Exchange Rate For Big Investment Etc

[Shol]

Hi there.

 

Any recommendations for what to do when you need to make a conversion of US / Austrailian / Cdn funds for a big purchase ? Like 50k+
 

Just wondering as the banks seem to offer a horrible rate but also keep in mind there are charges to withdraw in foreign currency here.

 

Let me know your thoughts. Thanks

[earthdome]

BPI seems to have ok rates and they give better rates on larger sums.

 

I wouldn't want to convert that amount into cash. I would use a USD for depositing the money, then do the exchange when moving it to a peso account.

[Shol]

Yep that's the plan thanks will check BPI

[OnMyWay]

Yep that's the plan thanks will check BPI

 

My girlfriend says that if you talk to the bank manager they can give you better than the published rate.  I have not tried it yet.

 

Also, apparently the banks set their rate based on a spread from the central bank rate published here:

 

http://www.bsp.gov.ph/statistics/sdds/exchrate.htm

[Call me bubba]

negotiate  with the "business" with your currency.. if the buy rate is 40.99 . the sell rate is 41.60 . try a 41.50 or higher,

in the past when I had $$, if i had to purchase some services. (doctor/dentist/deposit ) i would use the $$ . .

[Shol]

Yep that's the plan thanks will check BPI

 

My girlfriend says that if you talk to the bank manager they can give you better than the published rate.  I have not tried it yet.

 

Also, apparently the banks set their rate based on a spread from the central bank rate published here:

 

http://www.bsp.gov.ph/statistics/sdds/exchrate.htm

Yep she is correct and I have an account at HSBC Premier which helps here.  I will be and working very hard to make sure that I get a good day / rate its just too bad I asked for some analytics / data to find out the ceilings etc but they said they don't have so I am just doing it on my own for now :)

[OnMyWay]

Yep that's the plan thanks will check BPI

 

My girlfriend says that if you talk to the bank manager they can give you better than the published rate.  I have not tried it yet.

 

Also, apparently the banks set their rate based on a spread from the central bank rate published here:

 

http://www.bsp.gov.ph/statistics/sdds/exchrate.htm

 

My girlfriend was correct and I got a really nice exchange rate at BPI today.  Checked XE.com and they were 40.92.  Checked BPI Online and they had a great online rate of 40.88.  Usually they are about .15 below XE.  Headed over to BPI to exchanged money for my car purchase and the manager gave me 40.95!

[Shol]

This is for USD or CAD ?

Thanks - my issue is that if I remove money from my other bank and then go and convert it somewhere else there will be a charge that will negate the difference. So well see gonna keep trying.

 

thanks for the tip!

 

 

Yep that's the plan thanks will check BPI

 

My girlfriend says that if you talk to the bank manager they can give you better than the published rate.  I have not tried it yet.

 

Also, apparently the banks set their rate based on a spread from the central bank rate published here:

 

http://www.bsp.gov.ph/statistics/sdds/exchrate.htm

 

My girlfriend was correct and I got a really nice exchange rate at BPI today.  Checked XE.com and they were 40.92.  Checked BPI Online and they had a great online rate of 40.88.  Usually they are about .15 below XE.  Headed over to BPI to exchanged money for my car purchase and the manager gave me 40.95!

[earthdome]

Good job!!

 

I wonder how large a sum for foreign exchange you need before the bank manager will negotiate a better rate.

 

$1,000USD, $5,000USD, $10,000USD?

 

Still, you are only getting .171% more. Or $17 on a $10,000 exchange. Of course that is enough for 2 to eat dinner at a restaurant.

[OnMyWay]

This is for USD or CAD ?

 

USD