BPI Bank Question

[russellmania]

I have a BPI dollar acct and I write myself a check monthly for $5 and withdraw it 25 days later. My question is..Can I walk into BPI with $1000 off the street and exchange it for peso at the bank counter? Someone says the bank will have the current rate exchange without the extra fees of the outside money chagers.

[Mike J]

Yes you can exchange dollars for peso over the counter at most major PH banks.  They need to make a profit so they do charge a fee.  You may or may not find a better exchange rate from a money changer, but banks are a safer option in my opinion.  

[Freebie]

Firstly to exchange dolloars in BPI they now have long complicated online procedure.., they want name address passport etc etc.. I tried a few months , in my own bank ago but gave up, was wasting so much time dealing with their " requirements". Just go to any moneychanger. No requirements at all.

[OnMyWay]

2 hours ago, Freebie said:

Firstly to exchange dolloars in BPI they now have long complicated online procedure.., they want name address passport etc etc.. I tried a few months , in my own bank ago but gave up, was wasting so much time dealing with their " requirements". Just go to any moneychanger. No requirements at all.

Your mileage may vary.

If you go to any changer that has no requirements, you will probably get a corresponding shitty rate.  That maybe ok sometimes, like for tourists, but long term residents need better than that.  I'm in an Angeles City expat group and they all seem to love Norma's street changer.  They consistently have a rate way lower than Villarica, a few blocks away.  Villarica is 58.49 right now, and Norma's is probably under 58, based on what they usually have.

BPI online is 58.60 right now.  My wife took her sister in to exchange $500 cash a few weeks ago, at our BPI branch,  but my wife did the transaction and filled a form.  I think she just had to show her DL.  Not much on the form and only takes a minute.  Then after I came in, we did two transactions, transferring $ from one daughter's dollar account to my dollar account, and transferring $ from the other daughter's dollar account to my peso account, and getting a great rate.  For those two transactions, I sat at the manager's desk and he did the paperwork before I signed.

Villarica has a form to sign and id must be shown.  Takes 1 minute.

Theoretically, if you would change $1000 at BPI, or at a street changer at a low 58 rate, you would lose p600.  For some, paying a p600 "convenience fee" is fine.  For others, not.

[russellmania]

1 hour ago, OnMyWay said:

Your mileage may vary.

If you go to any changer that has no requirements, you will probably get a corresponding shitty rate.  That maybe ok sometimes, like for tourists, but long term residents need better than that.  I'm in an Angeles City expat group and they all seem to love Norma's street changer.  They consistently have a rate way lower than Villarica, a few blocks away.  Villarica is 58.49 right now, and Norma's is probably under 58, based on what they usually have.

BPI online is 58.60 right now.  My wife took her sister in to exchange $500 cash a few weeks ago, at our BPI branch,  but my wife did the transaction and filled a form.  I think she just had to show her DL.  Not much on the form and only takes a minute.  Then after I came in, we did two transactions, transferring $ from one daughter's dollar account to my dollar account, and transferring $ from the other daughter's dollar account to my peso account, and getting a great rate.  For those two transactions, I sat at the manager's desk and he did the paperwork before I signed.

Villarica has a form to sign and id must be shown.  Takes 1 minute.

Theoretically, if you would change $1000 at BPI, or at a street changer at a low 58 rate, you would lose p600.  For some, paying a p600 "convenience fee" is fine.  For others, not.

I got 58.60 exchange rate at Core Pacific in Robinson Gallaria here in cebu city about 11am this morning. The exchange next door had 58.50

[OnMyWay]

21 minutes ago, russellmania said:

I got 58.60 exchange rate at Core Pacific in Robinson Gallaria here in cebu city about 11am this morning. The exchange next door had 58.50

That is a good rate.  Rates are still falling today.  XE mid-market rate has fallen to 58.54.  BPI is still 58.60 too.  Core Pacific will probably lower their rate later.

[Freebie]

3 hours ago, OnMyWay said:

If you go to any changer that has no requirements, you will probably get a corresponding shitty rate.  That maybe ok sometimes, like for tourists, but long term residents need better than that

Indeed.. always good to go where locals go to get  OFW remittances are encashed.. theres a few good ones in Makati, good rates , no requirements, nothing shitty at all.