An overview of how to hand over your currency for pesos. Pls add anything you feel is relevant.

Overseas banks

Since there are too many banks in the world I won't specifically address which ones are the best for international travelers. Due to their international presence I've used HSBC, Standard Chartered and Citi at different periods in my life. Prior to your travels it's best to shop around to find the one that works best for you. Ideally you want one that waives international ATM fees, has market-based exchange rate, toll-free international number, and belongs to an ATM network accessible where you are.

Philippine-based banks

I have accounts locally. I had no problem opening them by merely presenting my passport and depositing funds for a peso account and US dollar account. Other people, especially Filipinos, seem to have more hurdles opening an account. The main advantage is that wiring money from overseas is quite cheap. Certainly it's cheaper than paying ATM fees again and again. Also, I have immediate access to more funds than allowed by the ATM limit. If you intend to stay long or visit often it may be to your advantage to open a local account.

Cash

Philippines banks have no issue with US dollars. Join the queue, wait your turn, fill out forms, wait some more, and receive your pesos. A slow process. Other currencies are hit and miss, mostly miss. I've had Chinese yuan and Korean won and the banks I visited wouldn't exchange. Had to use a currency exchange.

Currency Exchange

You can change money at NAIA but the rate is a less than elsewhere. Best to change a little for transport and, if you arrive late perhaps 1 day's expenses.

Kiosks are found in Burgos and Ermita areas. I'm sure elsewhere, but I know Manila best. They're usually open 24 x7. Usually no onsite security. The rate during banking hours is good. At night and on the weekends it's less favourable. Fast. No paperwork. Won't accept damaged or stained notes.

Storefronts are in malls, casinos, etc. The rates are also good. A bit more secure. Two of the bigger ones in Manila are Sanrys Foreign Currency Exchange and Czarina, http://www.czarinaforex.com/czarina.php#firstPage/3 - the spot rate is not available on their website.

I've also changed money at an SM Department Store and a Kultura Filipino store at Mall of Asia. I had to write down the serial number of each note I was exchanging.

Traveler's Cheques

I doubt these are used much anymore, but I had some leftover from previous travels. Banks wouldn't accept even though they were from Visa and denominated in dollars. I had to use a currency exchange kiosk and the rate was poor.

Credit Card/Debit Card

Before your travels you ought to notify your bank(s) and or credit card company(s). I do so online; after authenticating my bank's website allows me to send messages directly which is more secure than sending an email. I state the dates of my journey and country(s). I receive a reply affirming the request a day or two later. Long-term traveler? Some banks don't permit unlimited international access, so you need to find out whether you must re-notify at a specified period, e.g. every 30 days. Always smart to have the bank's telephone number if you need to call from overseas.

Credit cards have higher access fees and the interest rate charged for 'cash advance' may be more than that charged for purchases.

It seems most stores in the Philippines aren't equipped to handle use of an international credit card. You may see a sign at each cashier station stating "No International Credit Cards". I have used cards successfully with international-brand shops at malls, restaurants such as Italiannis, etc. I've also used it at LA cafe and even some nightclubs.

ATMs

You need to use an ATM that belongs to your network, such as PLUS, Maestro or Cirrus. There is a symbol on your card, so find the matching symbol on the ATM. It's not uncommon to see a cardboard sign attached to a machine stating "Offline". Just walk to another bank.

ATM fees for an international card are p200 per transaction, whether that transaction be p100 or p10000, the maximum. Maximise your withdrawal to the limit to minimise your costs. Your bank will likely charge it's own fee unless you found a bank that waives it. The daily limit is imposed by your bank. If you have a large expense, such as rent, you may have to withdraw funds over a few-day period. This is why having a local bank account is a benefit.

There are a few possible reasons why your card fails to work.

1) Your bank is not a member of the PLUS, Cirrus or other networks so its debit card isn't recognised. I think this is very unlikely.

2) The card's magnetic strip or chip is damaged.

3) Dodgy ATMs. I've had a card refused in one ATM yet accepted by another ATM right beside it.

4) To thwart fraud and protect you your bank declines suspicious transactions. Notify or re-notify your bank you are overseas.

Paypal

I found my Paypal account was locked after using it once from Makati for an online transaction with an Australian-based business. I called Paypal and was told this is their SOP and they wouldn't unlock it. I was told to open a separate Paypal Philippines account. Bugger it.

Prepaid Debit Card

These are available in the Philippines, http://www.rappler.com/business/indu...use-ph-trends. I don't know whether those issued overseas will work here.

Transferring/Wiring Money such as Western Union

From member Dg8787: "I have an online money sending account set up so I can send myself money to Cebuana Lhuillier, http://cebuanalhuillier.com/, if I need more. Usually the cost is $3-4 per transfer and the exchange rate is about one peso less than the prime rate per dollar for instant transfers. I used to use Western Union but they are such a hassle." (Hopefully he'll post details or links to the specific product.)

This sounds like a really good back up if your primary and secondary means go tits up.