Cashing American Express Travelers Checks

[Mr Lee]

Cashing American Express Travelers checksIn Cebu CityWe just found out how to cash American Express travelers checks here in Cebu City in larger quantities. A friend of ours needed to cash some and they are willing to cash up to $1000 US dollars without notice and with one days notice, they will cash higher amounts. Today the exchange rate is around 48.60 and they paid 47.64 and charged another p74 and change service charge on top of them making some money on the exchange. The place is Adventure International Tours, Inc. in the back of Ayala Mall, and we saw a nice lady named Irene P. Dela TorreThe address is G/L South Surface Area, Ayala CenterCebu Business Park, Cebu City, Philippines63 32 232 2968 or 232 2970 or 233 7449Email irene.delatorre@travelnow.phWebsite www.travelnow.phMany banks will cash small amounts, such as US $200 or $300 at one time and it is always better to have cash and in crisp new looking Hundred dollar bills to get the best rates on your money, but some people insist on travelers checks, so I am posting this to try to help them.

Edited March 9, 2009 by Mr. Lee

[Markham]

Cashing American Express Travelers checksIn Cebu CityWe just found out how to cash American Express travelers checks here in Cebu City in larger quantities. A friend of ours needed to cash some and they are willing to cash up to $1000 US dollars without notice and with one days notice, they will cash higher amounts. Today the exchange rate is around 48.60 and they paid 47.64 and charged another p74 and change service charge on top of them making some money on the exchange. The place is Adventure International Tours, Inc. in the back of Ayala Mall, and we saw a nice lady named Irene P. Dela TorreThe address is G/L South Surface Area, Ayala CenterCebu Business Park, Cebu City, Philippines63 32 232 2968 or 232 2970 or 233 7449Email irene.delatorre@travelnow.phWebsite www.travelnow.phMany banks will cash small amounts, such as US $200 or $300 at one time and it is always better to have cash and in crisp new looking Hundred dollar bills to get the best rates on your money, but some people insist on travelers checks, so I am posting this to try to help them.

If I'm not mistaken, that's the agency for American Express Travel Services. Incidentally, the US Dollar is by no means the only readily-convertible currency here in the Philippines, Australian Dollars, Euros, Sterling, Won and Yen being equally common.Mark

[Mr Lee]

Cashing American Express Travelers checksIn Cebu CityWe just found out how to cash American Express travelers checks here in Cebu City in larger quantities. A friend of ours needed to cash some and they are willing to cash up to $1000 US dollars without notice and with one days notice, they will cash higher amounts. Today the exchange rate is around 48.60 and they paid 47.64 and charged another p74 and change service charge on top of them making some money on the exchange. The place is Adventure International Tours, Inc. in the back of Ayala Mall, and we saw a nice lady named Irene P. Dela TorreThe address is G/L South Surface Area, Ayala CenterCebu Business Park, Cebu City, Philippines63 32 232 2968 or 232 2970 or 233 7449Email irene.delatorre@travelnow.phWebsite www.travelnow.phMany banks will cash small amounts, such as US $200 or $300 at one time and it is always better to have cash and in crisp new looking Hundred dollar bills to get the best rates on your money, but some people insist on travelers checks, so I am posting this to try to help them.

If I'm not mistaken, that's the agency for American Express Travel Services. Incidentally, the US Dollar is by no means the only readily-convertible currency here in the Philippines, Australian Dollars, Euros, Sterling, Won and Yen being equally common.Mark

Thanks Mark, I only asked about dollars and I am sorry to say, I only think in dollars and it is good to have people like yourself set me straight from time to time on other nations issues.Yes, I think they are the authorized American Express agent here in Cebu City or at least one of them.

[johnrxx99]

I regret to say that travellers cheques are a thing of the past as few banks trust each other. My advise is always bring cash - less chance of loosing it than a bank not willing to change a cheque, or indeed the bank going bust, lol.

[Markham]

I regret to say that travellers cheques are a thing of the past as few banks trust each other. My advise is always bring cash - less chance of loosing it than a bank not willing to change a cheque, or indeed the bank going bust, lol.

Or else open accounts with a global bank in your homeland and here. Travellers cheques are an anachronism of a bye-gone age.Mark

[johnrxx99]

I regret to say that travellers cheques are a thing of the past as few banks trust each other. My advise is always bring cash - less chance of loosing it than a bank not willing to change a cheque, or indeed the bank going bust, lol.

Or else open accounts with a global bank in your homeland and here. Travellers cheques are an anachronism of a bye-gone age.Mark

A bit difficult if you're a tourist Mark just over for a week or two. I've been using cash now for about 20 years having discovered most of the worlds interesting places don't do banking as we know it. Biggest notes the better as they have the best rate on the black market, as new as you can get, no tares or rips or writing on them. Best exchange rate going. Survey the location of the exchanger before a transaction or invite them to your hotel reception or a bank. Keep it locked up in you case in the hotel or in the saftey depsoit.One does hear stories of the hotel being a problem but one assumes you also check that out before you arrive. Edited March 10, 2009 by johnrxx99

[gears]

Thanks for the tips and rates on catching a midnight cab at the airport.. Do you know if the cabi will readily accept fare payment in USA cash in small bills? I can't see myself wandering about the Phils with a back pack staying at budget accomodations and beach settings, with "numerous" crisp 100$ bills to see me though safely.Perhaps there are other places in the larger city centres, that won't fleece those who still wish to carry travelers checks as an "additional" source of secure exchangable funds over and above cash, credit cards or ATM cards?Thanks for the welcome greetings to Cebu.GearsCashing American Express Travelers checksIn Cebu CityWe just found out how to cash American Express travelers checks here in Cebu City in larger quantities. A friend of ours needed to cash some and they are willing to cash up to $1000 US dollars without notice and with one days notice, they will cash higher amounts. Today the exchange rate is around 48.60 and they paid 47.64 and charged another p74 and change service charge on top of them making some money on the exchange. The place is Adventure International Tours, Inc. in the back of Ayala Mall, and we saw a nice lady named Irene P. Dela TorreThe address is G/L South Surface Area, Ayala CenterCebu Business Park, Cebu City, Philippines63 32 232 2968 or 232 2970 or 233 7449Email irene.delatorre@travelnow.phWebsite www.travelnow.phMany banks will cash small amounts, such as US $200 or $300 at one time and it is always better to have cash and in crisp new looking Hundred dollar bills to get the best rates on your money.

[Mr Lee]

Thanks for the tips and rates on catching a midnight cab at the airport.. Do you know if the cabi will readily accept fare payment in USA cash in small bills? I can't see myself wandering about the Phils with a back pack staying at budget accomodations and beach settings, with "numerous" crisp 100$ bills to see me though safely.Perhaps there are other places in the larger city centres, that won't fleece those who still wish to carry travelers checks as an "additional" source of secure exchangable funds over and above cash, credit cards or ATM cards?Thanks for the welcome greetings to Cebu.Gears

Gears, if you are only going for a short time as a tourist then the exchange rate you get will not be too important but if you are going long term then it would pay for you to get a Philippine bank account there and to deposit your cash into the account and use a local ATM card. I guess you will have to figure out how much money you intend to spend and calculate the difference and see if it is worth it to you. Over the long term the difference can be quite significant. I also use a US Citibank ATM card at the Philippine Citibank ATM machines and have gotten a pretty good exchange rate but recently they started charging a 3% exchange rate fee on each transaction and while that would be safer than carrying cash, again getting bitten by the 3% over time can hurt. You can also use any ATM card there and you will just have to pay the fees.One easy way that I have found to do things is to deposit my US check into my Philippine dollar bank accounts there and wait the 21 days for them to clear and then take a large amount of cash and have a money changer come to the bank to do the exchange and deposit the pesos into my peso account, but again we live there for months at a time so I try to get every peso I can from my dollars.So now you know where you can cash your travelers checks and I know of no other places in Cebu and this thread has been going for a while now and no one has added any other places. I have been told that some banks will cash small amounts but I have found over the years that you would have to have a relationship with the bank for them to deal with you. As for taxi taking dollars, I found most would not unless you give them a lot extra because then they would have to go to a money changer to cash the dollars and that would be another step for them to get their money. Most taxi drivers rent their taxis and have to pay their rent each night or morning (24 hour rentals) when they turn their taxi in. My advice would be for you to get some small pesos from your local bank before you leave and that should make life easier on you. Most taxis also do not carry change or prefer to try to cheat you and tell you they do not have change if you give them big bills, since they know that most arriving people will probably just say the heck with it and tell them to keep it. I have had taxi drivers try to do that to us all the time we stay in the Philippines when I give them a larger bill and I always deal with it by then giving them exact change and beating them out of their tip and telling them they would have gotten a nice tip had the had change. Maybe someday they will learn. Edited November 23, 2009 by Mr. Lee

[gears]

Thanks for the tips and rates on catching a midnight cab at the airport.. Do you know if the cabi will readily accept fare payment in USA cash in small bills? I can't see myself wandering about the Phils with a back pack staying at budget accomodations and beach settings, with "numerous" crisp 100$ bills to see me though safely.Perhaps there are other places in the larger city centres, that won't fleece those who still wish to carry travelers checks as an "additional" source of secure exchangable funds over and above cash, credit cards or ATM cards?Thanks for the welcome greetings to Cebu.Gears

Gears, if you are only going for a short time as a tourist then the exchange rate you get will not be too important but if you are going long term then it would pay for you to get a Philippine bank account there and to deposit your cash into the account and use a local ATM card. I guess you will have to figure out how much money you intend to spend and calculate the difference and see if it is worth it to you. Over the long term the difference can be quite significant. I also use a US Citibank ATM card at the Philippine Citibank ATM machines and have gotten a pretty good exchange rate but recently they started charging a 3% exchange rate fee on each transaction and while that would be safer than carrying cash, again getting bitten by the 3% over time can hurt. You can also use any ATM card there and you will just have to pay the fees.One easy way that I have found to do things is to deposit my US check into my Philippine dollar bank accounts there and wait the 21 days for them to clear and then take a large amount of cash and have a money changer come to the bank to do the exchange and deposit the pesos into my peso account, but again we live there for months at a time so I try to get every peso I can from my dollars.So now you know where you can cash your travelers checks and I know of no other places in Cebu and this thread has been going for a while now and no one has added any other places. I have been told that some banks will cash small amounts but I have found over the years that you would have to have a relationship with the bank for them to deal with you. As for taxi taking dollars, I found most would not unless you give them a lot extra because then they would have to go to a money changer to cash the dollars and that would be another step for them to get their money. Most taxi drivers rent their taxis and have to pay their rent each night or morning (24 hour rentals) when they turn their taxi in. My advice would be for you to get some small pesos from your local bank before you leave and that should make life easier on you. Most taxis also do not carry change or prefer to try to cheat you and tell you they do not have change if you give them big bills, since they know that most arriving people will probably just say the heck with it and tell them to keep it. I have had taxi drivers try to do that to us all the time we stay in the Philippines when I give them a larger bill and I always deal with it by then giving them exact change and beating them out of their tip and telling them they would have gotten a nice tip had the had change. Maybe someday they will learn.

Thanks once again Mr. LeeMy intention is to stay up to 3 months on this trip, traveling to numerous locations. It is a bit of a fact finding mision to see if an area of the Phils could eventually become my early retirement home. As my expenditures shouldn't be beyond $3,000 I don't think it is worth setting up a $ account on this particular trip, but your method is prudent and well taken for future considerations.I find it intriguing that the same banks that accept your US$ checks and hold it in your account, don't have an internal service to actually exchange your $ seamlessly into pesos, so that they themselves can make the commision cut, rather than an independent money changer. Are money changers indespensible (or simply have better rates?) and are they roving the hotel row streets and malls? I guess many tourists are simply steered by the various hotel, bungalow front desk staff to the money changer they prefer to get a cut from..lolToday I beefed up on a few crisp new 100$ Uncle Sam's play money in order to get the ball rolling. It seems lately they are being printed as quickly as the ink can dry. not so lolI will pick up a small wad of Pesos (in various sized denominations) in the Seoul Korea airport during the connecting leg stopover. Thanks for the heads up..Gears.

[Mr Lee]

Thanks once again Mr. LeeMy intention is to stay up to 3 months on this trip, traveling to numerous locations. It is a bit of a fact finding mision to see if an area of the Phils could eventually become my early retirement home. As my expenditures shouldn't be beyond $3,000 I don't think it is worth setting up a $ account on this particular trip, but your method is prudent and well taken for future considerations.I find it intriguing that the same banks that accept your US$ checks and hold it in your account, don't have an internal service to actually exchange your $ seamlessly into pesos, so that they themselves can make the commision cut, rather than an independent money changer. Are money changers indespensible (or simply have better rates?) and are they roving the hotel row streets and malls? I guess many tourists are simply steered by the various hotel, bungalow front desk staff to the money changer they prefer to get a cut from..lolToday I beefed up on a few crisp new 100$ Uncle Sam's play money in order to get the ball rolling. It seems lately they are being printed as quickly as the ink can dry. not so lolI will pick up a small wad of Pesos (in various sized denominations) in the Seoul Korea airport during the connecting leg stopover. Thanks for the heads up..Gears.

You are welcome again. That is what we are here for, to help our members.Money changers are setup in many of the malls and are for the most part legit in the bigger cities. Some of the banks do have black market money changers that they will use to help their account holders because the money changers offer much better rates than their banks do. I compare them and then use whoever is the better of the bunch or use the one the bank has if the difference is insignificant. For instance our member Mayen is the assistant manager at Bank of Commerce main branch in Cebu and the money changer she uses is right on the exchange rate so no need to use anyone else most times. Please be careful at some of the smaller money changers in some of the smaller stores and in some of the out of the way areas, and do not use the ones without storefronts. There is a video in our Philippine video section that can explain why, but it is mostly due to slight of hand and counterfeit bills.