Should I exchange money before I travel to Philippines?
Wait until you arrive in the Philippines to exchange your money. It's worth doing your research before buying your pesos, as the exchange rates offered in Europe and North America are often not as good as those you'll get on arrival.
FAQs - Best ways to take money to the Philippines
You'll need to have some cash in the Philippines, so you can exchange in advance or make an ATM withdrawal on arrival at the airport. Using an ATM can also be cheaper than advance exchange, particularly if you have a travel card from a provider like Wise or Revolut.
You will find money changers all over the Philippines – US dollars are the most useful foreign currency to bring as they are the most widely accepted currency (especially in non-touristy areas).
Yes, credit cards and debit cards issued in the U.S. will work in the Philippines as long as the vender accepts that card type (Visa, MasterCard, American Express, Diners Club, etc.).
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they must have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
In excess of the USD10,000 threshold, prior written declaration is required using the foreign currency declaration form. Said form is available at the Bureau of Customs Desk in the arrival/departure areas of international ports in the Philippines or can be downloaded from the BSP website (Annex K).
Change your currency in Philippines as they offer better rates here. As the unwritten rule says, "Do anything but don't get caught".
Yes, cards issued by U.S. Bank can be used in most foreign countries.
The currency used in the Philippines is the Philippine Peso. In some tourist areas you might be able to pay for goods and services using U.S. dollars and euros. However convenient this may appear to be, unfortunately the exchange rates that are applied are unlikely to be great.
You'd actually be very well off compared to most people, especially since that PHP10, 000 is pretty much just allowance. Even if you had to pay for utilities in your free housing; unless you take baths in a pool or keep the AC on 24/7, you're golden.
How much should I tip in the Philippines?
Leaving an amount above the 10% is at your discretion. It is common for patrons to leave their change or round up the bill to the nearest 100 pesos. Many people in the service industry earn a very small amount, so any tips left for them are greatly appreciated and even the smallest amount is significant to them.
The commercial banking system includes three U.S. foreign-branch banks: Citibank, which operates six full-service Citibank branches in key locations in Metro Manila and Metro Cebu; Bank of America; and JP Morgan Chase.
Yes. As long as your ATM or credit card has either a Visa or PLUS logo, you can withdraw cash at ATMs that are part of the Visa or PLUS network.
Convenience and accessibility are key considerations when deciding between exchanging currency at home or abroad. Exchanging currency before your trip offers the convenience of having local currency readily available upon arrival at your destination and you won't need to worry about exchanging currency abroad.
Key Takeaways
Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges. Check to see if your U.S. bank offers foreign ATM fee refunds for using a foreign ATM.
When you are traveling to another country, you can exchange some of your money before you leave home. Doing so gives you time to shop around for the best rate. Plus, when you arrive, you won't have to immediately find a bank or currency exchange.
A two week trip to the Philippines on average costs around $941 (₱52,749) for one person and $1,883 (₱105,498) for two people. This cost includes accommodation, food, local transportation, and sightseeing. Please note, prices can vary based on your travel style, speed, and other variables.
No permit is required from the Bangko Sentral ng Pilipinas to bring in to or to take out from the Philippines of foreign currencies. However, foreign currency in excess of US$10,000 carried by the traveler must be declared at the Bureau of Customs Desk in the airport.
Currency Regulations
The transportation of foreign currency or monetary instruments is legal. However, the carrying of foreign currency in excess of US$10,000.00 or its equivalent in other foreign currencies must be declared to a Customs Officer or the Bangko Sentral ng Pilipinas.
Exchange at a bank or credit union before your trip: Exchanging money at your local banking center before your trip is likely the most cost-effective way to get the money you need. Since you have an existing relationship with the bank, it's more likely to give you the best exchange rates.
Where is the best place to exchange money in the Philippines?
| Currency Bureau | Address | Contact Information |
|---|---|---|
| Tivoli Money Exchange | B1, Glorietta 2 Ayala Center village Makati, Makati, 1224 Metro Manila, Philippines | +63 917 896 9878 |
| Nikko Forex Money Changer | 1357 A. Mabini St, Ermita, Manila, 1000 Metro Manila, Philippines | +63 7089391 |
You should also consider opening a US dollar account, which definitely earns higher interest than a regular peso savings account. But, as EastWest Bank suggests in a statement, make sure you choose a dollar account with the highest interest rate possible.
Large, national banks and international banks – including CitiBank and HBSC – are popular choices for expats. Citibank, for example, offers free withdrawals from any ATM in the Philippines (and 13,000+ Citibank ATMs worldwide) and online banking, so it's easy to keep track of your finances.
Lowest ATM withdrawal fee Philippines
The HSBC has the lowest fee in that there's no withdrawal fee on foreign issued cards. Other banks have withdrawal fees of 250 Pesos which is about 4.50 USD and the withdrawal limit is just 10,000 Pesos, about 180 USD.
| Conversion rates Philippine Peso / US Dollar | |
|---|---|
| 100 PHP | 1.77921 USD |
| 250 PHP | 4.44803 USD |
| 500 PHP | 8.89605 USD |
| 1000 PHP | 17.79210 USD |
