Knowing where to buy dollars in the Philippines is important for anyone looking to exchange their currency. With a robust economy and steady growth, the Philippine Peso continues to be an attractive option for travelers and investors alike. Fortunately, there are several options for exchanging money in the Philippines, ranging from banks and money changers to online exchanges and remittance centers.
In this article, we will discuss the top 10 places to buy dollars in the Philippines, as well as provide some useful tips and information on Philippine money exchange regulations. With a little bit of knowledge and guidance, exchanging money in the Philippines should be an easy and straightforward process. So let’s get started!
Importance of Knowing Where to Buy Dollars in the Philippines
It is important to know where to buy dollars in the Philippines because the country’s currency exchange rates can vary significantly depending on the location. Exchange rates are determined by a combination of factors such as political stability, inflation, and economic activity. By doing research ahead of time, you will be able to find the best rate for your exchange.
Moreover, it is important to know the regulations and restrictions on foreign currency exchange in the Philippines. Many banks and money changers may have different restrictions on how much money can be exchanged at one time, as well as applicable fees and charges. Getting familiar with these rules ahead of time will help ensure that you get the best rate possible and have a smooth exchange transaction.
Philippine Money Exchange Regulations
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is responsible for regulating and supervising money exchange activities within the country. As such, all transactions involving foreign currency must be reported through a duly accredited money changer or intermediary to ensure that all transactions are properly monitored and compliant with applicable guidelines and regulations.
The BSP has also established a maximum amount of foreign currency that can be exchanged without prior authorization, which is currently PHP 50,000 (or its equivalent in another currency). Any transaction exceeding this amount must have prior approval from the BSP before it can take place.
Top 10 Places to Buy Dollars in the Philippines
The Philippines is a great destination for travelers in search of an excellent exchange rate. Whether looking to buy or sell dollars, there are plenty of options available throughout the country. To help you find the best place to exchange your currency, here are our top 10 picks for buying dollars in the Philippines:
| The Place to Buy Dollars | Advantages | Disadvantages | Estimated Exchange Rate | Estimated Fees |
|---|---|---|---|---|
| Banks |
|
|
1 USD = 49.50 PHP | Varies |
| Money changers |
|
|
1 USD = 49.30 PHP | 2-5% |
| Remittance centers |
|
|
1 USD = 49.20 PHP | 1-3% |
| Hotels |
|
|
1 USD = 49.40 PHP | 3-5% |
| Airports |
|
|
1 USD = 48.60 PHP | 3-5% |
| Online Exchanges |
|
|
1 USD = 49.00 PHP | 1-2% |
| SM Forex |
|
|
1 USD = 49.30 PHP | 2-4% |
| Sanry’s Money Changer |
|
|
1 USD = 49.20 PHP | 2-4% |
| Czarina Foreign |
|
|
1 USD = 49.20 PHP | 2-4% |
| BPI |
|
|
1 USD = 49.30 PHP | Va |
1. Banks
Banks are one of the safest and most reliable sources for exchanging currency in the Philippines. Most banks provide competitive exchange rates, however, some may have minimal amounts or other fees involved in the transaction.
Here is a list of some of the best banks for buying dollars in the Philippines:
- BDO (Banco de Oro): BDO is one of the largest banks in the Philippines and is known for its competitive exchange rates and low fees.
- BPI (Bank of the Philippine Islands): BPI is a great option for both buying and selling dollars. It Offers favorable rates and minimal amount of fees.
- Metrobank: Metrobank is another popular choice for buying dollars in the Philippines. It provides competitive fees and rates but tends to be a bit slower than other banks.
When using banks to exchange money in the Philippines, it is important to note that most have a maximum amount of PHP 50,000 per transaction and may require prior authorization if exceeding this limit.
2. Money Changers
Money changers are another great option for those looking to exchange foreign currency in the Philippines. These specialized stores offer competitive rates with minimal fees, and the transactions are often done quickly and securely.
Here is a list of some of the best money changers for buying dollars in the Philippines:
- Travelex: Travelex has several branches throughout the Philippines and offers a variety of foreign currency exchange services, including cash, prepaid cards, and more.
- SM Business Services: SM Business Services is another popular choice for exchanging foreign currency in the Philippines. It offers competitive rates and minimal fees.
- RCBC Money Changer: RCBC is a trusted name in the money exchange industry and offers competitive rates with minimal fees.
When using money changers to exchange money in the Philippines, it is important to note that most have a maximum amount of PHP 50,000 per transaction and may require prior authorization if exceeding this limit.
3. Remittance Centers
Remittance centers are another great option for those looking to buy dollars in the Philippines. Many of these centers offer competitive rates with minimal fees, and the transactions are usually done quickly and securely.
Here is a list of some of the best remittance centers for buying dollars in the Philippines:
- Western Union: Western Union offers a variety of money exchange services and is a popular choice for those looking to buy dollars in the Philippines.
- Cebuana Lhuillier: Cebuana Lhuillier is one of the most trusted remittance centers in the Philippines and offers competitive rates with minimal fees.
- Palawan Express: Palawan Express is another popular option for those looking to buy dollars in the Philippines. It offers competitive rates and minimal fees, as well as a convenient online platform for making transactions.
When using a remittance center to buy dollars in the Philippines, it is important to ensure that you are dealing with a legitimate and reputable provider. Ensure that the center is registered with the BSP and always check the exchange rate before making any transactions.
4. Hotels
Hotels are another great option for those looking to buy dollars in the Philippines. Many hotels offer competitive exchange rates, however, they often charge additional fees and commissions that may not be necessary at a money changer or remittance center.
Here is a list of some of the best hotels for buying dollars in the Philippines:
- Shangri-La Hotel: The Shangri-La Hotel is one of the most popular hotels in the Philippines and offers competitive exchange rates.
- Makati Shangri-La: The Makati Shangri-La is another great hotel for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
- The Peninsula Manila: The Peninsula Manila is one of the most prestigious hotels in the Philippines and offers competitive exchange rates with minimal fees.
When using a hotel to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple hotels for the best exchange rate.
5. Airports
Airports are another great option for those looking to buy dollars in the Philippines. Most airports offer competitive exchange rates, however, they often charge additional fees and commissions that may not be necessary at a money changer or remittance center.
Here is a list of some of the best airports for buying dollars in the Philippines:
- Mactan-Cebu International Airport: Mactan-Cebu International Airport is one of the busiest airports in the Philippines and offers competitive exchange rates.
- Ninoy Aquino International Airport (NAIA): NAIA is one of the most popular airports for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
- Clark International Airport: Clark International Airport is another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees and a convenient online platform for making transactions.
When using the airport to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple airports for the best exchange rate.
6. Online Exchanges
Online exchanges are becoming an increasingly popular option for those looking to buy dollars in the Philippines. These platforms offer competitive exchange rates and minimal fees, as well as a convenient online platform for making transactions.
Here is a list of some of the best online exchanges for buying dollars in the Philippines:
- Coinbase: Coinbase is one of the leading online exchanges for buying and selling cryptocurrency in the Philippines.
- Remitly: Remitly is a popular online exchange for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees, as well as a convenient online platform for making transactions.
- PayMaya: PayMaya is another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees and a convenient online platform for making transactions.
When using an online exchange to buy dollars, make sure to read all of the terms and conditions before making any transactions. Additionally, it is important to compare different exchanges for the best rate possible.
7. SM Forex
SM Forex is a specialized forex counter located inside select SM Department Stores throughout the Philippines. It offers competitive exchange rates with minimal fees, and transactions are usually done quickly and securely.
Here is a list of some of the best SM Department Stores for buying dollars in the Philippines:
- SM Mall of Asia: The SM Mall of Asia is one of the largest shopping malls in the Philippines and offers competitive exchange rates.
- SM Megamall: The SM Megamall is another popular choice for buying dollars in the Philippines. It offers competitive rates with minimal fees.
- SM North EDSA: SM North EDSA is one of the largest shopping malls in Manila and offers competitive exchange rates with minimal fees.
When using SM Forex to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple SM Department Stores for the best exchange rate.
8. Sanry’s Money Changer
Sanry’s Money Changer is a popular choice for those looking to buy dollars in the Philippines. It offers competitive exchange rates with minimal fees, and transactions are usually done quickly and securely.
Here is a list of some of the best Sanry’s Money Changers for buying dollars in the Philippines:
- SM City Cebu: SM City Cebu is one of the largest shopping malls in the Philippines and offers competitive exchange rates.
- SM City Davao: SM City Davao is another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
- Greenhills Shopping Center: Greenhills Shopping Center is one of the most popular shopping centers in Manila and offers competitive exchange rates with minimal fees.
When using Sanry’s Money Changer to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple locations for the best exchange rate.
9. Czarina Foreign Exchange
Czarina Foreign Exchange is one of the leading money changers in the Philippines, offering competitive exchange rates with minimal fees. Transactions are usually done quickly and securely, making it a great option for those looking to buy dollars in the Philippines.
Here is a list of some of the best Czarina Foreign Exchanges for buying dollars in the Philippines:
- Makati: Czarina Foreign Exchange Makati is one of the most popular branches, offering competitive rates with minimal fees.
- Alabang Town Center: The Alabang Town Center branch offers competitive exchange rates and minimal fees.
- Robinsons Galleria: The Robinsons Galleria branch of Czarina Foreign Exchange is another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
When using Czarina Foreign Exchange to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple locations for the best exchange rate.
10. BPI Forex
BPI Forex is the foreign exchange services division of the Bank of the Philippine Islands (BPI). It offers competitive exchange rates with minimal fees, and transactions are usually done quickly and securely.
Here is a list of some of the best BPI Forex branches for buying dollars in the Philippines:
- Ayala: The Ayala branch of BPI Forex offers competitive exchange rates with minimal fees.
- Makati: The Makati branch of BPI Forex is another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
- Robinsons Galleria: The Robinsons Galleria branch of BPI Forex is yet another great option for those looking to buy dollars in the Philippines. It offers competitive rates with minimal fees.
When using BPI Forex to buy dollars, make sure to ask about any additional fees and commissions that may be applied. Additionally, it is important to check multiple branches for the best exchange rate.
In Conclusion
There are many great options for buying dollars in the Philippines. Whether you choose a bank, money changer, remittance center, hotel, airport, online exchange, SM Forex, Sanry’s Money Changer, Czarina Foreign Exchange, or BPI Forex – make sure to compare rates and fees before making any transactions. With the right knowledge and a bit of research, you can get the best dollar-buying experience in the Philippines!
