Best Exchange Rates

[gemstar]

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...

[GWG]

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!

[rdjlazo@yahoo.com]

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

[gemstar]

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.

[bigrod]

GWG,

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

Chuck

[BudM]

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.

[Steve & Myrlita]

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...

[rdjlazo@yahoo.com]

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

[RUFUS]

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.

[rdjlazo@yahoo.com]

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.

[bigrod]

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

[gemstar]

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.

[dennis1105]

I use http://XE.com 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

[privateeyepi]

@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.

[Rudylazo]

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