Best place to Exchange US Dollars for PHP

eptowing Active member

44POSTS

4 years ago

Hello Everyone

I am leaving for my first trip to the Philippines in 10 days. I will be there for a little over 2 months. So I am wondering where is the best place to exchange my US dollars for peso's. I know you can do it at the air port but are you getting a good transfer rate at the air port?

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Enzyte Bob ViP

4294POSTS

4 years ago

@eptowing

Not an direct answer, at Wise (a money transferring company) rate today is 52.235 PHP per dollar. In 10 days, check online with Wise for the current rate and use that for a guideline for any transaction you might choose to make.

A couple percent above that rate can result in big fees if you are converting a large amount of USD. You can also use your US debit card for PHP withdrawals here, but check with your bank for the service charges. Besides using your debit card for cash or purchases, you can also use your US charge cards but again service fees, also notify your banks you will be using your charge cards in the Philippines.

tpiro Serial expat

274POSTS

4 years ago

@eptowing.. yea sometimes a good rate at the airport.. if it is 51.+ then do it. About 2 US$100 bills will carry you through for like food, taxi, etc. No marks or bad folds or tears on bills. Do not use anything less than a "Benji". The smaller the bills the smaller the rate. If not at airport, try the malls exchange counters.. they will be at a decent rate. I just did mine at Grand Mall Mactan south of Cebu airport and the rate was 51.45.. good luck man.

tpiro Serial expat

274POSTS

4 years ago

@Enzyte Bob .. Spence..I think he was asking when he lands here to exchange.... hey man! how's is everything dude?

Tony

tpiro Serial expat

274POSTS

4 years ago

oh.. yea.. for sure a Charles Schwab card... I love mine.. accepted everywhere and get all fees returned at the end of the month... as they say in the PH.. "no problem sir!"

Lotus Eater ViP

1965POSTS

4 years ago

Avoid airport money exchange kiosks (in Europe we use the posh term - Bureaux De Change

)like the proverbial plague.

The best exchange rate will always be at the ATM but as advised above make sure you use Debit cards that don't charge add ons at the terminal. Make sure you bring two Debit cards from two different bank accounts in case one stops working, is lost or just simply gets damaged.

I know it sounds blindingly obvious but don't use your credit card to withdraw money from an ATM and certainly don't use it to purchase small items and never let the card out of your site on payment if you really must use it.

As its your first trip to the Philippines I would advise getting some PHP currency before you leave the States. Problem is you will find it difficult to get some small denomination bills that will come in useful.

Lotus Eater ViP

1965POSTS

4 years ago

oh.. yea.. for sure a Charles Schwab card... I love mine.. accepted everywhere and get all fees returned at the end of the month... as they say in the PH.. "no problem sir!"
- @tpiro

And if you present your Amex card they will say " That will do nicely sir "

Moon Dog Philippines Advisor

974POSTS

4 years ago

@eptowing We got a good rate at the airport and they weren't choosy about the condition of the bills. If I had it to do again I would have exchanged all our dollars at the airport. Now we're stuck with some 50s and 100s that have a crease or a tiny tear. Banks won't even take them.

Wellsfry Serial expat

397POSTS

4 years ago

I typically land, exchange a couple Benjis at the airport, and the rate us usually pretty good... Always bring 100's, and always go to your bank before leaving u.s. and get good, no crease, no rip bills... they do not take them here... rate has been good lately!

Wellsfry Serial expat

397POSTS

4 years ago

#10

@eptowing airport in terminal 1 in Manila is usually good... not best... but good. There are like 4 or 5 money change "booths" when you are heading out of baggage claim, they are there right before going out the door of the terminal to the outside... I suggest Looking at the rates of all 5 of them... I have found that the one furthest away from the baggage claim is just a hair better than the others... so for a couple hundred bucks you get an extra fee pesos!

Other than that, I usually give my 100's to my fiancee to exchange at her bank(BDO)... The best rate.

Michael mcDaniel Member

11POSTS

4 years ago

#11

@eptowing It is a ridiculous chore even to get banks to exchange dollars for pesos here.

Wellsfry Serial expat

397POSTS

4 years ago

#12

True... or to pay your power bill, or water bill... etc.... Everything is funner in the Philippines! Lol

Moon Dog Philippines Advisor

974POSTS

4 years ago

#13

I believe we brought about $5,000 in cash and exchanged $2,000 at the airport. The guy put the bills in a counting machine and never looked at any of them. The Palawans, etc. and one bank did everything but use a magnifying glass so we ended up with about $1,000 worth of creased bills.

Enzyte Bob ViP

4294POSTS

4 years ago

#14

@Moon Dog I believe we brought about $5,000 in cash
**************************************************

I brought $1500 and still have a balance after four years this August. Don't bring money bring debit cards.

eptowing Active member

44POSTS

4 years ago

#15

@Wellsfry

So it sound like the easiest way is to just have my girl deal with it. I like that.

Wellsfry Serial expat

397POSTS

4 years ago

#16

I mostly use my united air c.c. any chance I get.... but other than that I have 3 debit card accounts that I use to get cash if in a pinch... maybe overkill as far as 3... but just in case... I don't use any debit card at any store... only my Miles c.c. just for security... and I bring about 2k cash per month I am here... works out well

BondJamesBond Member

10POSTS

4 years ago

#17

A Charles Schwab debit card is the best way to get cash: no foreign exchange fees and all ATM fees refunded.

But if you can pay with a cash-back credit card with no foreign exchange fees, that's better than using cash.

Enzyte Bob ViP

4294POSTS

4 years ago

#18

A Charles Schwab debit card is the best way to get cash: no foreign exchange fees and all ATM fees refunded.

But if you can pay with a cash-back credit card with no foreign exchange fees, that's better than using cash.
- @BondJamesBond
*****************************************************

(1) It might be too late for the OP to apply for the Schwab card .
(2) I don't know of any cc that does not have transaction foreign fees.
(3) If the cc is used in the Philippines there will be a local fee
(4) So you can be charged two different fees with a foreign cc.

eptowing Active member

44POSTS

4 years ago

#19

A Charles Schwab debit card is the best way to get cash: no foreign exchange fees and all ATM fees refunded.

But if you can pay with a cash-back credit card with no foreign exchange fees, that's better than using cash.
- @BondJamesBond
*****************************************************

(1) It might be too late for the OP to apply for the Schwab card .
(2) I don't know of any cc that does not have transaction foreign fees.
(3) If the cc is used in the Philippines there will be a local fee
(4) So you can be charged two different fees with a foreign cc.
- @Enzyte Bob

I leave in 9 days so its to late to try and get a Schwab Card. This trip is going to end up being a cash trip. All my rooms, diving and rental car is all ready paid for so I wont need a lot of cash and if I need to I will just use my card or have someone wire me some, It is what it is.

Okieboy Serial expat

659POSTS

4 years ago

#20

Bank of America has no fee for transfers in a foreign currency, but it takes days, I did it once, I called BOA about it the guy told me they have no transfers with no fees, I told him go on his BOA website and look, sure enough no fee for transfers in a foreign currency

Enzyte Bob ViP

4294POSTS

4 years ago

#21

Bank of America has no fee for transfers in a foreign currency, but it takes days, I did it once, I called BOA about it the guy told me they have no transfers with no fees, I told him go on his BOA website and look, sure enough no fee for transfers in a foreign currency
- @Okieboy
*************************************************************

The big bugaboo is the exchange rate, not the no fee.

BondJamesBond Member

10POSTS

4 years ago

#22

(2) I don't know of any cc that does not have transaction foreign fees.
(3) If the cc is used in the Philippines there will be a local fee
(4) So you can be charged two different fees with a foreign cc.
- @Enzyte Bob

CCs without foreign transaction fees are pretty common these days. I have at least two from different companies.

I don't find 3 and 4 to be true.

Enzyte Bob ViP

4294POSTS

4 years ago

#23

Well. . . . BondJamesBond

I have five credit cads that I've have used in the Philippines all five of them have charged me a 3% foreign exchange fee. Even Netflix (auto charge) charges foreign exchange fee because their bank is offshore. (AliExpress does not charge a foreign exchange fee as their processing bank is in the US)

Purchases made at S&R shows their processing bank charges a foreign processing fee. So local purchases with US charge cards in the Philippines could add up to an additional 6% of the total. When I realized this I stopped using the convenience of charge cards and strictly use a debit card from BDO savings fees.

This is why I use "Wise" to transfer cash to my BDO account, they charge about 1/2 % transfer fee plus give you top exchange rates.

I see you joined Expat.com only two days ago April 19th and you are currently in the US and would like to move to the Philippines. Are you speaking from experience?

Lotus Eater ViP

1965POSTS

4 years ago

#24

Interesting. Perhaps the British Secret Service (MI6) have secured a special charges waiver for all their agents working 'in the field'

lcdrski Active member

84POSTS

4 years ago

#25

Reminder only bring crisp mint looking 100’s.

BondJamesBond Member

10POSTS

4 years ago

#26

Are you speaking from experience?
- @Enzyte Bob

Yes. Just seek out credit cards without foreign transaction fees and good cash back. And don't allow them to charge you in USD.

eptowing Active member

44POSTS

4 years ago

#27

@lcdrski

I went to the bank and got $5000 out I ended up taking 2300 back because the bill were either old or beatt up looking

Filamretire Contributor

182POSTS

4 years ago

#28

@tpiro 2 weeks ago airport rate was 52+, I'd exchange at airport. In the malls it was 50 ish

Filamretire Contributor

182POSTS

4 years ago

#29

@Lotus Eater Yeah, we had a stack of 100 peso bills for tips

dadof3at1ce Active member

29POSTS

4 years ago

#30

There are definitely companies that have no foreign transaction fees. I got rid of all that charge that fee so I don't make a mistake. Capital One, HSBC, Schwab, Discover all have no foreign transaction fees. So does my Navy Federal and USAA but not everyone can get them.

Airports have always been okay to change money, the best in Dumaguete I have found is at the square by the church. The money changer is close to where the massage people are( or were since I haven't been back in a few years).

I just Wise the money to my wife's account and can just use the ATM to withdraw pesos. It is just easier and costs are probably close to being the same. I use my credit cards for most purchases when I am there anyhow, and pay them from my US accounts.

Enzyte Bob ViP

4294POSTS

4 years ago

#31

@dadof3a1ce

There are definitely companies that have no foreign transaction fees. I got rid of all that charge that fee so I don't make a mistake.
******************************************************************
There are two things being discussed. Transfer fees and charge card fees. My BoA & Citibank have no wire transfer fees but have a poor exchange rate, offsetting the "free" in free.

Charge Cards have foreign 3% fee for overseas use.

Lotus Eater ViP

1965POSTS

4 years ago

#32

Yes it can get confusing. There are some Debit cards out there that do not charge transaction fees. As far as I'm aware all credit card companies will levy a 3% charge when the card is used overseas.

In response to dadof3at1CE (I hope I got all his digits in the correct order) as regards HSBC charges for using cards overseas he is mistaken. How do I know? Because I've held an HSBC Premier account for the last 10 years.

eptowing Active member

44POSTS

4 years ago

#33

The Funny part about all this is I ask where is the Best place to Exchange US Dollars for PHP. I never ask anything about debit or credit cards but I am learning more from all this. Thanks guys

dadof3at1ce Active member

29POSTS

4 years ago

#34

@Lotus Eater

I am sorry you are getting charged on your premiere card, but you might want to check into it. There is supposed to be no foreign transaction fees on your card. I use mine all the time to buy things on Lazada and am never charged a foreign transaction fee. I never really looked at the conversion rate I am getting, but it never seemed off of what I expected it to be, and I know it changes with the real exchange rate. I one time had to return an item and I actually made money on the return based on the higher rate at time of return. I wouldn't recommend doing this as an investment strategy, but it is a reality. Perhaps you got your card at a time they didn't offer no foreign transaction fees and you need to upgrade it? I would definitely call and find out.

dadof3at1ce Active member

29POSTS

4 years ago

#35

Most all companies have fees, they are not in business not to make a profit. Credit card companies are among the least transparent, and it is best if you don't have to use them, but reality is very different. Some companies charge a 3% foreign transaction fee and some do not. All those companies also make money off the exchange rate...for example if the rate is 51.5 they may pay 50.5 and pocket the peso difference. It doesn't sound like much but can add up to a large amount. But what they really try to do is lure you into using your card by offering good rates and no fees in the hopes you carry a balance and charge hefty amounts of interest.

Companies such as Wise, Remit, and Paypal charge a basic fee and are very transparent about the rate you are getting. I have done the math multiple times and from the midwest in USA Wise has the best rates. This may not be true for all people in all countries due to different laws, so it is always best to just do a dummy transaction (go through the process of sending money on each platform but do not actually click send) to see which company is best for you.

I have read people say it is free from their bank to send money, but I have not found any that this is completely true. I have found some that claim to, but when you try to send money their exchange rate a at least 2 peso off the current rate.

There are actually different exchange rates, some are fixed some are flexible, so knowing this can help you out too. Most are flexible so you really have to keep an eye on it as the rate constantly changes. If they are fixed you only have to worry about the fees from the company.

Lotus Eater ViP

1965POSTS

4 years ago

#36

@Lotus Eater

I am sorry you are getting charged on your premiere card, but you might want to check into it. There is supposed to be no foreign transaction fees on your card. I use mine all the time to buy things on Lazada and am never charged a foreign transaction fee. I never really looked at the conversion rate I am getting, but it never seemed off of what I expected it to be, and I know it changes with the real exchange rate. I one time had to return an item and I actually made money on the return based on the higher rate at time of return. I wouldn't recommend doing this as an investment strategy, but it is a reality. Perhaps you got your card at a time they didn't offer no foreign transaction fees and you need to upgrade it? I would definitely call and find out.
- @dadof3at1ce

When you say ' I use mine' are you referring to an HSBC credit card? If you check the HSBC website it states quite clearly that there is a 2.99% charge on overseas purchases. I see you are based Stateside. HSBC has announced that it will be withdrawing from the US mass retailing market .

dadof3at1ce Active member

29POSTS

4 years ago

#37

@Lotus Eater

Yes, I am referring about the credit card. For banks, even HSBC to do a transfer they charge fees, often large ones. That;'s why most people use a third party company such as Wise to save on fees. Yes, I am in the USA, here is a copy of our HSBC Premier Card:

Home Credit Cards HSBC Premier Credit Card

Unlimited Rewards Points with no expiration

35k Introductory Offer

Earn 35,000 Rewards Bonus Points worth at least $400 in air travel – after spending $3,000 in the first 3 months from Account opening22 view footnote 2

2X Travel Points

You’ll earn 2X Rewards Points on new travel purchases – including airline, hotels, and car rentals

1X on all other purchases

You’ll earn 1X Points per $1 spent

No Foreign Transaction Fees

Competitive, variable APR of 15.24% to

19.24%55 view footnote 5 on Purchases and Balance Transfers

I use my HSBC mastercard frequently because it works seamlessly with Lazada, where I have had issues with one my others-I don't remember if it was the discover or Capital One cards. But this is USA based, and they have mainly moved out of personal banking here in the USA as well. I don't use them for my banking, although I had considered it briefly. My main retirement accounts will probably come from Schwab, USAA. and/or Navy Federal. I will consolidate when I get closer to retirement-roughly 8 more years.

Lotus Eater ViP

1965POSTS

4 years ago

#38

Appreciate your itemised response. So I called my bank this morning (HSBC) and hey ho no Indian call centre to piss me off for the rest of the day ( see associated post - word obviously travels fast

)

Apparently the US & UK markets are ring fenced with different charges. We are both correct. Aren't you the lucky one!

I opened up a new account with your largest US bank a few months ago, J P Morgan Chase, specifically for the transaction free Debit Card when used overseas. Fast efficient service. UK office based in Scotland. Out of hours I get put through to a call centre ( sorry center

) in Manila. Chase are just 'feeling' the UK market right now so have not opened up the full range of accounts. When they do its 'bye bye HSBC'