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Hello to ALL ! My first post Here..I will be visiting the Phillipines during August

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Posted (edited)

Make sure tour $100s are the new type and without visible wear & tear. Some money changers will reject a bill with even a small rip, or give you a less favorable exchange rate.

Exchange at a pawn shop or a currency exchange at a mall will involve an annoying amount of paperwork. No paperwork at one of the street exchanges.

Edited by Guy F.
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I believe the reason cash is disappearing is due to the increasingly rising costs of handling cash.

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3 hours ago, Gary D said:

I believe the reason cash is disappearing is due to the increasingly rising costs of handling cash.

“Although the percentage of cash transactions has been reduced over the years, the processes for handling cash have largely remained the same,” said Greg Buzek, president of IHL Group, in a release. “Most often, retailers task the most expensive employees in the store to count and transport cash, which means these employees are not available for other, more profitable customer-facing transactions.”

https://www.electran.org/publication/transactiontrends/cash-handling-expenses-can-top-15-percent-and-500-labor-hours-as-inefficiencies-permeate/

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11 hours ago, Guy F. said:

Make sure tour $100s are the new type and without visible wear & tear. Some money changers will reject a bill with even a small rip, or give you a less favorable exchange rate

Yes. So much this.  I got a $50 bill out of an ATM in Texas. I did not notice the corner was slightly torn. It would not have been an issue in the US.  When I got to the PIs no one would take it. I tried street exchangers, mall dept stores, and even my local bank. The bill was crisp, clean, and worthless.  I ended up filling out a deposit slip and mailing it back to my US bank. Not a recommended procedure, but the bill was worthless here.  

Their bills can be all kinds of tore up and they accept them, not so with foreign money.  

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10 minutes ago, Tukaram (Tim) said:

 

Their bills can be all kinds of tore up and they accept them, not so with foreign money.  

Agree.... and another fine example of the stupidity and ignorance here.  But, it's a third world country, so, hey ho. :whatever:

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Posted (edited)

About 12 months ago I bought a bundle of Australian dollars to the Philippines with me (because I'd had issues with my card being stopped before and I wanted a back up).  Sure enough my card got stopped, which seems to happen every few months to one or other of the cards.  So I went into MLhullier and despite the bunch of bills having coming straight from my Australian bank they rejected almost half of them.  Most of the ones rejected seemed fine to me and when I took them back to my Australian bank a couple of months later they just banked them straight back into my account.

 

It makes carrying overseas cash as a backup less useful than it would otherwise be...

Edited by GeoffH

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28 minutes ago, Tukaram (Tim) said:

a $50 bill

Also worth noting that many (all?) currency exchange outlets in the Philippines pay a little less for smaller bills.  They only want the $100s.  

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