Getting the best exchange rates

[jjcabgou]

Couple things I took note of:

If you are going to send money thru western union, it is best to send dollars (not sure with other currencies) and have your money picked up in Pesos.  Up until a month ago, there was ZERO fee to send from your bank account, they now charge 2.50 or 2.99
If you send your money in pesos, western union will take a big chunk of your money with a crap exchange rate.

Also, I compared the rate at western union and BDO today.  Western union rate was 44.65 and BDO was 44.55  Western union wins

Lastly, I made some purchases using my visa card and looked at the exchange rate, it was probably the best rate of all AND there is zero fee.  My suggestion is to make as many purchases as you can with your visa card of you want the most favorable exchange rate.  Please note:  that is with my credit card, I do no know if all cards use the same rate, but it is worth checking into.

[iamjames]

ANYTHING is cheaper than Western Union. Their exchange rates and fees amount to extortion.

[jjcabgou]

ANYTHING is cheaper than Western Union. Their exchange rates and fees amount to extortion.

Not if you are smart about it.  I use western union all the time and the most I have paid is 2.99 in fees.  I send USD to have picked up in USD.  When I go to the western union pick up place I just ask them to give it to me in Pesos at a great exchange rate.    Do you know of something that is better, if so, I will make a switch ASAP

[wildbill]

us bank and use the atms still cant worri the rates.

[Art, just a re(tired) Fil-Am]

The Philippines or Foreign exchange rates are what they are at any given day, they're either good or bad low rates!
Me personally, I set aside ample amount dollars and pesos to last a few months for our living expenses and I don't bother about wire or remittance transfers or using international credit or ATM/debit cards that chargers a service fee per transaction!
I just write out our U.S. personal checks for deposit into our local RP bank dollar account just to top it off and keep it below $10,000 all the time in a calendar year!
I don't concern myself what the exchange rates are on a daily basis, I just monitor the rates just before I need to convert my dollars on-line or at a money changer in our area who has the highest exchange rate for the day or week I need pesos!     

[bigrod]

All the Visa credit/debit cards should have the same rate for the same days transactions  The rate is normally the best you will find.  Just be advised that when you use them there will normally be a foreign transaction fee that will be added later the fee will normally be 1-3% of the amount.  The 3% fee added will be about the same as sending pesos(English version of Filipino "piso") via Western Union/Xoom/etc excluding the transfer fee.  Agree with Art cheapest way is write checks to a dollar account and wait for them to clear.

Chuck

[jjcabgou]

zero foreign transaction fee with my card.  I will continue to use it as it is by far the best rate.  I dont need to worry about the day to day rates using the card.
The other tidbits of info were just that... just tidbits of info

[bigrod]

I am glad you have a zero fee card, not everyone does, including myself.  The tidbits of information were not just for you but for all forum members who may find them useful.

Chuck

[Art, just a re(tired) Fil-Am]

I myself do not have any zero free cards! That's why I just deposit our U.S. personal checks into our local RP bank dollar account! Been doing it for the past 15 years without any issues and it's "FREE", other than what the bank makes during the 25 days clearing time, which is no big deal by us as long it's not out of our pockets or service fees involved before or after the fact!
Besides, when converting dollars to pesos, we are all in the same boat what the exchange rate will be at the time of it's conversion depending on when, how and where the transaction took place!   

[wildbill]

I have two with the same bank and I get 4 free each month .so I get 8 free.No problems and I use online banking for free to.

[jjcabgou]

I am glad you have a zero fee card, not everyone does, including myself.  The tidbits of information were not just for you but for all forum members who may find them useful.

Chuck

Absolutely,, I didnt mean "tidbits" in a negative way.    Maximizing our money for all of us will be a big help; thru growing pains I have learned that 40 pesos, 200 pesos etc. is not monopoly money.  If I can save 40 pesos now I do so whereas when I first got here I really looked at it as monopoly money.  One thing some may try to do is negotiate with their credit card to drop the foreign transaction fee.  They are a business and if you threaten to cancel the card they may consider it.  It really is the best exchange rate (IF you dont have the foreign transaction fee).  And I was really REALLY surprised I got a better exchange rate at western union than BDO.  I was expecting quite the opposite

[bigrod]

My accounts are also with BDO and there rates have been low since I started with them in 2010, most philippine banks have a low rate compared to money changers.  I did notice with BDO after having accounts with them for six months when I did exchange dollars with them I got 5 peso more than their posted rate.

Chuck

[BudM]

5 pesos more?  5 on the dollar?  I get the higher rate (slightly) and I have noticed quite a few times, and it has surprised me, that I can get a better rate with the bank than outside at the exchanges but I sure would like to do business with a bank that gives 5 more to the dollar.  The only problem is, the one I am talking about and doing business with already is BDO.

[bigrod]

I am bad it is 5 centavos more not peso.  Sorry!  But at least you are reading. Bud I always get a better rate outside the bank here in Cavite.

Chuck

[Art, just a re(tired) Fil-Am]

Yeah, on the average it's about 20 centavos less when converting dollars to pesos on-line, but can get a higher rate when converting $1,000 or more on-line! That's why I set aside pesos and dollars in cash to last a few months so that we have the option at any given day when the rates are good to exchange our dollars on the spot at a bank or money ex-changer with the highest rate when on-line rates are usually less!