What is your US Dollar Worth?

[Dave Hounddriver]

For those with US$ accounts (in Philippines) I know many of you take out your money in US$ and proceed to the currency Exchange booth that gives you a good rate.

That rate fluctuates, but how does it compare to the FX (mid-market) rate published online.  For example, at this moment US$ 1.00 will get  46.0359  PHP

http://www.xe.com/currencyconverter/

So right now, do you get that?  More?  Less?

[OnMyWay]

Oh, good, XE is back above 46!  It was under 46 the last few days.

I always exchange at my BPI branch and they try to get me the highest rate available in their Manila based system.  It is usually slightly lower than XE mid market but not much.  Usually 0-10 pesos less.

I was in Olongapo today and saw 46.16 at a pawnshop.  However I have no desire withdraw dollars from BPI and take it across town to a pawnshop, for a few extra pesos.

On a related note, due to U.S. Federal bank policies of not raising rates like they said they would, the dollar may have peaked and is headed down again.  I'm considering exchanging all the dollars that I have at around the 46 level.

 

[Dave Hounddriver]

Good to know.  I am looking at a site that give me a good rate from $CDN to $US so I may go crazy and open a $US account here.  Just a thought at the moment.  

[Nephi]

One thing I like about my bank here in the islands is that when I transfer from my dollar account to the Peso account; or if I simply exchange from dollars and withdrawal in Pesos is that they give me exactly what the "official" exchange rate is at that moment.

A good example of that is just last month. As I was exchanging from $$ to pesos on a withdrawal, the exchange rate changed on the banks computer screen and I received a few extra pesos on the withdrawal. I like that I never have to be concerned about losing money or having to go elsewhere to get a better deal for currency exchange.

 

Nephi

[intrepid]

2 hours ago, Nephi said:

One thing I like about my bank here in the islands is that when I transfer from my dollar account to the Peso account; or if I simply exchange from dollars and withdrawal in Pesos is that they give me exactly what the "official" exchange rate is at that moment.

That's great!  So what bank is it?

[Nephi]

2 hours ago, intrepid said:

That's great!  So what bank is it?

We use Metrobank and over the years have had no problems or issues with them. We have two daughters (teen & pre-teen) on one of our accounts and they receive the same service and consideration if they go there to do the banking without us. In a land where many things are broken or not work right, our bank is one nice exception.

 

Nephi

Edited April 1, 2016 by Nephi
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[scott h]

10 hours ago, Dave Hounddriver said:

So right now, do you get that?  More?  Less?

Dave, my local guy (We take out our monthly allowance in USD), is consistently 10 centavos below the FOREX online rate. I have noticed that SM, WU and other larger places are usually 1 peso below. Just what I do.