A Tourist’s Guide to the Best Money Changers in the Philippines

Money Changers in the Philippines: When you travel to the Philippines, you can get more value for your money by exchanging it into Philippine Peso through a trusted money changer. Visiting the Philippines soon? Learn how you can maximize the value of your money when you exchange it to Philippine Peso with and trusted money changer.

Here are five money changer tips that foreign travelers must remember to save more money when they exchange cash to local currency in the Philippines.

Home of the best beaches in the world, the Philippines is also one of the cheapest countries to visit in Asia because of its low-cost living. A foreign tourist can have an awesome vacation in the country for as low as USD40 to USD50 a day. This is why the Philippines is a popular destination for budget travelers.

Are you going to travel to the Philippines soon? Your money will certainly go a long way when you visit this Southeast Asian country. To stretch your travel budget further, find a money changer in the Philippines that offers the best exchange rates from your home currency to Philippine peso (PHP).

If you are a first-time visitor in the country, do not be clueless about where to change your money to the local currency. Do your research before your trip. While it is easy to get overwhelmed by numerous money exchange shops, especially in the touristy areas, you can score the best deal for your home currency and make sure that your foreign exchange transaction is safe and secure. Keep these money changer tips in mind when you travel to the Philippines.

Leave Your Traveler’s Cheques at Home

Before you begin your search for the best money changer, here’s one tip you must remember: never bring traveler’s checks—they are rarely accepted in the Philippines. And those that do, like major hotels and banks, provide less-than-favorable rates.

If you insist on using traveler’s checks, you will just be setting yourself up for hassle and disappointment during your trip. Just save them for use when you visit Western countries in the future. When traveling to the Philippines, it is a lot cheaper to use cash in the local currency.

Never change all your money at the Airport

Buying local currency at the airport is a quick way to burn your travel money when you visit the country, more so if you exchange all your money there. Avoid transacting at the airport’s currency exchange kiosks, unless you need some cash for a taxi ride to the hotel. The foreign exchange rates at the airport are the worst. You will be far better off changing your money at one of the local money changers in the Philippines that offers better rates.

Shop around for the best Exchange Rates

Money changers, also called currency exchange dealers, are the best places to exchange currency in the Philippines. Because of the strong competition among these businesses, a foreign traveler can get much better rates than those in banks and airports.

But not just any money changer in the country will do. Explore before exchanging your money to find favorable rates. Choose a well-known and trusted money changer in the Philippines whose conversion rates can maximize the value of your money, like the Palawan Pawnshop Money Changer.

Aside from its competitive foreign exchange rates, Palawan Pawnshop has a network of more than 2,000 branches across the country that accept a wide range of currencies (Korean won, US dollars, Chinese yuan, euros, pounds, and more) for exchange to Philippine peso. You can easily find a branch of this local money changer in major tourist destinations such as Manila, Bohol, Boracay, Davao, and even in remote areas like El Nido and Port Barton in the province of Palawan where ATMs are scarce.

Ask for both Small and Large Denominations

Philippine peso bills and coins are available in denominations of 1, 5, 10, 20, 50, 100, 200, 500, and 1,000. When exchanging your money, ask for both smaller bills because taxis, local eateries, street food stalls, and other small businesses usually have no change for larger denominations like 500 and 1,000 bills.

Taxi drivers in the Philippines are notorious for charging foreign travelers higher fares than they usually would to locals. Never make the mistake of paying them a 500 or 1,000-peso bill because you might not be given a change. Thus, it is important that when you exchange money in the Philippines, you request for smaller bills.

Use an Authorized Money Changer Only

Be cautious when a local walks up to you in the street and offers you a great rate for changing your money to local currency. Chances are the person comes from a black market exchanger where the tellers will count the money in front of you so fast that you will not notice that you are losing some of the bills. To avoid getting ripped off, do not accept the offer or hand over any cash to anyone, no matter how tempting the exchange rate may be.

For your security, transact only with an authorized money changer in a safe and well-lit location. A good currency exchanger posts its rates clearly. Authorized money changers, like Palawan Pawnshop, are legitimate businesses licensed by the government and regulated by the central bank of the Philippines. When you transact with a trusted money changer, you will enjoy secure transactions.

If you are travelling from Dubai, you can use GCC Exchange, a Dubai-based money transfer, remittance and foreign exchange brand which provides excellent exchange rates for your hard earned money,  Just make sure that you bring not more than PHP50,000 into the country, as required by the Philippine government.

If you are traveling to the Philippines, you can save more cash by using a trustworthy money changer that provides not only the best foreign exchange rates but also security for your money. You just need to know where to look.

Author Bio:

He has a niche blog for property leasing and real estate investment (investmentdad.com). He has been writing articles advising readers how to secure and invest in homes and business and also has a varied background in real estate brokerage