Changing Dollar's to Peso's

[PaulB]

Hi All (Wise Men and Women)

On our way to Philippines on Monday and was just wondering if anyone has any tips on changing USD to Peso. I have always changed in the Airport NAIA but when getting the dollars today, here in the UAE, the Pilipino lady said the charges are higher at the Airport Banks.

Any advice appreciated! 

 

Paul

[Old55]

I’ll use the Cebu airport atm machine to get some Pesos on arrival. The currency exchange rate booth inside the terminal was somewhat higher than the atm machine. My guess it’s the same as MNL.

Edited December 15, 2017 by Old55

[scott h]

4 hours ago, PaulB said:

Any advice appreciated!

Paul, I would just change enough to get from the airport to your first destination. Onse there I will bet the title to my house that there will be a money (pawn shop) changer with in spitting distance or your location. I have found these places are usually about 20-40 centavos below the forex exchange rate. Much better than banks or malls, defiantly better than NAIA

Have a great visit 

[Snowy79]

I'll agree. Never exchange at the airports unless in an emergency. A lot of the decent hotels also exchange money and usually give at least 2 peso to the dollar more than you'll get at the airport.

[allancomeau]

My impression is that the spread is not as bad as it used to be, but follow scott h's advice

I use the ATM - carrying around a wad of cash isn't the best idea - though the 2.5% transaction fee is not pleasant

Some of the money-changers have a 'private' room for transactions so that it is not obvious how much you are exchanging.

Do shop around for the best rate.

One note of caution - some money-changers have been known to pass counterfeit bills, or swap your good bill with a fake and then claim you gave a fake bill.  

[Dave Hounddriver]

9 hours ago, PaulB said:

the Pilipino lady said the charges are higher at the Airport Banks.

First of all, I suspect she meant the Airport "Money Changers" as they are not banks but profiteers.  Second, she is not only right but extremely right.  You will get ripped off anywhere from 3 to 10 percent on the exchange rate when you exchange at a Money Changer at any Philippine airport.  On the other hand, Money Changers scattered around the major cities will often give great rates, better than the banks even.  But you have to have boots on the ground and do some searching and comparing.

[AlwaysRt]

3 minutes ago, Dave Hounddriver said:

You will get ripped off anywhere from 3 to 10 percent on the exchange rate when you exchange at a Money Changer at any Philippine airport. 

Pretty much true at any airport on the planet, not just Philippines.

[Happyhorn52]

I exchanged USD $1,000 yesterday at Norma's in Angeles City and got 50.35. If the airport rate is close to that figure, go for it, and if not just change a small amount and look for a better rate away from the airport. 

 

[canadamale]

I carry a small amount of peso with me on the plane. Enough to get to where I am staying and a few san mig.. Before I leave Canada I use western union to send myself a larger amount. I also use atm machines while in PH. I try to refrain from this as much as I can. Because of the exchange rate and bank fees.

Edited December 30, 2017 by canadamale