Going on Holiday to Phillipines. Exchange Help needed

fcorry2008

Hi,

I've just come across this website after wasting many hours, searching the Internet for a website that offers a decent exchange rate from British Pound to Phillipines Peso's.

The internet exchange rate seem's to be about 87 peso's to 1 pound, but all the website's I've looked at that offer currency ordering, only give between 77 - 80 peso's to the pounds.

I'm going to exchange about 500 pounds+, and would loose out on about £35, if I go with these lower exchange rates.

I could use a bit of friendly advice on where or how I can get a much better rate which is much closer to the 87 pesos rate.

Can anyone suggest any website's, or ways of getting more for my money. I'm open to any idea's, including exchanging when I get there if its better.

Thanks,

FCorry

soco1

Get a Nationwide Flexaccount and use the card to withdraw from ATM's as and when needed.
You'll get a better exchange rate as banks don't use tourist rates plus there are no fees for withdrawals. It's also safer than carrying all your money ready changed.

Incidently if you're going to be buying goods/services out there then get a Nationwide or Post Office credit card as they have no fees for overseas use. I have the Nationwide one and always get excellent exchange rates.

meester

you'd be mad to try and obtain any marginal currency such as the peso in the UK.

If you have to do it at a bureau de change, do so on the stopover in Singapore or wherever, or even at your destination.

Personally though I always just take an ATM card.

fcorry2008

Thank's, so basically two best options are:

1) Take my atm card with me and withdraw from cash me, and you recommend the Nationwide Account as it will be free.

2) Bring cash and get currency exchanged actually in the Phillippines. I am stopping off at Qatar Airport on the way over so don't know if that is an option.

Will I get a rate close to the daily exchange rate with a bank card for definate, if I withdraw from cash machine. Apoligies I haven't been abroad for a long time and never ventured this far.

meester

fcorry2008 wrote: »

Thank's, so basically two best options are:

1) Take my atm card with me and withdraw from cash me, and you recommend the Nationwide Account as it will be free.

2) Bring cash and get currency exchanged actually in the Phillippines. I am stopping off at Qatar Airport on the way over so don't know if that is an option.

Will I get a rate close to the daily exchange rate with a bank card for definate, if I withdraw from cash machine. Apoligies I haven't been abroad for a long time and never ventured this far.

I wouldn't bother if Qatar is your stopover.

You can also do cash advance on a credit card at a bank in Phillippines, though there'll be a charge from your bank and possibly there too.

The rate you get will be the wholesale sell rate for Nationwide, 2.75% worse for most other banks, plus a charge of £1-£3 depending on the bank per withdrawal (excluding Nationwide)

Voyager2002

I agree with the advice above: don't even think of getting pesos in the UK (unless you happen to live near a Philippino shop, in which case you might ask about a private deal). Actually, Qatar might be a good place to change fifty or a hundred pounds: there are load of Philippinos working in the Middle East, and so the peso has a higher profile there than it does here. (Some years ago I found it very easy to buy pesos in the airport at Abu Dhabi.)

Exchange rates at the airport in Manila are unlikely to be very good, so only change what you will need for your first few hours. You will need some money for a taxi from the airport: taxi drivers who accept dollars are likely to over-charge you by a massive amount. Once installed in your hotel, be friendly with reception staff and ask them where to find a money changer who will give a good rate. They should find it easy to direct you to somewhere that offers better rates than are available in hotels or at the airport.

cundall

I am back in the PI in Oct and go as often as i can

I only get my cash from the ATM on the second level of Terminal 1 (when i fly with PAL) though i always carry 200php with me for a top-up card for my phone. Remember that the ATM's go out of order / run out of cash often so get a bit when you can get some (10,000 at time is the normal).

Always break the notes down as its hard to get change <100php notes

The exchange rate is coming up from a low (70 odd to the pound) so monitor it, it has been a while from 100php to the pound. If you don't have Nationwide account i would advise you to setup with a filipino bank as you can now transfer money online and then withdraw from an ATM in the PI.

Nationwide will not charge you though it is unknown to have an ATM owner to charge you a fee such as 100php to use the ATM (paid before you use the ATM) it all depends on which islands you are going to.

Mark

PS on a side note remember not all islands have ATM's

fcorry2008

I'm actually staying with my wife's family in Manilla for 3 week's, so I'll be getting picked up from the airport by them.

I have applied to open the Nationwide Flexaccount, so I will withdraw money from any cashpoint I can kind find at the Manilla Airport.

One final question, I have heard you get charged a fee at the Airport upon landing. Does anyone know if this is correct, what is the amount per person, and how can I pay the fee, i.e. is it Peso's only? I am staying less then 21 days so don't require a visa, according to what I have read.

Thanks to all for the help.

fcorry2008

bump, bump

cundall

Mabuhay

Remember we do have a thanks button for all posts you like

No you do not get charged when you land though you do have to pay a 750php fee when you leave as an airport tax at Manila, this is standard at all airports in the Philippines (different fee at different airports) unless your a filipino then its 1,500php (from memory)...

If your getting picked up it will be fine just get your wife's parents to text what letter they are under as the smaller airports in Manila (low cost airlines) have a waiting area where you can stand under a letter. Manila is slightly different as they do have a waiting area though its small walk from the car park..

Salamat Po!

Ps my Aswa ko is in Manila

Voyager2002

I had not heard about a fee on arrival -- ask your airline or see if the NAIA website has any information, or check out the website for the Philippine embassy here or the CID (Commission on Immigration and Deportation) there. Such fees are likely to be charged in US dollars.

Since you have family connections, it will be easy for you to find a money changer giving good rates. So pack a fair amount of cash (pounds sterling) and a relative will find a place for you to change it. So many Philippinos work abroad and send money home that money-changing is a large and competitive industry there.