Peso or Dollar?

[JJReyes]

When paying in the Philippines with a credit card issued by a US based bank, I am often asked, "Peso or Dollar?"  If my answer is "Dollar," the exchange rate is really lousy, approximately 5% to 6% in favor of the bank processing the credit card charge.  Therefore, for me, the automatic answer is, "Peso."  I save the receipt until the charge appears in my online statement to verify the exchange rate is very close to the daily quotation.  No reason why they do this except the bank has found another way to fleece unsuspecting visitors.

[OnMyWay]

43 minutes ago, JJReyes said:

When paying in the Philippines with a credit card issued by a US based bank, I am often asked, "Peso or Dollar?"  If my answer is "Dollar," the exchange rate is really lousy, approximately 5% to 6% in favor of the bank processing the credit card charge.  Therefore, for me, the automatic answer is, "Peso."  I save the receipt until the charge appears in my online statement to verify the exchange rate is very close to the daily quotation.  No reason why they do this except the bank has found another way to fleece unsuspecting visitors.

Always peso.  Mastercard and Visa have great rates that are around the mid-market rate.  I use the card as a way to transfer $ to pesos at an excellent rate.  Last year I bought all my groceries and gas on my Capital One credit card, the paid for it in USD.

[MikeyD]

I also always answer Peso also.  The exchange rate is better as mentioned.  I also purchase groceries and other items at malls with my card where I can keep an eye on it but have not used it for fuel yet.  At first, I used my cards in restaurants but now I tend to pay cash anywhere that they will leave with my card and then bring it back.  My wife pointed out that the card information could be copied while it is out of our site.  Maybe I got a little off topic with where I use my cards but it seemed relevant.

[Tommy T.]

I typically do a wire transfer from USA in dollars to my bank here in Davao. I make a large transfer, then convert some into pesos at that time and invest that into a peso account. I use the peso account for debit transactions mainly. The remainder I convert to pesos right away and take the cash with me and it will last me for several months of expenses, using cash.

[gbmmbg]

59 minutes ago, OnMyWay said:

Last year I bought all my groceries and gas on my Capital One credit card, the paid for it in USD.

Same here and with the 1.5% refund i try and use my card as often as possible.

[hk blues]

Not sure if it's the same concept but whenever I transfer money from the UK to here I always transfer in GBP and let the bank here convert to peso - I don't have a GBP account here. If I were to convert to peso in the UK then transfer here the rate would be much lower. 

[usa32]

I always get hit with "foreign transaction fees" on my credit card when in the Philippines. So it seems I'm screwed. If I pay in dollars the exchange rate is crappy, if I pay in pesos, i guess they hit with foreign transaction fees? Anyone found a way to avoid?

[OnMyWay]

5 hours ago, usa32 said:

I always get hit with "foreign transaction fees" on my credit card when in the Philippines. So it seems I'm screwed. If I pay in dollars the exchange rate is crappy, if I pay in pesos, i guess they hit with foreign transaction fees? Anyone found a way to avoid?

You need a different card.  My CapitalOne card has no foreign transaction fees and I know there are others too.

[JJReyes]

6 hours ago, usa32 said:

I always get hit with "foreign transaction fees" on my credit card when in the Philippines. So it seems I'm screwed. If I pay in dollars the exchange rate is crappy, if I pay in pesos, i guess they hit with foreign transaction fees? Anyone found a way to avoid?

The "foreign transaction fee" is added if I withdraw pesos using an ATM machine.  However, my bank will automatically give me an equivalent credit amount that negates this fee.  Assuming your credit card is under the Mastercard or Visa bank program, this should not happen.  Complain, or as suggested, get another card.

[JJReyes]

14 hours ago, MikeyD said:

At first, I used my cards in restaurants but now I tend to pay cash anywhere that they will leave with my card and then bring it back.  My wife pointed out that the card information could be copied while it is out of our site.  Maybe I got a little off topic with where I use my cards but it seemed relevant.

A close friend mentioned that his strategy, when paying with a credit card at a restaurant, is to request the waiter to bring a portable card reader to the table.  This lowers the risk of someone taking the front and back of the card with their camera.

Like most consumers, we have multiple credit cards, but only have one each in our wallet or purse.  If stolen or lost, you have one card to report.  You don't have to wait until a replacement card is sent, usually sent at the highest priority method which means it arrives the next day.  The additional cards are at the hotel.  However, the cards in our hotel safe are temporarily deactivated so that if stolen, they are useless.  Activation requires accessing our online statement page and entering a security code.

While our credit cards have a high limit, an added security feature by the bank issuer is notification regarding our type of purchases.  Purchase of airline tickets and hotel rooms is okay.  Jewelry, furniture or high fashion clothes are not allowed because we never purchase them.  Buying a pearl necklace will trigger additional security such as voice recognition technology.  Previously recorded phrases are used to match and verify your identity.  Anyway, we never buy jewelry.