Rates Are Up! Get Your Dollars Out From Under The Mattress!

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scott h
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ill take a walk then and ask, just for S&G's

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OnMyWay
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.

Monday's rate reflects the weekend rate. You don't get the correction until overnight Monday

 



At 10 AM Philippines time you get the official adjustment. Probably up a shade.

 

Chris, are you referring to that particular place, Lee's?  I'm not sure how the small places work but at my BPI branch they update the desk rates several times a day, including Monday.  Their FOREX hours are 0930 to 1530, I think.  If I have a lot to exchange I talk to the manager or his right hand man, and they call Manila to see what the best rate they can get is. 

 

I checked BPI online at about 1450 Friday and the best rate listed was 44.70 (for USD 50k, a lot more than I was exchanging).  When I got to the branch at about 1520, they called and got me 44.75.  When I checked the BPI online rate Monday morning, it had already been updated to 44.84 to 44.90, depending on your amount to exchange.

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chris49
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Posted

.

Monday's rate reflects the weekend rate. You don't get the correction until overnight Monday

 

At 10 AM Philippines time you get the official adjustment. Probably up a shade.

 

Chris, are you referring to that particular place, Lee's?  I'm not sure how the small places work but at my BPI branch they update the desk rates several times a day, including Monday.  Their FOREX hours are 0930 to 1530, I think.  If I have a lot to exchange I talk to the manager or his right hand man, and they call Manila to see what the best rate they can get is. 

 

I checked BPI online at about 1450 Friday and the best rate listed was 44.70 (for USD 50k, a lot more than I was exchanging).  When I got to the branch at about 1520, they called and got me 44.75.  When I checked the BPI online rate Monday morning, it had already been updated to 44.84 to 44.90, depending on your amount to exchange.

 

No mate, you get that privilege because you are exchanging a larger amount and you are a preferred customer.

 

On smaller amounts, my bank manager would not assist me, nor would I ask him. For a monthly amount of $1500 or $1000, we would take that to a money changer. For a black market rate .20-.30 above the market rate. This will go to Gina's hand and would be 400-500 pesos on a $1500 transaction.

 

Your position is also different because from $50k US, you are leaving some substantial money in the bank, which encourages the manager to deal with. When I first arrived here in 2006. I was swinging similar amounts and also got the manager's attention but that's not the case now.

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OnMyWay
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Your position is also different because from $50k US, you are leaving some substantial money in the bank

 

No, I never had nearly that much to exchange or in the bank.  I mentioned 50k because BPI has a tier system (online) and that is the highest tier.

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chris49
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Your position is also different because from $50k US, you are leaving some substantial money in the bank

 

No, I never had nearly that much to exchange or in the bank.  I mentioned 50k because BPI has a tier system (online) and that is the highest tier.

 

 

OK, good clarification.

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OnMyWay
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you are a preferred customer.

 

Technically, we are not a preferred customer, but it does pay to get to know the manager and other staff.  We are friends with the manager's right hand man now and he told us any special exchange rate requests asked of the manager are going to be given to him anyway, so just come to him directly.  They relocate manager's a lot too, and we are now on our 3rd in 2+ years.  I have never introduced myself to the latest manager as there has not been a need.

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chris49
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Our manager is a cyclist and clubmate and a handy guy to know. But we don't abuse the privilege.

 

One useful avenue for me aged 65 is the Snr Citizen's lines available in BDO, has saved me a lot of time.

 

BPI's latest innovation, for the last few years in the one where you input your transaction before approaching the counter,

we like that one a lot.

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OnMyWay
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Up to 45.31 on XE.com!  I have no dollars left!   :unsure:

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  • 4 weeks later...
OnMyWay
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Pesos / dollar has held over 45 for most of the past 30 days.  Technical chart devotees would say this bodes well for a move higher.  I can only hope!  Perhaps the central bank is staying out of it for a while?

 

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Steve & Myrlita
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They will stay out of it until it hits 46 then will step in and knock it back down.

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