Recently, I got a voicemail through SpeakPipe (if you have a question for me look for the orange button down near the bottom of this post and you can also leave a question for me through SpeakPipe) from Mr. Jay Stainback. Who is Jay Stainback? Well, Jay is Mr. Peanut Butter in the Philippines! Seriously, Jay has written a number of guest articles here on LiP, and that is something that I greatly appreciate! Jay has has some very interesting articles, and some of them have generated a great deal of reader engagement and interaction! I want to thank Jay for his participation on the site!
Well, Jay must be thinking of making a visit to the Philippines, because he was asking me about how to get the best rates when exchanging dollars into Pesos!
The exchange rate you get can vary greatly depending on where you make the exchange! Also, the level of safety in exchanging money can vary greatly as well. It is very wise to weigh the level of safety with the best exchange rate and use that balance to choose where you will exchange your money. This is particularly true if you are changing a large amount of money into Pesos.
In today’s Podcast, I will give Jay his answer, at least my opinion, about where the best places are to exchange currency in the Philippines.
I hope you will tune in and listen, then leave a comment to tell of your exchange experiences!
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Thanks again for listening, everybody!
Hi Bob – A relevant podcast for me to say the least. I’ve done the airport thing in the past, and you are right, it’s not the best rate. I know I wil have to use the money exchanger for a small amount at NAIA immediately upon arrival though for the taxi fare to the hotel. I don’t think I wanna try the black market either with seedy-looking characters in trench coats and sunglasses standing around in street corners LOL unless you want to take the chance of receiving back play money . So, it will be at the mall for me the following day after arrival.
Hi John – Yes, I would recommend that you use the airport exchange only for a minimal amount of money, and probably avoid the black market altogether. It’s just safer that way, and you can do nearly as good as the black market will offer anyway.
Enjoy your trip.
“Enjoy your trip”
You can count on that, Bob. I definitely will try to make the most of it since I have no idea when my wife would be willing to accompany me again for another visit.
I have a bit of regret, though, since I learned more about the Pearl Farm Resort in YouTube recently. The place is beautiful. It reminds me of the resorts in Punta Cana and Riviera Maya in Mexico with stunning views and tropical vegetation. But we had already booked Sarangani Highlands for an entire week. I know that the Pearl was mentioned in LiP numerous times in the past, but I hardly paid any attention to it. Sarangani Highlands, though, was featured, I believe, in an article by Chris Dearne a couple of years ago. But, we plan to take a day trip from GenSan to Samal Island to visit the Pearl.
Sarangani Highlands is very nice, and of course Pearl Farm is too. It’s good, though, that you are going to Sarangani, because I have an association with them… I designed and also maintain their website!
Great! I will mention you to the management, Bob.
Probably the only person who would know me is the owner, and she is not there on a regular basis. 🙂
Hi John,
I used a pawn shop money changer on my last vacation and I would not hesitate to use the same guy again, but Bob is right you can get almost the same rate from some of the money change places in the mall. I just kind of liked negotiating with the guy. The guy I went to was professional. He kept his pesos in a locked drawer and once I gave him the $100. He went to the back and probably put it in a safe.
I had a bad experience on a previous visit with a money changer. I heard there was a guy who offered a really great exchange rate. I entered his pawn shop and he had a wad of $100 bills the size of a baseball in his right hand. I was intending to change 3 $20 bills. When I asked him the rate he gave me a lower rate than I was expecting because the higher rate was for $100 bills. At the time I did not know they give a lower rate for $20’s than $100’s. I took a step forward and I think I started to argue. That is when I noticed his bodyguard with his shotgun. At that point I decided to just change the money and get out. This was a dangerous place I really did not need to be. Anyone standing around waving a wad of $100 around is an idiot in danger of being hit at any moment. This would be as true in Raleigh, Atlanta, Manila or Tagbilaran.
Does anyone know why they give a better rate for $100 bills than $20 bills?
Great info, my wife’s family has been using the same money exchange for over 40 years. It’s a little mom and pop shop in Laoag. They always seem to have better rates than the banks.
Wow, Gary, 40 years with the same exchange man? Talk about a Suki relationship!
Its been through two generations so far at the shop and My wife is the third generation to exchange money there. Its neat when they remember her lolo exchanging money back in the late 60s early 70s.
Can you imagine the swings in exchange rate during that time? Back in the 60s, I think it was about P2 to the dollar.
My wife’s father was doing really well back in the mid to late 70s. The exchange rates really helped them to acquire land.
Acquiring land is a good thing!
Hi Bob,
I would agree with much of what you said on this topic, because like you, we tried all those avenues.with the same results
I might add that if possible, set aside some money at the end of your trip (not always easy:) that has been converted to pesos, so next trip that stash of pesos can get you through the airport and out to where you can exchange again at a better place. Friends and relatives in your place are good sources as you advised.
Our BDO branch has an annoying habit of if you’re changing dollars to pesos, they have to ask you what you plan to do with the money. ?? Not a great place to exchange..
Some department stores we have encountered that they won’t always accept the older style of printing on the 100 dollar bills because they said that there were not enough serial numbers on them?
We have through word of mouth in Cebu City and smaller surrounding cities found a suki like GaryM has mentioned. Some have been a little dicey on the location, but the ones we now use are in pretty straight forwardopen neighborhood storefronts, and they have given the best return for us.
Not a choice for everyone though.
I would say that even worse than airport exchanges would be hotels!!
Hi Queenie – oh, I didn’t think about hotels. You sure are right, they usually give a very low rate. I have also heard if places not accepting the older style US currency, but this us the first I heard of a problem with the serial number.
At our office, we have Citibank, Metrobank and BPI. Metrobank offers the best rate from about 10:30 to 1 or 2, once they bought their needed greenbacks, then will change the rate. BPI is better only in the morning or afternoon. Funny since we are all paid in USD, we draw it from the citi ATM, change it to Pesos and then redeposit it back at Citi, which offers the worst rate.
Interesting that they are all right there, but have different rates!
Hi Bob,
Thanks for answering my question! You did a very thorough job! We generally have a few pesos left over from our last trip, so we can avoid the bad rate at the airport. I found what you said about counterfiet money interesting because I used a pawn shop money changer three times. The first two times I went in he offered me a less than good rate I acted slightly disappointed turn to start to leave and he stopped me by offering a good rate. On the third visit he offered me a good rate, but since looking disappointed and ready to leave worked before I tried it again this time he stopped me and pulled out a book and told me how much profit he was making changing my money at the rate he was offering.
On another occasion I was simply browsing the store when a Kano came in and tried to change an old $100 bill. The money changer refused to take the money. The Kano became very angry and started cussing loudly at the money changer. Apparently they also get countrified money too. I remember back at my bank I asked for three $100 bills. At first the teller pulled out three old Ben Franklins. I mentioned I was going to the Philippines and the teller put the old bills away and got out three new $100 bills and said they like these better. I kind of felt bad for the money changer when the Kano was fussing him out. There are a lot of other places to change money. Why not simply go elsewhere?
Hi Jay – I was happy to answer your question, and I thank you for calling in with that question to add to the podcast!
You are right that counterfeit goes both ways… plenty of people try to pass off counterfeit US bills to the changer, no doubt! I agree with you, if you don’t like the rate given, just go elsewhere, no need to make a scene!
Bob, We typically use Aldevinco also for exchanging money. The worst mistake I ever made was on my first trip to Davao. I thought American Express Travelers Cheques would be safe to carry and they were because nobody wanted them. Pearl Farm exchanged them for half the going rate.
Another comment, my wife is having issues this week exchanging a few $100 bills because they have very small tears in them. The exchangers pretty much want them in pristine condition.
You sure are correct on that, Steve! They want them clean and crisp! Now, if your bills are in decent shape, but a few small tears, you can probably exchange them at a bank, though. They are a little looser on that sort of thing than a place like Aldevinco is.
On my first trip to the Philippines, Steve, back in 1990, I also brought American Express Traveler’s Checks. Big mistake. As you said, they are nearly worthless. Oh well… lesson learned! I never brought them again!
Hello folks,
Just one tip for the poor guy staying in Manila. The best moneychanger I know is in Malate, it’s Naila’s moneychanger, 1741 Mabini Street, in front of Tune Hotel, 200 meters north of Remedios.
If you are changing US Dollars, the rate is pretty much the same ewerywhere in the neighborood, but if you deal in a more “exotic currency”, (not everybody is American, you know),I’m Swiss by the way
and the rate is way better there, as for the Euro or UK Pound.
Don’t believe me? They have a Website http://www.nailasmoneychanger.com and the rate of the day appears around 09:30 Am (Fiipino time) sometimes corrected in the afternoon.
I almost missed your post. The address of this money exchanger sounds familiar. Is it near the Palm Plaza Hotel? They cited 44.80php to the dollar at present, Is that a good rate?
The only time I ever tried to exchange actual US Cash for peso is on my first visit when I discovered that just about every ATM I tried would not complete the transaction with my USA issued ( famous name ) card. I think at the time the ATM’s I tried may have not been tied in with international networks. I had heard similar things from other USA Visitors to Iligan City. This was in early 2008.
I was able to get cash advance from BDO by going into the bank and dealing with someone there. I also tried to exchange some of my USA currency and they would only accept paper USA Currency if it was in pristine or near mint condition and yet they tried to give me well worn PHP paper currency.
As I go to The Philippines on vacation, sometimes convenience over cost is more significant to me. I believe as stated on the Customs forms and their website, you can only enter the country with up to 10,000 PHP, unless prior arrangements have been made. If I don’t have that much left from the previous visit I get the balance from my bank in the USA. I just do not want the hassle of having to use an ATM or otherwise until I reach my destination. I have a certain amount of time from arrival in Manila to change terminals for the domestic flight to Mindanao. I don’t want to take any chance in missing that flight.
Although my own preference and advice to anyone coming to The Philippines may sound contrary to yours, I would suggest arriving with the maximum allowable amount of 10,000 peso, even if it will cost you a few bucks, quid, or what ever kind of money you use in your home country. To me, it is just less possibility of arrival headaches.
Of course I am speaking as a visitor / tourist on vacation. I realize for someone coming for an extended stay or those that reside here it can be an entirely different thing.
Hi Bob – Even today, some banks’ ATMs are not connected to the International networks, and only will work with Philippine issued cards. Those, though, are in the minority now compared to some 10 years ago or so.
I agree with you, convenience in being able to exchange is very important, and often trumps the rate given. Especially if you are only talking a difference of a fraction of a peso per dollar.
Yes Bob, I am not having the ATM difficulties any more that I had on the first couple of visits. I found several reliable ATM’s in secure places with the name China bank on them. There are also others that work for me now. Yes, progress !
Hi can you recommend a money exchanger in metro manila that still accepts the $100 older bill then the current one? I’m from the states and all the $100 bill I brought to the Philippines are the old one and the money changers I went to didn’t want to accept it. Pls help I’m in trouble and need to exchange it – running out of peso
I am sorry, I live in Davao, and it is very rare that I go to Manila. I know no money exchangers in Manila. Maybe somebody else will give a tip.
I believe that you only have to declare your money if it is over $10,000 US or its equivalent.
That may be it, all I remember is not to have more than 10K peso on me when entering or leaving. For me, 10K is just fine for starter money. After my air travel and arriving to the old Lumbia Airport in CDO it used to cost me about 2000 peso from CDO to Iligan by taxi. so I need money for that too. I just like to make sure I have enough to get to my destination and well away from Manila before having to get more cash. Works for me.
This year for the first time at Languidingan Airport, they now have airport registered metered taxis so I took one to finally get a true metered rate. It was 992 Peso from the airport to Iligan.
You need to declare funds in excess of that in any currency or negotiable instrument. This is control against tax evasion / money laundering.
The P10,000 limit is different and is a BSP rule… Any more than that in PESOS, you need to get it approved in advance from the BSP. (Same rule that makes it a PITA to wire US Dollars OUT of the country). That said, I’ve never had anyone check in the couple hundred times I’ve flown in and out. However, the law is specific and they COULD check you. To be safe, it is best to just change currency when you arrive or use an ATM
The exchange counter at the Metro Department Store in the Pacific Mall, Legazpi City offers competitive rates. They’ll even give you a better-than-going rate if you are going to spend the whole wad at their store, which also includes groceries. I don’t think it was a limited-time promotional offer.
That sounds like a pretty good deal, Mike! Thanks for passing that along.
When I was bringing my usd here for investment i got it wired to BDO. The manager of the branch [ who is now the in charge for all of Davao] set me up with a woman currency changer.- who gave me half a point better than the bank. What surprised me was that the woman would put the pesos into my peso account before i had even transferred the usd out of my dollar account. I guarantee that wouldnt have happened in Canada !! lol
Wow!