exchange rate

[stevewool]

just got my bank statement from paying for flights from manila, the exchange rate was 68.3 but nat west gave me 64.8, its paid its safe so i am happy but still rob dogs the lot of them, anyway would you exchange over in the phils or here for your holiday money

[Englishman2010]

I use my debit card in ATM's for the bulk of my cash needs, and I always take some GBP cash which I change at the money changers over there, the rates only about 1php lower than the official exchange rate. If you use a debit card, you need to take into account your bank might charge you a couple of quid everytime you use an ATM, so it's better to withdraw a larger sum rather than a tenners worth of peso's.

[stevewool]

thanks Ian last time i went i exchanged here so had lots of pesos with me, i may try something differant this time

[Englishman2010]

I never change it here Steve If the official rate is between 68-70, you get about 60-61 from an official bureau de change here, but you'll get 66-68 over there

[stevewool]

well thats made my mind up then

[andy222]

Dead right englishman. I always use my visa there. 68 last ime i want.

[Englishman2010]

Just remember to be careful when you change or withdraw cash over there Steve

Always count what the changer gives you
If possible try to get back to your hotel and store your money safely immediately after you've changed/withdrawn cash
Don't stand in the street trying to stuff it in all of your pockets
Always keep an eye open for dodgy looking characters when you use a cashpoint or money changer (sadly that's just about every male in The Philippines)

[stevewool]

thats what i was thinking

[philuk]

yes steve we always use the ATM TSB charges 2 quid per transaction, never pay by card in the shops, always cash,
The wife will bargain down in any shop,
I keep telling her, "why dont you just use a baseball bat and save time " LOL "

[subseastu]

We've opened a PNb ATM account out there now so we'll transfer money for holidays in lump sums through out the year as and when the exchange rate favours us or if indeed we have the spare cash.

[Terpe]

Nothing much to add to the very sound advice already given.

Just remember there are legal limits to the amount of Peso's you can carry in (P10k)
as well as other currencies.

We also do exactly what stu has mentioned and I have to say that method has always (so far) been the best way by a mile.
Not gonna help you though mate coz you're going very soon.
Well unless you think the exchange rate will change significantly over the next few weeks.
Keep your eye to what happens in Eurozone though, just in case of something crazy.

[stevewool]

thats a thing to do next time we visit london is to open a bank account with pnb or the other one,

[subseastu]

Just call into a branch when your on holiday steve. It took us about an hour to complete all the paperwork and they issused us with atm cards right away. We where the first one in the door when the bank opened though which helped. I've a feeling that PNB in the uk is going away from banking now and dealing with just remitance. Could be wrong though