Dollar To Peso

[slim]

We are building a home in cebu and we will be moving soon and I'm wondering if we should send the money in phils .to our dollar account or peso account? If we send to dollar account how do we exchange say 20 grand to get the best peso rate cause the money changers usually give you a better rate than the banks ? all help appreaciated !!

[Mr Lee]

We are building a home in cebu and we will be moving soon and I'm wondering if we should send the money in phils .to our dollar account or peso account? If we send to dollar account how do we exchange say 20 grand to get the best peso rate cause the money changers usually give you a better rate than the banks ? all help appreaciated !!

I personally have found it best to have the money in dollars. The least expensive way to move money is to write a check on a US account and deposit it here when you are here into your Philippine dollar account , or you can have a relative deposit it for you before you get here, as long as you already have an account here. There is a 21 day wait for it to clear in most banks.If you do not have an account yet, then you could contact Mayen who is the assistant mangager at the bank of Commerce near Robinsosns if you wish to and which I covered in another thread and she would be able to help you open one. I then take the dollars, once they clear, and call the local money changers to see who has the best rate. For large amounts like 20K the money changer will usually send someone to the bank with the money and you can make the exchange right in your own bank and then deposit the money directly into your peso account. That way you do not have to be a target outside the bank or carry large sums of money.Most banks have their own favorite money changers that they work with and I have often used the one downstairs in Robinsons and they meet us at the bank of our choice. BPI and some other bankls have changers they like to use who have accounts at their banks, and if you find their rate to be competitive, then there is no physical exchange of money and you just sign the with drawl and deposit slips and the money changer does the same and the bank just moves the pesos on paper from the money changers account to your account and from your dollar account to the money changers dollar account.If you are more specific about your circumstances, I could be more exact in my answer. Hope that helps. Edited March 17, 2009 by Mr. Lee

[slim]

We are building a home in cebu and we will be moving soon and I'm wondering if we should send the money in phils .to our dollar account or peso account? If we send to dollar account how do we exchange say 20 grand to get the best peso rate cause the money changers usually give you a better rate than the banks ? all help appreaciated !!

I personally have found it best to have the money in dollars. The least expensive way to move money is to write a check on a US account and deposit it here when you are here into your Philippine dollar account , or you can have a relative deposit it for you before you get here, as long as you already have an account here. There is a 21 day wait for it to clear in most banks.If you do not have an account yet, then you could contact Mayen who is the assistant mangager at the bank of Commerce near Robinsosns if you wish to and which I covered in another thread and she would be able to help you open one. I then take the dollars, once they clear, and call the local money changers to see who has the best rate. For large amounts like 20K the money changer will usually send someone to the bank with the money and you can make the exchange right in your own bank and then deposit the money directly into your peso account. That way you do not have to be a target outside the bank or carry large sums of money.Most banks have their own favorite money changers that they work with and I have often used the one downstairs in Robinsons and they meet us at the bank of our choice. BPI and some other bankls have changers they like to use who have accounts at their banks, and if you find their rate to be competitive, then there is no physical exchange of money and you just sign the with drawl and deposit slips and the money changer does the same and the bank just moves the pesos on paper from the money changers account to your account and from your dollar account to the money changers dollar account.If you are more specific about your circumstances, I could be more exact in my answer. Hope that helps.

Thanks Mr. Lee I know now have a pretty good idea how it's done and I thank you for the help as I thought that it was best to deal in dollars instead of sending pesos and losing quite a chunk of money in the usa exchange. Thanks for the help !!