Mike S Posted September 23, 2008 Posted September 23, 2008 Money changers can be a hit and miss situation as far as best deals ..... also be aware that prices change through out the day most change at 9:00am ..... 1:00pm and 4:00pm ....... some keep up with it hourly ...... it pays to call these people before you go .....MS money changers ....... 255-89-92 ......... Robinson's in the basement at the CircleAlcon ....... 254-96-08 .......... Raintree Mall near JollibeeSLB ......... 254-49-48 ......... past Mercury Drugs at the Circle .. look for a stairway that goes up a few stepsDrop By ..... 516-32-20 ........ Rustans in BanawaThese above give the best prices ...... the mall prices are much lower as they have to pay more for overhead ....... I have seen for instance where the changers in Ayala are as much as 10p lower than the above mention ....... If you use your bank as I can mine .... they will call a money changer to meet you there to exchange at the bank (bank rates suck as well) ........ but remember you will pay a few peso for this service ....... if I plan on cashing in a lot I will sometimes use the bank as it is more secure ..... Link to comment Share on other sites More sharing options...
paul Posted September 23, 2008 Posted September 23, 2008 Hi Mike,Actually, it is quite nice with some banks. Mine, for example, will call the exchanger, get the best rate for me, and give me that rate without having to wait for the exchanger to come. Apparently, the changer goes to the bank several times per day. It is great to have that sort of service here! Link to comment Share on other sites More sharing options...
Mike S Posted September 24, 2008 Author Posted September 24, 2008 Mine does the same thing ...... what I meant was the banks don't give you the best exchange rate themselves and if they call in one for me I can usually get it at a slightly higher rate by going to the outside myself ...... just my meager experience ..... Link to comment Share on other sites More sharing options...
Panserhansen Posted September 27, 2008 Posted September 27, 2008 These above give the best prices ......What's the difference if you should change, let's say 1000 USD, from a money changer than a bank?Panser Link to comment Share on other sites More sharing options...
chimellie Posted September 27, 2008 Posted September 27, 2008 Thank you Mike....You save me a lot of money, I will treat you some soup at Krua Thai's. Link to comment Share on other sites More sharing options...
Mr Lee Posted September 27, 2008 Posted September 27, 2008 These above give the best prices ......What's the difference if you should change, let's say 1000 USD, from a money changer than a bank?PanserUsually 2 to 3 pesos per dollar difference between what a bank will give you and what a top paying money changer will give you. So on 1000 USD it can be as much as p3000 difference, which is somewhere around 66 USD difference. Link to comment Share on other sites More sharing options...
Mike S Posted September 28, 2008 Author Posted September 28, 2008 You got a deal Chi ...... Thanks Lee ....... yes by shopping around just a little you can save quite a lot ... especially with the rates jumping around like they do ....... some times as much as 47.2 to 46.20 ..... the peso can go up or down in a single day ...... it has been kinda stable for the last few days ....... usually Tues.- Thurs. are the best days as the peso seems to be weakest then ..... IMHO ..... Link to comment Share on other sites More sharing options...
Panserhansen Posted September 28, 2008 Posted September 28, 2008 Usually 2 to 3 pesos per dollar difference between what a bank will give you and what a top paying money changer will give you. So on 1000 USD it can be as much as p3000 difference, which is somewhere around 66 USD difference.This is maybe a stupid question, but these moneychangers - do some of them accept Visa or only cash? And if so, is that safe?I will have to use my Visa or Mastercard to withdraw money. Are any banks usually better than others when it comes to fees and rate? 5000 NOK = about 41000 peso. I guess it is my Norwegian bank's rate that counts? I know most Norwegian banks add a 1,75 % exchange fee when you withdraw money abroad.A way to avoid could be to transfer to a Philippine account, but I don't think it pays off.Panser Link to comment Share on other sites More sharing options...
paul Posted September 28, 2008 Posted September 28, 2008 Not a stupid question at all, Panser. I assume hey only deal in cash, as that is what they are buying and selling. Well, I have never seen any card readers at money changers anywhere, personally. Link to comment Share on other sites More sharing options...
Mr Lee Posted September 28, 2008 Posted September 28, 2008 Panser, as Paul said, no question is dumb and forums and forum members are here to help others.Paul already answered and I too have never seen them take a card, but there is no need as the money that comes out of the ATM will be in pesos anyway. Now you stated, that you do not think it pays off to transfer to a Philippine account and I agree if you are talking about an actual transfer but if you write a check and deposit it in a local bank in your currency and wait for it to clear and then withdraw it and take it to a money changer or have them come to your bank to do the exchange if the amount is large enough, then that would definitely pay for you and you will get a lot of difference in the exchange that way. I think I estimated something like $60 to $100 USD difference on every $1000 USD exchanged, but I have no way of knowing the exact difference in other currencies. Link to comment Share on other sites More sharing options...
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