⌛ Converting cash Euro/US$ into PH peso

Banks in Dumaguete don't offer the possibility to convert cash Euro/US$ into PH peso. There are a number of money changers I've seen outside BPI across Mac Donald. Apart from these guys is there any other place in Dumaguete (a store or shop for instance) where you can convert against a competitive rate of exchange that's close to or near the rates as shown on the internet by various websites.

 

Downstairs Lee Plaza gives good rates (better than on the street where all the wheeler dealers can see) but still in the open, inside Check Inn hotel you can get competitive rates and is more private.
Ron

 

Moneychanger in Robinson's next to foodcourt (upstairs)

 

Agreed, and they give good rates too! :D

 

I have usually found the best rates at Optimum Trader or the place in the basement of Lee Plaza. I usually check with them and the one in the mall, but the one in the mall has so far never had the best rate.

 

optimum... best rates,best service...Miguel

 

I'm not always so interested in the 'best rate', personally. If one dealer is 5c or 10c lower per $1 than another dealer, say in the mall, I'll go for the one in the mall for its' security and comfort. I hate changing money in the street where every Tom, Dick & Harry can see what you're doing. Best of all worlds for me, is to get paid in Pesos & spend pesos. I don't have to even think about an exchange rate then.... I do think the banks are missing out on an earner in Dumaguete though. If they offered an in-house exchange service, they could clean up! So many guys would use a bank because it's secure, private and you feel better doing your banking in a bank.

 

I was told at my bank that the one in the mall and the one in Lee's are owned by the same company and that they always have the same rates. I don't know if that is correct.

 

I go the street guy and tell him that I want to change X number of USD's and to meet me in the bank at X time and we do the exchange right there in front of a teller. Just because they are called "black market" changers dose not mean that anything illegal is going on. We have changed some very large sums of money that way without the money ever leaving the bank.

 

What a sensible idea. I used to do the same thing in Macedonia back in the late 80's before the war. (Hyper) inflation was running at around 1000% so it was necessary to change your money daily. There was no shortage of locals prepared to buy my Sterling and we also concluded the transaction in the bank. I'd forgotten about that so thanks grandpainak for jogging my ageing memory. Do you find these guys outside McDo?