With the inflation rate soaring to record high in the recent months, the highest of which was pegged at 5.2% last July 5, 2018. Having this said, the increase in prices of basic commodities becomes almost inevitable; making more of our everything a little bit more expensive. In this article, we will be telling you which money changer you can have the best rates for a currency exchange.
Why is important to know the dollar to peso exchange rate?
For OFWs sending money to his or her family in the Philippines, the weakening of peso against the dollar doesn’t necessarily spell more money or savings. In fact, the weaker or lower the amount of pesos is, the lower the amount you get.
Whatever is gained from higher dollar exchange rate is easily devoured by the rising cost of living. Nevertheless, today could be the best time to send more dollars because this means higher in terms of value for the money. In turn, this means more spending power for OFW families in the Philippines.
Where can we have a money exchange?
There are many different locations to where you can have an exchange. As a matter of fact, scattered all over municipalities, towns, and cities are exchange rates like money exchangers, remittance centers, customer service desks in malls, and so on.
We will be listing some of the best places in Manila to exchange your dollars for the best rate possible below:
Czarina Foreign Exchange
This money changer has many branches in Metro Manila. However, their main office can be found in Ayala, Makati City. Moreover, they have several branches in Glorrieta Malls in Ayala, Makati and in Farmer’s Plaza and Ali Mall in Cubao, Quezon City.
Visit their website at http://www.czarinaforex.com/czarina.php to know some of their locations and to gain more information about them.
Edzen Money Changer
One of the most known money changers in the hear of Manila, it’s main office is in Mabini St. in Ermita, Manila. Edzen is always known to offer the highest exchange rate in the capital and is often the go-to when it comes to changing currencies.
Have a look at what they offer through their Facebook page by clicking on this link.
Sanry’s Money Changer
It has branches in Link Building in Ayala and in Glorietta malls. With over 20 branches, Sanry’s has the reputation of offering competitive rates. Furthermore, they also offer 24-hour services in their standalone branches.
To know more and to read feedback about them, visit their Facebook page.
Tivoli Money Changer
This money changer has several branches in Manila and Quezon City. They pride themselves on the “worry-free money exchange experience” they promise. This exchange office was founded in 1983 and has been standing strong since. Know more about who they are and what they offer through their website at https://tivoli.ph/.
Other options include the Emerald Money Changer, Core Pacific Money Exchange, Bamboo City Money Changer and the Naila’s Money Changer. There are a lot of money changers here in our country. More often than not, the ones that we do not know or are not famous are the ones better. However, the money changers listed above as proven their worth and their utmost help to our fellow Filipinos.
What other options do we have when there’s no money changer near our location?
If you’re not fond of traveling to places just to get your currency exchanged, you can always try and have you money changed in the following options:
For those who don’t want to go farther from where they live, there’s always the option to go to remittance centers with branches found almost anywhere like a convenience store. However, do know that remittance centers do not always offer money exchanges. However, you can try and inquire.
The best remittance centers you can try to exchange your dollars are: Cebuana Lhuiller, Western Union, Palawan Pawnshop, and M Lhuiller.
All you need is an identification card (ID) for verification purposes. Also, if you are receiving money from a different country and you immediately want it changed to the peso currency, these are the best places to go to.
NOTE: If you are receiving an amount greater than Php10, 000, you might need two (2) valid identification cards.
Foreign exchange centers in malls
Malls like SM and Robinson’s have foreign exchange centers that also cater OFWs who want a more convenient, if not safer place, to exchange their money. It’s safer because they only operate during business hours, there are guards in both the exchange center and the malls, and more people actually go there because of the convenience and the safety.
While they mainly accept US dollars only, some branches do accept other currencies like Japanese Yen, Saudi Riyals, Euros and others. However, you might want to check with them first via phone call before heading out for you to be extra sure.
Banking institutions have always been one of the best places for foreign exchange transactions. Due to their stricter rules, however, OFWs tend to move away from banks and choose other options like what we’ve listed above.
In case you are left with no other alternative and decide to do the transaction through banks, keep this in mind: They only accept foreign exchange transactions if you have an existing account, and in most cases, you will need to go to the specific branch where you opened your account.
In addition to that,, they would also often require sets of valid IDs like a passport and other government IDs. You can refer to what IDs are valid by clicking this link here.
Which banks are known to have better rates?
Of course, having a money changer feature in your business is also a mere attraction for OFWs and for their families. This is why banks also compete with each other in terms of setting the exchange rate. These are the best banks who’re offering the best rates in our country:
- Banco De Oro (BDO)
- Bank of Philippine Islands (BPI)
- Metrobank; and
- Philippine National Bank (PNB)
What can I do for me to arrive at the best money changer?
First thing you have to do is to do your research. You can’t expect to have the best value if you go there blind. Do a quick run on how much their rates for the day are. You can call them, shoot them a text, check their website or page, and so on.
Do a quick comparison on how much the difference is. If the difference is lower than the cost going to that branch or money changer, then just have your money changed somewhere nearer even if the exchange rate is not that good. It’s always better to be safer.
Lastly, read some news on how much PHP is versus the currency you’re changing it from. You can’t expect something to just go up and down instantaneously; everything that is happening is a product of something so you need to do a quick research about that.
There are tons of money changers here in our country. The only battle you are to face is the price of how much you are going to get as mark-up. Do a quick research, learn about the trends, and do comparison. You’ll be surprised at the amount you will be receiving.