Americano Posted February 15, 2013 Posted February 15, 2013 I recently opened a US Dollar account at my bank in the Philippines so I assume all dollars I withdraw will be accepted for exchange. My question is where is the best place to exchange them. Where can I get the highest exchange rate? Link to comment Share on other sites More sharing options...
Bruce Posted February 15, 2013 Posted February 15, 2013 I recently opened a US Dollar account at my bank in the Philippines so I assume all dollars I withdraw will be accepted for exchange. My question is where is the best place to exchange them. Where can I get the highest exchange rate? Rates change daily. Banks are usually low. The money changers (note muslim saying written on the walls inside the booth) usually pay the best. Banks and hotels do it as a service.. the money changers actually WANT US money... so they are more competitive. Most are connected and many on same streat are owned by same person. Txts common between them. Do not do more than you need and not on a regular daily schedule. It is assumed that everyone going into or out of a money changer has MONEY on them. 2 Link to comment Share on other sites More sharing options...
Call me bubba Posted February 16, 2013 Posted February 16, 2013 . The money changers (note muslim saying written on the walls inside the booth) usually pay the best. Txts common between them. Do not do more than you need and not on a regular daily schedule. off topic yet related to your safety, make sure 1.know your surroundings, 2. count your money slowly ,never let them count, then you count, then they "let me "count again or let me put it in envelope.. 1 expat was CHEATED by a money changer, at 1st he thought the HOUSE HELP had "stolen" until he reviewed his actions regarding what he had done w/the money., then REALIZED that he was SCAMMED . 1 member when he/she knew what the outside rate was, asked the bank if they would match it, sometimes they would "MATCH" as he/she was a "valued" customer of that bank.but when he/she changed it was for the monthly expenses. (1000uds$) not 100,200$ , 2 Link to comment Share on other sites More sharing options...
Americano Posted February 16, 2013 Posted February 16, 2013 When I moved to the Philippines about 3 years ago I exchanged some US dollars at a money changer inside Ayala Mall so I'm familiar with doing that but I was curious if other money changers give a better rate. And, if so, where would they be located? Link to comment Share on other sites More sharing options...
ducecoop Posted February 21, 2013 Posted February 21, 2013 Does any buddy see a problem (other then the $5 fee) of having money sent from your US bank viea XOOM and then stored in a bank Save box here in PI ( keeping only a months needed cash)? 1 Link to comment Share on other sites More sharing options...
Bruce Posted February 21, 2013 Posted February 21, 2013 Well, that would depend on if you intend to store your money in YOUR box or my box! :7_4_17[1]: :as-if: Once we get that worked out, I think it is a good idea. I do the same but make sure you have a 2nd person you trust with access incase you have a situation and are unable to travel to the bank. 1 Link to comment Share on other sites More sharing options...
Bigdog Posted February 22, 2013 Posted February 22, 2013 The place with the best exchange rate I've found so far is the money changer booth in Park Mall . They are usually very close to the daily exchange rate. If youre exchanging a fair amount, $500 or so, ask them and sometimes they can bump up the rate. I really like this place because its easy and fast..no writting down every bills serial number , no checking the passport , no paper work... they just verify the US $ are real and youre go to go. I like having cash here for somethings, its good if all the ATM's are down or theres a banking problem... Its also nice saving the $5 ATM fee not to mention the large chunk in exchange rates you'll get from your banks.. i just dont like giving away 1-3% of my money just to get it here , also with some cash on hand i can watch the exchange rates and get in while theyre higher... I do have a couple safe places to leave my money, never all in on location :) 2 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted February 22, 2013 Posted February 22, 2013 Does any buddy see a problem (other then the $5 fee) of having money sent from your US bank viea XOOM and then stored in a bank Save box here in PI ( keeping only a months needed cash)? I used to do that, back when XOOM accepted transfers from Canada. The problem is that XOOM frequently changes their rules, often in mid transaction, and many people have been buggered when expecting a transfer and then find out that the transaction is cancelled, the money is not coming, and XOOM's customer service sucks. Do a lot of googling to find out about the negatives before using them. but yes, to answer your question, that often works. 1 Link to comment Share on other sites More sharing options...
ducecoop Posted February 22, 2013 Posted February 22, 2013 Well, that would depend on if you intend to store your money in YOUR box or my box! :7_4_17[1]: :as-if: Once we get that worked out, I think it is a good idea. I do the same but make sure you have a 2nd person you trust with access incase you have a situation and are unable to travel to the bank. hmmmmm, just judging by your name, I am thinking you do not have the kind of box I want to make a deposit to....................:) Second person is no problem - my family is there (meaning my late wifes family - all professionals) Thanks Dave The place with the best exchange rate I've found so far is the money changer booth in Park Mall . They are usually very close to the daily exchange rate. If youre exchanging a fair amount, $500 or so, ask them and sometimes they can bump up the rate. I really like this place because its easy and fast..no writting down every bills serial number , no checking the passport , no paper work... they just verify the US $ are real and youre go to go. I like having cash here for somethings, its good if all the ATM's are down or theres a banking problem... Its also nice saving the $5 ATM fee not to mention the large chunk in exchange rates you'll get from your banks.. i just dont like giving away 1-3% of my money just to get it here , also with some cash on hand i can watch the exchange rates and get in while theyre higher... I do have a couple safe places to leave my money, never all in on location :) Os this park amll in Davao? Link to comment Share on other sites More sharing options...
ducecoop Posted February 22, 2013 Posted February 22, 2013 Does any buddy see a problem (other then the $5 fee) of having money sent from your US bank viea XOOM and then stored in a bank Save box here in PI ( keeping only a months needed cash)? I used to do that, back when XOOM accepted transfers from Canada. The problem is that XOOM frequently changes their rules, often in mid transaction, and many people have been buggered when expecting a transfer and then find out that the transaction is cancelled, the money is not coming, and XOOM's customer service sucks. Do a lot of googling to find out about the negatives before using them. but yes, to answer your question, that often works. I have been with xoom since they started. used to actually call customer service when they started and talk to an owner or co-founder. Of course that old relationship an't worth spit now, but xoom has NEVER been a problem for me (does not mean it never will be). I have had gf's pick up money faster then I really thought they could get to the bank (prolly they were running in case I change my mind :) I feel very good about Xoom - the question was really about the "PLAN" - is this a good way to deal with you money? Thanks dave 1 Link to comment Share on other sites More sharing options...
Recommended Posts