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Money Exchange at Airport


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papimafioso69

Is the Money Exchange open at the Airport . My bank tried to charge me 10% on buying the Philippine pesos .  It was a free service before . Thanks . 

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Kreole

What bank are you using?  I never heard of a 10% surcharge for buying pesos.

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jaybee747
6 hours ago, papimafioso69 said:

Is the Money Exchange open at the Airport . My bank tried to charge me 10% on buying the Philippine pesos .  It was a free service before . Thanks . 

How many pesos do you need? There are ATMs in the airport dispensing pesos.

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papimafioso69
8 hours ago, Kreole said:

What bank are you using?  I never heard of a 10% surcharge for buying pesos.

 

8 hours ago, Kreole said:

What bank are you using?  I never heard of a 10% surcharge for buying pesos.

Citi bank . Me neither .  

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papimafioso69
7 hours ago, jaybee747 said:

How many pesos do you need? There are ATMs in the airport dispensing pesos.

I was looking to bring about 75,000 pesos . Going to the province and there is only one more ATM . Looks like I’ll have to use WU  . Quarantine in Manila and then a 14 day quarantine in Javier . Going to be a few weeks to get a travel pass to Tacloban to open a bank account . 
 

 

 

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Chris24

Buying physical foreign currency from a U.S. bank while in the U.S. is usually a terrible deal, especially before traveling to a major airport like Ninoy Aquino or MCIA Cebu where there are readily available money changers and ATMs that will give you very close to the actual exchange rate (although the ATM will have some fees).    Here's a link to Wells Fargo giving the daily rates for ordering foreign currency. Today they're giving 44.11116 pesos per dollar for exchanges of between 100 USD and 10,000 USD, compared to today's official exchange rate of 48.38 pesos per dollar. 

I've never done this traveling anywhere, but my wife has done this several times with a few hundred dollars or so when going someplace new, just to have the security and certainty of arriving with taxi money in pocket, but it's usually turned out to be unnecessary and clearly expensive.

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cvgtpc1

 

On 9/29/2020 at 10:09 AM, papimafioso69 said:

I was looking to bring about 75,000 pesos . Going to the province and there is only one more ATM . Looks like I’ll have to use WU  . Quarantine in Manila and then a 14 day quarantine in Javier . Going to be a few weeks to get a travel pass to Tacloban to open a bank account . 
 

 

 

Forgive the questions if you already know this stuff...

Do you have the right visa to open a PI bank account?  I tried on Balikbayan and couldn't.

Also banks in the PI in my experience aren't networked like the US where you can go to a branch in Ohio and do the same business in a branch in California, you're stuck to the branch your account is opened at.  So look for a bank physically close to where you'll end up.  Of course ATM works anywhere.

But I could also be full of crap or things have changed.  Another member can comment if so.

 

 

Edited by cvgtpc1
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  • 2 weeks later...
SkyMan
On 9/30/2020 at 7:08 PM, cvgtpc1 said:

 

Also banks in the PI in my experience aren't networked like the US where you can go to a branch in Ohio and do the same business in a branch in California, you're stuck to the branch your account is opened at.  So look for a bank physically close to where you'll end up.  Of course ATM works anywhere.

I haven't run into this hassle with BPI. 

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Kabisay-an gid
On 9/30/2020 at 7:08 PM, cvgtpc1 said:

Forgive the questions if you already know this stuff...

Do you have the right visa to open a PI bank account?  I tried on Balikbayan and couldn't.

Also banks in the PI in my experience aren't networked like the US where you can go to a branch in Ohio and do the same business in a branch in California, you're stuck to the branch your account is opened at.  So look for a bank physically close to where you'll end up.  Of course ATM works anywhere.

But I could also be full of crap or things have changed.  Another member can comment if so.

BPI is networked like USA banks. You can go in any branch in the country and make transactions. They have a huge number of branches and ATMs nationwide.

BDO is also an excellent bank, but they will charge you a fee for transactions made at locations other than your home branch. 

You don't need a visa to open a bank account in the Philippines, but you will need an ACR card (Alien Certificate of Registration).

For Americans in the Philippines, I recommend opening two accounts - a peso account and a US dollars account.

In my personal experience, I've found that exchange rates at airports in the Philippines usually suck. I find better rates at major shopping malls etcetera.

When I fly into Cebu annually, I'll exchange maybe $50 US at the airport, so I have enough pesos for cab fare to my condo and then the mall. Once at the mall, I'll exchange the bulk of my $$ for a higher rate at one of the exchange stores there.

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