Handling money in the Philippines while travelling is very simple, however, there are a few things you should be cautious about. As while making an entry in a new country for the very first time, having a basic idea about the currency before assists in averting the scams that target new travellers.
Philippine Peso: The Phillippine peso, with PHP as a currency code, is the official currency. The colourful notes are available in the denominations of 10, 20, 50, 100, 120, 500, and 1000. The peso is further separated into 100 centavos; however, you will have to rarely handle or encounter such fractional amounts.
Charges in the Phillippines are represented by the below-mentioned symbols:
- “₱” (official)
- P
- P$
- PHP
The currency that is printed prior to 1967 has the English word, “peso” written on it. After that era, the Filipino word, “Piso” was used.
Sometimes, U.S. dollars are accepted in the form of alternative payment and can be used in the form of emergency cash. Carrying U.S. dollars when you travel in Asia is a perfect idea for emergencies. If paying a price quoted in dollars instead of pesos, know the ongoing exchange rate.
While travelling in the Philippines, you will end up with lots of heavy coins, generally 1 peso, 5 peso, and 10 peso coins. Keep those. You will find coins to be useful for paying small tips or for paying the jeepney drivers.
Outside the large city, functioning ATMs can be hard to find. Even on popular islands like Siquijor, Palawan, and others in the Visayas, there can only be one international networked ATM situated in the main port city. Err on the safer side and stock up on money before arriving on the small islands.
Utilizing ATM’s attached to the banks is always regarded to be safe. You will get a better chance of getting back the card if it is captured by the ATM machine. Also, the ATM’s in the lit areas near banks are having less probability of having a card-skimming tool for tracking the thieves. Identity theft is a problem that is going on increasing in the Philippines.
Banco de Oro, MetroBank, and Bank of the Philippine Islands generally are the best for foreign cards. Limits differ, but many ATM’s will just dispense nearly 10,000 pesos for each transaction. You may have to pay a fee of up to 200 pesos for each transaction, so it is better to take as much as you can in every transaction.
In order to avoid ending up with simply 1,000 peso banknotes which are most difficult to break, finish your needed amount with 500 so that you can receive a single 500-peso note.
In the Philippines, traveller’s checks can rarely be exchanged in the Philippines. Plan to use your car in the ATM s get the local currency of the Philippines.
For extra security, expand your travel money. Bring few denominations of U.S. dollars and hide $50 in a very improbable place inside your luggage.
In the Philippines, credit cards are generally used in big cities like Cebu and Manila. You can also use them in busy and popular tourist areas like Boracay.