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Question about exchanging money..


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If I find a good exchange place in the mall how many PHP will I get per dollar?

 

Lets say it is 50 to 1 and i exchange $100.00 how many PHP should i get after all costs?

 

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on another note...about exchanging. Be careful at street type exchange places if you plan to exchange a large amount. I don't know about Cebu but here in AC some have some pretty sketchy looking chara

At most exchanges they give a lower rate for bills lower than fifties.  So if your bringing money over from the US bring fifty and hundred dollar bills only. Also they are very particular about t

I would only bring $100s and they want the new ones with the blue stripe.

1 minute ago, cebubird said:

This is a joke right?

Explain why a question on exchanging money would be a joke?

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52 minutes ago, cebubird said:

This is a joke right?

I will wait old wise one!!

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Richard K
1 hour ago, Travis said:

If I find a good exchange place in the mall how many PHP will I get per dollar?

 

Lets say it is 50 to 1 and i exchange $100.00 how many PHP should i get after all costs?

 

there are no fees..if the exchange rate is posted at USD =50 you will get 50 P for $1
Edit---- the "fee" is already built in as they give a slightly less rate than the actual FX rate...what is posted is what you get

Edited by Richard K
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Just now, Richard K said:

there are no fees..if the exchange rate is posted at USD =50 you will get 50 P for $1

Ok then why do I hear about the airport being worse than the mall and other places?  And today at my bank in the US it was 51 to one but they only offered me 44 to one. 

 

So there must be fees. 

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Richard K
4 minutes ago, Travis said:

Ok then why do I hear about the airport being worse than the mall and other places?  And today at my bank in the US it was 51 to one but they only offered me 44 to one. 

 

So there must be fees. 

there are no set standards...anyone can offer anything they want...that is how they make any money from exchanging. When i first came here I would take dollars from my bank acct...go to an outside exchange and come back to the bank and put pesos into my atm peso acct...after doing that for the 4-5th time the girl I had been getting my approval from came over while i was waiting for my number to come up and asked why I went out to get exchange?..I told her I got a better exchange rate outside. She then told me she would put me on a "preferred customer" list and after that it was within a couple of peso's difference. 
The rate posted can vary. In Angeles City on walking street there are many really close together...they can vary quite abit from one to another. But the rate posted is always the rate given.

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Richard K

I only change a small amount at the airport....enough for a taxi and maybe some food... Airports are usually pretty low rate

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Just now, Richard K said:

there are no set standards...anyone can offer anything they want...that is how they make any money from exchanging. When i first came here I would take dollars from my bank acct...go to an outside exchange and come back to the bank and put pesos into my atm peso acct...after doing that for the 4-5th time the girl I had been getting my approval from came over while i was waiting for my number to come up and asked why I went out to get exchange?..I told her I got a better exchange rate outside. She then told me she would put me on a "preferred customer" list and after that it was within a couple of peso's difference. 
The rate posted can vary. In Angeles City on walking street there are many really close together...they can vary quite abit from one to another. But the rate posted is always the rate given.

So it is hard to get a guess then on 50 to 1? 

 

12 minutes ago, Richard K said:

there are no fees..if the exchange rate is posted at USD =50 you will get 50 P for $1
Edit---- the "fee" is already built in as they give a slightly less rate than the actual FX rate...what is posted is what you get

So there are fees. Just like with exchange in any other country. 

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cebubird

Richard K's answer could not possibly be clearer-the RATE is whatever the exchange tells you it is.

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1 hour ago, Travis said:

If I find a good exchange place in the mall how many PHP will I get per dollar?

 

Lets say it is 50 to 1 and i exchange $100.00 how many PHP should i get after all costs?

 

The way currency is exchanged here is by a simple exchange.  That is, the posted amount at the kiosk in the mall (for example) is the amount you will get when presenting foreign currency.  There is no fee as part of the transaction.

However, not all exchange locations will use the same exchange rate.  This changes regularly.

i use a bank to exchange money and they give me a "preferred customer" rate which is slightly better than the over the counter rate.

Its been a long time since I exchanged money at a kiosk, but I do recall a better rate was given for larger denominations.  That is, a single dollar bill might get ₽45 while hundred dollar bill would get ₽50. 

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Richard K

the "fee" is built into the rate posted.....if the rate posted is 50:1... what you get is 50 pesos for one dollar.
$100=5000 php
Anyone exchanging money can say whatever they want as far as exchange rate...THAT is the "fee"
What is posted is what you get... if the FX rate is 51:1 and the rate posted at the place you go to is posted at 50:1.....you get 5000 peso's for $100. The guy exchanging gets 100 pesos's for his "fee"

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Richard K

on another note...about exchanging. Be careful at street type exchange places if you plan to exchange a large amount. I don't know about Cebu but here in AC some have some pretty sketchy looking characters hanging around them. 

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TequilaSunset
2 hours ago, Travis said:

If I find a good exchange place in the mall how many PHP will I get per dollar?

 

Lets say it is 50 to 1 and i exchange $100.00 how many PHP should i get after all costs?

 

OT... when you are ready to leave, remember it will cost you 750p at the airport to leave the country, so keep  2,000 - + so you have a little bit of taxi money on your return trip (assuming you will visit again) That 750 was a shocker for me the first time, glad I had stashed 1,000 for an emergency. 

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2 minutes ago, TequilaSunset said:

OT... when you are ready to leave, remember it will cost you 750p at the airport to leave the country, so keep  2,000 - + so you have a little bit of taxi money on your return trip (assuming you will visit again) That 750 was a shocker for me the first time, glad I had stashed 1,000 for an emergency. 

depends what airport you are leaving from, from manila terminal fee should now be included in ticket price

not so at cebu

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