Exchanging money

[Russ_UK]

Yes I've had a look & got a few pesos already, but it's usually a better rate in the Philippines & you are only really allowed to bring in 10K php (but not been a problem in the past lol).

 

[clgsamson]

Just proceed to the SM Mall of Asia where there are BDO branches. Just ask the the taxi driver to take you there (about 10 minutes from your hotel). All taxi drivers in Manila know it.

You'll only find a BDO Bank that is open on a Sunday at an SM Mall. For BPI, you need to get to Glorietta Mall in Makati.

There's a connection, SM is owned by the owners of BDO (or vice versa). Same with the BPI-Glorietta Mall, same owner (BPI)

 

[slowhands]

I am traveling from the UK to the Philippines...a couple of nights in Manila, then to Coron for 11 days & 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.. What are the rates like in Sabang & where are best places to change there if I need extra cash ?

Sounds like a great trip - hope you enjoy it. I dive in the Philippines for a month about twice a year. So I'm an old hand at this and here are some suggestions.

Credit Cards and ATM Cards: Notify your credit card company and bank where and when you will be traveling, or your credit or ATM card may not be allowed, due to widespread fraud in Asia.

Safety: I carry most cash and credit cards for the trip in a money belt, with credit cards only for backup. I only have a little cash in my wallet at any time, due to pickpocket risk; my wallet is in a zippered front pocket of my cargo pants. The money belt goes in the hotel safe at resorts. Use caution. Don't flash lots of money, or jewelry, or an iPod, or walk with your cell phone out. It may be snatched.

Landing Money: If you land during business hours, the money changers in the airport will be open and have a fair rate so you can exchange money there easily.

If not landing during business hours, have a few thousand pesos on hand -- for tips, snacks, gifts, cell phone load and taxi. Or, you can get some pesos in your home country airport at an outrageous exchange rate, just to have a little ready money on landing. (Keep it under P10,000, or you have to declare it and have a special permit.) Since you land on Sunday, change more money the next day.

Banking System: Cash is king, and that's all I use on my trip. Why? Things are different than at home. The banking system in the Philippines is primitive. I've had problems exchanging money at banks in Cebu, they steered me to a money changer instead (I think because it's a hassle -- they have to record serial numbers etc and don't want to risk counterfeits). ATMs are rare outside big cities, and they have very low daily limits of say P10,000. There are none in Coron. Only major traveler's checks are accepted by larger money changers, and there is a lower exchange rate than for cash by about 1-2%. If you use credit cards, there is a surcharge by the Philippine credit card processors of about 5%, and your own credit card company may charge an additional 3% (mine does anyway).

Surprisingly (or not), casinos will allow you to get a cash advance against your credit card -- for a fee (hint: a smaller fee if you are going to gamble -- don't ask why I know this). Your home bank will also charge a high cash advance fee too.

So I carry cash, with credit cards only for emergencies.

Money changers: If I land during business hours, I always try to change all my money at the airport, the amount depending on the length of my trip and my daily budget estimate. I've found the exchange rates at the Manila or Cebu airports to be fair (I use the PNB Exchange at Cebu Mactan Airport, but they are all similar). There are lots of small money changers in the big cities, but some of the best and safest are in the big shopping malls like SM, Robinsons or Ayala.

The exchange rates at outlying provinces are lower, by say 2%, so I always try to change most of my money in the big cities. No worries, there are a few places to exchange money in Coron and Sabang -- it just costs more.

Daily Budget: I budget about US$100 per day, or about 65 pounds or P4450 as of 1/20/2011. I'm cheap (kuripot), and I've done this a lot. You will probably spend more, say US$150 or 100 pounds per day, if you stay at better hotels or party a lot. It's prudent to have a little reserve too.

Exchange Rates: Of course exchange rates change often, so check the net for a reasonable estimate before you go. See:
Exchange Rates
Here is a graph of the exchange rate over the last twelve months:
Philippine Peso Exchange Rate Graph - US Dollar - Historical Exchange Rates

 

[Centrals]

We are staying close to the US Embassy (Bayview Park Hotel), has anyone got an address of a BDO or PBI nearby, or a name and address any recommended money changers ?

There are a lot of banks along the United Nations Ave which is just round the corner from the hotel. I would be very surprised if they are open on Sunday.
From United Nations Ave just four small blocks behind the hotel turn to Mabini Street(one way street and you are walking against the traffic) heading south. You would pass the Lotus Garden Hotel first, City State Tower Hotel(bus/boat for PG) and eventually a 7/11(10-15mins walk from UN). You will find a very busy money changer opposite it. The building next door had been demolished. Robinson's Mall is just behind the 7/11. You can change money there as well.

If you are changing 180K, be careful. Split the money among yourselves and go back to the hotel FIRST.

 

[Seekup]

Anyone know how I can verify that my Plus card will work at the machine at the airport?

Thanks,
Pam

 

[jbb]

Sounds like a great trip - hope you enjoy it. I dive in the Philippines for a month about twice a year. So I'm an old hand at this and here are some suggestions.

Banking System: Cash is king, and that's all I use on my trip. Why? Things are different than at home. The banking system in the Philippines is primitive. I've had problems exchanging money at banks in Cebu, they steered me to a money changer instead (I think because it's a hassle -- they have to record serial numbers etc and don't want to risk counterfeits). ATMs are rare outside big cities, and they have very low daily limits of say P10,000. There are none in Coron. Only major traveler's checks are accepted by larger money changers, and there is a lower exchange rate than for cash by about 1-2%. If you use credit cards, there is a surcharge by the Philippine credit card processors of about 5%, and your own credit card company may charge an additional 3% (mine does anyway).
QUOTE]

If you use a credit card at the dive resort/shop they will probably charge anywhere from 3-6% more than a cash transaction. You can usually pay in foreign currency too but check thier conversion rate. This can make traveling easier with fewer bills but remember to bring small bills too. Small bills can also tide you over until you can get somewhere with better exchange rates or out to the airport with out overchanging just for cab fare.

Regarding travelers checks (TCs) - I do carry them but mostly as backup as they can be replaced. You will have a very difficult time cashing them unless they are in US$. One of the banks at the airport will let you cash $200 worth of TCs maximum. I met a Brit in Cebu cashing his British Pound traveler checks at the HSBC bank as they were the only one who would cash them for Php (he had taken a ferry all the way over from another island just to do so). I was there cashing my American Express traveler checks as they had a very good rate. China Bank in Makati also provided a good rate - equal to cash in fact but you must be prepared with your passport (a copy to give them if possible) and the receipts. It is all very difficult. I would say any bank will give you a better rate on TCs than a money changer would. Sometimes business such as scuba resorts will take the TCs but again at a very discounted rate. As I said I bring them along just in case as I travel alone and want the backup.

One method of having cash available if you needed larger sums would be to wire yourself money transfers via Western Union. I did have need of this because like an idiot I had left my cash money belt in my bedroom and only realized it shortly before getting on the plane. I had enough time to call my friend who dropped me off (he's Filipino) to get it and contact his friend in Manila to sort out how to wire me the funds as I had never done anything like that before. All turned out well but they can be very bureaucratic in the Philippines and everything must be in order even if it isn't quite necessary.

 

[Russ_UK]

There are a lot of banks along the United Nations Ave which is just round the corner from the hotel. I would be very surprised if they are open on Sunday.
From United Nations Ave just four small blocks behind the hotel turn to Mabini Street(one way street and you are walking against the traffic) heading south. You would pass the Lotus Garden Hotel first, City State Tower Hotel(bus/boat for PG) and eventually a 7/11(10-15mins walk from UN). You will find a very busy money changer opposite it. The building next door had been demolished. Robinson's Mall is just behind the 7/11. You can change money there as well.

If you are changing 180K, be careful. Split the money among yourselves and go back to the hotel FIRST.

Thanks again for your reply, shouldn't have a problem finding it & have been to Robinson's Mall previously. And the amount of money I quoted is the amount between all of us, so it will be split and thanks for the warning.

 

[MrWizard]

All the above works .. but in a pinch get a Xoom account, while technically you can't send money to yourself, you can send money to your friend there. Instant cash advance.

 

[Centrals]

Thanks again for your reply, shouldn't have a problem finding it & have been to Robinson's Mall previously. And the amount of money I quoted is the amount between all of us, so it will be split and thanks for the warning.

Up-date 29/01/11
1. That 7/11 had became a building site.
2. The name of the money changer is EDZEN which is 2 blocks from City State Tower Hotel. The name of the side street is Sala St. which is also leading to Robinson.
3. Exchange rate: T3 1US$=P43.50; EDZEN is P44.15 while one of the money changer on the ground floor inside Robinson is 44.10.

 

[Russ_UK]

Very helpful reply, thanks very much Centrals.

If you (or any other members) get a chance to visit either T1 (I'm flying in from the UK), Edzen or Robinsons could you try to get me the exchange rates for UK Pounds to Peso & also include the date you get the information please.