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discostar23
Joined: 22 Feb 2004
Location: getting the hell out of dodge
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 Posted: Tue Jul 15, 2008 7:39 pm Post subject: exchanging won for pesos (phillipines) |
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Sorry the search function is not being my friend today
Where is the best place to exchange? Can I exchange my won once I get there or should I do it at incheon?
Last edited by discostar23 on Mon Jul 21, 2008 5:45 am; edited 1 time in total |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 15, 2008 7:45 pm Post subject: Re: exchanging won for pesos (phillipines) |
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| discostar23 wrote: |
Sorry the search function is not being my friend today
Where is the best place to exchange? Can I exchange my won once I get there or should I do it at incheon? |
do NOT take won out of Korea.
Exchange about 200k at Incheon (airport) into pesos. Make sure you get some bills smaller than p1000. Most places CAN'T break p1000 notes and are hard pressed to make change on a p500.
Change the rest into US$. You can exchange US$ anywhere. You would be hard pressed to change won anywhere outside of a major Korean tourist spot (like Boracay or Mactan) and you will get killed on the exchange rate.
Yesterday, the money changer at Marina mall, Mactan, Cebu:
p45=US$1
p38=W1000.
The rates were similar at the money changer in Ayalla mall. The changer at SM mall won't even take won.
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discostar23
Joined: 22 Feb 2004
Location: getting the hell out of dodge
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| Posted: Wed Jul 16, 2008 3:35 am Post subject: Re: exchanging won for pesos (phillipines) |
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| ttompatz wrote: |
| discostar23 wrote: |
Sorry the search function is not being my friend today
Where is the best place to exchange? Can I exchange my won once I get there or should I do it at incheon? |
do NOT take won out of Korea.
Exchange about 200k at Incheon (airport) into pesos. Make sure you get some bills smaller than p1000. Most places CAN'T break p1000 notes and are hard pressed to make change on a p500.
Change the rest into US$. You can exchange US$ anywhere. You would be hard pressed to change won anywhere outside of a major Korean tourist spot (like Boracay or Mactan) and you will get killed on the exchange rate.
Yesterday, the money changer at Marina mall, Mactan, Cebu:
p45=US$1
p38=W1000.
The rates were similar at the money changer in Ayalla mall. The changer at SM mall won't even take won.
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how come american money? Not good to change the whole lot? Thinking of taking about 1.5 million won |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 16, 2008 3:45 am Post subject: |
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1.5 million won = $1500 = 15 * $100 banknotes. Pretty easy to tuck away and keep safe.
1.5 million won = ~p70,000 = 70 bank notes (if you take all 1000's. Double that (150 notes) if you take 500's). How big are your pockets? That's a lot of paper.
Additionally there are restrictions on how many pesos you can actually CARRY without filing additional customs paperwork or written, advance permission from the central bank.
You can carry foreign currencies up to US$10,000 without declaration but pesos only p10,000 (or p3000 depending on which form they use).
You can also carry EUROS if you prefer. Most money changers will accept them but because of the Filipino ties to and familiarity with the States you will find that they are more accepting of $US and you usually get a better exchange rate.
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Last edited by ttompatz on Wed Jul 16, 2008 3:46 am; edited 1 time in total |
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crazy_arcade
Joined: 05 Nov 2006
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| Posted: Wed Jul 16, 2008 3:46 am Post subject: |
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I'm not 100% sure about this...but....
I'm assuming that if you change it all to Pesos...then you'll need a separate suitcase just for the cash....
Also, best rates are at money changers (except that you ALWAYS get ripped off....actually my dad caught them in Bali...it was sweet)
Best safe rate is at a bank in the country.
Worst rates are...you guessed it....at the airport. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 16, 2008 3:52 am Post subject: |
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| crazy_arcade wrote: |
I'm not 100% sure about this...but....
I'm assuming that if you change it all to Pesos...then you'll need a separate suitcase just for the cash....
Also, best rates are at money changers (except that you ALWAYS get ripped off....actually my dad caught them in Bali...it was sweet)
Best safe rate is at a bank in the country.
Worst rates are...you guessed it....at the airport. |
Actually, IN THE PHILIPPINES, the banks are NOT the best rates, take a LOT longer to exchange your currency (wanna spend an hour of your beach time to change $100) and are no safer than the money changers in the malls or shopping centers who will complete your transaction in about 5 minutes and insist that YOU count the cash and are satisfied BEFORE you leave the window.
Hotels and the airports ARE the worst places in the RP to change money.
Street changers are a close 2nd for problems.
Mall money changers, shopping center and grocery store customer service desks are usually the best places.
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skconqueror
Joined: 31 Jul 2005
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| Posted: Sun Jul 20, 2008 10:01 pm Post subject: |
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So where would a good place to exchange money be in Boracay? At .. umm D mall?
Also, will hotels exchange big bills for you (pesos)? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 27, 2008 1:03 am Post subject: |
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| skconqueror wrote: |
So where would a good place to exchange money be in Boracay? At .. umm D mall?
Also, will hotels exchange big bills for you (pesos)? |
The best rates are at the changers down by boat station 1 (closest to Caticlan). The worst rates are at D'Mall, the changers up by boat station 3 or the tourist center by boat station 2.
Your hotel will probably break a p1000 note into something smaller as will the convenience store on the street side of d'mall or the department store (with a purchase).
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