Where Can You Get The Best Exchange Rates?

[Mr Lee]

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.

You are welcome to pm me the link and then we will see what it is and if it is allowed to be posted. We have no way of knowing what it is until we see it.

[Call me bubba]

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.

My intention was NOT TO insult or "disrespect" any certain person or persons. it was to get your attention to the fact . that trying to get the "BEST RATE" is not always EASY.EXAMPLE1 member obtains a very good rate by doing EXTRA LEG WORK.a way that I never knew, was he a "brain surgeon" NO Of course NOT, but I ask, how many others KNEW of that way ,very few i bet.But after reading his post, I am certain, that a few now, wonder "how will I get that rate he does","will my bank or money changer do this". ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Over the years. nearly4 years in Europe, about 9 years in the RP.( i have lived about 13 years ,adult ,outside of the US not including short trips)I have seen many people . going from 1 exchange center to another "TRYING" to get the best rate, the Rate VARIES Greatly. over the long term the Small differences can add up, this is our/your Money.OUR MONEY is ours, Hard earn to get us to this point in our lives. We/you/US always try the best to live within our means, including not paying more than we should.not taken advantage of etc. etc.AGAIN this forum is here to help each other,Educate,assist,inform,allow us to express what is happening in our lives,so we are more satisfied with our experiences away here in a Foreign land ..

[Art2ro]

I don't exchange huge amounts of dollars every month for our daily or weekly expenses, so therefore I don't look around for money exchangers to the next whoever pays out the best dollar exchange rate if it is just a matter of a .15 to .20 centavos difference, but if it's in the amount of over $1,000 to $3,000 or more, then I would shop around for the best rates! I just withdraw small amounts of pesos weekly from our Dollar ATM account for our daily or weekly expenses to prevent carrying large amounts of pesos and pay most of our bills on-line with our peso checking account which I top off on-line from my dollar account just to maintain sufficient funds to cover our peso bill payments on-line.

[Call me bubba]

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.

I refresh this topic as Kuya Lee/Mr lee post is valuable to all.

in all of my reading of the Forum,

this is in the top 10 of best tips that has been posted. :thumbsup: :thumbsup:

[Michael Stevens]

Wow! I just got here and I am still trying to get money transferred from my bank account in the United States using XOOM and sometimes using my USA bank debit card. Both of these seem to be having about the same transfer fee of about $5 per transaction, except that I get a better exchange rate using my bank card than using XOOM. So far the exchange rate at the money changer in the Marina Mall in Lapu Lapu City has been between 41 and 42 PESO to the DOLLAR. I was here in 2005 in Davao and I was getting between 54 and 55 PESOS to the DOLLAR then!

[Michsanson]

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.

Hello in what bank did you do this transcrtion? And can you suggest or refer a money changer that allows bank transaction because the ones in the mall will only allow counter to counter money changer transaction. Thanks

[i am bob]

The person you quoted is no longer with us... Does anyone know if this is done anymore?

[scott h]

Hello in what bank did you do this transcrtion? And can you suggest or refer a money changer that allows bank transaction because the ones in the mall will only allow counter to counter money changer transaction. Thanks

 

The person you quoted is no longer with us... Does anyone know if this is done anymore?

 

We did almost the exact same thing at PNB and Citibank Phil when building our house. I think most branch manager will probably arrange for something like that. Just depends on your relationship with the manager and his mood that day. As has been mentioned many times, each branch is run slightly different despite cooperate rules and regulations lolololz

[jpbago]

Hello in what bank did you do this transcrtion?

 

Last year, we had some HK dollars from Macau to exchange to pesos so we went to the Bank of China (or ChinaBank, it was red not green). The cashier called a money changer to come in and we did the transaction between the three of us at a better rate than the bank was offering. Only in the Philippines!

[jonathanyo]

USD to PHP?

I would go with BDO remit, if you have an account with them and they waive the fee.

Xoom or Transfast.