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the aussie buck to peso


SomeRandomGuy

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SomeRandomGuy

well after the thread about HSBC changing it's limit to a 20 thousand limit.. i went thru my bank statements only to notice that I get charge a shit load in exchanging dollar to peso....

 

what is the best way to do this from my account in oz to my account here in the phils. 

where do i get the best rates from and which company should I trust

 

thanks guys for the info

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Skywalker

The best rates are always changing cash locally with the oft' mentioned money changers.  

 

There are no fee's and the exchange rate is always better than the Banks.

 

As an example I changed £500 the other day, and got a rate of 69.12 to the £.

 

Somebody else arrived at the airport recently in Manila.  And despite assuring us that airports are just as good as anywhere else to exchange cash - "made a beeline for what seemed to be the solitary forex booth. Surprise surprise they were giving a shit rate for pounds ; 64.02 when it should be 67 or 68 really."

 

Maybe there are no money changers in Manila?

Edited by Skywalker
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We use OzForex to send money from our Australian account to out BPI account in the Philippines, the exchange rate is about 1 peso under the official posted rate and fee is twenty dollars no mater how much you send, If in country best is just put your Australian card in the hole in the wall , exchange rate is good and around 5 dollars fee so only get 10K peso at a time...

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I use orbit to send my aus dollars to my metrobank account.

 

I dont bring aus dollars to phils, only US dollars. You always get close to the market rates US to Peso and much less for AUS to Peso at a money changer.

 

Most of the time i use atm though

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SomeRandomGuy

 

 

our Australian card in the hole in the wall , exchange rate is good and around 5 dollars fee so only get 10K peso at a time...

 

man i also get charged a 3% to exchange thru my bank... that is why i was asking as it costs me 5 dollars at atm plus an addtional 7 dollars something    i just added up how much it has cost me this year and it worked out each time i took at 40 k in peso it cost me 50 bucks....  thats why i was asking

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Have been using forexworld.com.au for the last 4 years, never had a problem what so ever, $7 per transfer from your Aussie bank to your PH bank or BDO pick-up...i have put 50K/2 million P thru them over the last 12 months paying for my condo without a single issue...exchange rate is usually less than 1 P under the official rate and locked in everyday from about 9am to 6 pm...all online and super easy.

 

When in the Philippines now i simply use the GF's BPI ATM cards as my own after having transferred sufficient funds for the trip...saving me maybe 100 bucks per trip in fees and exchange rate rip off's etc etc...last trip was the first time i have visited and not bought along my Aussie ATM card, relied 100% on the misses...ain't love grand :)

Edited by Contango
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Take a look at ORBITREMIT.

$10 fee for any amount transferred.

 

You transfer to their Westpac account and they then send it to your RP account.

 

KonC

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man i also get charged a 3% to exchange thru my bank... that is why i was asking as it costs me 5 dollars at atm plus an addtional 7 dollars something    i just added up how much it has cost me this year and it worked out each time i took at 40 k in peso it cost me 50 bucks....  thats why i was asking

 

  Maybe you need to change banks, we are with NAB and the only charge is 4 dollar ATM fee....

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aussiekangaroo

I also use Forexworld.com.au and have been doing so for the last few years, Normally they are about .2 or .3 below what XE shows up and it's only an $8 fee. I deposit cash into there Westpac or NAB bank account then call them up always there within 2 hours quite a few times the money was in my Philippines account in less then 45 minutes from me depositing, They are purely a Filipino bussiness and also send parcels and have travel packages.

 

They lock the rate for the day in the morning and sometimes change it at about lunch time. Sometimes due to this the rate is also better then what XE shows up :)

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aussiekangaroo

I would also suggest using a Citibank Plus everyday account, No monthly fees and no international transaction fees. I don't use Citibank while in Australia but I load up my card and then use while i'm in the Philippines. Also if you withdraw from there branches in Cebu which 1 they have in Ayala and another I can't remember where it is but from memory they have at least 2 branches there is no 200 peso withdrawal fee from local atm. Can withdraw upto AUD$3000 a day.

 

EDIT: They also don't rip you off on the exchange rate apart from there being no fees. The rates are set by Visa and are 1% lower then the cross rate.

Edited by aussiekangaroo
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