Itís Your Money > Money Exchanging

Current XE Rate

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There is a big difference between a tourist and an expat when it comes to getting the best exchange rates, a tourist is only doing a few exchanges every now and then, thus the rate is not as important as it probably should be to those who live in the Philippines and have a home or condo in the Philippines.

Over a period of even one year, p250 pesos a month difference adds up to around $60 a year difference, how many of you just throw away $5 a month or $60 a year back home, sorry but I would rather spend the $60 on a few nice dinners out than not have it, thus I scout out the best money changer as we walk around the malls anyway for exercise or shopping we keep an eye on rates and then I have the bank we do business with call their money changer for their rate and play them against each other.

Also something to be aware of, many exchange places will give higher rates for larger amounts if you ask them, in the past I had worked them against each other and then had them come to my bank to do the exchange, so we could deposit the money directly into our account rather than carry it.

Yeah, getting the best exchange rate available does matter if you live here.  I am not just throwing pesos away for the heck it.  But, I am not going to drive a long distance to get a couple hundred better rate.  Between my bank and the main exchange I use is about 9 km.  I have a system though that works so I am not going out of my way or cost me any extra to get the best rate of which I am aware.  Plus, no I am not carrying a bunch or keeping a lot of cash around.

I only do exchanges online at BPI and BDO.  I choose convenience over the best possible rate.  But the rates at BPI online are not that bad.  (BDO is slightly worse than BPI.)

BTW, if you are from the U.S. and you have a Schwab debit card the conversion rate withdrawing from an ATM is better than any rate you can get in the PHL.  The ATM fees get reimbursed so that is not a factor.


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