Money exchange

[stevewool]

Any on knows the best place in the Philippines to exchange the Euros ,British pounds to peso, plus what rate you might except,, just had a walk around here and it seems very low the rate, I was offered 44 peso for 1 euro rate, in my eyes that’s very low, rather take it back with me then exchange it for that rate

[Mick]

1 minute ago, stevewool said:

Any on knows the best place in the Philippines to exchange the Euros ,British pounds to peso, plus what rate you might except,, just had a walk around here and it seems very low the rate, I was offered 44 peso for 1 euro rate, in my eyes that’s very low, rather take it back with me then exchange it for that rate

I use a place in eastwood mall, it's a counter under the esculators, near the entrance, or one of the entrances anyhow, usually a  good rate there. 

[Old55]

Western Union in Cebu has favorable rates. 

[stevewool]

A daft question maybe, but when I was back in England I was checking the rate pound for peso and euro for peso and they came out around 65 and 56, so now I am here you’ll get the same sort of rate, as in the blue wave shopping mall, ie western union they quoted 44 peso for 1 euro. Then you went a hundred yards down the road to another place they offered 54.5 peso to the euro.

[Mick]

It's on the map below where it says Holland tulips, the round counter

[Gary D]

The mall rates are based on the airport rates, only to be used when desperate. SM can be particularly poor. We use when needed the money changers in the public market. Just watch for folded notes that can be counted twice. Got caught once in Manila by that one. Always count it in front of them as once you turn your back your done.

[stevewool]

Sorted after going to a few we managed to get 55 peso to the 1 euro, amazing to watch and listen.

We wanted to change a good amount so between Emma and the young sales man it was whispers and a calculator as to make sure no one could listen and see, once it was sorted she was asked to come into the shop and count the money herself , then once it was done out she came and we was off, what a difference from shopping around in just a few streets.

[OnMyWay]

1 hour ago, stevewool said:

Sorted after going to a few we managed to get 55 peso to the 1 euro, amazing to watch and listen.

We wanted to change a good amount so between Emma and the young sales man it was whispers and a calculator as to make sure no one could listen and see, once it was sorted she was asked to come into the shop and count the money herself , then once it was done out she came and we was off, what a difference from shopping around in just a few streets.

44 is a total ripoff.  I think that is much worse the airport.  55 seems good.  For some reason, they seem to take more profit on Euro exchangers, compared to dollar exchangers.  Probably the dollar volume is much higher so they have to be very competitive.

XE is 56.05 right now and the money changer we like, Villarica, is only giving 54.58.  By contrast, the dollar on XE is 50.85 and Villarica is 50.66.  So on the Euro you lose 1.47 peso and on the dollar only .19 pesos.  Those rates are stale and probably from the Friday close.

http://www.villaricapawnshop.ph/services/moneychanger

[stevewool]

44 minutes ago, OnMyWay said:

44 is a total ripoff.  I think that is much worse the airport.  55 seems good.  For some reason, they seem to take more profit on Euro exchangers, compared to dollar exchangers.  Probably the dollar volume is much higher so they have to be very competitive.

XE is 56.05 right now and the money changer we like, Villarica, is only giving 54.58.  By contrast, the dollar on XE is 50.85 and Villarica is 50.66.  So on the Euro you lose 1.47 peso and on the dollar only .19 pesos.  Those rates are stale and probably from the Friday close.

http://www.villaricapawnshop.ph/services/moneychanger

Yes 44 was a laugh, like I said 55 and I was happy that’s why we changed the whole amount, could go down the next few days, and yes it could go up too.

[manofthecoldland]

My wife price shops around quite a bit here, which isn't just a matter of picking up a phone and asking for a price quote. It usually means leg work and bargaining, which are time consuming but worth it for anything more than trifles.  

I could be wrong and way off base and perhaps this was always her habit, but I like to imagine that I might have contributed something years ago when we first were in MNL.  I needed to change currency.  Thinking I would illustrate price variation and the virtues of comparison shopping, I hauled her around with me for 20 min. as we walked the area, stopping at 5 or 6 nearby exchange shops.  I'd jot the rate down, and after the 6th one, we had our range width, which was considerable when swapping out and multiplying by $100 US.

I forget the amount, but between high and low it was enough to fund a decent meal for two. So it was quite evident to her that a little extra effort made a discernible difference, especially if you were to become a repeat customer.  

Like I said, maybe she always had this habit as do most thinking people. Nevertheless it was an opportunity to show her how I go about seeking value for my money even when it may not be financially necessary in the present moment.  

'Present Bias' in economic behavioral science usually rules many purchasing decisions that are unwise in the long run, and I hoped that deferred spending decision practices would aide us in our life together.... which proved to be the case  over the last 15 years.  Not everyone learns this lesson or applies it habitually when making significant financial decisions it seems..... especially in a survival-for-the-day culture.    Money management problems will always exist for most people despite their income level, but its always good to try to keep tabs on your habits and keep them sharp.

All that being said.....

The other day, the other day she was going shopping with her list and was short cash pisos. I gave her a US $20 that I still had in my pocket from my US return, telling her to stop at her favorite money changer to do the exchange so she'd have enough.  

Now I learned something that I wasn't aware of. There is in place at money changers,  a posted chart of variable exchange rates for the same currency unit depending upon the bill denomination that you exchange. For the 100 and maybe the 50 you get a high rate, but for smaller bills, like 20,  10, 5, you get a  lower rate.  At first I mistakenly thought that she got snookered until she just now explained it to me that all the exchanges do this here.  She still got P980 for her US20..... I thought it was 950.... so I'm glad I just conferred with her before writing this ending.  So I guess I don't have a big expose like I mistakenly thought I did when I started writing this paragraph.  Ha-ha, the jokes on me !