Which gives the better exchange rate: ATM or cash?
Hello everyone,
I'm going to the Philippines for the second time. The first time, I brought cash and exchanged it at BDO. Recently I got a Schwab debit card, and I'd like to ask which is the best option for the exchange rate: bringing cash to BDO or using an ATM. I don't want to carry a lot of cash, but I'd appreciate any advice on how to exchange money.
Also, if I go with the Schwab card and an ATM, would it be hard to withdraw pesos at ATMs on small islands like Camotes or Siquijor? That's where I'll be spending most of my time. I read that some ATMs only accept Philippine citizen cards, some have only a very small amount of pesos in them, and I also read scary stories about ATMs not returning debit cards.
Thank you all
The best exchange rate is when you withdraw without conversion (WITHOUT conversion). Many ATMs will ask you to accept their own converted rate, but that's a rip-off. As far as I remember, BDO machines don't do that.
Schwab gives you the same rate you'd get by googling "convert 1 USD to PHP." Before going to a remote island, stop by an ATM in the city you're departing from first. Last November I made a mistake in Cebu: I didn't withdraw much pesos and went to Malapascua. The island's ATM had a problem, so for two days I couldn't withdraw cash from any ATM. I had to eat at a big hotel that accepts credit cards. Lesson learned. I bring dollars too, but only as an emergency backup.
Don't banks charge withdrawal fees if you don't have an account? I always used currency exchange shops with better rates than banks. Now I have a bank account in the Philippines, so I can use pesos anytime.
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