Korean Job Discussion Forums

[hexagonsun]

I think I know the answer to this already but I need peace of mind.

Can I change Korean won for pesos in the Philippines? I know boat loads of Koreans go there, so I assume so.

I'm heading to Boracay, so would the best rate be at the airport or the island?

Easy access to ATMs on the island or the manila airport?

Should I (can I?) get some pesos here in Korea before flying out? Basically, is it advised to do so.

Thanks (ttompatz ^^)

...side note. Anyone going to Boracay this Saturday (24th)?

[coryallan]

You can exchange Won to Peso at KEB bank, I went on Monday and exchanged 996 000 won and got 34, 500 php..not sure if the rates are better anywhere else. I didn't call ahead but if you want to be 100% sure you can call ahead of time to make sure they have php on hand

[ttompatz]

[Yaya]

Ttompatz, I appreciate your advice but well, some of your advice has proven to be a bit dated (like on Boracay).

I'm not saying you're wrong but given the vast numbers of Koreans headed to the Phils, I'm thinking that exchange rates there can be as competitive as they are in Korea, especially if Koreans are doing the exchanging.

[Yaya]

[OculisOrbis]

Its not the standard conversion rate that kills you - it's the bank rate. You lose a lot more changing won to peso in korea than you would if you change won to dollars in korea and then dollars to peso in the philippines. Last time I checked you save about 8% total by avoiding fees and inflated bank exchange rates by doing it that way. 8% more peso in your pocket buys a lot more of whatever you want in the philippines.

[chris_J2]

There are dozens of ATM'S on Boracay, & 1000's throughout the Philippines.
I went last Christmas/ New Year. However, many atm's on Boracay were empty because of the long Xmas / Boxing Day weekend, or worse, they only accepted visa or mastercard (Korean banks largely issue Cirrus & Maestro cards). I eventually found a place near D Mall on White Beach. I wouldn't bother with cash. Just took enough Korean won to pay for a motel at airport city Incheon & taxis busses home. The exchange rate is lousy & you generally can't trust moneychangers.

Edit, oh and when arriving at Manila, the ATM machines are just after immigration but before the xray scanners at the street exit / entrance. I went through the xray scanners thinking the atms were outside near the taxis / busses, but had to go through the whole damn process again (put all your bags on the conveyor belt face down, empty your pockets etc) to go back inside for an atm, because they were all located just before the xray scanners. Bear in mind that there have been several terrorist attacks in Manila so the threat is real & they're just doing their job looking for guns or whatever.

[alwaysbeclosing100]

there is a good place to exchange money($ to P) that is well known in downtown manila......it is called Edzen Money Changer.......any decent cab driver will know it.......it is not far from intramuros

[ttompatz]

I stand by what I said.

NOTE: There are 3 terminals in use at NAIA and only 1 had ATM machines as of my last visit (in late April of this year). If there are ATMS in the new terminal (NAIA3), I couldn't find them. There are none at the old domestic terminal and I am not sure about the PAL (NAIA2) terminal. There are some at the NAIA 1 terminal.

The ATMs on Boracay are (still) notorious for being unreliable for any number of reasons including but not limited to: running out of cash, no power, no network connection - hotels have backup generators but ATMs do not. They just shut down and lock up.

The exchange rates (won to peso) in the Phils just plain sucks. Get enough pesos to get you though your first day and take the rest as US$100.
a) $1000 is only 10 notes in your pocket instead of 450 notes.
b) you can exchange US$ everywhere.
c) you get the best rates of exchange on US$ followed by Euros.

.

[chris_J2]

[hexagonsun]

I decided to go the route of buying about $150 from a local bank and bringing along the extra dollars saved up in my flat. Then, when I get to Incheon, I'll buy pesos; probably the maximum amount. I have my U.S. credit and debit card coming along for the ride as well. That seems like the most logical step.

With all the advice given here, I think bringing won would not be wise. Thanks for the help everyone, especially ttompatz.

Hopefully, this thread will help others in the future as well.

Now, I only have to worry about the rain spoiling everything

[the ireland]

I've been keeping an eye on this one.

if possible let me know how you got on down there with it.

I'm flying there on sat (31st) so it would be great for me to know whats best to do before friday.

[hexagonsun]

Sorry about the late reply, but I got back tonight.

Anyway...

I brought a few hundred US dollars (large denominations)

Changed Won at Incheon for pesos (about 220,000 won)

Plus, I brought my US debit and credit card just in case.

.....

There are ATMs on Boracay. They are peppered along white beach and on the main strip.

ttompatz was right about them being out of money, not working, simply not allowing a withdrawal.

Allied Bank worked consistently for some people I met when taking money out.

BPI was hit or miss.

.....

Shop around when exchanging money on the island. Some hotels on White Beach did offer some good rates.

I went to the BPI bank branch just to the north of the Budget Mart in the front of D'Mall.

.....

JUST A WARNING...

When you are departing Manila internationally and leaving the country, make sure you have 750 pesos. There's some ridiculous Airport Fee that you have to pay. I didn't know this, but had some Korean Won to exchange to pay the fee. A few others I met during my travels were not so lucky. Manila lacks ATMS (the only one is in the arrival international terminal). A buddy of mine told customer service he lacked pesos and they told him to beg or borrow from strangers; Not so helpful all in all.

Also, check the exchange rates at the changers before you lay your cash down. Two banks had very different rates for won. Almost half as the other!

.....

To make a long story short: exchange at Incheon, bring enough cash, and save 750 pesos when you leave the country.

All in all, Boracay is a rad place. I just don't think that island will be able to sustain itself in the near future. You'll see what I mean when you get there.

Hope this helps!

[BoholDiver]

I am going there at Xmas. I have also heard the island is in danger. It's simply too small for how many people go there and how much pollution they create.

I researched taxes for my budget. Last year in Bohol, the tax was only 550 peso when leaving Cebu.

What we're doing is booking all of our hotels in advance and paying for it all, so when we get there, we only need money for food, drink, and transportation. We're not exchanging twice, as common sense tells me that's not a good idea.

KEB or Woori bank have good exchange rates and a great selection of foreign currencies. Make sure to bring many 20, 50, and 100 peso bills.

[the ireland]

Hey

Thanks for the advice, I just arrived in Bohol about 3 hours ago. It was a long jounrey from Geoje do.

I changed some won to dollars in geoje and then changed a load of won to pesos in in incheon. To be fair I probably changed much more than I needed too but it's better to have more than less.

I went to bohol because I heard it was much cleaner and less touristy than boracay plus it doesn't get as many koreans, not that I'm anti korean, I also don't wanna meet other Irish people either

My hotel is really sweet, staying in the linaw resort. Bit of seaweed on the beach but the pool area is awesome