Money Changers/New 100$ Bill

[kev_n_jena 89]

I'm looking for first hand experience with money changers in the Philippines. Have you changed $100 bills in Phils since the new $100's came into circulation? Do they still take the old version of the 100?

It's been my experience that most money changers prefer the absolute newest crispest $100 bills and sometimes refuse to accept anything but those. I usually depend on debit and Xoom but always carry some cash in case of emergency.

Thanks for any feedback,

[chrisandstar 2]

A couple of weeks ago they took the old versions (in Muntinlupa) as long as they were in good or better condition. When I went to the bank before I left the US, they tried to give me the new monopoly money. It was the first time I had ever seen them, and I was concerned that the money changers might not have ever seen the new 100 before. I had the bank give me all good condition old-style bills.

Good luck.

[Bill & Ivy 6]

I have never had a problem changing money at a reputable place such as in malls, but if you attempt to use the street changers, they can be very picky not to mention will try to cheat you on exchange rate. Another way that I use is to do EFT (electronic fund transfer) Either open an account yourself, which can be done but you may have to go to some different banks before you find one that will open one for you,I use BDO, or transfer it to your wife or girlfriends account. Then transfer from US bank to PI bank. My bank charges a flat $15.00 fee in the US regardless of the amount transferred, and the Philippine bank has no charges at all. You can either transfer from US dollars to pesos, or set it up for US dollar to US dollar. Xoom charges the $4.99 rate plus they also get a small percentage of whatever you send bu not paying the full rate of exchange. I usually send larger amounts because we are building a house there, but it all depends on how much you send vs what your bank charges to send it, so for small amounts xoom may be cheaper, so you might want to look into it.

[notusinganymore 31]

I'm looking for first hand experience with money changers in the Philippines. Have you changed $100 bills in Phils since the new $100's came into circulation? Do they still take the old version of the 100?

It's been my experience that most money changers prefer the absolute newest crispest $100 bills and sometimes refuse to accept anything but those. I usually depend on debit and Xoom but always carry some cash in case of emergency.

Thanks for any feedback,

When we stayed at a hotel, we asked them if they can change it for us ajd they went to their bank to have it changed. When we found an area in the SM mall (their customer service and foreign exchange I think) then we did all our exchanges there. Either would take new or old bills.

If you have a bank account in a bank or know someone, then just go to a bank to have it changed. Banks would accept both old and new as the old ones are still in circulation and they are aware of it.

Hope things go well for you

[kev_n_jena 89]

Thanks for the replies. Some of the best exchange rates I've gotten have been from small time money changers. They compete with each other across the street sometimes. There aren't any malls where we stay in N. Samar and I've had trouble exchanging in banks in the past. They may have changed their policies by now. I've also used M. Lhuillier.

[notusinganymore 31]

Thanks for the replies. Some of the best exchange rates I've gotten have been from small time money changers. They compete with each other across the street sometimes. There aren't any malls where we stay in N. Samar and I've had trouble exchanging in banks in the past. They may have changed their policies by now. I've also used M. Lhuillier.

I see. The small time money exchangers are better in terms of rate but I'm not sure if they will accept it. I mean most prolly they would since they are updated with monetary changes. If it won't work then the airport money changers (NAIA3) would also do changes.

Good luck!

[clairegie 265]

I just did this a few days ago, exchanged dollars to php at Banco de Oro. I don't have an account with them, they just asked for 2 ID's and had me fill out some forms. Didn't have any problems.

[smithmm 1]

I have never had a problem changing money at a reputable place such as in malls, but if you attempt to use the street changers, they can be very picky not to mention will try to cheat you on exchange rate. Another way that I use is to do EFT (electronic fund transfer) Either open an account yourself, which can be done but you may have to go to some different banks before you find one that will open one for you,I use BDO, or transfer it to your wife or girlfriends account. Then transfer from US bank to PI bank. My bank charges a flat $15.00 fee in the US regardless of the amount transferred, and the Philippine bank has no charges at all. You can either transfer from US dollars to pesos, or set it up for US dollar to US dollar. Xoom charges the $4.99 rate plus they also get a small percentage of whatever you send bu not paying the full rate of exchange. I usually send larger amounts because we are building a house there, but it all depends on how much you send vs what your bank charges to send it, so for small amounts xoom may be cheaper, so you might want to look into it.

Bill & Ivy,

Another possibility is to try a service like Western Union. I first heard about the good service over 2 years ago & have saved a fortune in bank fees. Even if your US bank doesn't charge an outgoing wire fee, oftentimes the PI bank will assess an incoming one. We've been working on houses here too, so whatever you save in fees goes to cement, rebar, labor, etc. Today I did 2 transfers using WUpay & bank account to agent in US$ with no fees for either. So it's just a few weeks away to being an entire year without WU fees! Details about past users in link: http://www.visajourney.com/forums/topic/422989-western-union-money-transfer/page-4

I brought some of the fresh $100s for my visit & there was no trouble with my wife changing them last week. She had no comments, so I presume that they're widely accepted here.

[DavenRoxy 1,073]

I have never had a problem changing money at a reputable place such as in malls, but if you attempt to use the street changers, they can be very picky not to mention will try to cheat you on exchange rate. Another way that I use is to do EFT (electronic fund transfer) Either open an account yourself, which can be done but you may have to go to some different banks before you find one that will open one for you,I use BDO, or transfer it to your wife or girlfriends account. Then transfer from US bank to PI bank. My bank charges a flat $15.00 fee in the US regardless of the amount transferred, and the Philippine bank has no charges at all. You can either transfer from US dollars to pesos, or set it up for US dollar to US dollar. Xoom charges the $4.99 rate plus they also get a small percentage of whatever you send bu not paying the full rate of exchange. I usually send larger amounts because we are building a house there, but it all depends on how much you send vs what your bank charges to send it, so for small amounts xoom may be cheaper, so you might want to look into it.

What bank are you using in the US? Because I don't know of any banks that don't charge a wire xfer fee for the service, or at least a usd-php exchange fee, which is typically 1 php, or around $23 per $1000 sent. PLUS any associated xfer fees.

[Bill & Ivy 6]

What bank are you using in the US? Because I don't know of any banks that don't charge a wire xfer fee for the service, or at least a usd-php exchange fee, which is typically 1 php, or around $23 per $1000 sent. PLUS any associated xfer fees.

As I said, my bank charges me a flat $15.00 transfer fee, regardless of the amount $100.00 or $100,000.00 same fee. I have used 2 different banks before, Virginia Commerce Bank and Pentagon Federal Credit Union. I prefer to use PFCU, because they are set up to do international banking. When we are in the Philippines for extended periods of time I can pay bills from there, move money around as needed, all online. Other banks I have attempted to use from there to do online banking, or anything other than to use an ATM , have not worked for me, because they want me to come in person to the bank in order to transfer money, so they can verify who I am in person,,,well that dosnt work too well when I am 9,000 miles away from the bank. PFCU, I always notify them before I leave, and have never had any problems using there online banking from there at all. If you are there for long periods (Philippines) you can also write a personal check at and cash it, with no charges at all from either bank,,,,,but it does take 24-30days for the check to clear, but if you plan ahead, thats not a problem.

[DavenRoxy 1,073]

As I said, my bank charges me a flat $15.00 transfer fee, regardless of the amount $100.00 or $100,000.00 same fee. I have used 2 different banks before, Virginia Commerce Bank and Pentagon Federal Credit Union. I prefer to use PFCU, because they are set up to do international banking. When we are in the Philippines for extended periods of time I can pay bills from there, move money around as needed, all online. Other banks I have attempted to use from there to do online banking, or anything other than to use an ATM , have not worked for me, because they want me to come in person to the bank in order to transfer money, so they can verify who I am in person,,,well that dosnt work too well when I am 9,000 miles away from the bank. PFCU, I always notify them before I leave, and have never had any problems using there online banking from there at all. If you are there for long periods (Philippines) you can also write a personal check at and cash it, with no charges at all from either bank,,,,,but it does take 24-30days for the check to clear, but if you plan ahead, thats not a problem.

There should be no restrictions on using online banking, regardless where in the world you are. I use USAA. and can access my all my accounts and pay bills from anywhere in the world. (Most are set up automatically, but I can xfer money from anywhere).

What I am getting at is that banks typically "charge" you via a exchange rate decrease from the given bank rate, and usually it's around 1php. So if the online rate for that day is 43.5php to 1usd, then the bank will move your money to the PI bank for $15, plus their exchange rate will be 44.5php, so you will lose about $23 in the transaction. This will be totally invisible to you, unless you call them and compare their transaction rate against the daily LIBOR rate.

WU does it, Xoom does it, and I'm sure most banks do as well. I know Metrobank in the PI does it. Their exchange rate is normally 1-1.2php lower than the daily rate.

If PFCU does NOT do it, I would be surprised, but you'll never know unless you call them and ask about it.

[Bill & Ivy 6]

There should be no restrictions on using online banking, regardless where in the world you are. I use USAA. and can access my all my accounts and pay bills from anywhere in the world. (Most are set up automatically, but I can xfer money from anywhere).

What I am getting at is that banks typically "charge" you via a exchange rate decrease from the given bank rate, and usually it's around 1php. So if the online rate for that day is 43.5php to 1usd, then the bank will move your money to the PI bank for $15, plus their exchange rate will be 44.5php, so you will lose about $23 in the transaction. This will be totally invisible to you, unless you call them and compare their transaction rate against the daily LIBOR rate.

WU does it, Xoom does it, and I'm sure most banks do as well. I know Metrobank in the PI does it. Their exchange rate is normally 1-1.2php lower than the daily rate.

If PFCU does NOT do it, I would be surprised, but you'll never know unless you call them and ask about it.

OK.

[Bill & Ivy 6]

There should be no restrictions on using online banking, regardless where in the world you are. I use USAA. and can access my all my accounts and pay bills from anywhere in the world. (Most are set up automatically, but I can xfer money from anywhere).

What I am getting at is that banks typically "charge" you via a exchange rate decrease from the given bank rate, and usually it's around 1php. So if the online rate for that day is 43.5php to 1usd, then the bank will move your money to the PI bank for $15, plus their exchange rate will be 44.5php, so you will lose about $23 in the transaction. This will be totally invisible to you, unless you call them and compare their transaction rate against the daily LIBOR rate.

WU does it, Xoom does it, and I'm sure most banks do as well. I know Metrobank in the PI does it. Their exchange rate is normally 1-1.2php lower than the daily rate.

If PFCU does NOT do it, I would be surprised, but you'll never know unless you call them and ask about it.

[Bill & Ivy 6]

I refuse to bank with the big banks, I have my reasons, but I dont like the way they have changed the banking industry, so I refuse to use them. instead, I use smaller local banks that still offer most of there services for free, but because they are small, some choose to not offer international banking, they do not have many requesting it , but my credit union does. When I transfer money, I transfer US dollars from USA to a US dollar account in the Philippines. If I transfer $10,000 dollars from USA, I get $10,000 exactly in my account here in the PI, and I pay my bank $15.00 per transaction. Now when I do convert to pesos, there is a small difference in the rate of exchange, I am aware of that.

Check out this site, www.liveinthephilippines.com, its a blogger friend of mine, just happens he had written a post today that might interest you.

[DavenRoxy 1,073]

I refuse to bank with the big banks, I have my reasons, but I dont like the way they have changed the banking industry, so I refuse to use them. instead, I use smaller local banks that still offer most of there services for free, but because they are small, some choose to not offer international banking, they do not have many requesting it , but my credit union does. When I transfer money, I transfer US dollars from USA to a US dollar account in the Philippines. If I transfer $10,000 dollars from USA, I get $10,000 exactly in my account here in the PI, and I pay my bank $15.00 per transaction. Now when I do convert to pesos, there is a small difference in the rate of exchange, I am aware of that.

Check out this site, www.liveinthephilippines.com, its a blogger friend of mine, just happens he had written a post today that might interest you.

That's true, if you xfer USD to USD you lose nothing. Then you can take the cash out on the street and exchange it, typically getting a better rate than the banks give.

I don't use a big bank either. In fact, USAA isn't even a bank in the conventional sense. But they have GREAT benefits for their customers.

Are you referring to the article about paying yourself first? It's a shame he has so many typos, otherwise it's not a bad article. I especially like his advice on depositing a check, that is the method I plan to use when I retire over there. My wife has a Metrobank account, so we show up, write a check for say $5000, use her money, and 25 days later, the balance is back up there. Of course, this means you have to have money there in the first place, but...

And Metrobank charges $4 per check written. So there IS a fee, but it's much lower than ATM fees.