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Brit pounds sterling in Cebu


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robert 999

I will be coming to Cebu soon and do not want to use my credit card and propose bringing pound sterling in cash which I will exchange for peso when in Cebu and my questions are:

 

1. Are there any restrictions re amount etc of foreign currency brought into the Phillipines?

 

2. Where are the best places in Cebu to exchange my brit pounds to peso?

 

3. I have heard that in some other Asia countries, exchange places will not change 50 pound notes: is that the same in Cebu?

 

4. Can anyone suggest an alternative to bringing cash(or credit card); ie, are travellers cheques a better alternative?

 

5. Anything else I should know on this subject?

 

 

 

Thanks much in advance.

Edited by robert 999
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  • udonthani

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redman69

Go to the malls for a safe place to change money. Ayla, SM, Robinson. During the day time go to a bank. Yes they take pounds. Now I would think a 50 note would be good. They do do 50 US notes with no problem. But the smaller the note the lower exchange rate. At least at the money exchange places in the mall. I do not know about banks and smaller notes. Have fun.

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Athena

Cash is better as it will make you more mobile but obviously, cash carries security risks. Also, once in PI, the exchange rate for the pounds is a lot higher than getting it in UK. If it is possible, for security you can go to PNB-London and send yourself some of your holiday money to PI – that is if you have a reliable PI address. PNB have a consistently high exchange rate. You can also open a PNB on line account which I suggest you do before travelling to PI.

 

Im afraid, PI is not fond of traveller’s cheque though acceptable in some big cities but it has a poor exchange rate. Of course if you’re not counting pennies the travellers cheque is most secure form of cash. However, please note that if you travel to the countryside, noone would accept traveller’s cheque, same with credit card. Cash is king in the countryside.

 

Forex dealers would prefer £50 notes than the lower denomination though 20’s are acceptable. I better qualify that statement – I never have problems with exchanging £50 notes. Probably in Thailand, where there are many british holiday makers, fraud is rife. Never tried to exchange notes lower than 20’s. In Cebu there are plenty of dealers esp in the malls. I find the Emall near USC-main have consistent high rates.

 

As to restrictions - YES. I think the max cash would be £10K but not sure. Maybe someone can tell you the precise amount. If I remember you are ask/declare at the port of entry, how much cash you are carrying (lol).

 

Lastly, I don’t have to tell you not to exchange money on the streets but only to reputable money dealers.

 

Enjoy your holiday!

 

 

Athena

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sonjack2847

Hi

The most you can take into the Phills is about £6500, depending on exchange rate.

I have never had problems changing £50 notes.

I found the best exchange rates I could get were on the terraces in Ayala, I think it was on the second level.

I hope this helps you have a good time

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broden

cash is king

stay far far away from travelers checks

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lazydays

If your aprehensive about carrying a lot of cash,you can split it between cash and a pre-paid ATM card.

There are various pre-paid cards out there,just google pre-paid cards.

 

I've had a Virgin Money pp Mastercard for many years.

Just log on to; ukvirginmoney.com and select pre-paid card.

You can pre-load online/Post Office etc with Debit card or cash,you can load up to a total of £3500.

One off payment for card £9-95,renewed free every 2 yrs,(no maintanance or monthly fees).International ATM fee 3.5% ( much lower than using most ATM debit or Credit cards overseas) + the now hated local ATM charge P200.Good exchange rates too.

Only downside is they are not covered for loss or fraud etc,so value like cash.

 

On my travels over the years i preferred the 3 options for security,Cash,Pre-paid card and Credit Card back up for emergencies.

Never a good idea to put all your eggs in 1 basket.

Edited by lazydays
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On my travels over the years i preferred the 3 options for security,Cash,Pre-paid card and Credit Card back up for emergencies.

Never a good idea to put all your eggs in 1 basket.

 

Great advice. Exactly what I did on my trips to the Philippines. I change Sterling in the Malls and never had a problem changing £10 and £20 pound notes. Take new notes or at least in very good condition. The Sterling prepaid card I used was from FairFx and it worked fine in the variety of ATMs I used. Easy to get this card online and I top it up online as necessary from my current account as I travel round the Phils. That way if it is stolen/lost I don't have a lot on it. I mostly avoided using my credit card, it was just for emergencies.

 

Finally as an emergency source of funds in case all else fails have a good friend primed to use Western Union to send you cash, you should never need it and it is not the cheapest, but it works and is peace of mind.

 

Get a waterproof money belt from Moffats/millets etc with no metal parts (velcro fastening). No metal parts so you can wear it through the airport metal detectors. I have been patted down and they have not found mine!! Not sure how it will work with the new body scannners, I guess it will show up on them. Waterproof because it is hot in Cebu and you sweat and you don't want your money/passport stinking and damp.

 

Have a great trip. I wish I was back there.

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Bring Bank of England notes if you bring cash.

 

I haven't managed to change a Scottish bank notes in years; virtually unchangeable.

 

Thinking out of the box; check your credit card contract.

 

You might be able to "lose" it, and then ask for emergency replacement (which will not have your name on it) and you get emergency cash.

 

Or just western union the money to yourself. Probably not that much more expensive than changing cash, and infinitely cheaper than getting caught out.

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tom_shor

Definately be sure the notes are in good condition. Most places will refuse them if they have even the tiniest tear or corner missing. If they will take them they give you [email protected] for an exchange rate.

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lazydays

Bring Bank of England notes if you bring cash.

 

I haven't managed to change a Scottish bank notes in years; virtually unchangeable.

 

Thinking out of the box; check your credit card contract.

 

You might be able to "lose" it, and then ask for emergency replacement (which will not have your name on it) and you get emergency cash.

 

Or just western union the money to yourself. Probably not that much more expensive than changing cash, and infinitely cheaper than getting caught out.

 

Ha Ha i remember the days when many places in England would not accept Scottish notes,lol.

 

Emergency money stored by Western Union is a good one,if memory serves,they will hold it on account for 30days,if not drawn on,they will electronically return it into your bank account.(Obviously you forfiet their transaction charges).

Anyone wanting to do this,check it out with Western Union first,as things change over time.

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philuk

i never bring cash when i go to the phils, just take my normal everyday tsb debit card,

Just draw from the hole in the wall what you need each day, not a good idea holding too much cash.

 

only draw back is if you need more that 10000 peso then you need to spread it over a couple days

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lazydays

i never bring cash when i go to the phils, just take my normal everyday tsb debit card,

Just draw from the hole in the wall what you need each day, not a good idea holding too much cash.

 

only draw back is if you need more that 10000 peso then you need to spread it over a couple days

 

Each to their own,but relying on one source,especially for any inexperienced traveler,would be a bit risky in my book.

 

These days,i don't need to travel with much cash,as we have some money in Davao,and my wife is there.

I always like to keep some on me though,like a few SG$,as i always fly via Singapore,and sometimes fancy a duty free shopping stopover there.

I also like a handful of Peso's in my pocket,just in case my wife is workbusy and can't meet me at the Airport,(for taxi fare etc.)

Edited by lazydays
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udonthani

they don't seem anywhere near as fussy about the condition of pound notes as opposed to US dollars. Unlike US dollars, there's no 'sliding scale' with pounds - you don't get a better rate for 50s than you will for 5s, as you will for USD 100s as opposed to 1s.

 

avoid exchanging money at Mactan airport, the rates are terrible, unlike at NAIA in Manila where they're just about OK. To give you some idea how bad they are, I had about 100 Malaysian ringgit I wanted to get rid of, at the airport they would only give me 11.5 for 1, at Consolacion mall same day they paid 14.

 

I'm comfortable holding quite large amounts of cash, it's what I do in the UK. Having a cash-only business means I often have thousands on me, and pay my bills in cash too - I often count out dozens of 10s and 20s to buy stock. But even with my being used to it, I still wouldn't want to have a really large amount of cash on me in the Philippines. I routinely arrive with a few hundred to start with, like £3-400, but not thousands. That stays in my Nationwide Debit Account which I access via ATM. I also always bring a few hundred US dollars as well, because in small towns where there is no ATM, or the ATM is on the blink, you will probably not be able to exchange anything else easily. Having a few $100 bills handy has got be out of a tight spot a few times in the Philippines. In the other south east Asian countries, it's not necessary to bring US dollars, as any bank will accept pounds, Euros, A$, etc.

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Markham

There's a foreign exchange booth in the Rustan's supermarket at Ayala Mall which I've found gives consistently good rates. HSBC does foreign exchange also but you will have to wait as it's a back-office function. If you are selling Pesos to buy Sterling, Euros, US or Hong Kong Dollars, the bank has often better rates than the ForEx booths.

 

 

 

 

Mark

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sonjack2847

The maximum currency you can take into the Phills is $10,000 so if you divide this by the exchange rate for £ you will have a better idea.

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