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EAM – Exchanging Money

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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.

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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!

Do You Have a Question?

If you want to send a question for inclusion in a future Podcast, just use the app below, click on the button below, where it says “Start Recording”.

Questions submitted by eMail will no longer be answered, you must submit through the voice message above.

Thanks again for listening, everybody!

Bob Martin

Bob Martin is the Publisher & Editor in Chief of the Live in the Philippines Web Magazine. Bob is an Internet Entrepreneur. Bob is an American who lived in Mindanao from 2000 until 2019. Bob has now relocated back to the USA.

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Steve Ballantyne
Steve Ballantyne
4 years ago

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.

Bob - Expat Answer Man

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… Read more »

Paul Thompson
Paul Thompson
4 years ago

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… Read more »

Bob - Expat Answer Man
Reply to  Paul Thompson

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.

PeterB
PeterB
4 years ago

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.

Bob - Expat Answer Man
Reply to  PeterB

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.

Gregory T. Bunn
4 years ago

Coming in May….good info…

Bob Martin
4 years ago

I’m glad this was helpful.

Rob Wilson
Rob Wilson
4 years ago

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… Read more »

Bob - Expat Answer Man
Reply to  Rob Wilson

Good points, Ron. Thank you for your contribution.

Bob New York
Bob New York
4 years ago

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… Read more »

Bob - Expat Answer Man
Reply to  Bob New York

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.

Tito Joe
Tito Joe
4 years ago

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

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