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Fishead soup
Joined: 24 Jun 2007
Location: Korea
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 Posted: Tue Sep 09, 2008 10:13 pm Post subject: Cashing travellers cheques in the Phillipines |
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| I heard it's really hard. I plan to bring American Express. I don't have an International debit card. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 10, 2008 12:56 am Post subject: Re: Cashing travellers cheques in the Phillipines |
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| Fishead soup wrote: |
| I heard it's really hard. I plan to bring American Express. I don't have an International debit card. |
International plastic or good old cash and the safe at the hotel front desk.
T/Cs get a bad rate p1-p4 LESS per dollar (2-8%) and you can usually only cash them at banks (be prepared for a long wait), mall money changers and major hotels.
You can exchange cash anywhere (100's get the best rate - p45/$1 last month).
Everyone gets in a fluster over T/Cs but really, $1000 is only 10 bills. They fit in the change pocket of your jeans and are virtually impossible to pick. Don't believe all the ads you saw on TV back home. They are almost useless in Asia.
When you get settled, stick your cash in an envelope in the safe behind the front desk at your hotel and there is no worry (safer than T/Cs and easier to get local cash). Also a good idea for your wallet if you are headed to the beach.
Oh, and buy about 10,000 pesos here at the exchange in Incheon BEFORE you head south. (get p500s and a few p100s if you can). No-one (outside of a major department store or hotel) will be able to cash/change the p1000 notes. That way you won't be flaunting a large wad of Ben Franklins every time you dig into your wallet or pocket.
Do NOT take won to the Philippines. Best exchange rates are on US$. Next is Euros. Anything else can be problematic outside the major centers.
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jvalmer
Joined: 06 Jun 2003
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| Posted: Wed Sep 10, 2008 1:08 am Post subject: |
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1000pesos are a bi@tch to unload in the Philippines. 500pesos or smaller.
T/C are not really much more of a hassle, just go to a bank or money changer. Although they give you a worse rate, you probably won't miss that loss anyways. And under no circumstances, trust some guy who says he knows a good money changer. Tons of people will approach you asking if you want to change money, just ignore those annoying guys. |
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