Some help with peso's

[Degobuy]

Hi Guy's,I'm sure there's been a post about this but I'm traveling to Manila then a cab to Angles for Sonkhrun,it's my first trip there so can anyone tell me where the best place to change my money as I'll have to pay the cab. Thanks in advance.

[craigt3365]

One of the problems with exchanging money on arrival is you are susceptible to scams. Your tired, perhaps not sure of the exchange rate, etc. IMHO, use the nearest ATM. You might pay $3-4 for the transaction, but you're getting pretty close to the best rate you can get. At least you've got cash to cover you for a few days till you sort things out.

Have fun!!

[Degobuy]

Thanks Craig

[wondercul]

Definitely buy some pesos in Thailand before you go. 3,000 (about $80 worth) will get you started. It's currently 45 pesos to the dollar. Or 67 to the £ GBP.

The philippines has money changers in every proper city, and the rates are often competitive. I never changed money at manila airport. A good philippine money changer will only take about 1.3 pesos off you per dollar/ £pound you change. It's EASY to buy pesos. If you need to shift them before you leave, buy dollars or whatever they give you a good rate on, because the pickings for foreign currency are often slim.

It's not hard to look up the exchange rate. I use an app on my phone to tell me.

The peso is experiencing investment at the moment and is too strong, in my humble opinion.

Philippines has ATMs. All charge for foreign cards now. 150 or 200 pesos. ($3-$4) Only HSBC is free. There is one HSBC in Manila, and one in Cebu. But it might cost you most than 200 pesos to reach the one in manila, because the city is huge.

I would not get a taxi to Angeles personally, I prefer the bus because they employ less heavy braking and accelerating, and it's like $3 !

By the way, I consider Angeles to be a miserable shit hole, and I've been 3 times, (I used to have a girlfriend there) but some guys like it.

Edited March 3, 2015 by wondercul

[craigt3365]

There are a few banks that eat the ATM charge. USAA, Schwab, etc. I can't imagine the exchange rate here for pesos is very good. For what you'd lose, best to just hit the ATM in the terminal upon arrival. As you say, only $3-4. And for that, you could pull a fair amount of money out.

Public transport there is a notch below here. If you got the cash, a private taxi is a great way to go. Best setup by your destination hotel.

[craigt3365]

As an FYI. Just read this:

https://www.eurocheapo.com/blog/planning-a-trip-to-europe-avoid-these-10-costly-mistakes.html

10. Don’t waste money getting euros before the trip.

Travelers waste a lot of money purchasing euros from their bank (or worse yet, from a currency exchange counter) before arriving in Europe. In most cases when exchanging money from home before a trip, you will pay dearly in fees, lousy exchange rates, or both. If exchanging a bit makes you more relaxed, go for it–just don’t overdo it.

I often arrive in Europe without a euro in my pocket. I head straight away to an ATM at the airport and withdraw cash using my American ATM card. It’s simple, and the exchange rate that I’m getting for the transaction is almost certainly better than any rate I’d get from my bank back home (especially once fees are factored in). Call your bank before you leave to ask about international ATM transaction fees, as they vary widely depending on the bank, the type of account you have (banks often wave transaction fees for premium accounts), and the type of ATM accessed abroad (your bank may have international locations or partnerships with local banks).

What if there isn’t an ATM at the airport? I’ve never experienced this. I have experienced long lines at the ATM, which has led me to use my credit card for purchases (rail or bus tickets into town, for example), until I found an ATM in the city without a line.

[bubba]

Not sure why Craig says exchanging currency at MNL arrivals is susceptible to scams. At least for the ones located inside the Customs arrival area, they are all run by banks and post their rates. just like at BKK You get a receipt and they count the money out for you. I exchange money all the time there. The rates are not really different from the rates given at banks in town, and that doesn't really matter if you are only exchanging a couple hundred dollars.

One thing for sure: you will get a better rate exchanging currency into PHP at arrivals in MNL than you will doing it from outside the country. The PHP can be unpredictable and foreign banks generally play it safe and place a premium on exchange rates.

[craigt3365]

It's a world wide problem. Just because they are run by the banks, doesn't mean they are always 100% legit. Slight of hand is a very common trick. One of the worst scams that hit me was the "official" currency exchange booth run by a bank right outside the train stop in Venice. Horrible excange rates. But we'd been up since leaving the US, took the train from Milan to Venice and thought it would be a good deal. It wasn't. We were too tired and didn't pay attention.

Avoid the money changers and the "possibility" of a problem by using your ATM. Easy.

http://www.scambusters.org/travelscams4.html

http://selectitaly.com/blog/tips-travelers/5-ways-travelers-get-ripped-currency/

3. Avoid The Foreign Exchange Desk At The Airport Or Hotel

Thinking of getting your currency exchange at the airport or when you reach your destination hotel? Of course, these methods are very convenient and quick, but are they going to give you a good deal? The problem with an airport currency exchange is that they know they have a captive audience. With so many travelers using their services and needing currency exchange services before they travel, these companies can afford to offer a lower rate than you might get elsewhere. If you can, avoid changing your money up at the airport at all costs unless you need emergency cash. Buying euros online typically works out overall cheapest. A recent mystery shop from independent comparison site MyTravelMoney shows you can save up to 10% versus the airport bureau.

I didn't look at the video, but this is specificially for the Manila airport:

http://travelingvanillabean.com/1/post/2013/01/currency-exchange-tips-for-the-philippines.html

[bubba]

OK. Then I suggest this, as if it is not already common sense:

1. Know the currency selling rate and compare that to the posted rate. At MNL, the rates are clearly posted on a signboard, just like at BKK.

2. Check the receipt to verify the calculation was made on the correct rate.

3. Count the money before you leave the counter.

The end.

So the "Travelling Vanila Bean's" advice in the link you provided is to go to a money changer at a mall? That is safer and more reliable than the bank counters inside Customs at MNL? OK. I guess I was sort of less than impressed from the start with Traveling Vanilla Bean's expertise on currency change in the Philippines after I read where he says "you can't exchange money at a bank in the Philippines". What? Of course you can exchange money at banks in the Philippines. For example:

You can do foreign exchange transactions at any PNB branch located near you.

http://www.pnb.com.ph/index.php/corporate-banking/foreign-exchange

I have been traveling in and out of MNL six times a year for about ten years now. I don't know about the train station in Venice, but rates at the bank operated currency exchange counters at MNL are essentially the same as at the bank or perhaps a few pesos on US$100 less. Who cares. But like anywhere, exchanging at a hotel is going to set you back about 10%.

Sorry, but Traveling Vanilla Bean's list of tips is just laughable

Edited March 5, 2015 by bubba

[wondercul]

Well the ATM get you 2 ways. Firstly they add around 5 bucks fee. This is global now. Then they offer to convert the transaction into your local currency. If you pull 300 dollars, they will possibly make an extra $30 out of you doing this. 10% roughly. This compares to my home bank who charge an exchange rate load of 2% plus £1.

You can choose. Unless your home bank charge some absolutely horrific exchange rate fees, then it's usually cheaper to get your cash withdrawal billed as in the local currency. But find out what they bill you. Your bank statement is not clear enough.

[HooHaa]

bring your atm card and withdraw 10,000 at the airport. works for me.

[bubba]

ATM charges and rates depend on your bank. For me, the ATM exchange rate that I get is a bank rate that is better than the currency rate. I have an ATM with no bank charges, although most do have bank charges that amount to a couple of percent. A 10% charge seems excessive. Then there can be a charge at the dispensing bank's ATM. Can't remember what it is in Manila, but of course that is 160 baht in Thailand. All in all, ATMs are a lot easier and a time saver and at least for some of us doing only a small amount of money, not a big deal. I actually don't need a lotto paper cash, as I use credit cards for most of my travel expenses, and my card gives an excellent rate and has no foreign transaction charge.

[craigt3365]

Well the ATM get you 2 ways. Firstly they add around 5 bucks fee. This is global now. Then they offer to convert the transaction into your local currency. If you pull 300 dollars, they will possibly make an extra $30 out of you doing this. 10% roughly. This compares to my home bank who charge an exchange rate load of 2% plus £1.

You can choose. Unless your home bank charge some absolutely horrific exchange rate fees, then it's usually cheaper to get your cash withdrawal billed as in the local currency. But find out what they bill you. Your bank statement is not clear enough.

Not all banks charge ATM fees. I've got cards with 2 that don't. Even if the local bank does charge for use of the ATM, these banks eat those fees. And not all banks do the currency conversion. Unfortunately, these items change constantly. It is confusing. One card I have has NO foreign currency fees, another has 1%. So if I take out $1,000, it costs me $10. For me, it's peace of mine in not having to worry about dodgy money changers. But I only use that one if necessary. The Schwab card is fantastic.

http://www.nomadicmatt.com/travel-blogs/avoid-paying-bank-fees-traveling/

Secondly, if you are a US resident, the best bank to use is Charles Schwab. Why? Charles Schwab has no fees and reimburses all your ATM fees at the end of each month. You will need to open a high yield checking account in order to qualify, but there is no minimum deposit required and no monthly service fee. Their ATM card can be used in any bank machine around the world, and you’ll never pay a fee. This is my primary bank card. Since getting it, I’ve avoided all ATM fees. It’s saved me hundreds per year.

https://www.ricksteves.com/travel-tips/money/card-fees

[bubba]

Front end ATM charges, such as the 160 baht that Thai banks stick you with, are not reimbursed by banks since the bank collects the charge as part of the transaction.

[craigt3365]

Front end ATM charges, such as the 160 baht that Thai banks stick you with, are not reimbursed by banks since the bank collects the charge as part of the transaction.

Several banks reimburse these back to you at the end of the month. But yes, you pay for it initially. And they limit this to a few transactions each month. Schwab and USAA are two who do this.