I get money exchanged at the money changer in the mall. I shop around among money changers. Don't get it at the airport. There are a large number of tourists in Manila and I see many following Money Changer touts where you can be certain to be cheated by sleight of hand. Please remember, if a Money Changer needs touts to get business, they are dishonest and you can be sure that you will not receive the high exchange rate that they offer. You cannot go wrong with Edzen Money Changers on Mabini St near to the corner with Salas St and opposite the convenience store is open from 8am and closes at 2am.
Most ATMs now charge P on foreign issued ATM cards in addition to any other charges and the rate they give will be lower than money changers. Rates in Banks, Supermarkets and money changers located inside malls will also be to your disadvantage. It is worth considering i-Remit who offer a number of solutions to give access to your money including an ATM card that will not cost P per transaction. Change about usd at the airport for use during your first day.
Airport exchange rates are the worst. In Manila, there is a money changer in every shopping mall beware - most of them close between 8 and 9 pm. Usually it is the small firms liek Anne's money exchange or Anne Raquel's money exchange you get the drift Rate hovers between I have tried edzen and it is not always the best rate. Rates vary, try up to four along mabini and del pilar and then try edzen. If happy with their rate then use them. I would recommend you not change more than at a time as counting can get confusing.
Especially if they only offer peso notes. Don't let them take the money back once you have counted it. I was watching like a hawk but still got taken. Even with my wife next to me. They are good at sleight of hand. Make sure the wall has certificate. Some shops are purely fronts. Many of the money changers are crooked and will palm some of the notes when they give you the pesos and they are so skillful, most people never notice. Not airport UK or Phils , there's a calculator on moneysavingexpert.
Can I come to the party? I have used FSRP01's recommendations with success, and one on the south side of UN Avenue, and one in Robinsons mall feels more secure, with the mall security, for large amounts , never been cheated.
Do not exchange at your hotel or airport except for some money to get you to the hotel etc. There are many official money changers in MNL that are fine, rates do not differ that much to travel to one over another. I agree with Edzen if nearby only and they have branches. I use BPI and get the call in rate when we exchange that much money. Its as good if not better than most money changers and last time was equal to Edzen. The is not the online rate, this is asking them to call the bank exchange dept.
If you can do this on Boracay or Alona Beach, you will get the best rate possible in that area. One other thing, the western union pay out rate can be very good if your in a place like Boracay, much better than any local rates.
I know people who have sent themselves money even with the fees and didn't do that bad with western unions all over the place. All of your saved places can be found here in My Trips. Where to exchange money?
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