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InDaGu
Joined: 28 Jun 2010
Location: Cebu City, Philippines
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 Posted: Mon Feb 21, 2011 2:22 pm Post subject: Exchange my Won for US Dollars or Pesos? |
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| I'm off to the Philippines this week, and several people have suggested that it's better to exchange my money for US dollars, rather than pesos. What's the advantage to this? Does this mean I should exchange for dollars before leaving Korea, then exchange to pesos upon arrival? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Feb 21, 2011 3:55 pm Post subject: Re: Exchange my Won for US Dollars or Pesos? |
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| InDaGu wrote: |
| I'm off to the Philippines this week, and several people have suggested that it's better to exchange my money for US dollars, rather than pesos. What's the advantage to this? Does this mean I should exchange for dollars before leaving Korea, then exchange to pesos upon arrival? |
couple reasons to buy dollars first:
i) you are only allowed to legally carry p10,000 in Philippine currency across the border without prior permission (plus an additional $10,000 in other currencies).
ii) you actually get better rates buying dollars then exchanging them in the Phils.
iii) Philippine notes are small values ($.05 - $10) so taking dollars is more convenient than a large pocket full of pesos.
BEST BET:
Buy p10,000 at the airport in Incheon before you go (so you have money when you land). The currency exchanges in the Philippine airports will rape you on the exchange rate.
Get some SMALL denominations (p100s if you can).
Take the rest of your money in nice, NEW, crisp US$100 notes.
Money exchanges in the malls tend to be pretty good (and competitive).
In Cebu for example, the best rates are the lower level of Ayala Mall (by the elevators) or at Marina mall on Mactan (by the airport).
side note: DO NOT EXCHANGE MONEY AT SM MALL IN CEBU or at a bank anywhere in the country. The lines are long, the paperwork excessive and the rate is low compared to anywhere else.
You get the best rates on US$100 notes. Smaller denominations (US$5,10,20,50) usually payabout 1-2 pesos per dollar less.
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InDaGu
Joined: 28 Jun 2010
Location: Cebu City, Philippines
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| Posted: Mon Feb 21, 2011 9:28 pm Post subject: |
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| Thanks ttompatz, I had a feeling you'd chime in. And thanks for all the detail. |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Mon Feb 21, 2011 10:10 pm Post subject: |
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Agreed except for one thing. The best rate I ever got in PI was at Manila Airport.
I checked the rate last time I was there. 44 peso to a dollar. At Alona, 42.6 is the best I ever got. At BQ Mall they offered 43 but only 41 on smaller bills. At Manila airport, a whopping 43.6. |
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alwaysbeclosing100
Joined: 07 Feb 2009
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| Posted: Wed Mar 09, 2011 5:14 pm Post subject: re |
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| the best exchange rate in manila is at Edzen money changers......any decent taxi driver will know the place...... |
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