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Best currency to take to the Philippines?

 
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special_k



Joined: 23 Mar 2010

PostPosted: Wed Jul 20, 2011 11:17 pm    Post subject: Best currency to take to the Philippines? Reply with quote

What is the best currency to take to the Philippines at the moment? Our hotel is telling us a price to pay them in dollars rather than Peso. I have also seen a tour company offering tours for pesos/euros.

Are dollars and Euros accepted everywhere in Boracay as well as their own Peso?

I'm going on Saturday and am not too sure which currency to change my won in to!

Thank you.
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northway



Joined: 05 Jul 2010

PostPosted: Wed Jul 20, 2011 11:25 pm    Post subject: Reply with quote

I remember dollars and pesos mostly being accepted but getting burned on the exchange rate. I'd say bring dollars and exchange them there; don't try to use them directly.
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Italy37612



Joined: 25 Jan 2010
Location: Somewhere

PostPosted: Wed Jul 20, 2011 11:26 pm    Post subject: Reply with quote

Dollars and Pesos, that is what I always bring.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Jul 20, 2011 11:58 pm    Post subject: Re: Best currency to take to the Philippines? Reply with quote

special_k wrote:
What is the best currency to take to the Philippines at the moment? Our hotel is telling us a price to pay them in dollars rather than Peso. I have also seen a tour company offering tours for pesos/euros.

Are dollars and Euros accepted everywhere in Boracay as well as their own Peso?

I'm going on Saturday and am not too sure which currency to change my won in to!

Thank you.


Buy p5k or p10k at the airport in ICN,
Take US$100 notes for the rest (new bills).

Do NOT take won and if you use Euros you can expect to take a hit.

The vast majority of places do NOT take dollars or Euros but will exchange them for you (at your LOSS).

Change your dollars at one of the money changers and watch the prices. They vary by day and by shop (up to 2% difference from one end of the beach to the other). The tourist information place by boat station 2 is just about the worst place to change money (other than at your hotel - the worst).

.
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special_k



Joined: 23 Mar 2010

PostPosted: Thu Jul 21, 2011 12:51 am    Post subject: Reply with quote

I'm British, so don't have dollars. I guess i should just change up a load of won at Incheon for Pesos? It seems a bit pointless taking dollars if not everywhere accepts them.

I was just a bit confused because our hotel is asking for a payment in dollars which seems a bit strange. They accept Pesos too, but they work out the exchange rate based on USD so the cost of our hotel varies everyday, rather than the price which we booked it at (which the deposit was in fact paid in UK pounds!)
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Thu Jul 21, 2011 1:27 am    Post subject: Reply with quote

special_k wrote:
I'm British, so don't have dollars. I guess i should just change up a load of won at Incheon for Pesos? It seems a bit pointless taking dollars if not everywhere accepts them.

I was just a bit confused because our hotel is asking for a payment in dollars which seems a bit strange. They accept Pesos too, but they work out the exchange rate based on USD so the cost of our hotel varies everyday, rather than the price which we booked it at (which the deposit was in fact paid in UK pounds!)


There is a p10,000 limit on bringing pesos into the country.
bring enough to get you through your travel and 1st day (p5000-10000) and exchange your dollars to pesos as you go.

Dollars, Euros and GPB are NOT legal tender and most places won't touch them or if they do you will get soaked on the exchange rate (other than at the money changers).

Buy dollars at ICN (with your won) and, other than your pesos for the 1st day, exchange dollars to pesos as you go.

Also, a US$100 note take up a lot less space in your pocket than 5000 pesos in small bills.

You don't have to take my word for it. Do it your way but don't say you weren't told. (you'll need p100 notes or smaller for most stuff - like the ferry ride over to Boracay from Caticlan, the terminal fee at the ferry port or the p30 trike ride from the airport to the ferry (unless you decide to walk)).

.
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fred zepplin



Joined: 21 Sep 2010

PostPosted: Thu Jul 21, 2011 7:19 pm    Post subject: Reply with quote

What about Cebu and Bohol? Can you reccommend anywhere to cahnge dollars or palces to avoid like the plague.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Thu Jul 21, 2011 8:47 pm    Post subject: Reply with quote

fred zepplin wrote:
What about Cebu and Bohol? Can you reccommend anywhere to cahnge dollars or palces to avoid like the plague.


Cebu - the best rates are at the money changer at marina mall (out by the airport) and the lower level of Ayala mall by the elevators.
Avoid changing money at SM (lower rates and more hassle.)

In Bohol, (Tagbilaran) the money changer at island city mall (lower level) is not bad for dollars but is terrible for won. You can also get decent rates at a couple places at Alona beach (for dollars). BQ downtown is not the best rate around but they are convenient and it is usually only 1 peso off the better rate places.

Do NOT change money at the airport in Cebu and make sure you have enough pesos for the exit/terminal tax when you leave (p700 for international and p100 for domestic).

The ferry terminals also charge a terminal fee (in addition to your ticket). It varies from p10 - p20 depending on which terminal you are using (pier 1,2 or 3). I can't remember what the fee was on Bohol but I think it was still p10-15 last time we went through the city. In Tubigon (going back to Cebu) it is still p10.

The airport terminal fee at Tagbilaran was p10 last fall when I last flew out of there.

.
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AtmaWeapon



Joined: 30 Jun 2011

PostPosted: Sat Jun 23, 2012 1:00 am    Post subject: Reply with quote

ttompatz wrote:
special_k wrote:
I'm British, so don't have dollars. I guess i should just change up a load of won at Incheon for Pesos? It seems a bit pointless taking dollars if not everywhere accepts them.

I was just a bit confused because our hotel is asking for a payment in dollars which seems a bit strange. They accept Pesos too, but they work out the exchange rate based on USD so the cost of our hotel varies everyday, rather than the price which we booked it at (which the deposit was in fact paid in UK pounds!)


There is a p10,000 limit on bringing pesos into the country.
bring enough to get you through your travel and 1st day (p5000-10000) and exchange your dollars to pesos as you go.

Dollars, Euros and GPB are NOT legal tender and most places won't touch them or if they do you will get soaked on the exchange rate (other than at the money changers).

Buy dollars at ICN (with your won) and, other than your pesos for the 1st day, exchange dollars to pesos as you go.

Also, a US$100 note take up a lot less space in your pocket than 5000 pesos in small bills.

You don't have to take my word for it. Do it your way but don't say you weren't told. (you'll need p100 notes or smaller for most stuff - like the ferry ride over to Boracay from Caticlan, the terminal fee at the ferry port or the p30 trike ride from the airport to the ferry (unless you decide to walk)).

.


Just curious - why is the limit so small? 10,000 PHP = $235 USD. Personally I would prefer to get the money exchange taken care of here (if not at my bank then at Incheon). Girlfriend and I will be in Philippines for 5 days, if each of us brought 20,000 PHP what's the worst that's going to happen?
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Lazio



Joined: 15 Dec 2010

PostPosted: Sat Jun 23, 2012 5:42 am    Post subject: Reply with quote

fred zepplin wrote:
What about Cebu and Bohol? Can you reccommend anywhere to cahnge dollars or palces to avoid like the plague.


In Tagbilaran, there are some electronics stores as you go from the BQ mall to the JollyBee. Some of them do exchange. They are a bit more flexible and their rates tend to be slightly better than elsewhere. Pretend walking away when you hear their first offer and you will get a nicer rate. If you change a couple of hundred dollars than you can cut an even better deal.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Sat Jun 23, 2012 6:57 am    Post subject: Reply with quote

AtmaWeapon wrote:
Just curious - why is the limit so small? 10,000 PHP = $235 USD. Personally I would prefer to get the money exchange taken care of here (if not at my bank then at Incheon). Girlfriend and I will be in Philippines for 5 days, if each of us brought 20,000 PHP what's the worst that's going to happen?


p10k is the limit imposed by the Philippine Central Bank on the importation of Pesos. Worst case: bring in more and be the unfortunate person who gets checked going through customs and you lose it and get fined for smuggling it.

They also take up a lot more room than a couple of crisp $100 notes.

Almost everywhere you can find a money changer. It isn't that inconvenient.

.
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alwaysbeclosing100



Joined: 07 Feb 2009

PostPosted: Tue Jul 03, 2012 4:49 am    Post subject: re Reply with quote

the best money changer i have found in the philippines in Edzen Money Changers in Malate.........most any decent taxi driver will know the place........it is a very safe and legit place and has been around a long time......
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wishfullthinkng



Joined: 05 Mar 2010

PostPosted: Tue Jul 03, 2012 6:52 pm    Post subject: Reply with quote

ttompatz wrote:
AtmaWeapon wrote:
Just curious - why is the limit so small? 10,000 PHP = $235 USD. Personally I would prefer to get the money exchange taken care of here (if not at my bank then at Incheon). Girlfriend and I will be in Philippines for 5 days, if each of us brought 20,000 PHP what's the worst that's going to happen?


p10k is the limit imposed by the Philippine Central Bank on the importation of Pesos. Worst case: bring in more and be the unfortunate person who gets checked going through customs and you lose it and get fined for smuggling it.

They also take up a lot more room than a couple of crisp $100 notes.

Almost everywhere you can find a money changer. It isn't that inconvenient.

.


i had no idea this law existed... every time i've been to the phils i've taken substantially more in pesos in.

i also used the atm a lot if i needed cash. ttompatz, how does that compare to exchanging won > usd > peso?
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Jul 04, 2012 12:02 am    Post subject: Reply with quote

wishfullthinkng wrote:
ttompatz wrote:
AtmaWeapon wrote:
Just curious - why is the limit so small? 10,000 PHP = $235 USD. Personally I would prefer to get the money exchange taken care of here (if not at my bank then at Incheon). Girlfriend and I will be in Philippines for 5 days, if each of us brought 20,000 PHP what's the worst that's going to happen?


p10k is the limit imposed by the Philippine Central Bank on the importation of Pesos. Worst case: bring in more and be the unfortunate person who gets checked going through customs and you lose it and get fined for smuggling it.

They also take up a lot more room than a couple of crisp $100 notes.

Almost everywhere you can find a money changer. It isn't that inconvenient.

.


i had no idea this law existed... every time i've been to the phils i've taken substantially more in pesos in.

i also used the atm a lot if i needed cash. ttompatz, how does that compare to exchanging won > usd > peso?


It is printed on the customs declaration form you sign when you go in.

The exchange rate is comparable but if it is an international card there are extra charges of between $5-8 per transaction for international ATM use (cumulative combination of different bank and ATM fees).

If you are taking php 20,000 per transaction (1.6%) it isn't bad but if you are at a machine with a php4,000 (8.4%) limit then it sucks.

Either use your credit card to pay for things (hotel, etc) or take $100 notes.

.
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