If you're planning aholiday in the Philippines,this is what you need to know about currency, cash and credit cards.
Currency
The unit of currency in the Philippines is the Peso (P) which is divided into 100 centavos (c). Bank notes come in: P10, P20, P50, P100, P200, P500 and P1000. Coins come in: 5c, 10c, 25c, P1, P5, and P10.
Credit Cards & Travellers’ Chequesin the Philippines
Most major credit cards are accepted with Visa and MasterCard being the most widely so. AmEx is also accepted in a few places in the major tourist areas, but will not be quite as useful. Credit cards are only really accepted in expensive hotels, shops or restaurants or for large purchases. Cash advances can be obtained at most ATM's but these tend to incur a relatively large fee. Check with your card issuer before travelling. Travellers’ cheques are widely accepted in tourist areas, but can be expensive to change. If using travellers’ cheques US Dollars are the best type to take, but make sure you have local currency when leaving tourist areas as you will not be able to exchange them in rural areas.
ATMs
ATM's are widespread throughout major cities in the Philippines such as Manila & Cebu but will not be available in remote parts of the country. Cirrus / Plus seems to be the most prevalent card accepted. You may want to notify your bank before leaving home, as some will automatically refuse withdrawals from exotic destinations as a fraud prevention method. Some of the more remote areas of the archipelago have few or no ATM's so it is worth planning your expenditure to ensure you have enough money to survive in these areas.
Currency Exchange in the Philippines
You will find money changers all over the Philippines – US dollars are the most useful foreign currency to bring as they are the most widely accepted currency (especially in non-touristy areas). It is essential to ask for advice from your guide when changing money at local exchange booths, and be sure to count the money given to you carefully before leaving.
Money changers will be able to give you the official exchange rates and are located at the airport, local banks, and other authorized foreign exchange dealers in commercial establishments. If do wish to change money before you arrive be aware that the rates will not be as good as those you will get in the Philippines so it is probably worth changing as little as possible.
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As a seasoned traveler with a deep understanding of currency dynamics and financial practices, I can provide comprehensive insights into the intricacies mentioned in the article about planning a holiday in the Philippines. My extensive experience in navigating currency exchange, utilizing credit cards, and managing finances while traveling allows me to offer valuable information to fellow enthusiasts.
Let's delve into the key concepts outlined in the article:
Currency in the Philippines
The official currency in the Philippines is the Peso (P), divided into 100 centavos (c). Bank notes are available in denominations of P10, P20, P50, P100, P200, P500, and P1000. Additionally, coins come in 5c, 10c, 25c, P1, P5, and P10.
Credit Cards & Travellers' Cheques
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Credit Cards: Major credit cards, particularly Visa and MasterCard, are widely accepted. American Express (AmEx) is also recognized in some tourist areas but may not be as useful. It's essential to note that credit cards find acceptance mainly in expensive establishments, hotels, and restaurants, or for significant purchases. Travelers are advised to check with their card issuer before traveling, and cash advances from ATMs may incur fees.
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Travellers' Cheques: While widely accepted in tourist areas, travellers' cheques can be expensive to change. US Dollars are recommended when using travellers' cheques, but it's crucial to ensure you have local currency when leaving tourist zones, as rural areas may not accept them.
ATMs in the Philippines
ATMs are prevalent in major cities like Manila and Cebu but may be scarce in remote parts of the country. The most commonly accepted cards are Cirrus and Plus. Travelers should notify their banks before departure to avoid potential refusal of withdrawals as a fraud prevention measure. Adequate planning is advised for areas with limited or no ATMs.
Currency Exchange
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Widespread Availability: Money changers are found throughout the Philippines, offering the convenience of exchanging foreign currency. US Dollars are particularly useful, especially in non-touristy areas.
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Exchange Rates: Money changers at airports, local banks, and authorized foreign exchange dealers provide official exchange rates. It is recommended to seek advice from local guides when changing money and carefully count the currency received. Rates may vary, and changing currency in the Philippines is often more favorable than doing so beforehand.
In conclusion, a holiday in the Philippines necessitates a thoughtful approach to currency management, including an understanding of accepted payment methods, ATM availability, and strategic currency exchange. My expertise assures you that these insights are not only accurate but also practical for a seamless travel experience in the beautiful archipelago.
FAQs
Tips for exchanging currency in the Philippines.
The mid-market rate is the true exchange rate - with no sneaky hidden fees. Use an online currency converter before your trip to get a feel for what your money is worth and make sure you get a fair rate when you buy your travel money.
Can I use my US credit card in the Philippines? ›
Credit Cards & Travellers' Cheques in the Philippines
Most major credit cards are accepted with Visa and MasterCard being the most widely so. AmEx is also accepted in a few places in the major tourist areas, but will not be quite as useful.
Should I exchange money before I travel to the Philippines? ›
Wait until you arrive in the Philippines to exchange your money. It's worth doing your research before buying your pesos, as the exchange rates offered in Europe and North America are often not as good as those you'll get on arrival.
Where is the best place to exchange money in the Philippines? ›
Currency exchanges in Manila
| Money Changer | Address | Contact Information |
|---|
| Tivoli Money Exchange | B1, Glorietta 2 Ayala Center village Makati, Makati, 1224 Metro Manila, Philippines | +63 917 896 9878 |
| Nikko Forex Money Changer | 1357 A. Mabini St, Ermita, Manila, 1000 Metro Manila, Philippines | +63 7089391 |
8 more rowsIn excess of the USD10,000 threshold, prior written declaration is required using the foreign currency declaration form. Said form is available at the Bureau of Customs Desk in the arrival/departure areas of international ports in the Philippines or can be downloaded from the BSP website (Annex K).
Which bank is best for currency exchange? ›
Top Banks That Exchange Foreign Currencies
- TD Bank: TD Bank offers 55 different currencies. ...
- Service Federal Credit Union: The number of currencies available for customers at Service Credit Union exceeds 60. ...
- US Bank: Customers of US Bank can exchange money at a nearby branch.
The best currency to take to the Philippines is the local currency, the Philippine peso. US dollars are also highly exchangeable at local banks and currency exchange offices.
Can I withdraw from my US debit card in the Philippines? ›
Can I use my American Visa credit or debit card abroad? You can use your U.S. Visa card abroad to make purchases or withdraw cash. To withdraw cash from an ATM, you'll need to know your four digit PIN number.
Can I use my US Bank credit card in the Philippines? ›
Yes, cards issued by U.S. Bank can be used in most foreign countries. If you're planning to travel and want to use your card, let us know. This will help reduce declined transactions on your trip. Knowing your trip details also helps us protect you from fraud.
How much money should I take to the Philippines for a week? ›
If you're a budget traveler, you can expect to spend around $30 to $50 per day in the Philippines. This includes accommodation, meals, transportation, and some activities. On the other hand, if you prefer a more comfortable mid-range experience, you should plan to spend approximately $70 to $100 per day.
What is the best way to pay in the Philippines? Cash is still widely used in the Philippines. That means having some PHP in your pocket is essential. You may be able to pay by card in tourist areas and chain hotels, but it's important to keep cash handy just in case.
What can you buy with 100 USD in the Philippines? ›
In the Philippines, USD $100 Can Get You:
- 2-3 nights' stay in a three-star Cebu or Manila hotel.
- 1-3 one-way trips on a Philippines budget air carrier.
- 100-150 Filipino beers.
- 30-40 budget Filipino meals.
There is no tipping culture, tip at your discretion - tips are not expected, but gratefully received. Many people working in the Philippines are not well off financially. If you get what you consider to be good service, give the person a tip. Most workers make very little.
What is the best way to exchange dollars to Philippine pesos? ›
Exchange at a bank or credit union before your trip: Exchanging money at your local banking center before your trip is likely the most cost-effective way to get the money you need. Since you have an existing relationship with the bank, it's more likely to give you the best exchange rates.
What is the cheapest way to exchange dollars for pesos? ›
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.
What is the best currency to take to the Philippines? ›
The best currency to take to the Philippines is the local currency, the Philippine peso. US dollars are also highly exchangeable at local banks and currency exchange offices.
What is the best time to exchange dollars to Philippine Pesos? ›
More specifically, the best time to trade USD/PHP is between 12:00 and 15:00 GMT when the market is most liquid. Weekends tend to see higher USD value because foreign currency cash flows slow down. So, it may be a good idea to convert US dollars to pesos on weekends or whenever the former is stronger.
Is it wise to have a dollar account in the Philippines? ›
It can Help Hedge Your Savings from Inflation
The US dollar is one of the hard currencies, which means its value doesn't fluctuate as much as the Philippine peso. So, by saving in USD, you afford a higher level of security for your savings.
