Itís Your Money > Money Exchanging

Getting the best exchange rates

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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:

--- Quote from: iamjames on October 02, 2014, 03:48:57 PM ---ANYTHING is cheaper than Western Union. Their exchange rates and fees amount to extortion.

--- End quote ---
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!     

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