Where Can You Get The Best Exchange Rates?

[Rudderless]

As the title implies:Where can you get the best exchange rates?My bank only offers .0205X but when I google it the current rate is .022XXIs 10% the best you can do? Can you exchange large amounts to get less than a 10% rate?Thanks!Rudderless

[Mr Lee]

As the title implies:Where can you get the best exchange rates?My back only offers .0205X but when I google it the current rate is .022XXIs 10% the best you can do? Can you exchange large amounts to get less than a 10% rate?Thanks!Rudderless

The best exchange rates are found with crisp one hundred dollar bills (if you are using US cash) at the black market money changers, some of which are listed in this section HERE. If you are doing a large amount then you might ask your bank representative if they use a black market money changer, and if so then what might their best rate be, and then ask if they mind if you use yours and have them come to the bank. That is what I usually do, I compare the rates of both and then decide who I want to use. One of the good ones is downstairs in the old Robinsons supermarket area or on the first floor in a booth of the new Robinsons, that is if you are talking about Cebu City since your question is too broad for a direct answer and I am writing my answer based on where you say you live.

[Garpo]

As the title implies:Where can you get the best exchange rates?My back only offers .0205X but when I google it the current rate is .022XXIs 10% the best you can do? Can you exchange large amounts to get less than a 10% rate?Thanks!Rudderless

The best exchange rates are found with crisp one hundred dollar bills (if you are using US cash) at the black market money changers, some of which are listed in this section HERE. If you are doing a large amount then you might ask your bank representative if they use a black market money changer, and if so then what might their best rate be, and then ask if they mind if you use yours and have them come to the bank. That is what I usually do, I compare the rates of both and then decide who I want to use. One of the good ones is downstairs in the old Robinsons supermarket area or on the first floor in a booth of the new Robinsons, that is if you are talking about Cebu City since your question is too broad for a direct answer and I am writing my answer based on where you say you live.

So, if the forex rate is 43.23 to the dollar, what would you consider an exceptable exchange rate from a black market money changer?

[Mr Lee]

As the title implies:Where can you get the best exchange rates?My back only offers .0205X but when I google it the current rate is .022XXIs 10% the best you can do? Can you exchange large amounts to get less than a 10% rate?Thanks!Rudderless

The best exchange rates are found with crisp one hundred dollar bills (if you are using US cash) at the black market money changers, some of which are listed in this section HERE. If you are doing a large amount then you might ask your bank representative if they use a black market money changer, and if so then what might their best rate be, and then ask if they mind if you use yours and have them come to the bank. That is what I usually do, I compare the rates of both and then decide who I want to use. One of the good ones is downstairs in the old Robinsons supermarket area or on the first floor in a booth of the new Robinsons, that is if you are talking about Cebu City since your question is too broad for a direct answer and I am writing my answer based on where you say you live.

So, if the forex rate is 43.23 to the dollar, what would you consider an exceptable exchange rate from a black market money changer?

Usually very close to the Forex rate within centavos, so around 43.13. I have often gotten exactly the Forex exchange rate in good times when they felt the rates were on the upswing, and never on a weekend. When they feel the rate is on a downswing or an unknown, then they will usually shave a little more off. I have found that the overall best days to exchange were Tuesday, Wednesday and Thursday and I usually stay away from the rest of the days of the week whenever possible.

[Call me bubba]

to the "rocket scientists & brain surgeons" who are trying to get or determine the BEST Rate available. 1 if you have the time. and you can study the Exchange Market. YOU can come out Ahead or at least be much more knowledgeable .go to YAHOO finance look at the exchange rates USD/PHP by looking at the graph/chart you get an ideal of what that rate is for that day. (at that time of day) study for a whileto understand how the market is working2, what you see is not what you will get the banks . the bank rate is always 15-30 cents less . maybe at some money changers you will..the rate can be a few cents less on the weekends than on a friday. (who knows what will happen over the nearly 3 days the US markets are closed).. historically the USD $ drops a .05 to 2 cents on the friday close, thats based on other currencies .for those who have time ,.check it out. look at the rate over 6months,1 yr etcof all the years i have traveled or been away from US.only in the RP& in HKG have I gotten a rate that was near or close to the "forex,com/yahoo/google rate" in all other countries the rate posted in those sites will NEVER be what you will receive .sure the "local money changers " may offer a GREAT RATE but BE warned as PT barnum once said, A SUCKER is BORN EVERY MINUTE. over the years (for those who have lived here awhile & not FOP) they may cheat you BIG TIME.the scam goes like this, they count out your money,then you count it, either a Distraction will occurr or they will ask to recount it, they do, then offer it back to you. GUESS WHAT you have or may have been SCAMMED, this has been listed in the major newspapers and on"other forums"AGAIN one word or topic that has not been mention is YOUR PERSONAL SAFETYexchange where you feel most safe. even if the rate is 1.2.3 or 10 cents less than other place.go there than "higher" exchange. remember when they see a Foreigner walking into or out of a "exchange" you/me/us could be a "target"..as said in other topics,,KEEP A LOW PROFILE .be safe :unsure:

Edited June 9, 2011 by ed villas

[Mr Lee]

To add to Eds post above, when changing any large amounts of money, we usually do it at our bank (the bank we do business with) and call the money changer and have them meet us at that bank, that way we already have asked them the rate and have a deposit slip sitting on the desk made out for the total amount, so they know, and anyone in the bank knows, that the money is to be deposited and we will not be carrying it. While that does not protect us from every possible situation, it does protect us from anyone who is planning to mug us or follow us home to try to get the money. I have found most banks where you have accounts are more than willing to cooperate and some will even have their own black market money changers to do the deals. In fact in one bank we do business with, we hand a withdrawal slip to the manager and she takes it out of our dollar account and deposits it into the money changers account after confirming the agreed rate, and then deposits the pesos into our account and gives us a receipt, so no money actually changes hands, only deposit slips. Safest possible way as far as I am concerned.

[Dave Hounddriver]

Please Ed, do not try to put down people by suggesting some are "rocket scientists" in a derogatory way.The exchange rate causes confusion and I wonder how many realize that the rate you see quoted on the forex sites is a MIDMARKET rate? Now what does that mean? I'll tell you.When XEtrade, for example, takes $1000 from you and gives you 42,000 Pesos, then they are also taking 44,000 Pesos from someone else and giving them $1000. That means YOU get a rate of 42 and the guy trading the other way gets a rate of 44. The MIDMARKET rate is the middle ground. The forex companies make their profit from this difference in rate so no one pays the midmarket rate except, sometimes, the trading booths in the Philippines. Why do they pay more than XEtrade pays? Because these are the guys who want US dollars and they can buy them from you cheaper than they can buy them from XEtrade, these guys are called the black market.So when you see a rate published of 43, for example, then anything you get above 42 is a good deal.

[Garpo]

Thanks Dave for your post. I was not trying to play the daily change of rates. My question was only meant to find out what is the acceptable rate difference that is charged by a black market money changer. I certainly was not trying to get smarter than anybody here. I was just trying to learn from the knowledge that is here and maybe even save me a little money.

[Mr Lee]

Knowing Eds style of writing, I did not feel that part of his post was meant as an insult to anyone, or I would have been the first to say so, I just think he was pointing out something to those of us who wish to try to get the best rates. Whatever the case, we all read things differently, so IMO none of us should ever take another members style of writing or words they write as an insult us. Life is too short to let the little things bother us. Back to the exchange rate, usually I post more of an answer than I should, and I should have just answered the question, but I was trying to maximize members rate of return. Sorry for expanding on it.

[Fast&Furious]

I have been working in the Forex market and I know the best and safe one, but I wait permission to share the link from the staff.

Edited June 10, 2011 by wallaby