⌛ Coin Mill!

Yesterday, I was looking at my Coin Mill site, this is a site for currency exchange rates. I noticed that the Peso is 71.45php To the £. and 43 php to the $. The € at 62.26. The bank gave me 68php to the £, we all know I guess, that the commercial rate is higher than Tourist rate BUT when I sent money home, Western Union only gave me 64.50php to the £. Whilst this not so dramatic per pound, Can anyone tell me, why Western Union, offer such a Drop in the exchange rate? I would hazard a guess, that the rate per dollar, will have the same % drop. As will the Euro With western Unions Transfer fees being quite high, it does make a difference to the amount received, for our transfers. I do not normally use western Union for Home transfers but it was a little urgent.
I will add here, the € seems to be on a winner here just at this time


Jack P.

 

Western Union has a ripoff exchange rate. Why? So they can make more money off of you, and, I think some people just accept it and don't think twice about it. They will pocket on average 10% of your money transfer and 20% is not unheard of when they do the currency exchange. They are fine for sending money, but my wife and I NEVER use them for exchanging currencies, before, during, or after sending money. I send money to my wife in dollars, and she receives it in dollars, then exchanges it locally instead of using Western Union to make the currency exchange. I can send up to $800 U.S. for $12, which if sending $800, equates to 1.5%. The next tier is only $16, but I don't know what the next tier is after that.

Hopefully, I never need my wife to send me money to the U.S. It is almost impossible to find a place that will exchange Philippine pesos to dollars, with the exception of the money changers in large airports, such as LAX (Los Angeles).

 

In my experience it doesn't seem to help to send it in dollars, the office in Dalaguete claims it never has enough dollars on hand and pays her off in pesos anyway at a poor exchange rate

 

I have received Western Union dollar transfers in the basement of Lee Plaza. They offered a terrible exchange rate but 2 steps away is a money changer who at least at that time offered just about the best rate in town. Problem lies in that just because a place offers a good rate today doesn't mean they will have the best rate tomorrow. The proper money changing shops like Optimum often have a good rate and you have some assurance it is genuine.

 

A Western Union in a small city might be able to use that as a legitimate excuse, but often times it is a ruse for them to make more money on the transaction.

 

True, Optimum and the money change upstairs by the food court in Robinson's Mall both seem to usually have the best rates.

 

To avoid excuses from Western Union outlets in the city that they cant provide dollars as receive payment, better claim your dollars at any western union accredited banks such as BDO,BPI, PNB,Veterans etc.. I'm sure they have enough dollars with no excuse to exchange it in Philippine Pesos.

 

WU at Robinsons has usually enough $, if the amount is very high you tell them a day ahead what you expect and all is sorted.

Their exchange rate slightly lower than the money changer next door but much better than any bank gives you. The money changer there and optimum have normally the best rates in town.

 

British Pound!

Just at this time I on the British Pound, would this be handled as easy as the Dollar or Euro. If I have to send, seems better to send ££ and not convert First. However the payout would be Dollars or Pesos. Are there any views on this for collection?? Dollars OR Pesos?
Seems I will get caught whatever I do. I would have to convert from £ to € to pay into my PNB account so I thought just send the Pounds. Working with 4 different currencies is not as clear cut as one would imagine.


Jack P.

 

How about ATM machines? When someone use a USD ATM card in a BPI or any other ATM what do you get in USD exchange rate to Pesos. Then do all ATM's charge a 200 Php user fee? Where can I go here in Dumaguete and get more bang for the buck :-)