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holiday money - best exchange rate?

Plymouth, United...
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100 posts
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holiday money - best exchange rate?

Hi,

First trip to cebu in a couple of weeks (and first long haul ever!).

For the best exchange rates, is it best to exchange currency on arrival or before leaving the uk?

If on arrival, where is the best place, e.g. airport/bank etc?

Birmingham, United...
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1. Re: holiday money - best exchange rate?

You can only bring 10,000 peso's into the Philippines which is equivalent to around £150. Anyway it's better to exchange it once you get there. Not sure which is the best place. Last time I exchanged was at Western Union in Pasay.

61.5 was the rate in February at Western Union compared to around 58 at UK Banks and a measly 54 at Heathrow Airport.

Current rate is just below 70 by the way.

Plymouth, United...
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2. Re: holiday money - best exchange rate?

Ok thanks for the info, very useful.

Singapore, Singapore
Destination Expert
for Philippines
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11,730 posts
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3. Re: holiday money - best exchange rate?

Change your money at Ayala Mall in Cebu.

There are several money exchange there so compare them.

Manila
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for Manila
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4. Re: holiday money - best exchange rate?

Don't go to Banks, Department Stores or Western Union. All give poor rates.

Don't go to money changers that have touts.

Honest moneychangers don't need to persuade people to use their services.

If you use a money changer, after they have counted out your money, pick it up and count it again. If the money changer objects, call for police assistance. Many will palm notes and leave you up to 30% short!

Look also at i-Remit. Their facility maybe what you need.

http://www.myiremit.com/

Plymouth, United...
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5. Re: holiday money - best exchange rate?

Thanks. Advice duly noted.

Toronto, Canada
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170 posts
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6. Re: holiday money - best exchange rate?

I didnt know you can only bring 10K php, last trip I brought like 50k cash lol

OP, just change small a amount in the UK.

I found the exchange rates were way better using the bank machines in Manila.

Birmingham, United...
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7. Re: holiday money - best exchange rate?

The first time I went over I didn't know either. Took 32k cash and declared it. They were more interested in my watch lol.

Australia
Destination Expert
for Cebu City, Cebu Island
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8. Re: holiday money - best exchange rate?

Change in the Philippines as you will get more pisos in the Philippines.

Generally the best place to exchange USD in Cebu City is the money changer in the basement of Robinsons Mall on Fuente Osmena. No idea if that holds true for pounds. The best rate for me changing AUD is usually the money changer in the Colonnade Mall on Colon.

You might like to shop around.

The best ATM in Cebu City and for that matter the central and southern Philippines is at the HSBC. It is situated on C Rosales Avenue. Opposite Ayala Mall and nearly opposite the Marriott Hotel. They have 2 ATM machines inside operating 24/7 with a guard on the door. The machines dispense up to P40,000 in a single withdrawal, depending on the daily withdrawal limit set by your bank. They do not charge an additional P200 fee like all other banks, at least they do not charge me. The machines accept CIRRUS, PLUS, VISA, MASTERCARD and maybe some other systems.

philippines
Destination Expert
for Cebu City, Philippines, Cebu Island
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4,165 posts
561 reviews
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9. Re: holiday money - best exchange rate?

When comparing, quoted rates should be on the same day. Peso forex is presently very volatile. Just this week, the peso appreciated vs the us dollar by 0.60-0.70 just from the previous day. But the peso steadily depreciated by the same amount for several weeks, with days of ups and downs in between.

philippines
Destination Expert
for Cebu City, Philippines, Cebu Island
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561 reviews
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10. Re: holiday money - best exchange rate?

fyi, US-peso just appreciated another 40 centavos in 1 day.