Exchanging money

[Russ_UK]

I am travelling from the UK to the Philippines in just over 4 weeks, having a couple of nights in Manila (Ermita area), then onto Coron for 11 days & next to Sabang for 10 days. I know the exchange rates in Coron are not very good, so I will want to get most of my pesos before I go to Coron.
Where is the best place to exchange my money - should I get them at the airport (will be landing at @ 10:30am on a Sunday) or will I get a better rate in Manila, my hotel is not too far away from the US Embassy.
What are the rates like in Sabang & where are best places to change there if I need extra cash ?

Thanks in advance

 

[Centrals]

Manila International Airport has THREE Terminals, T1, T2 and T3.
T2 is exclusively for PAL while T3 is mainly for Cebu Pacific and couple other smaller airlines.
In the old T3 there are several banks operating inside the arrival hall right after you pass the custom. The rates are displayed openly.
There are many money changers in Ermita but IGNORE anyone who approach you with a card displaying exchange rate. Never ever follow him into anywhere. There is a popular one along Mabini Street which seems to attract a lot of customers, locals and tourists alike. The shop(the name is probably start with Z) is opposite a 7/11 and is about two blocks from City State Tower Hotel.
You can also change money inside Robinson, a big shopping mall in Ermita.

I wouldn't worry too much as Philippines is pretty cheap when compare with UK.

 

[DevonDiver]

I'd recommend using a regular bank. There's plenty of BDO, BPI, Metrobank around. You'll get the official rate there, and no worry of scams.

 

[shugar]

banks won't get you the best rate - if you're in ermita you can find a whole LOT of exchange counters with varying rates (cents but a better deal is a better deal)

stay on the main roads (lots of pedestrian and vehicle traffic) and make sure you see the "authorized by the central bank" sign... around the robinsons mall there are a good number of forex shops as well

enjoy your stay!

Jag

 

[HowardE]

I don't know about the Philippines specifically, but my experience with money changing (as I reside in a country foreign to mine) is that ATM's give the best rate (generally the published bank rate) however, you need to watch for small ATM fees. So make sure you're withdrawing enough money to cover that, so you don't get hosed. Usually, I try to pull out at least US$100 or more, so that the rate is still better than the "cambio" rates or the walk into the bank rate.

Most banks have foreign ATM partners who either don't charge fees, or have minimal fees, so check with your bank before you go.

 

[DevonDiver]

That's a good idea. Typical ATM surcharge is 250 pesos. My visa card works with Metrobank and BDO.... but not with BPI and some of the others. They all state they accept visa..so I don't know why there is a problem.

 

[HowardE]

Using a non ATM card will cost you interest from the date of withdrawal as if it was a cash advance. Only use an ATM or Debit card this way

 

[Russ_UK]

Thanks for all your replies so far

 

[jigo]

among banks, BDO usually has the best forex rate. same goes for SM department store inside SM Malls since they have the same owner as BDO.

 

[Rogersea]

When using my US ATM/debit CARD, I have found BDO ad Metro Bank restrict my withdrawls to 5K each but I can make as many 5K withdrawls up to my banks daily limit....

Whereas if I use BPI I can withdraw 10K at a time...

The reason I mention this is the ATM fees could add up...

When Changing money I always use one of the booths at the Mall, In my experience they always have better rates than the bank......



CHeers,
Roger