Currency Exchange and Cash: how it works in Philippines — first-hand
Short answer
Carry US dollars in cash as it is the most reliable payment and deposit method, as card acceptance and ATM availability remain inconsistent. Use established exchange providers like Palawan Pawnshop or Cebuana Lhuillier, and consider using the GCash e-wallet for better payment flexibility.
From real experience
When traveling to the Philippines, it is advisable to carry US dollars in cash, as exchanging Russian rubles directly for Philippine Pesos is not widely available.
While UnionPay cards may work for ATM withdrawals and sometimes for payments, acceptance is not universal, and there can be daily withdrawal limits or ATM cash shortages. Cash in USD is the most reliable option. Ensure you have enough cash, as reliance on card payments or ATM withdrawals can be inconsistent.
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Currency exchange in the Philippines: cash (USD to PHP) is the primary method of payment.
Exchange rates in Manila airport are generally competitive, whereas Cebu airport is considered unfavorable. UnionPay and other international cards are unreliable for direct payments and ATM withdrawals. It is recommended to carry cash in multiple secure locations. Online services like Kwikpay can sometimes be used to transfer funds to local e-wallets like GCash.
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When arriving in the Philippines, particularly for transit through airports like Caticlan, Manila, or Shanghai, it is important to plan for currency exchange.
Exchange services at airports may have limited operating hours, especially for night layovers. It is advisable to check the availability and rates of currency exchange booths in advance. For accessing Boracay, currency exchange for taxes or initial expenses should be factored into travel plans.
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Financial tips for Philippines travel: 1. ATMs are available, but withdrawing cash outside of major hubs (like Manila airport) usually incurs a 4-5% penalty due to less favorable exchange rates.
2. Some establishments accept QR code payments (like Sberbank/UnionPay where applicable). 3. Carrying large amounts of cash is generally discouraged due to security concerns; cards are widely used in developed areas.
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Hotel security deposits in the Philippines: Many hotels accept USD cash for deposits.
If paying in USD, the reception will typically record the bill serial numbers, seal the cash in an envelope, and return it upon checkout. It is recommended to contact the hotel in advance to confirm currency acceptance, as some hotels may offer better exchange rates than local shops.
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Currency exchange in the Philippines varies significantly by location.
Recommended exchange providers are Palawan Pawnshop, Cebuana Lhuillier, and M.Lhuillier. Digital payments via GCash are increasingly accepted and often offer better effective rates for travelers.