Which is the best currency to carry while travelling around the Philippines?

Question

For getting the best rates and widely accepted.

U$S Dollars,Euros,Pounds Sterling?

Is it difficult in some out of the way places where there are no banks perhaps?

Thanks.

Answer 1

If you can get pesos before taking your flight to the Philippines (if there is a travelex in your airport of origin, they may have the currency available) then that would be helpful, especially if you're taking the airport taxi to get to your hotel. Hotels will usually accept foreign currency, especially USD. USD/euro/pound sterling is also easily convertible to pesos when you get to the main cities, like Manila or Cebu. Make sure you have local currency before proceeding to the smaller towns. Keep in mind that the money changers usually give better rates than the banks.  It is usually better to use your credit card than carry wads of cash around. Lastly, atms issued by overseas banks are also accepted by the major atm networks in the Philippines, should you require more money (look for the cirrus, maestro, etc. sign on the machine).  

Answer 2

The best currency is either pesos or your home currency, assuming it isn't something like Nigerian Naira.  If you have Sterling, Euros, Yen, or some major currency, you are better off just bringing that, OTHERWISE you will lose 2 x on the exchange.  Since nobody provides services for free, there will either be a fee or a discounted rate when changing the currency every time.

The best way and best rate is to just use ATMs to withdraw money.  I am in the Philippines frequently and never carry any currency except pesos, and can't really understand why anyone would.

Answer 3

Any currency just make sure you exchsnge it to pesos in the local bank preferrably BDO. they have the best exchange rate. Caryying other currencies can be more expensive for you.

Answer 4

Many places will accept US Dollars.

If you stay in the cities, you can easily find stalls that will convert any foreign currency into pesos.

In any case it is much more convenient to carry philippine peso.you can use them in more places. and if you show foreign currency around you could be a target for pickpockets.

Answer 5

I think they are all guessing.  You can only spend PHP (peso) in philippines.  Sure, you can get your dollars or euros changed somewhere but every time you need to make that exchange you are putting yourself at risk of being ripped off by the slight-of-hand expert magicians who exchange money.  Use your atm card and get pesos from that atm and its a better exchange rate than you'll get anywhere.  I've spent a lot of time there and the only places that will take USD are the high end hotels and even then they only want crisp new bills.

Answer 6

pesos(Php) of course.

Answer 7

us dollars. there r lot of exchange centers available around the country. various stores and services accept dollars also.

Answer 8

dollars...  

Answer 9

Pisos of course is the currency that you should be carrying, everywhere, in the Philippines.

No matter how good you think the deal is for the accommodation, goods or service, the best deals are only done in pisos.

From personal experience, regularly comparing rates from different sources

- the best exchange rates are available from ATMs

- the best ATM bank rate, in my experience, is Citibank

So, just leave your money at home and carry a couple of ATM cards. Just make sure you have an account with a financial institution that offers no or low fees.

If you still feel the need to carry foreign cash, here are my thoughts.

I have not changed money in a Philippines bank since 1996. Don't know if things have improved but they used to have early cut off times for foreign exchange plus unnecessary fees. Also, I discovered they had the worst rates.

Even small towns will have a business that changes foreign currency. If there is no obvious money changer, the place that I suggest you try first is the pharmacy.

As another poster said, carry your own currency otherwise you will lose twice on the exchange rate.

If you do use a money changer, make sure you count your money in front of them, before you leave. After any error has been corrected, make sure you count it again.

I hope this helps!

Regards: Jim Sibbick

Answer 10

I always carry peso. Why carry USD? You get rip off.

Change to peso the best..

I been to Philippines 7 times..