Living In The Philippines Forum

Itís Your Money => Money Exchanging => Topic started by: gemstar on February 26, 2012, 12:20:02 PM

Title: Best Exchange Rates
Post by: gemstar on February 26, 2012, 12:20:02 PM
I\'m living in Davao now.....and just wondered what places in Davao have the best exchange rates??

Don\'t know if its been done before...but maybe members in different cities can also list best rates in their cities.

Great to have current link to best rates in philippine cities.

Thanks in advance... :)
Title: Re: Best Exchange Rates
Post by: GWG on February 26, 2012, 05:06:18 PM
I would like to know as well.
I\'ll land in Manila this Weds and then go up to Mount Sea resort in Cavite.

I was wondering if I should change all my pera at the Airport or wait till I get to Cavite.

Sorry to \"piggy back\" on your post.

Thanks in advance!
Title: Re: Best Exchange Rates
Post by: rdjlazo@yahoo.com on February 26, 2012, 05:44:49 PM
There is a good one in Mall† of Asia not far from National book store.
It\'s not a good idea to bring a lot of cash with you but it is up to you
how comfortable you are with your companion or your transportation.
I feel ok bringing and changing up to $10,000 or peso equivalent.
It\'s safe most of the time but you don\'t want accident to happen to you.

Rudy
Title: Re: Best Exchange Rates
Post by: gemstar on February 26, 2012, 07:07:55 PM
The only worse place to exchange your money than the banks....is the airports.........both are pretty low.

In Cebu† City, there is a money changer near Mango Square that has consistently higher exchange rates.....sorry can\'t remember the exact name or address.
Title: Re: Best Exchange Rates
Post by: bigrod on February 26, 2012, 08:12:44 PM
GWG,

I live in Cavite and you will find better rates in Manila.

Chuck
Title: Re: Best Exchange Rates
Post by: BudM on February 27, 2012, 09:01:49 AM
SM in Bicutan was 42.55 on Wednesday.† Of course, probably find better on the streets but I always use an SM.† No hassle.† Never have and never will exchange at the airport.
Title: Re: Best Exchange Rates
Post by: Steve & Myrlita on February 28, 2012, 09:40:59 AM
SM in Bicutan was 42.55 on Wednesday.† Of course, probably find better on the streets but I always use an SM.† No hassle.† Never have and never will exchange at the airport.

As of now (12:15 CT, Monday) looks like rates closed above P43.00 for the first time in 3 weeks. A good strong up trend for the dollar since 1st week of Feb. At least it\'s improving for now.
Hopefully it continues. God Bless...
Title: Re: Best Exchange Rates
Post by: rdjlazo@yahoo.com on March 01, 2012, 06:00:04 AM
Stronger $ means weaker pesos means Pinoy intl traders have to come up wit more pesos
to pay for their imports. Bad news is we are just an audience and cannot help either way.

Since i found out the good $ exchange to peak at around 43 the other day feb 28† I went ahead
and exchange my $ at BPI and got 42.52 rate and the $ exchange closed at 42.75 Feb 29.
I use www.exchangerates.org for my guide just to get an idea how the rate is and how it
is trending.
Small money changers tend to have better rate but balance your time and amount
your are exchanging to see if it is worth the trouble of chasing good rates all the time.
What rate did you get yesterday those who exchange $ to pesos Feb 29? I am in Perto
Princesa, Palawan.
Rudy
Title: Re: Best Exchange Rates
Post by: RUFUS on March 02, 2012, 02:47:35 PM
This is because XOOM has problems being accessed from the Philippines.
XOOM accessed from the US works very well.
I use XOOM to send money from our bank in the US to our Metrobank account and usually shows up the next day.
But, I am in the US.
There are many web based activities that do not work well when being accessed from the philippines.
Title: Re: Best Exchange Rates
Post by: rdjlazo@yahoo.com on March 03, 2012, 05:48:35 AM
Yes on # 1 you can send US $ to† your Phil bank $ acct. Citi bank allows you to
electronic transfer at $20 cost. If you will use your $ next few days. I have not tried it but I believe it.
#2. It only cost 180 pesos with BPI ($4) but have to wait around 21 days before you can access
your money. This is OK if you will not use the money the next
21 days.
I think XE.com is OK but I will have to try it. I have checked the web site but I did not enroll.
Great information guys. These will help a lot of us here.
Title: Re: Best Exchange Rates
Post by: bigrod on March 03, 2012, 08:07:47 AM
Jack,

BDO does not charge for US check deposits but u do have to wait 28 days(20 banking days) for deposit to clear.† If you do not need the money immediately it seems like the most cost effective way to transfer.

Chuck
Title: Re: Best Exchange Rates
Post by: gemstar on March 03, 2012, 05:56:17 PM
I used XOOM for a few years and had NO problem.....

XOOM can send dollars to dollar account....or it can do the exchange also from dollars to pesos into a peso account.

BUT you have to remember they must male a profit too......they have a lower exchange rate PLUS the transaction charge..

BUT another good thing about XOOM, the money is in the account pretty fast.....

IF you can plan ahead, YES you can write a check from your US bank account......NO CHARGES, but you have to wait 21 days for it to clear.
Title: Re: Best Exchange Rates
Post by: dennis1105 on March 04, 2012, 08:52:07 PM
I use [url]http://XE.com[/url] ([url]http://XE.com[/url]) and have it set to P/$ format. Put it on my bookmarks bar and with 1 click I can see near real time trading and charting options. It seems to be one of the quicker links IMO.


XE.com is the one I\'ve used for at least 7-8 years. †Most dependable, easiest to use site yet, IMHO.
I have that and xoom.com both bookmarked. †Using Firefox as my browser I can keep tabs open for each simultaneasouly while I conduct money transfers to our family making sure we get a proper exchange rate.
If you download the Windows 8 Consumer Preview from Microsoft, it has a live XE metro tile built right on the new Metro start menu that continuously shows you exchange rates for any currency you choose. I\'m using Windows 8 right now and it\'s great!
Dennis
Title: Re: Best Exchange Rates
Post by: privateeyepi on March 03, 2013, 12:14:24 AM
@Rufus

I have never had a problem accessing Xoom from the Philippines. Been doing it for over 3 years without a problem.


I believe the real answer to the question asked is: people write checks and wait 15 days because it is free. There is no fee involved. With Xoom transfers, there is a cost. I may start using that method again, when I feel like I have enough 'float money' to handle it.
Title: Re: Best Exchange Rates
Post by: Rudylazo on March 12, 2013, 04:56:43 AM
Folks,

Total cost with Xoom is about $71 for a $2,950  if I will send today.  It is about 2.4%
if you will calculate it based on percentage. Yes they are very fast, most
of the time it is in your BPI or BDO acct before it hit your US bank but i am sure
they have a hold on you money by that time. Their Max is $3,000 per transaction
and $6,000 per month and you have to be approved if you want to send more than that
on a 30 day period. Yes very convenient you can do it on your PC.
Happy banking to all
Title: Re: Best Exchange Rates
Post by: Art, just a re(tired) Fil-Am on March 27, 2013, 01:25:10 AM
First noticeable increase I've seen in a while, just the other day it was at P40.60 something to the dollar!
1.00   USD   = 41.0500   PHP (rate as of 2013-03-26 16:00:02 UTC)   
http://www.xe.com/?r=6&c=PHP
http://www.tititudorancea.com/z/usd_to_php_exchange_rates_dollar_philippine_peso.htm
Title: Re: Best Exchange Rates
Post by: privateeyepi on March 27, 2013, 05:19:22 AM
@Rudylazo

Where did you get your figures? I can send $2950 through Xoom (in dollars, not pesos) and the cost is only around $24. How did you get $71???? Must be new math.

I do know that if you send that money in Pesos, the terrible exchange rate that Xoom gives will make the transaction cost a lot more. But even with that, I think the total cost of transfer would only be around $60.

Now, if you send money using your credit card (sort of like, advanced cash), the fee is much higher. For $2950, using a credit card to pay, the cost would be about $65 for sending dollars. They charge extra because the credit card companies charge the merchants somewhere around 2 or 3 percent, I believe.
Title: Re: Best Exchange Rates
Post by: Art, just a re(tired) Fil-Am on March 27, 2013, 03:01:19 PM
I'm not good at math either, but there are a few on here that have used xoom for 7 to 8 yrs! 
So, what does that all amount to in total for every month in the 7 to 8 years of paying those xoom money remittance transaction fees? 
Well, it's all about each to their own finances what they are comfortable with! ;)
Title: Re: Best Exchange Rates
Post by: bigrod on March 27, 2013, 04:58:42 PM
Just looked at Xoom rates if I send $2999 it equals 119,960 php being sent at 40 php per dollar, todays rate is 41.04 approx so I lost 2999 php minimum on the transfer plus $4.99 from a bank account or $9.99 from credit/debit card. 2999 php converts to $73.15 lost on conversion at 41 php to $1 plus either $4.99 or $9.99 added.  Sending in Dollars is $2999 plus $15.99 bank account or $65.99 credit/debit card.  You can do the math.

Chuck
Title: Re: Best Exchange Rates
Post by: privateeyepi on March 28, 2013, 06:27:07 PM
@big rod

You are correct that sending large amounts already converted to pesos is not the ideal way to send, because of the lousy exchange. However, you can't use today's rate money rate as published, to compare. No money changer or other business will give you that rate. Normally you would get something around 20 centavos less, so that is where my $60 fee came from, rather than $73.

As I stated before, if you send the money in dollars (which is the smart way), the fee is only $16, which is also what you stated. Then you can convert at your favorite money changer. The fee has actually decreased for sending dollars. It used to be $24 to send $2999, now it appears to only be $16.
Title: Re: Best Exchange Rates
Post by: bigrod on March 28, 2013, 07:43:42 PM
I can not get the published rate here in General Trias but I have always got the published rate or within 1 or 2 centavos when changing in Manila.

Chuck
Title: Re: Best Exchange Rates
Post by: wildbill on March 28, 2013, 10:17:49 PM
Topic is  Best Exchange Rates--I always get what ever the ATM is offering all my money is tied to ATM esp because I ran out of checks here  :'(
Title: Re: Best Exchange Rates
Post by: Rudylazo on July 14, 2013, 02:12:58 PM
$71 charge plus the difference between what they pay you and the actual exchange rate.
That is what u pay when you want the money to hit you Local bank in a few minutes.
I heard Metro bank have no charge when you deposit a US or EU check to your $ account
though you have to wait because they put a hold of 4 weeks before you can use the money. You are ahead 2 to 3 % if you have time to wait 4 weeks. It's your money so enjoy it how you want to.
Title: Re: Best Exchange Rates
Post by: wildbill on July 14, 2013, 08:47:19 PM
I have two accounts with the same US Bank I use here and two ATM cards  they have free online Banking I can transfer money between the two accounts then you get 4 free ATMs withdrawals a month from each account so I dont need to write checks anymore I closed my philippine bank acconts maybe some one here does it better but for now im content.
Title: Re: Best Exchange Rates
Post by: Art, just a re(tired) Fil-Am on August 13, 2013, 10:38:51 AM
The Forex Exchange rate is looking pretty good today sitting at P43.90
The only problem I have now or it just may be a coincident that my bank's
website is down for some reason, saying "This webpage is not available" Reload"! 
Tried reloading several times to no avail! Now I'll have to go to my bank today, get the
form to convert my dollars and get in line and wait to do my transaction with the
bank teller! ???  >:(
Title: Re: Best Exchange Rates
Post by: BudM on August 13, 2013, 02:25:40 PM
The Forex Exchange rate is looking pretty good today sitting at P43.90
The only problem I have now or it just may be a coincident that my bank's
website is down for some reason, saying "This webpage is not available" Reload"! 
Tried reloading several times to no avail! Now I'll have to go to my bank today, get the
form to convert my dollars and get in line and wait to do my transaction with the
bank teller! ???  >:(

Right at this moment, mine is showing 43.500 and 44 flat.  Apparently, from what I have seen, I can not do any transfers between my accounts online unless they are of the same currency so I would have to go to the bank anyway.
Title: Re: Best Exchange Rates
Post by: Lee2 on August 13, 2013, 07:39:03 PM
BPI has online conversion from dollars to pesos and that is an important reason why we like BPI but I have only had accounts with a few different Philippine banks and none of them had online conversions, so there may be others out there who do. BPI only allows conversions during banking hours from 9:30 am to I believe 3:30 pm Philippines time and their website is overloaded at times, I think maybe they have outgrown their server.

Art when that happens, sometimes when I try a different browser, then for some crazy reason it goes through, possibly coincidence.
Title: Re: Best Exchange Rates
Post by: Art, just a re(tired) Fil-Am on August 13, 2013, 10:13:36 PM
Art when that happens, sometimes when I try a different browser, then for some crazy reason it goes through, possibly coincidence.
Yeah, I tried all of my other browsers, but the same thing happened, "website unavailable"! When I went to my bank, even the teller's system was off line so no transactions could be done over the counter other than their ATM outside which I was able to withdraw cash from my peso and dollar account. When we got home later in the day after 3:30pm, my bank's website was working normally, but was too late to convert my dollars to pesos on line! Will try again tomorrow! 
Title: Re: Best Exchange Rates
Post by: BudM on August 13, 2013, 11:30:31 PM
I am stuck with BDO for now, and so far I am happy with it and the customer service they provide is outstanding.  The only thing I seem to be missing is the peso to dollar online transfers. Everything else works fine online.  That is probably all for me as far as bank accounts unless I hit the lottery which now a days I do play three times a week.  Besides the PRA bank holding my time deposit, I have two institutions in the U.S. with four accounts and one other institution here with two accounts.  For as little money as I have, I sure spend too much time trying to keep up with where it is at with it spread out like that.  So, I just also need to find a little time in my day once in a while to squeeze in a trip to the bank for conversion.
Title: Re: Best Exchange Rates
Post by: wildbill on August 14, 2013, 07:01:27 AM
Budman if your play the lotto here my wife says you cant not collect on it only Philippine citizen may collect I have done no research to say its for sure me to I would love to know the answer.
Title: Re: Best Exchange Rates
Post by: BudM on August 14, 2013, 11:01:52 AM
Budman if your play the lotto here my wife says you cant not collect on it only Philippine citizen may collect I have done no research to say its for sure me to I would love to know the answer.
I did not know that wildbill and thanks for the info.  Lucky for me, picking up the ticket and monitoring the lottery for her (who is a Philippine citizen) is one of my assigned tasks.  It only costs her 60 pesos a week plus my compensation.  I am sure when she wins, I will be rewarded for performing my task so satisfactorily after she goes and collects her winnings.

As for the best exchange rate, I do not know where it is today.  My bank is showing the same numbers as I listed in the post for yesterday.
Title: Re: Best Exchange Rates
Post by: fred on August 14, 2013, 12:48:06 PM
Went to BPI yesterday and the place was closed.. Guard said "OFFLINE" ..I asked him if other local branch was open he said.. "BPI Luzon,Visayas,Mindanao...OFFLINE"!!
Title: Re: Best Exchange Rates
Post by: wildbill on August 14, 2013, 05:54:19 PM
okay Bud my bad as the teens say in the USA :) When you have a RCBC dollar account and ask the mannager he can give you a little more than the going rate as for BDO and other not sure about them.
Title: Re: Best Exchange Rates
Post by: BudM on August 14, 2013, 08:55:04 PM
okay Bud my bad as the teens say in the USA :) When you have a RCBC dollar account and ask the mannager he can give you a little more than the going rate as for BDO and other not sure about them.

OK.  No problem here.  To tell you the truth, I am not sure what you are talking about in reference to.  I guess I might have missed something though.  My last post I had mentioned the buy and sell just to keep my post in line with the thread rather than drift off on to the lottery.  But, thanks anyway.