Pound rising against the Peso

[Sander Martin]

54 minutes ago, mogo51 said:

Further to this gents, heads up please whether I should change more money here in Angeles as opposed to Iloilo and Dumaguete.  I just got 36.8p for Oz$?

 

 

 

 

 

4

You sure on the rate? Midmarket rate atm is 36.2 (and for past 7 days its only been higher by 0.1pesos for half a day - mostly lower). The money exchangers usually give you a peso less than midmarket rate here in Iloilo. Stay awey from SM mall xchange as their rates are usually even lower (worst was over 1.5peso less). I used to change in Iloilo Robinsons mall (2nd floor i think it was) as they seemed to have the best rates in Iloilo (that i found, but still an avarage of 1 peso less than midmarket rate). Thats my experience changing AUD to PHP in Iloilo.

Edited April 25, 2016 by Sander Martin

[sonjack2847]

13 hours ago, mogo51 said:

Further to this gents, heads up please whether I should change more money here in Angeles as opposed to Iloilo and Dumaguete.  I just got 36.8p for Oz$?

 

 

 

 

 

4

I think you will find the exchange rates are national not area by area.

[sonjack2847]

The pound is now 67.8 so I will be changing some on Friday and will probably get 1/2% less than that.

[mogo51]

12 hours ago, Sander Martin said:

You sure on the rate? Midmarket rate atm is 36.2 (and for past 7 days its only been higher by 0.1pesos for half a day - mostly lower). The money exchangers usually give you a peso less than midmarket rate here in Iloilo. Stay awey from SM mall xchange as their rates are usually even lower (worst was over 1.5peso less). I used to change in Iloilo Robinsons mall (2nd floor i think it was) as they seemed to have the best rates in Iloilo (that i found, but still an avarage of 1 peso less than midmarket rate). Thats my experience changing AUD to PHP in Iloilo.

Oops sorry, hit the wrong key it should have been 35.8. so that seems a good deal, I will cash a bit more before I leave.

[Sander Martin]

5 hours ago, mogo51 said:

Oops sorry, hit the wrong key it should have been 35.8. so that seems a good deal, I will cash a bit more before I leave.

Well I haven't seen the gap between money exchangers and midmarket so low for AUD here in Iloilo. So you might want to change a few hundred. Dont know about Duma. I used to check the midmarket everytime when exchanging. I transfer now as its less money lost.

[mogo51]

5 hours ago, Sander Martin said:

Well I haven't seen the gap between money exchangers and midmarket so low for AUD here in Iloilo. So you might want to change a few hundred. Dont know about Duma. I used to check the midmarket everytime when exchanging. I transfer now as its less money lost.

Are there money changers there, or only banks.  My expeience is over many years that Banks are robbers and I get much better rates with money changeers. I look at the advertised rate and then it is between .5 and 1 below and I know where the best rates are in Pattaya, do they differ in Iloilo??

[mogo51]

2 minutes ago, mogo51 said:

Are there money changers there, or only banks.  My expeience is over many years that Banks are robbers and I get much better rates with money changeers. I look at the advertised rate and then it is between .5 and 1 below and I know where the best rates are in Pattaya, do they differ in Iloilo??

I just re read your prevous post and as suggested will use Robinsons if I have to get extra (which is likely).  Thanks Guys.

[Sander Martin]

1 hour ago, mogo51 said:

I just re read your prevous post and as suggested will use Robinsons if I have to get extra (which is likely).  Thanks Guys.

Just went to Robinsons today and walked past the moneychanger. Its on the 2nd floor. 1Aud was 35.2pesos (midmarket has been still around 36.2 todays - so its a peso less).

1 hour ago, mogo51 said:

Are there money changers there, or only banks.  My expeience is over many years that Banks are robbers and I get much better rates with money changeers. I look at the advertised rate and then it is between .5 and 1 below and I know where the best rates are in Pattaya, do they differ in Iloilo??

I have tried to change AUD in a couple banks in Cebu/Iloilo and they have all told me "sorry sir only USD".

Edited April 26, 2016 by Sander Martin

[virginprune]

Sterling at 68.28, WorldRemit rate 66.96 + £6.99

[Sander Martin]

3 hours ago, virginprune said:

Sterling at 68.28, WorldRemit rate 66.96 + £6.99

You should look at the Transferwise topic in this forum.

The 6.99gbp is WorldRemit fee right? So sending 1000gbp minus their fee 6.99 you get 993gbp times 66.96 = 66491pesos.

Transfering 1000gbp with Transferwise gets you at the moment 67590. That sum is after they take their fee. 1200pesos more per 1000pounds. After all fees paid Transferwises rate becomes 67.59 pesos per pound. 0.65pesos more per pound compared to WR + the 6.99pounds you would have paid World Remit for their transfer fee.

World Remit fee might be small, but their rate is bad - thats how they get their profit. Transferwise gives you the midmarket rate (68.26peso per 1GBP atm) and takes a fixed % out of the transfer as a fee.

If you send 10000pounds out with all fees paid you would get: 

World Remit : 669131 pesos

 Transferwise : 676041 pesos

 

Edited April 26, 2016 by Sander Martin