Taking Canadian $ Vs Us $

[Hewy09]

Ok my question is has any one taken Canadian $ instead of US$ ?

Just looking at the exchange rate and it sucks lately. I'm not leaving Canada untill mid October and want to cut costs of exchanging to US$ then to PHP.

Thanks in advance for any and all information.

Sent from my iPhone. buhay ay mahusay na! magsaya.

[Dave Hounddriver]

I bring Canadian dollars when I come from Canada.  I have done the math and it works out better (by only a fraction of a percent) to bring Canadian dollars and exchange them in a larger center like Cebu (not such a good rate in some provincial areas.)

 

There is one way to make your Canadian dollar go further (in theory).  Let me explain.  I tried to open a Canadian Dollar account in Cebu.  The theory was that I could write a cheque in Canadian funds, deposit it, and then take it out a month later in Canadian Dollar bills which I could exchange at a great rate.  This is what Americans do with their dollars here.  Unfortunately the banks in Cebu do not pay out Canadian cash from your Canadian dollar account.  They insist that any withdrawals be converted by the bank (at their poor rates) and paid out in pesos.  I was told I may be able to do that at some banks in Manila so that is something you may want to try.

 

Alternatively, set up a US$ account in your Canadian bank and a Us$ account in your Philippine bank.  You 'may' save a fraction of a percent doing it this way.

[cebu rocks]

Very easy to get any Currency exchanged . Getting a decent rate is the secret  .. I found the basement of Ayala has the best rate most times  but I have a guy in Carcar that always gives great rates ..  

[Jollygoodfellow]

Hewy

You have posted the same topic twice today several hours apart for some reason, I deleted the last one.  :thumbsup:

[JJReyes]

It's best to use Canadian dollars if coming from Canada. To first convert to US dollars and then to Philippine pesos means you paid twice in forex fees.

[jpbago]

Alternatively, set up a US$ account in your Canadian bank and a Us$ account in your Philippine bank.  You 'may' save a fraction of a percent doing it this way.

 

BDO will not accept US$ cheques from a Canadian bank yet they do accept a wire transfer in C$ from a Canadian bank. I used to exchange Canadian money at Palawan Pawn Shops at a good rate. JJ is right in that you don't want to go from C$ to US$ then to pesos. 

[Hewy09]

Hewy

You have posted the same topic twice today several hours apart for some reason, I deleted the last one. :thumbsup:

Sorry I don't know what going on with tap talk. It's happened a few times to me this week, where it tells me it can't post to try again later but did post. Thanks for catching my mistake.

Sent from my iPhone. buhay ay mahusay na! magsaya.

[i am bob]

I looked at what it would cost me to wire Canadian $ through RBC to a bank in the Philippines compared to my cost if I just wire it through WorldRemit and you know what? WorldRemit was actually the better way to do it? Their exchange rate plus service charge have me a little bit more in pocket than my own bank!