OnMyWay Posted March 23, 2018 Author Posted March 23, 2018 I'm very unhappy with my bank yesterday but I will save the details of that for another rant. Went to the bank 3 times but was not able to exchange. Ended up doing it online and got 52.13. The rate on XE was around 52.34 all day. I probably lost 5 centavos by doing it online. 1 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted March 24, 2018 Posted March 24, 2018 1 hour ago, OnMyWay said: I probably lost 5 centavos I had to give that a chuckle. If all we have to worry about is losing 5 centavos then life is good. I am wondering what the fees were for all that hassle. For fun I went to my Transferwise account and checked what I would get for an online exchange and transfer of US$. I would have got an exchange rate of 52.40 but after the fees for the currency exchange PLUS the transfer of money from my home bank account to my Philippine bank account, the effective rate would be 51.83. But when you add in the value of having the money transferred from country to country and deposited to my account within a couple of days (faster if you pay a higher fee) then its well worth it in my opinion. 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted March 24, 2018 Author Posted March 24, 2018 13 minutes ago, Dave Hounddriver said: I had to give that a chuckle. If all we have to worry about is losing 5 centavos then life is good. I am wondering what the fees were for all that hassle. For fun I went to my Transferwise account and checked what I would get for an online exchange and transfer of US$. I would have got an exchange rate of 52.40 but after the fees for the currency exchange PLUS the transfer of money from my home bank account to my Philippine bank account, the effective rate would be 51.83. But when you add in the value of having the money transferred from country to country and deposited to my account within a couple of days (faster if you pay a higher fee) then its well worth it in my opinion. The 5 centavos is per dollar which on my exchange was almost $10 usd. I'm still depressed! My online exchange was at BPI online, between my dollar and peso account, so there are no fees except the fee built into the BPI exchange rate, which is not a huge amount. Dollars were transferred by check from my U.S. bank. I know some like to take dollars out of the bank to an outside money changer, but I prefer to do larger exchanges so I am not going to take 5 or 10 k out of the bank. I think typically you can get around the XE at a money changer. Since XE is a mid-market rate, they still have room to make money. BPI in office is usually 15-20 less than XE, and BPI online is usually another 5-10 less than that. So the loss from XE to BPI online would be about p2500 on a $10,000 exchange, as shown in the chart below. Signed: Bored on a Saturday morning Rate Description Rate Amount Exc Amt Rec Loss XE rate or street money changer 52.35 10000 523500 Typical BPI in-office rate, XE -15-20 52.20 10000 522000 -1500 Typical BPI Online Rate, - another 5-10 52.10 10000 521000 -1000 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted April 24, 2018 Author Posted April 24, 2018 Rates jumped back up again. 52.35 on XE right now. 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted April 24, 2018 Posted April 24, 2018 Unfortunately, when your US $ goes up, our CDN dollar falls back down. I would get 1 peso less for each CDN dollar sent today than I was getting 2 weeks ago. So I hope your dollar goes back down a bit so mine can come up 3 Link to comment Share on other sites More sharing options...
Gerald Glatt Posted April 24, 2018 Posted April 24, 2018 15 hours ago, Dave Hounddriver said: Unfortunately, when your US $ goes up, our CDN dollar falls back down. I would get 1 peso less for each CDN dollar sent today than I was getting 2 weeks ago. So I hope your dollar goes back down a bit so mine can come up Couple of tears ago it was $1.05 USD to $1.00 Can and both were 47+/- PhP don't think Canada US exchange has that much to do with it. Just lots more USD coming over. 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted April 27, 2018 Author Posted April 27, 2018 On 4/24/2018 at 1:12 PM, Dave Hounddriver said: Unfortunately, when your US $ goes up, our CDN dollar falls back down. I would get 1 peso less for each CDN dollar sent today than I was getting 2 weeks ago. So I hope your dollar goes back down a bit so mine can come up Well, Dave, you got your wish! Big plunge for dollar peso rate. Unfortunately your theory didn't hold up and the CAD followed the USD. You screwed us all! Maybe the peso was strong due to the announcement of the 250 billion worth of bridges? 2 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted April 27, 2018 Posted April 27, 2018 18 minutes ago, OnMyWay said: You screwed us all! Rats. Foiled again! Must be all the tourist money from those tourists going to Boracay bringing up the value of the peso. Yeah right. Link to comment Share on other sites More sharing options...
OnMyWay Posted May 15, 2018 Author Posted May 15, 2018 After retreating and hovering in 51.50 - 51-70 range for a few weeks, the dollar peso rate has zoomed up again and is currently at 52.58 on XE.com. Go ahead Hounddriver, give it your best shot! 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted May 15, 2018 Posted May 15, 2018 8 minutes ago, OnMyWay said: Go ahead Hounddriver, give it your best shot! I was gonna keep my mouth shut on this one because the CDN dollar dropped a peso over the last month but this weekend it came back up to 41 and I'm gonna be happy with that. Well 42 would be nice but a difference of 1000 pesos a month on my budget is only one night out so I can go hungry booze is still cheap Link to comment Share on other sites More sharing options...
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