Us 100 Dollar Bills - Exchange In The Philippines

[ibemarshall]

On my list of things to prepare/get ready/think about for my upcoming journey to the Philippines I am currently checking the latest information on which US 100 Dollar notes are best to bring for hassle & problem free exchange.  In the past I have always avoided the dreaded 1996-series notes as they are considered to be the most counterfeited notes.

 

Although this is US Dollar-centric, I thought I would share what I have found this time around (some will make you go - 'no duh' or 'obviously').

 

To reduce chances of rejection:

 

• Only take $100 dollar bills that are unmarked with any color ink from stamps etc, not torn, or show signs of excessive wear, handling or folding, written on or damaged in any way
• Bills or notes in smaller denominations may be subject to a lesser exchange rate
• 1996-series 1996 notes, particularly, the US $100 note, are problematical. They are the most widely counterfeited US note in history, and almost impossible to exchange
• Some other series notes came up as potentially being a problem as well (your mileage may vary):
• Series 2001 CA, CB, CF and AB

 

Additional Information:

 

List of 100 Dollar Note Series:

 

2006A
2006
2003A
2003
2001

1999
1996

 

 

This came from a blog and I thought it was appropriate to add here -

 

If a US dollar bill with a "small head" lands on your hands, beware. It's
worthless in the Philippines. No bank would change it. No money changer would
accept it. Not even the black market foreign exchange stalls in the sleaziest
parts of town would trade it. So I write this blog entry as a form of public
service to fellow Pinoys who are still in the dark. If you have "small head"
bills in your possession, toughen your hearts - be ready for heartbreak when you
try to convert them here in the Philippines, or elsewhere in the developing
world for that matter. They aren't worth a singkong duling.

If family members and friends are planning to visit from abroad, do them the
service of informing them beforehand to take only "big head" dollars with them.
Because it's unfortunate when someone with a big heart gives a cash gift with a
"small head" - for the value of the gift can be severely diminished, in
monetary terms, or otherwise.

 

It’s no big deal (applies to US locations only) to ask your bank for US currency that is brand new,not previously circulated, and current in series.  This is what I plan to do although when I have done this in the past I got "sorry sir - out of stock" in response! :hystery:

 

Finally, the information provided above is mostly anecdotal/subjective so keep that in mind if you are planning on pounding me about this post. :bash:

 

Any other tips, suggestions, thoughts on this?

 

 

 

 

 

 

 

.

 

Edited February 12, 2013 by ibemarshall

[Bruce]

I have heard mostly about the not torn and folded too much information. However, other than emergency money in your money belt and the money you guys with a prison history keep rolled up in those aluminum cigar tube and shoved 'up there' for real emergencies... why take a bunch of cash?

 

I have several bank accounts and atm cards. No atm card for the main account! I use that to transfer money from it to the lesser operating accounts. I also have extra atm cards in the Philippines with the family who runs the charity incase my card fails. I have a working relationship with a bank employee who know I travel and is expecting an email from me in case of a bank issue and they will know what to do or not to do.

 

So if I am robbed, they get some walking around money and maybe an atm card with no code to use. Use the wrong code 3 time and the bank locks the account. If there is a true emergency, there is always Western Union and my good buddy Jake! 

 

I keep enough cash on hand for 2 weeks or so in case if internet issues and the atm is OFF LINE SIR! .   

 

So if you are thinking about traveling... before you take 10K in cash... think about the bank plan I have and adapt to your needs.

[ibemarshall]

I have heard mostly about the not torn and folded too much information. However, other than emergency money in your money belt and the money you guys with a prison history keep rolled up in those aluminum cigar tube and shoved 'up there' for real emergencies... why take a bunch of cash?

 

In an effort to clarify any suggestion that I am promoting taking a "bunch of cash", the purpose of my post was to share what I found out about the subject of 100 dollar bill exchange and the best way to avoid problems.

 

Your frequent travels to PI, working with the charity, running your own businesses and such have certainly given you a great foundation in regards to your in-country financial resource plan as outlined in your previous post ~ a sound one to be sure!

Edited February 12, 2013 by ibemarshall

[kaku]

"I keep enough cash on hand for 2 weeks or so in case if internet issues and the atm is OFF LINE SIR!" .   

 

 

I'm curious, even if the ATM is off line wouldn't you still be able to withdraw money at the teller stations in the bank?

 

I'm only planning to have a U.S. and a Phillipine ATM card.  I figure I could always wire money directly to my dollar account and then transfer to my peso account should I have a problem with my ATM cards.  Of course I'll also stash away a month's expenses for dire emergencies.

Edited February 12, 2013 by kaku

[Bruce]

"I keep enough cash on hand for 2 weeks or so in case if internet issues and the atm is OFF LINE SIR!" .   

 

 

I'm curious, even if the ATM is off line wouldn't you still be able to withdraw money at the teller stations in the bank?

 

I'm only planning to have a U.S. and a Phillipine ATM card.  I figure I could always wire money directly to my dollar account and then transfer to my peso account should I have a problem with my ATM cards.  Of course I'll also stash away a month's expenses for dire emergencies.

 

I do not use a Philippine account as I am still a tourist. But a safe box at the bank works well enough for me. As for the internet effecting the bank operation, I think that if they use a central manila server for all branches, it my be an issue.

[i am bob]

I am going to be sneaky when I finally come in...  I will bring a couple hundred (2?) hundred dollars with me max.  I assume that this will get me a place to lay my head, food and spirits to lift my hearty body with and to add a couple wenches...   I mean wrenches to the old tool box with.  I will then wire the rest of my money I will need to get established once I have a safe place to keep it.

 

One point on getting bills from the bank - have them ensure that they are not forgeries already!  Many banks don't check what they get in all the time and may pass you back a bad bill.  Once you accept it, and it is later confirmed to be a forgery?  The bank will say thank you for the gift!  They don't give you the money back.

[retired]

Have never had an issue with US $100 bills or any other denomination for that matter here but these days the only US $ i get comes from Philippine bank . Those , of course are always new . Did have one refused couple of weeks ago though by a street exchange because it had a small tear at the bottom left corner . Simply took it back to the bank and they exchanged .

 

On another note my wife told me Filipinos sometimes have trouble exchanging pesos for dollars at Philippine banks and have even been asked "why" they want dollars , etc. As a result i am sometimes asked to exchange my dollars for pesos . Curious to know if that's just a local issue or maybe even a specific bank issue ..

[earthdome]

Good info there. I have had USD $100 bills rejected by money changers because they had a very small tear. I go to my bank to get fresh new $100 USD bills before I leave the USA. For my extended stay this time I brought enough cash to last the first month along with using my Capital One MC where I could and to open a USD bank account. The bank account was open within 5 days of arrival so I didn't have too carry around a large sum in USD $100 bills that long.

 

For my recent trip to Singapore I withdrew USD $100 bills from my BPI USD account so that I would have cash for my vacation.

 

One thing to remember. Cash almost always works and it is a good idea to always have enough cash on you for emergencies.

[jpbago]

Bruce: As a tourist, you can open a PI bank account. I did with my passport and ACR card.

 

Bob: I am not able to wire money from Canada while in PI. Some countries can (Norway), I am told. I opened a PI bank peso account with a common ATM, first, while in PI, then while in Canada, I wire money to that account with a one time fee depending on how much you send. If I need more, I online transfer money from my chequing account to my Visa account, then withdraw cash (daily limit is 49,000P) from that Visa account  and deposit it into my PI account with no interest charges from Visa but a $5.00 bank transaction fee. ING and CITI banks have branches both in Cebu and Canada so that may be the way to go if you will be in Cebu. It's all about money.

[MikeB]

ING and CITI banks have branches both in Cebu and Canada so that may be the way to go if you will be in Cebu.

That's ING Canada, right? The ING checking acct I opened in the US is an internet bank and is not connected with any bank in the Philippines (to my knowledge). They were just bought by Capital One.