Philippines: Cash, Credit Card, Withdrawing Money

The national currency in the Philippines is the Peso. One Philippine peso consists of 100 centavos. The abbreviation for Philippine Pesos is PHP.

For one Dollar you get about 48.18 PHP (as of December 2020). The exchange rate usually goes through many ups and downs in the course of a year. A currency converter will tell you the current exchange rate from peso to US dollars and other currencies.

The Best travel credit card for the Philippines

With the right credit card, you can save a lot of money on your travels. Most of these travel credit cards also provide the benefits of free travel insurance, allow users to earn miles or points that can be converted to miles and can be transferred to participating frequent flyer programs, provide airport lounge access (for free or for a minimal fee), and other lifestyle offers. Some of the best travel credit cards in the Philippines include the Diners Club International, Citi PremiereMiles Card, BDO JCB Club, Metrobank Travel Platinum Visa, and EastWest Platinum Mastercard.

It is not recommended to change your cash into Philippine pesos before your trip. Banks and exchange offices in the Philippines will usually give you a much better exchange rate than for example a bank in Germany. In addition, you are also allowed to import and export a maximum of 10,000 pesos (approx. 190 dollars).

At the international airports of the country there are cash machines and exchange offices ("Money Exchange"). You can get cash there before you leave the airport building.

However, I would like to point out that the exchange rates at the airport are often worse than in the city. If you have to change money there, I would only exchange as much as necessary.

Basically I recommend comparing the rates of different exchange offices. In hotels the rates are usually not that good. With a currency calculator on your smartphone you can get an idea in advance how much you can expect (usually it is a little less).

Banknotes with a high value will usually give you a better rate than small bills.

With the right credit card you can save a lot of money during your stay in the Philippines. On the one hand, there are the fees that many banks charge when you withdraw money from outside Europe. These are quickly five to ten dollars per withdrawal. Small amount can add up, so you will want to avoid these fees.

In addition to the fees of your bank, there are also the fees that the Philippine bank charges usually you. Typically, that amounts to 250 pesos per withdrawal (about 4.75 Dollars), regardless of the amount.

If you have to withdraw money several times in a row because of the limit of 4,000 to 10,000 pesos per withdrawal, these fees will be charged each time you have the desired amount.

Such third-party fees are also charged in some other countries in Southeast Asia, such as Thailand. Unfortunately, since 2020 they are no longer refunded by any provider.

Nevertheless, you can still save a lot of money with the right travel credit card. DKB and Barclaycard, for example, have free credit cards that do not charge you any fees when you withdraw money worldwide and with which you can pay free of charge in local (foreign) currency.

Like everywhere else in the world, criminals in the Philippines are after your credit card details. There are two main situations in which you need to be careful.

You should always keep your card in view when paying to prevent it from being used for other bookings. The danger in shopping malls is less than in small restaurants or travel agencies, for example. If you cannot monitor the process because the waiter or salesperson wants to take your card to the back, it is better to pay in cash.

There are also manipulated cash machines. There is a second device attached to the ATMs that reads your card data. In most machines the card slot is flush with the rest of the surface. Be suspicious if there is a box on it where you should insert the card.

If you have lost money or credit cards during your trip, or you need more foreign currency quickly for some other reason, friends or family can send you money. This is possible with Western Union, for example, where you can send amounts of up to 1,000 dollars without registration. A fee is charged for this, which is based on the amount. For 1,000 dollars, there are about 40 to 50 dollars.

The money will be debited from the remitter's account and can be collected by the recipient after a few minutes, upon presentation of the passport and the transaction number. For example in a local branch, but also in some banks or hotels.

Other providers include Moneygram and Azimo.

• Import or export of money: Contributions over $10,000 and over 10,000 pesos must be declared to customs.
• It is best to take two credit cards from different providers with you if there is a problem with one card.
• The crime rate in the Philippines is higher than in many other Southeast Asian countries. Especially in cities like Manila. Money and expensive valuables should therefore not be displayed openly.