Have you arrived at the Philippines with dollars (or any other currency) as the only money in your pocket? Exchanging them to Philippine pesos is easy! Many places are willing to exchange them with very low fees.
- Banks - Many banks in the Philippines have the same rate of currency conversion to and from U.S. dollars as set by the Central Bank of the Philippines. That means, while banks will still get profit from the exchange, you will still get almost all the peso equivalent of your dollars. This is the most preferred playing of exchanging foreign currency as they have minimal fees, good service and are very secure.
- Malls - Many large and established malls in the country have the "Bills Payment" sections where you can exchange your money with low fees. These places will usually impose a slightly higher charge than banks when exchanging your money, but they are convenient as you can buy your needed things or dine in without the need to go out of the mall.
- Remittance centers - From these places come the money which Overseas Filipino Workers (OFWs) send to their loved ones in the country. They will offer to exchange your money for a reasonable deduction in the money that you will receive. These are usually tied in to pawnshops, which are also partnered with shops selling jewelry and accessories, so you can expect them to have an abundant supply of bills.
The deductions that those institutions make for every currency exchange may vary. Some banks may take less than 1% from the national exchange rate, while malls and money changers will make deductions with an average of 2%.