afdgf
Contributor
For a week-long trip to Dumaguete, how much cash in US dollars should each of us take? How much in Philippine pesos? Where is the best place to exchange US dollars for Philippine pesos? Thanks in advance.
Exchange US dollars?
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cetacean
Contributor
@afdgf
I won't try to answer the first part of your question (how much?) because as others will mention, "it depends..."
Where are you staying (& where are you planning on eating...), how many dives are you planning on, etc.? Some resorts will take USD for tips, etc. so no need to convert those to PHP.
For the 2nd part - I usually get Pesos directly from an ATM (often in Manila). My bank refunds any service fees for using non-network ATMs, so I only need to worry about the currency conversion. There are also a number of money changers in Dumaguete if you are trying to squeeze out the more optimal conversion.
I won't try to answer the first part of your question (how much?) because as others will mention, "it depends..."
Where are you staying (& where are you planning on eating...), how many dives are you planning on, etc.? Some resorts will take USD for tips, etc. so no need to convert those to PHP.
For the 2nd part - I usually get Pesos directly from an ATM (often in Manila). My bank refunds any service fees for using non-network ATMs, so I only need to worry about the currency conversion. There are also a number of money changers in Dumaguete if you are trying to squeeze out the more optimal conversion.
cetacean
Contributor
I was there this spring. USD for tips (when you check out on the last day will be fine).
Unless you are planning on spending a significant amount of time outside the resort you won't need much PHP. One place you may want some is if you do the trip across to Apo Island the t-shirt vendors will come on the boat during the surface interval. If you want to purchase anything, local currency will be required.
One (small) quirk: their credit card reader can struggle to connect to the network (from within their office), so if you end up having a decent sized bill to take care of at the end of week (due to excursions, massages. all day dive trips, etc.) you might consider taking care of this the night before so you don't get delayed when you are getting ready to leave. It's not a big thing, but a couple of groups got a little delayed as things backed up when they were all trying to check out at basically the same time.
Mango's Dive Center
Contributor
My advice to our guests on dive trips is just to bring 2 - 3 hundred USD in $100 bills for back up. (EUR or AUD is also fine ... but crisp, newer and no markings) These are just for back-up and to exchange at a money vendor if needed. As "cetacean" indicated just get any cash you need from ATM's. There are plenty around, just use the normal cautions you would use to use one. I as most expats here, just stick to the ones in front of banks and at shopping malls. There are ATM's at MNL when you exit customs. I have had varied luck with them actually working however. Your driver, taxi, etc will have no problem stopping at an ATM for you if needed.
ATM's give the best exchange rate and if you have a debit card such as from Schwab, they refund your ATM fees each month. Most all expats here that do not have a Philippine bank just use ATM's to live.
The resorts take credit cards as do most grocery stores and stores in malls. Otherwise it is still pretty much a cash exchange at smaller establishments. Bank transfers are also a very common thing in the Philippines so if for example you needed to settle your bill at Atlantis and the CC terminal was down chances are they would have no problem your sending the money directly to their bank using a money transfer app. I use "Wise" as do many others who pay us that way.
Another bit of advice is to remember that a ₱1000 note is a lot of money in the Philippines. You will find a lot of smaller establishments (and sometimes even big ones) will not have change. Any time you have an opportunity to break it down at a busier establishment (ie: big restaurant, hotel, grocery store) do so. Expats and locals alike here learn to hoard their "little money" as you need it for trikes, jeepneys, markets, tips, etc. You'll note the ₱20 notes are the most popular and most have been through the ringer a few 100 times. They have now have been replaced with a gorgeous ₱20 coin...that everyone is hoarding because it is so pretty. Have fun.
ATM's give the best exchange rate and if you have a debit card such as from Schwab, they refund your ATM fees each month. Most all expats here that do not have a Philippine bank just use ATM's to live.
The resorts take credit cards as do most grocery stores and stores in malls. Otherwise it is still pretty much a cash exchange at smaller establishments. Bank transfers are also a very common thing in the Philippines so if for example you needed to settle your bill at Atlantis and the CC terminal was down chances are they would have no problem your sending the money directly to their bank using a money transfer app. I use "Wise" as do many others who pay us that way.
Another bit of advice is to remember that a ₱1000 note is a lot of money in the Philippines. You will find a lot of smaller establishments (and sometimes even big ones) will not have change. Any time you have an opportunity to break it down at a busier establishment (ie: big restaurant, hotel, grocery store) do so. Expats and locals alike here learn to hoard their "little money" as you need it for trikes, jeepneys, markets, tips, etc. You'll note the ₱20 notes are the most popular and most have been through the ringer a few 100 times. They have now have been replaced with a gorgeous ₱20 coin...that everyone is hoarding because it is so pretty. Have fun.
The best exchange rate two days ago for US$1.00 was P54.35 at Metro Bank in T3.
There is also brand new P1000 note in circulation.
I never ever used ATM or credit card in any of my diving trip. They are for emergency only.
I would gather all the information and then changed the money accordingly.
The best place to exchange peso is at the airport.
The buy rate for US$ was P57.00 per dollar two days ago.
There is also brand new P1000 note in circulation.
I never ever used ATM or credit card in any of my diving trip. They are for emergency only.
I would gather all the information and then changed the money accordingly.
The best place to exchange peso is at the airport.
The buy rate for US$ was P57.00 per dollar two days ago.
nomadicdiver
Registered
On the advice of a Philippine dive shop, I created a wise.com account with a USD and a PHP account and ordered the bright green debit card. In general, I prefer to use my credit card for the hotel points but many Philippine shops won’t accept credit cards (which has been mentioned here many times).
Additionally, I had my US bank get a bit of PHP before I departed and this was the worst rate: nearly 10% with the ridiculous fees. I also took some USD with me. Downtown money changer near Si-Kat departure was slightly better than the airport.
Overall, Wise had the best rates by FAR. Moving USD to the PHP account used the midpoint between buy and sell exchange rates and fees were peanuts; I think around 25 cents for $250. I used the debit card in ATMs for PHP and fees were about 4-5% on $100. I paid a couple of big bills like the dive shop with a direct transfer of PHP and the fee was pennies on a few hundred dollars.
This was my first trip to PH and I generally overthink/over-prepare. Next trip, I’ll take my credit card, Wise debit card and app, and a few hundred USD.
<Edit> The Wise app allowed very fast top ups from my US account and PHP conversions took seconds/minutes, so it seemed to be a good safety net/backup if other cards/cash were lost/stolen.
Additionally, I had my US bank get a bit of PHP before I departed and this was the worst rate: nearly 10% with the ridiculous fees. I also took some USD with me. Downtown money changer near Si-Kat departure was slightly better than the airport.
Overall, Wise had the best rates by FAR. Moving USD to the PHP account used the midpoint between buy and sell exchange rates and fees were peanuts; I think around 25 cents for $250. I used the debit card in ATMs for PHP and fees were about 4-5% on $100. I paid a couple of big bills like the dive shop with a direct transfer of PHP and the fee was pennies on a few hundred dollars.
This was my first trip to PH and I generally overthink/over-prepare. Next trip, I’ll take my credit card, Wise debit card and app, and a few hundred USD.
<Edit> The Wise app allowed very fast top ups from my US account and PHP conversions took seconds/minutes, so it seemed to be a good safety net/backup if other cards/cash were lost/stolen.
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