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soulofseoul
Joined: 23 Mar 2010
Location: Seoul
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 Posted: Fri Aug 19, 2011 9:32 pm Post subject: Money exchange for the Phillippines?? |
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Hi...anyone know the best places to exchange won into php?
Or would it be better to just withdraw money from my Canadian visa or
mastercard at an atm in the Phillippines??
Thx! Any tips would be greatly appreciated :wink: |
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joelove
Joined: 12 May 2011
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| Posted: Fri Aug 19, 2011 11:16 pm Post subject: |
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| Try asking in travel forum. I'd guess it's best to bring USD and change them there. |
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DaHu
Joined: 09 Feb 2011
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| Posted: Fri Aug 19, 2011 11:19 pm Post subject: |
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| I'd use the ATM, if you know you get good rates from your card issuer. Depends on how much they will charge you. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Fri Aug 19, 2011 11:34 pm Post subject: |
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| Take USD there and exchange them there. Also try to avoid the 1000 peso bills, they are a hassle to unload. |
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rainism
Joined: 13 Apr 2011
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| Posted: Sat Aug 20, 2011 12:01 am Post subject: |
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| jvalmer wrote: |
| Take USD there and exchange them there. Also try to avoid the 1000 peso bills, they are a hassle to unload. |
THIS.
Never, ever change won into anything other than USD (or Euro) . Then proceed to change your (still valuable) USD into something else.
if you present anyone with won outside the land of the morning Bongo truck, they'll laugh in your face and ask if they're supposed to wipe their arse with
"this".
IF they offer you anything in exchange for the official Bank of Korea toilet paper, it'll be at least 30% worse in terms of exchange rate than in Korea itself, where people actually believe this paper carries worth/value.
btw.. you're going to get a lot LESS pesos for your won these days. 25% less over the course of the last 3 years. Enjoy!  |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat Aug 20, 2011 12:09 am Post subject: |
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| Another thing to note, you'll get locals trying to unload their 1000 won notes for either something bigger or pesos. The reason for this is that banks outside of Korea will give lousy rates for wons anyways, and the smaller the bill the worse the rate. Considering how cheap some of us are with a lousy a few dollars, a few dollars for them is a much bigger hit for them. |
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soulofseoul
Joined: 23 Mar 2010
Location: Seoul
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| Posted: Sat Aug 20, 2011 12:52 am Post subject: |
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| Well the Canadian dollar is equal or better as the US dollar right now. What if I just take out large withdrawls at the ATM with my credit card instead of changing Won to U.S. then pesos?? I think most credit cards get charged $5.00 PER international ATM withdrawl. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat Aug 20, 2011 1:00 am Post subject: |
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| soulofseoul wrote: |
| Well the Canadian dollar is equal or better as the US dollar right now. What if I just take out large withdrawls at the ATM with my credit card instead of changing Won to U.S. then pesos?? I think most credit cards get charged $5.00 PER international ATM withdrawl. |
Despite what many have said about the demise of the USD, it's still the preferred currency in most countries and they prefer cash (people will take T/C reluctantly though). In some remote areas, finding an ATM may be difficult, just a warning. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Aug 20, 2011 1:23 am Post subject: |
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| soulofseoul wrote: |
| Well the Canadian dollar is equal or better as the US dollar right now. What if I just take out large withdrawls at the ATM with my credit card instead of changing Won to U.S. then pesos?? I think most credit cards get charged $5.00 PER international ATM withdrawl. |
Stupid idea.
Buy p10,000 at the airport in ICN before you go (so you will have some cash till you find a money changer with a decent rate).
Get the SMALLEST bills you can (p500s and p100s if possible).
Get the rest of your vacation money in US dollars in Korea (crisp, new, $100 notes).
Exchange your US dollars to pesos in the RP.
Do not take Canadian dollars. They look at them as if they were monopoly money (pretty but not sure what to do with it). Some money changers will take them but you pay for the privilege (rates at the Cebu money changers are still worse than those offered for USD)
Do NOT depend on your ATM - C/C in the RP. The international networks are not always dependable (or up), most machines have a limit of p3000-5000 per transaction and the combined fees on an international card will exceed $5 per transaction) making it one very expensive way to get your money.
Also, most of the time, outside of the major malls or major hotels you WILL pay more (3-15% surcharge) for using plastic IF they are even willing or able to accept foreign plastic. It ain't like home.
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soulofseoul
Joined: 23 Mar 2010
Location: Seoul
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| Posted: Sat Aug 20, 2011 1:34 am Post subject: |
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Ah so a lot of businesses will take U.S. dollars rather than me having to exchange it for pesos at a Phillippine bank??
Also I didnt mean I would bring Canadian dollars with me, just my credit card from Canada. |
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isisaredead
Joined: 18 May 2010
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| Posted: Sat Aug 20, 2011 4:38 am Post subject: |
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| ttompatz wrote: |
| soulofseoul wrote: |
| Well the Canadian dollar is equal or better as the US dollar right now. What if I just take out large withdrawls at the ATM with my credit card instead of changing Won to U.S. then pesos?? I think most credit cards get charged $5.00 PER international ATM withdrawl. |
Stupid idea.
Buy p10,000 at the airport in ICN before you go (so you will have some cash till you find a money changer with a decent rate).
Get the SMALLEST bills you can (p500s and p100s if possible).
Get the rest of your vacation money in US dollars in Korea (crisp, new, $100 notes).
Exchange your US dollars to pesos in the RP.
Do not take Canadian dollars. They look at them as if they were monopoly money (pretty but not sure what to do with it). Some money changers will take them but you pay for the privilege (rates at the Cebu money changers are still worse than those offered for USD)
Do NOT depend on your ATM - C/C in the RP. The international networks are not always dependable (or up), most machines have a limit of p3000-5000 per transaction and the combined fees on an international card will exceed $5 per transaction) making it one very expensive way to get your money.
Also, most of the time, outside of the major malls or major hotels you WILL pay more (3-15% surcharge) for using plastic IF they are even willing or able to accept foreign plastic. It ain't like home.
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if you're going to a tourist-y area (such as boracay), you will have no problems finding an ATM (and yes, i'm well aware ttompatz lives in the P.I).
if you're using an international visa check card from a korean bank, the fees for withdrawing money from an ATM are negligible. there IS a limit, however, on how much you can withdraw from an ATM in the Philippines, of course. the fees charged are on the Philippines side, and as an ex-employee from two banks in australia, i find them quite reasonable.
if you do have such a card, ask your bank to raise the daily amount you're allowed to withdraw to US$5,000 a day. believe it or not, this is worth it.
i ALWAYS agree with everything ttompatz has said, and lord knows how he's helped me in the past, but this is all from my own experience.
that said, use cash at all times and NEVER use canadian dollars. that's like using new zealand dollars. sensible in theory (not really), but not really in practice.
Last edited by isisaredead on Sat Aug 20, 2011 6:30 am; edited 1 time in total |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Aug 20, 2011 4:53 am Post subject: |
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| soulofseoul wrote: |
Ah so a lot of businesses will take U.S. dollars rather than me having to exchange it for pesos at a Phillippine bank??
Also I didnt mean I would bring Canadian dollars with me, just my credit card from Canada. |
No, they won't take anything but pesos at a business (some hotels and LARGE department stores will also exchange for you but usually at a less than favorable rate) but if you use/try to exchange anything other than US$ you get clipped at the ankles for it.
DO NOT exchange your money at a bank in the PI.
Go to a money changer but use common sense when you do.
COUNT your money at the window BEFORE you walk away.
Put your cash in your pocket before you walk away.
Don't wave large wads of cash around and
DON'T let anyone hurry you at the window (usually a sign of a scam - especially in and around Manila).
As mentioned in the post above, there ARE ATM machines all over the PI.
The problems are:
i) Network connectivity (internationally) is NOT as dependable as it is in other countries and you could be stranded for a while with little cash.
This is doubly true during PI holiday periods when the machines aren't serviced and/or the banks actually turn off network access to allow their own customers access to money before the machine goes broke and shuts down.
ii) Many machines have an ATM limit (not your card limit or daily limit) of about $100 per transaction. BPI is ONE OF THE FEW that allows larger transactions.
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soulofseoul
Joined: 23 Mar 2010
Location: Seoul
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| Posted: Sat Aug 20, 2011 5:11 am Post subject: |
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Thx for all the tips! So where can i find money chargers exactly instead of going to banks?
By the way..ill be going to Cebu and Bohol Island. But Ill be at Manila airport for a long stretch waiting to be connected to Cebu |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Aug 20, 2011 4:03 pm Post subject: |
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| soulofseoul wrote: |
Thx for all the tips! So where can i find money chargers exactly instead of going to banks?
By the way..ill be going to Cebu and Bohol Island. But Ill be at Manila airport for a long stretch waiting to be connected to Cebu |
Get some pesos at the airport in ICN. You will need them for the terminal fee for your connecting flight in MNL.
Do NOT change money at the airport in MNL or CEB.
remember to save about p1000 for your terminal fees on the way home.
The best rates for money changers in Cebu are at Marina Mall (close to the airport) and the lower ground floor at Ayala Mall. Try not to change money at the customer counter in SM department store at SM mall. Rates aren't good and the lines/paperwork are a pain in the azz.
On Bohol:
There are a couple of money changers on the beach at Alona.
IF you are stuck you can change money at the BQ mall downtown (not great rates - usually 1 peso per dollar worse than Island mall).
Island Mall (lower level by the food court). IF they are closed you can also change money at the western union across from the checkouts of the grocery in Island mall.
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nate1983
Joined: 30 Mar 2008
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| Posted: Sat Aug 20, 2011 5:51 pm Post subject: |
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Never take anything but USD on an overseas flight (unless you already had the currency for the country where you're going)!!! They kill you on the cross-rates.
Of course there are exceptions, like EUR to wherever should be fine if that's what you were carrying. But in Asia, ONLY TAKE USD OVERSEAS!!!
Why can't people get this?!? |
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