Rates Are Up!

[Possum]

Exchanged at Metrobank today at 57.80

[OnMyWay]

3 hours ago, Greglm said:

Exchanged at Metrobank today at 57.80

I suspect you mean 56.80.

[Possum]

40 minutes ago, OnMyWay said:

I suspect you mean 56.80.

I just double checked the receipt, it was 57.08 not 57.80.

[Gator]

Sent pesos via western union’s app last night to the AM - $1.99 fee (to gCash) and got 56.85. 

[russellmania]

On 9/6/2022 at 8:39 AM, OnMyWay said:

You can't normally.  That is probably the mid-market rate like XE shows, which is halfway between the buy and sell rate.  Right now, XE is 57.20.

I follow 3 rates:  XE mid-market as the base for comparison, Villarica and BPI online.

https://www.xe.com/currencyconverter/convert/?Amount=1000&From=USD&To=PHP

https://villaricapawnshop.ph/money-changer/

BPI you need an account to check between 9 am and 3:30 pm.

During normal volatility, Villarica has the best money changer rates.  Often less that 20 centavos from XE.  E.G. if XE midmarket is 57.20 in the morning, Villarica might be 57 or a bit better.  However, during extreme volatility like now, the changers hold back because the don't want to get burned.  Villarica was about 40 centavos less than XE most of the week.

During normal volatility, BPI is usually 20-30 centavos less than XE.  However, for the past week, BPI has been better than Villarica.  I exchanged at BPI online on Friday and go 56.60 when XE was about 56.80 and Villarica was only 56.5.

Thinking about exchanging again tomorrow but only for 57 plus.  BPI will update about 9-9:30 and Villarica at around 10 usually.

 

 

Thats odd. When I was in BPI a few weeks ago trying to withdraw from my dollar acct and let BPI exchange for me and it was about 10am. The bank clerk said..Sir if you wait til 12 noon you will get a better rate. I had to be somewhere so I could not wait 2 hours.

[OnMyWay]

37 minutes ago, russellmania said:

Thats odd. When I was in BPI a few weeks ago trying to withdraw from my dollar acct and let BPI exchange for me and it was about 10am. The bank clerk said..Sir if you wait til 12 noon you will get a better rate. I had to be somewhere so I could not wait 2 hours.

I have not exchanged inside my BPI branch for years.  At my branch, 1 or 2 people usually handle the exchanges and they might be knowledgeable about what is going on with daily rates.  I would ask for the highest rate possible and they would call Manila HQ to find out what they could offer me.  In times of extreme volatility, like now, Manila HQ might tell them, "looks like we will raise the rates later", and thus they might mention that to you.

Going to the branch to exchange became a pain during Covid.  Usually they could get me 5-10 centavos more than the online rate, so if I exchange $1000, I might get 100 pesos more than doing it online.

[OnMyWay]

BPI online is 56.95 right now.  XE mid-market is 57.13.  BPI has been really good lately.  Only 18 centavos less than XE.

[insite]

57.2 - XE @ 57.14 - China Bank

[JJReyes]

Manila Times online newspaper speculates that one reason for the weak peso is because importers are stocking up on merchandise that will go on sale during Christmas.  As the OFWs and Balikbayans arrive in late November and early December, the peso may appreciate.  

Interesting footnote.  The Bangko Sentral limit, before you have to declare, is US$10,000 per person.  The United States, it is US$10,000 per family.

[OnMyWay]

XE mid-market rate is 58.80 now and won't change much for the weekend.  BPI online is frozen for the weekend at 58.35.  If the mid-market rate holds, I would expect BPI to be at least 58.60 Monday morning.