009, 09:08:17 AM »
Money Exchange?

Ok, Laura and I are planning on coming to the Philippines around February 20th ,
for 15 days. So Iím wondering about money exchange, Iíve read about doing an exchange at the Manila Airport, so Iím thinking before we go get a cab I should get Pesoís first. Any general idea as to a reasonable sum to exchange there? Is say $50.00 sufficient or $100.00. Once we get to our hotel I can pop over to the Mall and do an exchange there, thinking the exchange rate is better at the Mall.

We are doing a Recon trip, and wont be buying any gifts or items to bring back to the USA. The money on this trip will be for food, taxiís and little daily stuff. I expect to use the bank Cards for hotels. Iím trying to get a feel for how much so I donít have† excess Pesoís upon departure.

As of this post the exchange rate shows $1.00 equals 46.3100 PHP, can I get an estimate of anticipated exchange rate at the Airport and at the Mall?

Thanks in advance for your help.

Robin
Tigbauan, Iloilo,
Panay Island, Philippines
GPS Location: N 10  40.488  -  E 122  23.235

Offline aerosick

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Re: Money Exchange?
« Reply #1 on: December 29, 2009, 09:16:20 AM »
Money Exchange?

Ok, Laura and I are planning on coming to the Philippines around February 20th ,
for 15 days. So Iím wondering about money exchange, Iíve read about doing an exchange at the Manila Airport, so Iím thinking before we go get a cab I should get Pesoís first. Any general idea as to a reasonable sum to exchange there? Is say $50.00 sufficient or $100.00. Once we get to our hotel I can pop over to the Mall and do an exchange there, thinking the exchange rate is better at the Mall.

We are doing a Recon trip, and wont be buying any gifts or items to bring back to the USA. The money on this trip will be for food, taxiís and little daily stuff. I expect to use the bank Cards for hotels. Iím trying to get a feel for how much so I donít have† excess Pesoís upon departure.

As of this post the exchange rate shows $1.00 equals 46.3100 PHP, can I get an estimate of anticipated exchange rate at the Airport and at the Mall?

Thanks in advance for your help.

Robin

Robin,

For starters, I never take any bills lower than US$ 100 with me. The exchange rate takes a dive for smaller denominations.

Billy
"We're here to preserve democracy, not practice it."

Gene Hackman: Crimson Tide ~ 1995

Offline Gray Wolf

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Re: Money Exchange?
« Reply #2 on: December 29, 2009, 09:26:52 AM »

Robin,

For starters, I never take any bills lower than US$ 100 with me. The exchange rate takes a dive for smaller denominations.

Billy


And make sure you get clean, new bills.† Older bills or bills that are worn will get you nothing.† They reserve the right to refuse any bills they deem unworthy.
Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline dylanaz

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Re: Money Exchange?
« Reply #3 on: December 29, 2009, 09:33:18 AM »
I dont see all the fuss about exchange rates. My USA banks give me the same exchange rates those other places do. That may be an option - just using your everyday good ole ATM machine.

ATM machines are at the airport just after you claim your bags and before you get to the street.
I have seen so much conflict while in the Philippines - amazingly 99% of it was merely online computer experiences :D

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Re: Money Exchange?
« Reply #4 on: December 29, 2009, 09:37:52 AM »
Get your local bank to order some Pesos before you leave, then use the ATM machines when you get here.

Colin

Offline aerosick

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Re: Money Exchange?
« Reply #5 on: December 29, 2009, 09:45:49 AM »
Get your local bank to order some Pesos before you leave, then use the ATM machines when you get here.

Colin

My local bank exchange rates are worse than Western Union!

Billy
"We're here to preserve democracy, not practice it."

Gene Hackman: Crimson Tide ~ 1995

Offline dylanaz

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Re: Money Exchange?
« Reply #6 on: December 29, 2009, 10:36:07 AM »
Get your local bank to order some Pesos before you leave, then use the ATM machines when you get here.

Colin

My local bank exchange rates are worse than Western Union!

Billy

I just looked at my last months statement.
I took out P10k from my USA bank. Using a USA ATM card at Metrobank ATM.

I was charged $212 for P10k

Thats about P47 to $1 exchange rate (exact advertised local rates at the time) .... maybe some banks are better than others in this area . . .

I will try my others to see what they stick me with soon.

Ooh at the end of the month - †am charged $1 fee per ATM use if I go over X withdraws per month... I dont know what X is ... im guessing aroud 8

NOTE: I just looked at a P10k withdraw transaction from this month. it shows:
Quote
12-11-2009 †Checking Withdrawal / †Withdrawal @ ATM90008248 SM_BACOOR_1_1K CITY PH Trace #xxxxxxxx (eff. date 12/11/2009) † -218.40


thats about P45 to $1 ... the same rates were advertised locally at that time ...
I get to use an ATM anytime I want - and never have to worry about carrrying dollars to exchange when I need money... its sooo much easier this way...
I have seen so much conflict while in the Philippines - amazingly 99% of it was merely online computer experiences :D

Offline Robin

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Re: Money Exchange?
« Reply #7 on: December 29, 2009, 10:46:11 AM »
I hadnít thought of having my local bank order Pasoís for me, Iíll ask. We do have a PNB (I think thatís it) branch here in Las Vegas, Iíll check with them also.

Hey, you guys are great, thanksÖ
Tigbauan, Iloilo,
Panay Island, Philippines
GPS Location: N 10  40.488  -  E 122  23.235

Offline Steve & Myrlita

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Re: Money Exchange?
« Reply #8 on: December 29, 2009, 11:19:23 AM »
Before I left 2 years ago, I asked my bank about selling me some pesos. My branch manager who always treated me very nice told me that I should wait until I get to Manila then use the ATM card there. The bank offered only 70% of the posted exchange rate. She told me the bank won\'t charge me extra for any ATM use there and as long as the bank I use there (BDO) doesn\'t charge, I will get very close to the published exchange rate. God Bless...
Thank you...God Bless...
Bro Steve & Sis Myrlita
Bacolod City, PH
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Offline Gray Wolf

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Re: Money Exchange?
« Reply #9 on: December 29, 2009, 09:29:31 PM »
It\'s been my experience that the banks in the Philippines give much less than the exchange desks in the large malls. We usually would exchange $100-200 when we were near SM and that would hold us for several days, even if we were shopping.† Once or twice we used a money changer in Manila, but never, ever should anyone use the money changers who approach you on the streets.† They are always scammers (in my very humble opinion) and will result in you losing money.† Also, my local bank offered to exchange our dollars into pesos, but we had to give them at least a 2 week advance notice and the exchange rate was horrible.† Worse than even the scamming money changers in Manila!† I\'ve always been extremely satisfied with the money change desks in the major malls and have never had a bad exchange rate given to me.† They even post the rates above the desk so you can see what they offer before you walk up.† YMMV
Louisville, KY USA - Bagong Silang, Caloocan City, PH

Offline uk

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Re: Money Exchange?
« Reply #10 on: December 29, 2009, 09:45:36 PM »
robin

you should change some dollars† to peso before you get here as ATM here have a habit of being off line when you need them most .so at least you will have cash in your pocket to pay for the taxi to the hotel if they are .

Offline yeochief

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Re: Money Exchange?
« Reply #11 on: December 29, 2009, 11:06:04 PM »
What about the airports here in the US, does anyone know how their rates are?† Anyone out there us Navy Federal Union?
Ken

Offline Lee2

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Re: Money Exchange?
« Reply #12 on: December 29, 2009, 11:10:58 PM »
What about the airports here in the US, does anyone know how their rates are?† Anyone out there us Navy Federal Union?

LAX airport exchange rate is terrible, the last time we looked when the rate was 48.5 in the Philippines they were paying 42 and change but if you are only going to exchange small money then it really will not add up to all that much.
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

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Re: Money Exchange?
« Reply #13 on: December 30, 2009, 12:22:12 AM »
Don\'t even think about exchanging money at any airport period, they usually have a low exchange rate! Just get $100 bills from your bank, hop on the plane and exchange your dollars at the nearest SM Mall that has an international money exchange counter! There also maybe a few Fed Ex offices or service centers at most SM Malls that have good exchange rates better than most of the local banks in the area that you are at! Also, watch out for counterfeit Philippine pesos outside of the airports and \"hole in the wall\" money exchangers, the texture of the fake 50s and 100 peso bills are noticeable and are usually mixed in with the other bills handed to you after the exchange. So count your money and observe what they look and feel like before leaving the exchange counter! If at all, you\'ll only be out of a few 50s and 100 peso bills after the fact if you didn\'t noticed the fake bills!
Also, there are cons out there with freshly printed $100 U.S. counterfeit bills not noticeable to the naked eye! Just use your own imagination what cons they can put over on you when money exchange hands!
I\'m not making any of this up! I\'ve known friends of mine that got taken by cons! And I myself found a fake 50 peso bill mixed in with other bills handed to me after I exchanged a few $100 bills!
Just beware!† † † † † † †

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Re: Money Exchange?
« Reply #14 on: December 30, 2009, 12:43:50 AM »
You really should try to avoid using card cards, debits cards at ATMs that isn\'t your bank unless you really have to! Most banks here and your U.S. bank charges a 1% fee of what you withdraw from an ATM that is not your bank and the withdrawals have different limit amounts from different ATM machines you can withdraw on a daily basis, some are Metro Bank four P4,000 transactions amounting to P16,000 per day, BPI two P10,000 transactions amounting to P20,000 total per day and a few HSBC banks you can withdraw two P20,000 transactions amounting to P40,000 per day.†