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Bill H

Buying US Dollars?

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Bill H

I'm going to be visiting the States soon and I want to take some USD's with me.  Are all money changers created equal?  If not, who is the best to deal with who will not be happy to sell me counterfeit bills?

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ex231

I just use my ATM card in the terminal. Make sure to add a travel note on your accounts.

I did buy some dollars here once so I could open a dollar account but it was a PITA.

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Monsoon

The only problem I've had with buying dollars is the money changer not having enough dollars on hand. 

 

If you are in/near Cebu, I would go to the money changer at Raintree Mall. They will have enough dollars, give you a good rate and will not give you counterfeit money. 

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DWC
Don't go to SM foreign exchange, they do not exchange pesos to another currency. They only do exchanges from foreign currency to pesos. Anyway, SM's rates are not as competitive as banks. 
I would advise you to exchange your money in banks like BDO and Chinabank. Based on my experience these two banks gives competitive rates for exchanging pesos to US dollars. These banks will ask for IDs and proof that you're using it for travel like air tickets, airline reservations and/or travel/work visa. 
Also, consider buying US dollar travelers checks. There is a small fee for purchasing but they're safer. If its lost or stolen it can be replaced, you can't do that with cash. They come in various denominations. 
In Cebu you can purchase American Express Travelers checks at Adventure International Tours at Ayala Center Cebu. 

for more on travelers checks: 
http://www10.americanexpress.com/sif/cda... 

check the websites below for the current exchange rates and branches in Cebu 
http://www.chinabank.ph/personal/ 
http://www.bdo.com.ph
   
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SkyMan

I keep an emergency dollar account here.  When I go to the US I close it and take it with me because if there's an emergency I wouldn't be here to get the $$ anyway.  When I get back I reopen the account with what's left from the trip.  Last time I did that I realized I was putting the exact same bills back except for 2 100$ i'd given to my daughters and about $50 in minor expenses.  I'd used credit cards for everything else.  So if you use credit cards you may find you need very little $$.

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Monsoon

 

 

I would advise you to exchange your money in banks like BDO and Chinabank. Based on my experience these two banks gives competitive rates for exchanging pesos to US dollars.

 

Banks give some of the worst rates here for currency exchange. Even my bank manager calls in an outside changer to the branch whenever I make a significant conversion. 

 

 

 

hese banks will ask for IDs and proof that you're using it for travel like air tickets, airline reservations and/or travel/work visa. 

 

None of this nonsense is necessary at a reputable money changer. Only ID. 

 

Another example of infantile treatment of people in the Philippines, having to show a plane ticket to change money. What a bunch of fools for allowing this sort of thing to carry on. 

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Monsoon

I keep an emergency dollar account here.  When I go to the US I close it and take it with me because if there's an emergency I wouldn't be here to get the $$ anyway.  When I get back I reopen the account with what's left from the trip.  Last time I did that I realized I was putting the exact same bills back except for 2 100$ i'd given to my daughters and about $50 in minor expenses.  I'd used credit cards for everything else.  So if you use credit cards you may find you need very little $$.

 

 

You must have a propensity to self-torment. 

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Paul
I would advise you to exchange your money in banks like BDO and Chinabank.

 

The above is bad advice.

 

There is no way a bank will give you a better rate than a black market money changer will. 

 

 

Banks give some of the worst rates here for currency exchange. Even my bank manager calls in an outside changer to the branch whenever I make a significant conversion. 

 

Exactly the same in my case, every time. 

 

 

You must have a propensity to self-torment. 

 

No doubt. TJ, why not just leave the minimum amount to keep the account open, IN the account while you are outside the country? That is crazy, having to close and open accounts upon every trip to / from the US. 

Edited by Paul

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easy44

There is a money changer up on the 4th (I think) level at Ayala Mall, down where the Sky Cable office is.  They will sell you as many dollars as you want at a competitive rate.  No hassles involved.

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smokey

I'm going to be visiting the States soon and I want to take some USD's with me.  Are all money changers created equal?  If not, who is the best to deal with who will not be happy to sell me counterfeit bills?

how much you talking

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Bill H

 

Don't go to SM foreign exchange, they do not exchange pesos to another currency. They only do exchanges from foreign currency to pesos. Anyway, SM's rates are not as competitive as banks. 

I would advise you to exchange your money in banks like BDO and Chinabank. Based on my experience these two banks gives competitive rates for exchanging pesos to US dollars. These banks will ask for IDs and proof that you're using it for travel like air tickets, airline reservations and/or travel/work visa. 

Also, consider buying US dollar travelers checks. There is a small fee for purchasing but they're safer. If its lost or stolen it can be replaced, you can't do that with cash. They come in various denominations. 

In Cebu you can purchase American Express Travelers checks at Adventure International Tours at Ayala Center Cebu. 

 

for more on travelers checks: 

http://www10.americanexpress.com/sif/cda... 

 

check the websites below for the current exchange rates and branches in Cebu 

http://www.chinabank.ph/personal/ 

http://www.bdo.com.ph

   

 

 

I have heard there has been a big problem with travelers checks being counterfeit, so many places in the States no longer accept them...what I've heard anyway.  The last time I bought them the fee was 1% or so, not sure what they give for an exchange rate, I'll ask.  Thanks.

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Bill H

how much you talking

Just need $2,000, but I need it tomorrow.

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smokey

Just need $2,000, but I need it tomorrow.

Sorry in manila till Friday ...

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Bill H

Sorry in manila till Friday ...

 

Yup, and I'm not flying through Manila either!  Thanks for asking though.

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Woolf

I have traveled in usa with travelers check, NEVER AGAIN it is a pain in the ***

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