Changing Pesos To United States $?

[GregZ]

Changing Pesos to United States $?

I've not done it, but may have the need in the near future.  Any tips, tricks, pitfalls from you 'thinkers' or experienced in this matter?  Anything wrong with selling them myself?  Obviously I would like to get the best rate possible.

 

It matters if the amount is P300,000. 

$6897 @ 43.5 / US$

$6818 @ 44 / US$

Well, it isn't that much! :bash:    But that is over 3000 peso and would cover my going away party :540: , so the question is posed.

[Call me bubba]

300.000php that you need to exchange. 

 

now let me think??. :89: 

 

you could try exchanging it back into $$ on a piece meal basis.

 

as its been said when you have XXX amount of $$ that you need to convert to pesos

you get a slightly better rate than with a small amount correct?..

 

Start asking around at the bank that you have an account what WOULD they offer

as i have seen its always a .50 to 75cent difference between buying and selling.

On 300k thats a big difference,'

Other thoughts are,,

1.have you consider using it as your living expenses

2.convert it w/another expat..

,,,,

off topic,,

have you thought about paying in advance your gf/partners SSS, thru the bank auto deduct 

or pay on some of her "valued" family that you feel are in need of planning ahead

[Steve & Myrlita]

I only did that at BDO SM Bacolod. They absolutely will not sell US$ to a foreigner (Filipino thinking) unless you have a BIR tax ID#. I had to have Myrlita use her ID to get the USD for me. Only in the Philippines that a US citizen can't buy US dollars. :bash: x100

[GregZ]

1.have you consider using it as your living expenses 2.convert it w/another expat..

,,,, off topic,, have you thought about paying in advance your gf/partners SSS, thru the bank auto deduct or pay on some of her "valued" family that you feel are in need of planning ahead

 

Yes, considered using it for living but I hope to leave in August.  Not enough time.  Things changed recently for me... so a bit unplanned.

Convert w/expat: I like this one... if someone is interested and wanted to split the difference between buy and sell rates.  We both would profit if we don't do a lot of running around.  That is why I asked, "Anything wrong with selling them myself?"

 

Won't have any of the last groups to worry about for that much... Taring (my girl) is going WITH me. :dance:  The family value is WAY under 300k peso even though I LOVE them SO MUCH. :23_11_62[1]:

We are still in the planning phase even though it is just over a month to leave.  That boom truck listed in the classifieds, if it sells is the source of peso.  Anyone that finds me a buyer gets 5,000 peso.  If it doesn't sell? ? ?

[Mike S]

Most of the money exchangers I have seen have a sign saying "we do not sell foreign currency"   ..... must have to do with some Phils governmental regulation .... perhaps BIR??????

:cheersty:

[Call me bubba]

I know the topic is "changing your pesos back to dollars".( you still change a large amount of your pesos)

 

bear w/me as i post.....

 

You have a GF and you & her are leaving the RP,

Can i ask? do you "support" her family in any way?...

Perhaps you leave an account open, so that you( they would) have a ATM card.

account 1, has XXXX pesos, (you have that account)

account 2, (still is yours/or joint account)they have the ATM CARD but you transfer XXXX amount

as a monthly allowance, or enroll CERTAIN BILLS on auto pay? (pay online) so you help them

.So they have X extra to help pay their other expenses

[GregZ]

Can i ask? do you "support" her family in any way?... Perhaps you leave an account open, so that you( they would) have a ATM card. account 1, has XXXX pesos, (you have that account) account 2, (still is yours/or joint account)they have the ATM CARD but you transfer XXXX amount as a monthly allowance, or enroll CERTAIN BILLS on auto pay?

 

Relatively small support; 300k would last about 6-10 years.  In the mean time I would get no interest (none worth counting anyway).

I already have accounts set up the way you suggest for the little bit we do provide.  That is mostly just the internet bill so we can stay connected, so I figure that is my bill anyway.

 

This 300k is 'extra' money... but good news.  No worries anymore.  I just loaned it to an uncle.  Problem solved.  :tiphat: 

Don't tell my wife that I shared that here.... :no:

[i am bob]

Anything over US$10,000 has to be authorized by the Bangko Sentral ng Philipinas before you can take it out of the country.  And thus no bank or money exchanger is going to convert it without this authorization.

 

Have you thought of depositing it into a bank that also has branches in the US?  You could just deposit your money into a US $ account.  Once you are back in the US, it would just be a matter of going to the bank and say 'Gimme. Gimme. Gimme!".

 

 

[GregZ]

 

Anything over US$10,000 has to be authorized by the Bangko Sentral ng Philipinas before you can take it out of the country.  And thus no bank or money exchanger is going to convert it without this authorization.

 

Have you thought of depositing it into a bank that also has branches in the US?  You could just deposit your money into a US $ account.  Once you are back in the US, it would just be a matter of going to the bank and say 'Gimme. Gimme. Gimme!".

 

 

 

Thanks Bob.  I like the deposit idea for moving the money back to the US.  It would keep me from carrying it. 

 

IF I ever can manage to eclipse having $10k US I'll keep the authorization requirement in mind.  NOT happening this year!  Of course if I put that much in the bank here in the Philippines then I would have reporting requirements to the USA.  Less government the better.

 

Interestingly I noticed at the money changer I use regularly that there is a sign saying you can buy foreign (to the Philippines) currency in Ayala Mall.  So, there is an option if anyone is looking to change pesos to another currency.  I have not gone there myself as plans have changed and in the end my pesos will stay pesos. :cheersty: