So i have come home from the Phils with around 67000 PHP.. Which cost me over £1000 UK pounds in the Phils. Just got a quote from Tesco to sell the Peso's for £877.. Christ..! There must be another way of getting closer to my original amount.. All advice welcome
Best advice I can give you is to keep it and bring it back here to spend.
What on earth did you take it back there for?
Well, i would have exchanged it but once we got the CFO sticker in the passport i booked a flight last minute and just did not have the time to get to an exchange... Oh well, maybe il just save for my next trip then
Thats what I would do... Give it 6 months and you will almost forget you have them..
Really nice bonus for when you come back IMO.
i will give you £500 for them
Having such a large amount of cash is unlikely to be a problem for most members, and Fred’s advice is sensible ( as always ) – take it back with you, if possible, on your next trip
It is stated that bringing in and taking out of the Philippines currency in excess of P 10,000 is strictly prohibited, without prior authority from the Bangko Sentral ng Pilipinas ( BSP ). “ Any violation of this rule may lead to its seizure and civil penalties and/or criminal prosecution “ ( BSP Circular 98-1995 ). ( Contact Details
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate Manila, Philippines 1004
Tel. No. : (632) 708.77.01
E-mail: bspmail@bsp.gov.ph
).
I’m not aware how often this happens and have seen this observation :- “ I think everyone takes stacks of Pesos with them and just walks right through customs with it. If, by chance, you get stopped, they will be happy to come to an 'agreement' with you.
“.
Conversely, bringing in or taking out of foreign currencies is legal, but if in excess of US$ 10,000 ( or equivalent ) it must be declared at the Bureau of Customs Desk in the airport. The source of the money ( such as personal income) must be stated. This is in accordance with the Anti-Money Laundering Act of 2001, which requires all money transactions involving amounts in excess of P 400,000 to be reported to the Anti-Money Laundering Council (even if the transaction is done through the banks).
There’s good advice about money elsewhere (http://filipinaroses.com/showthread....ils?highlight= ) . It's normally unnecessary to obtain more than, say P 1000 before travelling to the Philippines, as the exchange rate for doing this in the UK is relatively poor ( not much more than P 60 / 1 GBP ). This compares unfavourably, for example, with sending money by Western Union ( over P 65 / 1 GBP ), or the exchange rate quoted on the internet of P 68 / 1 GBP . Your " Tescos quote " for exchanging pesos back to GBP of 1 GBP / P 76 is outrageous !
ATM’s are widely available in cities but not provinces. Be aware that there may be a daily limit to withdrawal of 300 GBP ( dispensed in pesos ), and a charge of about 4.5% - 13.50 GBP for each transaction !
i sold my peso to a local currency exchange two years ago i sold it at least 2.50 pesos higher than what i bought it. so obviously i gain a little income from it :
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