Angeles City

[QUOTE=Goferring;2684866]Honest question: what are the benefits to relying on imported cash and exchange booths? I've never understood why people take the risk of walking around town and openly exchanging amounts that are very tempting to others to take it. Once it's gone, it's gone. Seems like unnecessary risks to me, both in the room and on the street.

I'm guessing it's an attempt at anonimity??

In these days of travel cards and refunded fees, sticking a card in an ATM every couple of days seems a much easier, less risk and cost effective option.

What benefits are people seeing from relying on cash?[/QUOTE]I don't trust using my ATM card in the Phils. If the card gets cloned you expose yourself to a lot of pain getting your money back. Using cash limits your loss to the couple of hundred you have on hand. I carry enough cash for the trip but leave it all in the hotel safe and just take out 100 to 200 at a time for changing at the street changers. Never had any issues with that in dozens of trips.

[QUOTE=Goferring;2684866]Honest question: what are the benefits to relying on imported cash and exchange booths?
What benefits are people seeing from relying on cash?[/QUOTE]It has been awhile since I reviewed the specifics of this issue but as I recall the exchange rate and transaction fees were pretty steep. Then, too I have had identity theft on my ATM card in the PI. Finally a couple of times the ATM machine retained my card and I had go through a lengthy Philippine rigamarole to get it back. The ATM machines aren't as reliable and we expect too much to believe they will operate as efficiently as they do back home. Yes, I keep cards as a backup. I was stranded for 70 days during the first of Covid in 2019 and ran out of cash. Even then one of my cards dishonored. I use cash, am cautious, and have been using the same mom and pop hotel for years.

[QUOTE=ExpatAmerican;2684955]I don't trust using my ATM card in the Phils. If the card gets cloned you expose yourself to a lot of pain getting your money back. Using cash limits your loss to the couple of hundred you have on hand. I carry enough cash for the trip but leave it all in the hotel safe and just take out 100 to 200 at a time for changing at the street changers. Never had any issues with that in dozens of trips.[/QUOTE]Ok. Fair call. This makes sense.

My remedy for this is I have a dedicated travel card that has all the benefits that were listed before. I've actually got two for the same account that I carry in separate locations should I loose one or it gets eaten by an ATM (never happened to date though).

My bank are absolute Nazis when it comes to fraud prevention so my biggest worry is that the cards get blocked in error rather than skimmed or milked dry (again both have not happened yet).

Thanks.

[QUOTE=Goferring;2684986]Ok. Fair call. This makes sense.

My remedy for this is I have a dedicated travel card that has all the benefits that were listed before. I've actually got two for the same account that I carry in separate locations should I loose one or it gets eaten by an ATM (never happened to date though).

My bank are absolute Nazis when it comes to fraud prevention so my biggest worry is that the cards get blocked in error rather than skimmed or milked dry (again both have not happened yet).

Thanks.[/QUOTE]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West? I always exchange at home country (in my case Malaysia) before leaving for Philippines. I'm planning my next trip and wonder if I may get a better rate in Philippines.

[QUOTE=WildInstincts;2685037]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West? I always exchange at home country (in my case Malaysia) before leaving for Philippines. I'm planning my next trip and wonder if I may get a better rate in Philippines.[/QUOTE]The PhP and the Malaysian ringgit would both be classed as thin currencies that are not much in relative demand compared to mainstream currencies like the Swiss franc and the Chinese yuan and the Japanese yen. Outside of say expat circles in the USA or Saudi, they would not be in much relative demand. One of the ways the USA coins is by making countries trade in US $ and destabilizing them, to cause capital flight to safe US havens where they can be expropriated.

The ringgit example you give is interesting. If there is not a major retail trade volume between the two, a Malate dealer would first exchange into $ and then into PHP, making you lose slightly. However, given the sheer level of Phil remittances and Malaysia and Phils are close, that may not be the case.

[QUOTE=WildInstincts;2685037]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West? I always exchange at home country (in my case Malaysia) before leaving for Philippines. I'm planning my next trip and wonder if I may get a better rate in Philippines.[/QUOTE]Depends on currency, but if you carry Benjamins you will get the best rate in PH. I haven't been in AC since 2020, but if Norma's are open they usually offer very good rates (as well as security when counting your money, as they have a guard posted just next to the tellers).

Was at Manila Terminal 3 today. 3 money exchangers were posting 51.85. No rip off here.

Please clear your inbox.

Unless you keep it full to avoid annoying PMs.

[QUOTE=WildInstincts;2685037]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West? I always exchange at home country (in my case Malaysia) before leaving for Philippines. I'm planning my next trip and wonder if I may get a better rate in Philippines.[/QUOTE]Depends on where you come from. You will get a terrible deal if you are coming from the USA or Europe and trying to exchange currency at a bank or airport. I can not believe those places are still in operation, but I guess most people do not have a clue that they are being ripped off.

Coming from Malaysia it would be better for you to convert your currency to USD or Euro before leaving, then Pesos once you are in Philippines. My cousin used to live in Malaysia because his wife is from there. He came to Thailand with Ringgit and people were looking at him crazy at the local exchanges. Nobody was in the market for Malaysian currency. Also I remember the horrible deal I got at the airport in Indonesia when I changed their currency directly into Thai baht.

[QUOTE=Dg8787;2685079]Was at Manila Terminal 3 today. 3 money exchangers were posting 51.85. No rip off here.[/QUOTE]I remember the rate being 40 back in 2013 when I was there every single month while living in Korea. Just got back to Korea so I'm glad to see this rate is much better for when I start up my monthly trips. Now just need covid to go away.

Thanks Mr. E and PM for your insight. If my plan materializes, I'll convert partly from ringgit to php and partly from ringgit to usd to php and see what gives the best value. It's not going to be significantly different but for academic interest.

[QUOTE=WildInstincts;2685037]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West?[/QUOTE]Specifically it is mentioned NOT to use a service in a western country. I just looked at Australia's Westpac rate and the rate they give is 5% worse than [URL]Xe.com[/URL]. Then add on their handling fee, branch fee, cash handling fee, facilitation fee, over the counter fee etc it's just not worth it for experienced travellers such as ISG members.

Best rates in Ph will always be for foreign cash.

I am sure there is advantages other than the direct exchange margin for money operators in Ph staying outside of regulated trading.

I recall lining up at a counter in Ph where the pretty girl in front of me had handfuls of various currencies to exchange to peso. Seems she had a multi-national good night.

[QUOTE=WildInstincts;2685037]I see lot of discussions around this topic and not one person suggested to exchange at home country before hitting Philippines. Is the exchange rate too bad at home countries in West? I always exchange at home country (in my case Malaysia) before leaving for Philippines. I'm planning my next trip and wonder if I may get a better rate in Philippines.[/QUOTE]Exchange rates from my local chase bank (US) was terrible, I opted to just use atms. In January of 2020 I was getting just under 50:1. Not terrible I'the say but I'm not a big fan of carrying tons of cash. Only time I really used pesos was for working girls, trikes or the casino.

[QUOTE=WalkAboutBoyz;2685124]I remember the rate being 40 back in 2013 when I was there every single month while living in Korea. Just got back to Korea so I'm glad to see this rate is much better for when I start up my monthly trips. Now just need covid to go away.[/QUOTE]High conversion rate is an illusion on higher buying power. As the conversion rates have gone up the prices in pesos have gone up. Back in 2014 it was 42-$1. Barfines were 1200 pesos. Rate went to 45-$1 and barfines went to 1500 pesos. End of the day it is the same.

I just recieved a laundry list of covid measures from my AC hotel. Unfortunately my regular (very visitor friendly) AC hotel is currently closed, so I have no idea how these guys handle visitors, but usually this is of course no issue in AC. So now I'm getting this pre-arrival list including "strictly no visitors". What is worse, when finecombing their reviews I see that some guys complain about actually being strict, so it may not even be flexible, PH-AC style.

Any current experiences re this? Which hotels are currently visitor friendly?