# changing money - any tips?



## timbla (Oct 30, 2012)

hello all,

i was just wondering whether there were any pearls of wisdom you might want to pass on to me with regards changing money in the philippines. i will be arriving in a week with no local currency on me, so will no doubt need to change a little of my hard-earned dollars into php upon arrival to get me through the first 48 hours or so.

but beyond that? are banks going to offer a better rate than street-based exchange bureaus? 

or can i just go change up a big amount at the airport because rates are much of a muchness wherever you go?

any advice would be much appreciated.

tim


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## lefties43332 (Oct 21, 2012)

best rates i find are in the manila airport and in novaliches bayan.....banks usually give less.


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## gavison (Jun 18, 2012)

we ALWAYS find the best way is to go to an ATM.

NEVER trust the guy on the street, you will ALWAYS be dudded

check your bank though to see what they charge for use of an overseas atm (usually 200 pesos) 

also check that your local bank won't dud you on the exchange rate.

We are aussies and my national australia bank (NAB) gives me the rate at the time no adjustment, we don't pay an extra few cents
on the exchange rate

good luck


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## timbla (Oct 30, 2012)

hi,

thanks for that. most certainly wouldnt have been doing any business with the guy on the street, and for sure i can use an atm. but i do have some cash on me that id like to change up in the interim, for which it seems the airport will be my best bet.

unless someone says otherwise.

thanks again.

t


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## lefties43332 (Oct 21, 2012)

if flying into manila use the one out at the back,,best rates and no transfer fees.


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## timbla (Oct 30, 2012)

'out at the back' ? - i hope that particular location becomes apparent upon arrival!

cheers.


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## Mug (Sep 28, 2012)

If you are exchanging your bills for pesos, make sure your cash is in excellent condition, no holes or little ****** or tares. I was rejected once because of the physical condition of my bills.


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## jon1 (Mar 18, 2012)

You can sometimes find a money changer downtown that gives you good rates (better than what's advertised online). However, you have to be very careful with the amounts you convert (not usually as safe). Also, you will run into the bill money being rejected for writing on it, minor tears, etc. The ATM will give you the current online rate but once you add any fees to the transaction it blows that. My bank will convert for me inside at whatever the FOREX rate is at that moment. So I check what is advertised online, and if they quote me at or above I am good (maybe 1 in 10 times it will be below the online rate). As long as you are not exchanging thousands of sterling you are going to be good. 

I just wish the $ was as strong as your pound right now...


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## Asian Spirit (Mar 1, 2010)

*Where Money Goes Trouble Follows*



timbla said:


> hello all,
> 
> i was just wondering whether there were any pearls of wisdom you might want to pass on to me with regards changing money in the philippines. i will be arriving in a week with no local currency on me, so will no doubt need to change a little of my hard-earned dollars into php upon arrival to get me through the first 48 hours or so.
> 
> ...


*All the advice here seems good to me. The place Out Back? At the airport sounds questionable to me* *but then again I never changed $$$ at the airport. My experience has be that your hotel, whatever that might be will change $$$ for a reasonable rate. Even if the rate may be slightly less, the safety and security afforded inside your hotel is worth it!
Also and very important, NEVER keep very much cash with you for safety sake. Hotel safe deposit boxes are wise but only safe in larger hotels. Smaller hotels (except for Swagman Hotel) have a habit of loosing money from safe deposit boxes. Use caution in all you do. Do not believe people (even in businesses) and trust even less...*


Gene


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## richardsinger (Oct 30, 2012)

I would change a couple of hundred dollars at the airport just so you have money for taxis and immediate food needs. The money changers on the street will give you a better rate than the airport but you might need to walk around and compare rates before you are comfortable you are getting a good deal. Or maybe that's just me ha ha.

Seriously the street traders have better rates, but I wouldn't advise trying to change money there when there's nobody around or after dark. If you have a local friend who can escort you then that's the best thing. Just use a bit of common sense and you should be ok.

Richard


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## c_uk (Oct 24, 2012)

timbla said:


> hello all,
> 
> i was just wondering whether there were any pearls of wisdom you might want to pass on to me with regards changing money in the philippines. i will be arriving in a week with no local currency on me, so will no doubt need to change a little of my hard-earned dollars into php upon arrival to get me through the first 48 hours or so.
> 
> ...


Hi ,Timbla,

I usually use money changer located in Glorietta 11. It's safer and they have more than one office. There's one in Greenbelt too. I think ts reasonable and saves hassle from small money changer and also they don't charge commission. Just google makati money changer and it should come up first on the list.. Other than that I use ATM Glorietta or Greenbelt. Although, I was in Angeles City in February this year and run out of money and used ATM just outside the ABC hotel and also used the money changer around Balibago which does better rate than Manila. Good luck!


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## lefties43332 (Oct 21, 2012)

Gene and Viol said:


> *All the advice here seems good to me. The place Out Back? At the airport sounds questionable to me* *but then again I never changed $$$ at the airport. My experience has be that your hotel, whatever that might be will change $$$ for a reasonable rate. Even if the rate may be slightly less, the safety and security afforded inside your hotel is worth it!
> Also and very important, NEVER keep very much cash with you for safety sake. Hotel safe deposit boxes are wise but only safe in larger hotels. Smaller hotels (except for Swagman Hotel) have a habit of loosing money from safe deposit boxes. Use caution in all you do. Do not believe people (even in businesses) and trust even less...*
> 
> 
> Gene


No guys,u got it wrong....out back is the money changer at the back exit of manila airport,,so if u ask they can steer u there. Its out the door past the baggage pickup in a fully lit area with guards and people.


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## rpmorley (Oct 30, 2012)

*Be knowledgable about forex*

What everybody says is basically correct. But in my experience I get a better rate with the downtown money exchangers than what the bank will give. Sometimes I play the bank against the "black market", that is what we call the established exchangers, but that only works for me if it is a larger amount and by all means have crisp unmarked bills in large denomination. So know what the exchange rate is, have a little pocket calculator, ask questions and count before you leave the premises. Get a little at the airport to get you by, then use a 
local(s) for advice. 

I use a bank that has a federal reserve routing number so I can send USD to an already established dollar account so I dont have to carry much more than taxi and bus fare. And clear it beforehand with your credit card so they will not reject your charges you make while there.

If you are a frequent traveler, you will begin to have left over peso that you just keep for the next trip.


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## timbla (Oct 30, 2012)

thanks to all for the info. seems there's quite a diversity of opinion. i think i'll change some cash up at the airport for the first day or two's needs, and then probably just change money in the hotel, or as i go along. i am not keen to do any 'business' with people on the street, even though some of you have said this is workable, and can result in a good deal. sounds a bit dodgy to me, and i think i'd rather just deal with a lower rate and a legitimate transaction.

good tips re having 'clean' notes. i'll iron my older looking ones before i leave i think, and leave the dirtier ones at home.

i have another question which perhaps i should post into a new thread, but will put it here first to see if i get a response. but i will be needing to store luggage in manila - winter clothes and other cold-weather gear that i'll be needing for the next leg of my trip. my laptop and one or two other high-value items will also be put into my suitcase for storage, and it seems i wont have the option of storing things at the airport. so i am thinking of using a hotel's storage facility. judging by some of the earlier comments re changing money, and hotel safety deposit boxes not being completely safe, does anyone have any tips on this? i am guessing a half-decent hotel would be better than a cheap budget one for this purpose. but it *should* be ok, right?

t


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## richardsinger (Oct 30, 2012)

timbla said:


> thanks to all for the info. seems there's quite a diversity of opinion. i think i'll change some cash up at the airport for the first day or two's needs, and then probably just change money in the hotel, or as i go along. i am not keen to do any 'business' with people on the street, even though some of you have said this is workable, and can result in a good deal. sounds a bit dodgy to me, and i think i'd rather just deal with a lower rate and a legitimate transaction.
> t


I wouldn't advise dealing with people "on the street", but there are legitimate money changers with streetside shops. No problem to use those places, but do check the rates (foreigners seem to have a dollar sign tattooed on their forehead that invites people to rip them off) and preferably bring an escort with you.

Richard


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## lefties43332 (Oct 21, 2012)

I have always dealt with perla in qc and I usually get a better return than my buddy transferring bank to bank


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## seram (Oct 12, 2011)

If you are chasing the best Rate then the Airport is not the place to do it. But if you are willing to take a peso or so under what u will get outside the Airport then this is a safe place to exchange your bucks. But, for Gods sake if you are exchanging for a big amount of peso be so careful of drawing attention to yourself. You may not get to the Hotel with your money.

If you go to the wrong Money Exchanger that are along the streets for example Ermita or Malate and even Makati you will be ripped off. They are the best in the world for counting your money in front of you and then short changing you. (The Best)

Do not listen to or go with any Spruker that walks the street giving you the best exchange rate deal...You will go to his shop and get short changed.. Just dont.

The safest places are inside Malls or the Airport but will get a lower rate. Your Hotel will give you an even lower rate.

If you are on a tight budget and need every Peso then at your Hotel you will more then likely see other foreigners. Ask them. They will know where to go.

I stay in Hotels that are owned by Foreigners. (Manila, Angeles, Subic.) They all have a safety deposit box in your room. The staff and maids are all accustomed to us loud drunk (at times) foreigners and are just fun to be around.

In Fact I have only had trouble with one safety deposit box in the Phils and that was in Zamboanga City.. I will keep the story for another day.

If you are staying at the Hotel for a reasonable time and have booked back in there when u return from the province then most hotels will hold over some luggage but they will not take responsibility for any loss.

Can you give me an Idea on where in Manila you wish to stay and a rough date u will be there. I might be able to pinpoint to you a hotel I have experienced and if they can help with holding over some luggage.. 

Why would you not take your laptop with you. I have a small backpack I bought in Robinson mall that has a special slot made for a laptop with foam around it. You put your other gear in the other areas of the backpack......regards


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## daveo (Dec 2, 2012)

Years ago at the airport, theres a bank, but I ask a guard if he can and he did
better. Thats fine if you're just visiting.
If you're going to live here keep a U.S. bank with a late 1800's charter,
online banking and just write checks to yourself having a u.s. mailing address.,
That way you get dollars and exchange it thru a money exchanger at a better
rate unless sometimes you find when the bank opens their rate will be better
than the money exchanger. Open a bank accoun in the PH perhaps a TRUSTED
relative open a peso account and when you move here you're set to have
your name added and eventually remove the other party.
You do have to wait 22 banking days plus holidays, but you don't get stung
with transfer services giving you a really poor exchange rate. Thats where
they make their money. Too you can shop on Ebay providing you've good
u.s. credit and balik the items over annually. There are many items not
available here that are in the U.S. perhaps on Ebay. The PH only has
items for the economic class of the majority and will not have many
items you're accustommed. Cameras in the U.S. are the latest models,
carpentery hardware is limited, and usually sold in the packet, 
110vac electric tools are half price if you want to use a AVC to convert the
voltage from 220. Grocery, cosmetic items have a 2x to 5x markup,
so you can save a lot. Then if you're retired have your anunity check
direct desposit to your u.s. bank, with online billpay and if you're a senior
no banking charges. That way you can buy, pay for life insurance
and whatever in the u.s. and get your anunity in $100 bills herem but
you have to wait about 1 month for the PH bank to pay.


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## Pigboat (Nov 6, 2012)

*Same*



Mug said:


> If you are exchanging your bills for pesos, make sure your cash is in excellent condition, no holes or little ****** or tares. I was rejected once because of the physical condition of my bills.


Same here. I took some $100 bills to the Western Union at the SM Mall to exchange for PHP and was denied on one of them because it was torn. They require pristine condition and check them with a small magnifying glass. VERY thorough!


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## lorgnette (Dec 19, 2010)

with regards changing money in the philippines. i will be arriving in a week with no local currency on me.
1. ensure the currency is latest issue as the older, crumpled used notes are rejected at sight. Most agents do not accept coins.
2. Pull out only the separated amount you want to change, preferably not from a fat wallet
3. be aware of your surroundings - pick pockets are extremely vigilant during currency exchanges


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## anissa632 (Dec 29, 2012)

they are many online services you should try or else try foreign services which give you good exchange rate


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## graexx (Jan 2, 2013)

timbla said:


> hello all,
> 
> i was just wondering whether there were any pearls of wisdom you might want to pass on to me with regards changing money in the philippines. i will be arriving in a week with no local currency on me, so will no doubt need to change a little of my hard-earned dollars into php upon arrival to get me through the first 48 hours or so.
> 
> ...


I notice people recommending the airport - in my experience you will do better at the money changers in tourist areas. I would change a little at the airport only for taxi out say $100. cheers


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## graexx (Jan 2, 2013)

I know the bank travel credit cards are essential on travel to the US because(i) it's next to impossible to find cash money changers who will change into 4US in the US and (ii) the travel cards $AUD/$US exchange rates are good.
However in countries like Phils and Thailand for example, the bank travel cards cost $10+ plus as a fee, plus the currency conversion rate is terrible to asian currencies - that's why I always take $AUD thousands to the Phils and convert at the cash moneychangers in the tourist areas, not at airport though (at good exchange rates). On a recent holiday to Thailand I purchased a $AUD 2,000 travel card, and then cancelled it when I calculated that I was 10% better off taking $AUD cash into Thailand (same applies to the Phils).
cheers


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## jon1 (Mar 18, 2012)

graexx said:


> I know the bank travel credit cards are essential on travel to the US because(i) it's next to impossible to find cash money changers who will change into 4US in the US and (ii) the travel cards $AUD/$US exchange rates are good.
> However in countries like Phils and Thailand for example, the bank travel cards cost $10+ plus as a fee, plus the currency conversion rate is terrible to asian currencies - that's why I always take $AUD thousands to the Phils and convert at the cash moneychangers in the tourist areas, not at airport though (at good exchange rates). On a recent holiday to Thailand I purchased a $AUD 2,000 travel card, and then cancelled it when I calculated that I was 10% better off taking $AUD cash into Thailand (same applies to the Phils).
> cheers


The fees are the main issue with an ATM Card. Also, you have to be wary of people stealing your credit card info. If it's only for a short trip it's probably not a bad idea. You also have to make sure that your bank is aware that you will be in the Philippines or they will put your account on hold for possible fraudulent activity.

The best long term solution for me is writing checks for deposit into my local US $ account. No fees and funds are available in 4 weeks. My bank gives me the current online FOREX rate and changes the $ without question (no kickbacks on dirty, tattered bills as these came from their safe). It's all done inside and is very safe (is within the freeport also). I don't have to deal with pickpockets/beggars on my way out either.


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## bairdlander (May 23, 2012)

*reply*

Whatever works for you guys fine,the fee for wthdrawel is $5cdn,my ex wife was here with me and withdrew 5000php,our bank in Canada charged us 2000php for 1 withdrawel.I prefer prepaid visa,$5 is a good price.


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## HondaGuy (Aug 6, 2012)

If you have an HSBC account (I have one in the US), you can withdraw up to p40k or p45k from a HSBC ATM in Manila and they dont charge a fee if its an HSBC ATM card. The exchange rate is pretty decent too.


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## Purpleshadow (May 14, 2013)

banks always gives you less than what you can get with money changers


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## Pigboat (Nov 6, 2012)

*HSBC Account*



HondaGuy said:


> If you have an HSBC account (I have one in the US), you can withdraw up to p40k or p45k from a HSBC ATM in Manila and they dont charge a fee if its an HSBC ATM card. The exchange rate is pretty decent too.


That's cool! But, I just went to their website and it indicates that I can't even open an account unless I have $3 million. I don't think they want my measly little business.


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## HondaGuy (Aug 6, 2012)

Pigboat said:


> That's cool! But, I just went to their website and it indicates that I can't even open an account unless I have $3 million. I don't think they want my measly little business.


Pigboat, thats for the HSBC Premier. You can open a regular HSBC Advance Online Savings Account online with like $25. I only keep about $50 in mine then a few days before i go to Manila I start transferring money over so I can pull out p40k a pop.


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