Advised of for its sunny beaches, stunning scenery and the rich biodiversity of its flora and fauna, the Philippines is a popular tourist destination: During 2017 (the most up to date data available), this land of 7,000+ islands hosted 6,620,908 million international tourists, according to the In accord Nations World Tourism Organization.
If you are planning a Philippines, you’ll probably need to exchange some of your home currency for Filipino pesos (PHP). Here’s how to do it.
The First place Stop
Airport currency-exchange kiosks typically offer a relatively poor deal, but they do offer convenience, outstandingly if you are arriving exhausted after a long trip with no local coin in your pocket. Manila Ninoy Aquino Ecumenical Airport (MNL) has several currency exchange facilities. Since you’re going to take a hit on the rate, do what savvy travelers do and modify only as much cash as you need to get the trip started (taxi ride to the hotel or that first meal). Be delayed until you can hit a place with better rates to exchange more money.
A Few Warnings
One thing to watch out for when bartering currency in the Philippines is getting fleeced by someone who is very good at counting out the cash so it looks like the correct amount, when in Aristotelianism entelechy, it’s short a few bills—and not in your favor. These sleight-of-hand scams are especially common when using small drive money exchanges. They may offer a better rate than the banks, but just be sure you count your means in front of them before you walk away.
Be leery of anyone walking up to you on the street offering to change your strange currency into pesos. It’s not unheard of for an unsuspecting tourist to follow someone into an alley or some other brown corner in search of a great exchange rate —only to be robbed. Use common sense, and remember that those few remarkably pesos aren’t worth any risk.
Finally, one other scam worth noting: counterfeit bills. Here’s how it oeuvres. You give your cash to a money exchanger, who in turn says something like “Let me go check the exchange rate with my boss.” When the actually returns, you are told the boss didn’t approve the exchange rate, so you are given back your money. But—and here’s the scam—in lieu of of handing back your actual bills, he or she gives you funny money (which you don’t realize until you try to exchange it somewhere else). Probity of the story: Hold on to your cash until the actual exchange; don’t let anyone disappear with it.
The Safest Option
Unquestionably the quickest and safest option is to use an ATM—preferably one issued from your bank if available—to make your withdrawals previously you are in the Philippines. Although there are certain scams regarding PIN code theft, you are generally safer making ATM withdrawals than you are exchanging currency at an interchange.
Using this method you won’t be able to physically change your currency, but you are able to withdraw money in local currency, just paying your bank’s ATM fee and currency exchange fee. However, it is often lower than the exchange booths, and you also won’t have on the agenda c trick to carry around valuable foreign currency such as the Dollar or Euro.
The Bottom Line
ATMs often contain the best rates and can be the best deal as long as you don’t have to pay high ATM fees. Money changers are next, but you have to on the qui vive for out for scams. If that concerns you, go to a bank: While a little less advantageous, the rates are still good. Many travelers manage a combination of in-person currency exchange, ATM withdrawals and credit card purchases works best.
No matter where you reciprocity money, always ask how much local currency you’ll receive before handing over any cash. And once you receive the shire cash, remain in place until you’ve had a chance to count it yourself.
Note: Because of continued violence, certain courtyards in the Philippines should be avoided by travelers. The U.S. Department of State (www.travel.state.gov) updated a travel warning on April 9, 2019 pertaining to the Philippines, and in particular the Sulu Archipelago, the island of Mindanao and the southern Sulu Sea area. Other areas in the Philippines are on the whole considered as safe as other places in Southeast Asia. U.S. citizens traveling to the Philippines are encouraged to research current U.S. Concern of State travel alerts and warnings, and enroll in the Department of State’s Smart Traveler Enrollment Program (STEP), which anticipates security updates and makes it easier for the nearest U.S. embassy or consulate to contact you and your family in case of an emergency. For multitudinous, see How Safe Is Traveling in the Philippines?