stacy123

Hi anybody know of a good money changer in manila? In my job I earn a lot of cash, I don't want to bank it for obvious reasons! Bank Withdrawals in the Philippines cost me 250 pesos their end and the UK charges me about £5 this end for 10000 pesos, so for about £150 quid I get charged anywhere from 6 to 10 pounds! Shame to leave it all in the loft! But I've heard many stories of people getting ripped off. Thanks

scot47

You earn a lot of cash ? Dealing ?

Stokkevn

There is one in Glorietta mall in Makati not far from the supermarket in the maim building, can't remember the name but I was always please with the exchange rate and as far as I can remember - no fees.

mikemike

Any of the SM Malls will have an exchange counter. You may be asked for your passport as the number may be recorded.

Avoid the street front places you will be robbed blind as the hand moves faster than the eye.

Gazza-d

Nothing wrong with the streetside money changers as long as you stand and recount the money infront of them looking for folded over notes. You will get a far better rate. SM is marginally better than the airport.

mikemike

Plenty wrong with them. Once you touch the money the deal is done, any loss is down to you. i saw that happen in Malate to a german guy who looked set to lift off. A police officer told him to move on. Not a security guard a PNP guy who then proceeded to sit back down and smile at the world. No doubt he earned his commission.

For marginal difference on the rates, the risk is clear to see.

stacy123

Thanks guys I'll take a wod full notes with me and hope for the best then. How much cash are you allowed to travel with? Don't want to get it confiscated!

mikemike

https://www.philippine-embassy.org.s...e-philippines/

Bealinehx

If you are leaving the UK with cash I understand tha the limit is 4000GBP, I stand to be corrected on this limit,
You may be subject to a random HMRC currency inspection at which you have to show proof of origin of cash exceeding 1000GBP, failure to do so will result in confiscation.
HMRC do on occasions deploy specially trained currency sniffer dogs.

Pulaski

So you want to convert GBP to PHP? …. Is there some reason why you're not using TransferWise or a similar on-line FX broker-remitter? There are quite a number, including WorldFirst, OandA, and xe.com among others.

Maybe you're just not familiar with the concept? You send the FX broker-remitter your GBP and they send a credit in local currency to a bank in the other country. The exchange rates offered by on-line FX broker-remitters are extremely good for small amounts (up to at least GBP25,000 where the banks start to get a bit more competitive). The exchange is done by the FX broker remitter, often at remarkably close to the mid rate, so the banks at either end don't get to charge their ridiculous fees and exchange rates - the bank in the UK see the GBP leave our accounts, and the bank at the other end receives local currency. …. I am not certain about the Philippines, but whenever possible TransferWise is able to make a "local credit", so you don't get stuck with a wire fee.

Bealinehx

I use Transferwise and it is faster and cheaper than bank to bank transfers. However you need to explore how you receive the money in the Philpinnes. Visit the website as highlighted by Pulaski

stacy123

Thanks for the advice I'll start researching about it. Excellent Forum from people in the know

nonthaburi

No, that's incorrect. You have to declare anything above €10,000. That's not too say you can't take more than that.

https://www.gov.uk/bringing-cash-into-uk

Bealinehx

As I stated in my post I stood to be corrected. Thank you. However the point regarding random searches is still pertinent.

stacy123

Why have my posts been deleted? That's odd