Lately I have been having a lot of questions from people asking me when I was going to do another podcast!
I stopped doing them some time back for a couple of reasons.
Firstly, I did not think that many people were listing. Secondly, this might the reason that fewer people were listening, a lot of people seemed confused on how to listen. I tried to show people how to play it, but most people did not understand. I knew that I had to find an easier way for people to listen, so I have decided to make a video out of them, and put my Podcast Episodes on YouTube. These days, just about everybody knows how to play a YouTube Video, so let’s give this a try!
Today I got a phone message from Ken. He had a few questions about exchanging money for his trip to the Philippines. Give the video a look below and listen to my answers to Ken’s questions. Maybe you will pick up a new tip or two? Or, if you have other suggestions that is OK too, just leave your thoughts in the comments below the article!
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Thanks again for listening, everybody!
Your podcast skipped the easiest of the ‘safe’ ways to change money, at a good exchange rate. I spend 6 to 8 weeks there a year, and for years have done most exchange at money changers in the malls. Safe, fast, and good exchange. Too much paperwork at banks.
LOL, okay. Ken told me he’s going to be arriving at the airport late on a Sunday night. Because of that, I don’t think that he’ll be able to go to a mall and get money. He said that he would need money upon his arrival so that he can have money to make it until the next day when he goes to get money. So, I guess he could try them all, but I don’t know if malls that are open late on a Sunday night. But, for Monday um all might be a good choice. Thanks for your comment.
Bob;
Every airport I’d ever been too 24-7, when I was a merchant seaman had a money exchange in the arrival section.
Normal day to day living, I bring in 3 months of spending money and deposit it into a local (Land Bank Account) as I pay no ATM fee at their machines around the country. But most other banks are just as good. I remember back in the 1990’s when a few of us retires had to take a van to the one bank in Manila where our stateside ATM could be used and make one withdrawal and then wait until after midnight in the states (Noon local time) and withdraw again. Over the last 25 years it improves every day, and I hardly remember a money exchange at a mall.
Yes, Paul, I agree with you completely! I use that same ATM trick.. get money before US Midnight, then again after, because then I can get double my daily limit! Works great.
Most SM Malls have Money Changing in the SM department store, at the business services counter.
Indeed, the most convenient/safest way to obtain local currency is to use your foreign debit card to draw cash from (almost?) any ATM. Much safer than carrying weeks, or months, worth of spending money either in local, or foreign, currency.
I agree Peter. I find it very convenient to use my foreign ATM card in the local ATM machines. I also find that I get a very good exchange rate when I do that. One has to be careful though about ATM fees, I’m lucky I have an account in which I don’t have to pay ATM fees. But, most people have to pay high fees for a foreign ATM withdrawal. Still very convenient though.
Coming in May….good info…
I’m glad this was helpful.
Howdy, Bob. This is a very good article. I’m going to add two things to the discussion. With another Fed Exchange key interest rate hike looming, this means the exchange rate will not be going down soon. So, if possible, exchange the money a few days before your trip to Manila from a bank in the States. However, the BSP will restrict travellers to and from the Philippines, including residents, to P10,000 in Philippine notes, coins, checks and money orders. If the traveller is staying in the Metro Manila area, the best thing to do is to use a US-based credit card that does NOT charge a foreign transaction fee because of the reward points, and if the card gets lost/stolen, you’re covered under US guidelines, not PH.
Good points, Ron. Thank you for your contribution.
Hi Bob, Nice alternative to the podcasts here on Youtube which I consider as the worlds TV Channel.
Many commercial banks in the USA have foreign currency available which I take advantage of for each trip. A few cents one way or the other does not bother me concerning exchange rate as for me it is a convienience over cost situation. When I am in PH I usually just use ATM’s. I agree with you about having nice clean crisp bills for exchange at a bank. I did that once at a PH Bank and they would only accept near mint condition bills. I think there may be a limit of 10,000 peso that can be brought into PH at entry points although I have never been asked how much cash I am carrying by PH customs or imigration. Any PH currency that I have left over I bring back with me and put it aside for the next visit LOL, maybe that is one of my incentives for the next visit ( coming later this year ) .
Nice to hear you Podcasting again Bob !
Hi Bob, nice to hear from you, it’s been a little while. I hope you’re doing well. I think your strategy about using local banks where you live to get at least enough money to get by while you’re getting started in the Philippines is a good strategy. It’s what I used to do when I would travel here, before living here. Glad you like the podcast, and having it on YouTube This Time. Watch again, tomorrow I have a new podcast, longer version, slightly different format, I’ll be looking to hear feedback on that. Have a great day Bob.
Since I know a lot of folks look for this kind of flexible account here it goes.
NO foreign transaction fees AND they reimburse all ATM fees world wide. Winner winner chciken dinner.
Currently my UAL mileage plus and my Navy Federal Credit Union account charges no foreign TX fees ( and both actually give a VERY good Forex rate to boot., but I still get dinged for ATM fees when I travel.
This changes all that.
http://www.schwab.com/public/schwab/banking_lending/checking_account?utm_source=JamesClear.com