NAIA Terminal 3, Manila – I have just arrived from a domestic flight. Walking out of the arrivals area, I notice some passengers (from international flights, perhaps) beeline to the currency exchange counter. I thought to myself, “don’t they want to shop around for the best dollar exchange rate first?”

Foreign tourists and balikbayans should know that there is no single standard currency exchange rate in the Philippines (background: When I went to China, I had the impression they did since currency exchange was only allowed in banks).  Buying and selling of currency is a business, and as such, different business entities ask for slightly different rates.

Where to change your money

For your reference here are the following places (that I know of) where you can have your money exchanged:

• Currency exchange counter at the airport
• At a local bank
• At a foreign exchange counter in a department store, like SM and Robinson’s
• Money changer stalls found in malls
• Money changer outlets (usually sleazy, I don’t recommend these)

Of all these places, I’d say the safest place to exchange Dollars (or other currency) is at the bank. Some banks, however, won’t allow money exchange unless you’re a depositor in their bank, so your next best option is the department store foreign exchange counter. Friends planning to travel abroad might also be interested in buying your Dollars, so that’s another option.

Comparing exchange rates

That day at the airport, I noted down the exchange rate and decided to make a mini-research for myself as to where one can get the best currency exchange rate in Manila. Their buying rate was: US$1 = PHP41.85. When I got home, I checked BPI’s buying rate online: US$1 = PHP41.69. For this round, the airport counter wins!

Now, let’s look at the rate of two of the most visible banks in Manila, BPI and BDO:

I took some figures from their website and it shows that BDO’s buying rate is P41.55 while it is at P41.40 in BPI. It looks like BDO has the better rate between the two.

BDO is owned by SM, but the forex rate in SM department stores vary throughout the day. I’d say the same goes for Robinson’s malls. But just to have an idea of their rates, I took things a step further by comparing BDO and Robinson’s Bank’s forex rates.

Between BDO and Robinson’s Bank, the latter wins by P0.05. It really isn’t much, so I’d say just go wherever’s more convenient for you.

Overall, this mini-research needs a lot more work. But based on these information I’ve gathered, it looks like the forex counter at the airport wins — although, I never asked if there was some kind of ‘service fee’, so it’s not a definitive win. But considering convenience, getting your Dollars exchanged for Peso in malls isn’t so bad.

Share your money changer experiences here, and let’s help each other find out where the best Dollar exchange rate in Manila is!