BPI Online Dollar To Peso Exchange

[OnMyWay]

It appears that BPI has made some changes to their money exchange system that benefits us.

1.  You can exchange online 24 hours a day.  It used to be only 9:30 am to 3:30 pm.

2.  The rates now appear to be linked to an index and change all the time, even after business hours.  At 4:20 pm I got 57.20 and XE was 57.42.  Just now, at 5:37 pm, BPI was 57.25 and XE is 57.35.  I will check BPI tonight to see if it is changing.

Edit: BPI freezes the rate over the weekend (normal for changers and banks) but you can still exchange online.  Sometimes, that might be good.  XE mid-market rate fell to 57.34 in the evening Friday, but BPI is still at 57.25.

3.  Their rates appear to be consistently among the highest, if not the highest.  Villarica used to be my go to changer, but at 4:12 pm today, they were only 57.02.

Exchanges are supposed to be possible on their mobile app, but don't seem to be working now.

Edited September 16, 2022 by OnMyWay

[JJReyes]

Do money changers offer a comparable rate or is it better to go to a bank?  While we do have debit cards and our bank does not charge a fee (they also reimburse any fee charged by the foreign bank), my Philippine experience is the exchange is better with currency.

[OnMyWay]

10 minutes ago, JJReyes said:

Do money changers offer a comparable rate or is it better to go to a bank?  While we do have debit cards and our bank does not charge a fee (they also reimburse any fee charged by the foreign bank), my Philippine experience is the exchange is better with currency.

Most of the time, historically, I think changers offer better rates than most banks.  That is why, for the last 3-4 years, we take dollars out of BPI and exchange at Villarica.  However, one point of my post was that BPI seems to becoming a lot more competitive and it is harder to find a changer who has a better rate.

I am part of an Angeles City expat group, and they discuss rates at various changers and banks.  Frankly, it appears that a lot of them using a tourist area changer there, Norma's, are getting ripped off.  I told them look at Villarica's website and the is the rate they should be getting, at least.  Villarica's and BPI are always better than the tourist changers.

 

[OnMyWay]

BPI online is 57.70 right now.  XE is 57.88.  Headed for 58.

Had a long talk with my bank manager and I will relay the information tonight.

[jimeve]

5 hours ago, OnMyWay said:

BPI online is 57.70 right now.  XE is 57.88.  Headed for 58.

Had a long talk with my bank manager and I will relay the information tonight.

How will the USA interest rates hike affect the dollar v peso?

[JJReyes]

3 hours ago, jimeve said:

How will the USA interest rates hike affect the dollar v peso?

Normally, the US dollar appreciates as global financial markets avail to the higher interest rates.  Earlier projections were a 60 to 1 exchange because of excessive Philippine borrowing.  The Philippine currency could improve temporarily as Christmas approaches due to money influx from overseas workers and expenditures by Filipinos visiting home during the holidays.

[OnMyWay]

11 hours ago, OnMyWay said:

Had a long talk with my bank manager and I will relay the information tonight.

Here is what I learned from my BPI manager today.  I have known him since he was assistant manager almost 10 years ago.

1.  The new 24/7 online currency online works on the BPI website.  Exchanging on the mobile app is disabled for now but may be added later.

2.  The online rates change automatically from 9:30 AM to 4 PM on business days.  They are frozen all other times.  So the rate at 4 pm will hold for the following non-business period.  I thought I saw rates change after 4 pm, but he said no.

3.  He said that when rates are moving quickly, BPI rates are very competitive because they move automatically with whatever FOREX rates they are linked to.  Unlike street changers and some banks, who look at the global FOREX rates, then someone manually sets the rates once or twice a day.  Street changers become conservative during volatile periods, because they don't want to get burned.

#2 may present some good trades.  For instance, XE, the mid-market FOREX rate I track, fell to 57.80 right now.  BPI froze overnight at 57.85.  So, those of you with BPI dollar and peso accounts can go online and get a super rate right now.

Villarrica, my old favorite, was 57.45 at 4:11 pm today.

Edit to add:  We exchanged at the bank today for 57.60.  When I got home the online rate had gone to 57.70, so I exchanged some more.  30 minutes ago, the online rate was the 57.85.  When I told my wife, she said change some more.  So just now, I tried to exchange another G.  It gives me "We are unable to process your request at this time.".  So, 24/7 is not quite 24/7.  I will try again later and see if the rate changed.

Edit 2:  It was 2159 when I got the error above.  At 2208 I was able to exchange for the 57.85 rate.

 

 

Edited September 21, 2022 by OnMyWay

[JJReyes]

6 hours ago, OnMyWay said:

Edit to add:  We exchanged at the bank today for 57.60.  When I got home the online rate had gone to 57.70, so I exchanged some more.  30 minutes ago, the online rate was the 57.85.  When I told my wife, she said change some more.  So just now, I tried to exchange another G.  It gives me "We are unable to process your request at this time.".  So, 24/7 is not quite 24/7.  I will try again later and see if the rate changed.

Sometimes the number of transactions within a 24-hour period are limited as a security precaution.  Your visit to the bank may have counted as one.

[JJReyes]

The Fed raised the interest rate.  The peso should go down unless the Bangko Sentral likewise raises interest rates, which is highly unlikely.

[OnMyWay]

BPI online is 58.10 right now.