How to convert US dollars to Philippino pesos?

Why must I haggle with a bank in Dipolog, Philippines for the best rate for converting to dollars to pesos? Isn%26#039;t there some simpler way of electronically transfering from one to another. Can I transfer by wire, from the US, dollars to a Philippine bank account and have it automatically change into pesos at the best rate?

How to convert US dollars to Philippino pesos?credit bureau

They don%26#039;t want to give you the best rate so they can pocket the rest, plus their %26quot;service fee.%26quot;

You pretty much answered your own question. HAGGLE with them. I%26#039;m sure, just like anywhere else, there are many other banks looking to get your business.

Now, you did not specify how much money, but of course the more you have the more power you have to negotiate.

How to convert US dollars to Philippino pesos?

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Go to your bank! they will sometimes do it for you.|||I do it over the internet.

e-banking rules!!!|||You can Convert your US$ at the AirPort but the rate there might be a little different then say a bank. If you are traveling with trusted people they should know. I advise you not to convert all your $$ at once for the rate changes often.|||I use my ATM card and just get pesos when I get my cash. I leave my money in the USA bank and just take it out as I need it..No haggling with anyone.|||If you transact in a bank, the rates are fixed based on the Central Banks exchange rate. Unless you are a special friend of the Bank President or the Central Bank Governor, you might be able to haggle. If not, then it would be awkward and embarrassing to do so. To get a better exchange rate, convert your dollars in street money changers where it is possible to haggle.

For money transfers, Western Money Union is quite popular in the Philippines. If you transfer dollars to a Philippine bank account, the bank will process the conversion automatically unless you are depositing also in a Dollar denominated bank account.

By the way are you sending money to a special someone?

Be careful in sending money to strangers as there are a lot of scams online right now. A few days ago, I was in an internet cafe and the girl beside me was trying to seduce a foreigner online to send her money. I heard her call her friend on the other side that his guy can be fooled. I gave her a disgusting stare, shouted a loud comments about Filipinas destroying the reputation of the Philippines for a few minutes and she finally left with her head down.