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POTATOMAN

just had some cash transfered from the uk to my bpi account.

the exchange rate is p$ 58.71 to the £

checked bdo p$ 60.4 to the £

can't believe the difference but i am changing banks

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Buko Beach

If you want a better rate the trick is to avoid the bank exchange rate. I transfer funds into my BPI third currency account and I wait unil the peso exchange rate is at or near a high point. I go into my branch and talk with the manager and I check the rate the black market money changer used by the manger is offering. I call around to a few other money changers to see what's the best rate I can get. I check with the bank manager to see if they can match the best rate. Sometimes they can and I go with the managers guy. If not I call the other money changer back to schedule the exchange. 

 

When you use the bank's posted rate to make the exchange you lose atleast 2php and sometimes alot more. Banks are there to make money, so you have to do a little work to get the best rate possible.

 

I checked the current Oanda Pound-Peso rate- 61.53php. The BDO rate at 60.4php is a very good rate and I'm just guessing would be very close to the rate some of the better money changers would give you.  

 

Dang I wish I could get 58.71 !! I would even settle for 50 !! My current exchange rate is 40.      :cold:

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Monsoon

You could open a pound account here - but make sure your branch has sufficient stock of pounds for the 'in branch exchange with off site money changer' people are suggesting. this is very plausible with dollars but a lot of banks don't stock GBP here, I can imagine even less do in Cebu. Shop around. Can you flip into dollars or Euro cost effectively before sending? You should really consider an offshore account outside of UK. I have a multi currency account which can receive, send, transfer between USD, GBP, EURO, JPY, CHF, HKD at will.  

 

I recommend you get personal banking service by being introduced to a bank, meeting the manager, and get yourself established properly with a bank that can take care of what you need taking care of - if you plan on staying. Otherwise, a few points here and there aren't the end of the world. BPI historically has the worst FOREX rates amongst the 3 banks I use here. I typically just call a money changer to meet me in the bank or at my home.

Edited by Monsoon
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Davaoeno

 

can't believe the difference but i am changing banks

 

 

please keep us posted as to which bank you changed to and what rate they gave you 

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Davaoeno

 

I check the rate the black market money changer used by the manger is offering.

 

My BDO manager referrred me to someone that i have been using for several years now. I have never met her but I can usually get about .40 better than the posted BDO rate. The unusual thing is that i phone up the black market woman and tell her how much i want to change and she deposits the pesos into my account and i go into BDO later in the day or the next day and settle up .  In Canada i wd never have got the pesos until my money was already in their account !!

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turbo black

hi guys,

been a while for me to respond to anything.lived here a few years and learned the hard way about many things.i have a dollar account at PNB and would exchange my money at the bank,then a gentlemen from denmark clued me in to ask the bank to call manila and get the central bank rate.i was loosing .40 pesos for every dollar. you get a higher exchange rate doing it this way.the more dollars you exchange the higher the rate.hope this helps some people.

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Have been with HSBC for the past 6 years, I receive 3 cheques a month from the UK and these are paid into my GBP a/c, the current exchange rate at HSBC is 60.4 but what I have done in the past is to check the rates at the local exchanges and if its better withdraw pounds and exchange them there.

I have found the world over that you will always get a lower rate from a bank than you would from the " black market outlets"

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dutchben

Can you direct get euro or dollar from your account or have you to order first and pick up next day?

I have euro and peso account in the hsbc bank and normal every month i transfer from my eoro account to peso account but even when there give special rate it's always lesser then the moneychanger

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Buko Beach

My BDO manager referrred me to someone that i have been using for several years now. I have never met her but I can usually get about .40 better than the posted BDO rate. The unusual thing is that i phone up the black market woman and tell her how much i want to change and she deposits the pesos into my account and i go into BDO later in the day or the next day and settle up .  In Canada i wd never have got the pesos until my money was already in their account !!

Same here. The black market money changer transfers money into my account first. I have always been sitting in the bank mangers office while this transaction took place. I just sign, smile and chit-chat with the manager. Sure beats the heck out of running hundreds of thousands of pesos through counting machines, although I will make the transaction the old fashioned way if I get better than a .2 rate differential.

 

In Canada, the bank clamps a bear trap around the customers ankle until the transaction is complete. They even have a bear-trap service charge +GST. jk.   :cold:

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Davaoeno

Same here. The black market money changer transfers money into my account first. I have always been sitting in the bank mangers office while this transaction took place. I just sign, smile and chit-chat with the manager. Sure beats the heck out of running hundreds of thousands of pesos through counting machines, although I will make the transaction the old fashioned way if I get better than a .2 rate differential.

 

In Canada, the bank clamps a bear trap around the customers ankle until the transaction is complete. They even have a bear-trap service charge +GST. jk.   :cold:

 

 

I'm glad that the law finally changed so that were are now required to use the newer bear traps with the padded teeth ! I still have scars from the older type . 

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dutchben

If we talk about the money changer and bank, what kind off amount we talking about? 1000euro? Or more? Or less?

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Can you direct get euro or dollar from your account or have you to order first and pick up next day?

I have euro and peso account in the hsbc bank and normal every month i transfer from my eoro account to peso account but even when there give special rate it's always lesser then the moneychanger

 

Never had any problem withdrawing Euro or Pounds on demand from HSBC in Cebu.

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dutchben

Anyone know a good moneychanger black or wite pls send me pm with phonenumber or adres so i can change evere month about 1500€ thanks

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Buko Beach

Anyone know a good moneychanger black or wite pls send me pm with phonenumber or adres so i can change evere month about 1500€ thanks

Hmm, money changers are like GF's, find one on your own that you can trust and provides great service and don't let her go. There are alot around, some are better than others in terms of rates offered and services provided.

 

Besides it always seems that when a recommendation is provided concerning money changers the one doing the providing catches some flack from others who state they can get better rates ect ect. YMMV.

 

Some of the better known money changers are

 

-2nd floor Robinsons Fuente

-Raintree Mall corner Mango and Ramos

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Anyone know a good moneychanger black or wite pls send me pm with phonenumber or adres so i can change evere month about 1500€ thanks

 

I have found the one inside Rustans Ayala to give a slightly higher rate than some of the others, if your going to make regular exchanges its always best to talk to the cashier and request a higher rate that is advertised, it has always worked for me.

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