Just landed - wondering what gives the better rate in Philippines: ATM withdrawal or airport exchange counter?
Used both during my trip to Davao and Manila. Exchanged a bit of USD at the airport because my card wasn’t working right away. Rate was bad but it was quick. Once I sorted out my card issues, I used Security Bank ATMs in the city and got far better value. Just remember to bring a card that doesn’t charge foreign transaction fees. And always check if your card refunds ATM fees because those add up.
I landed in Clark Airport and saw the money changers were offering around 51 pesos to the dollar when the real rate was over 56. I used an RCBC ATM instead with my US debit card and got a much better deal. Even with the local ATM fee, it worked out cheaper. One thing to watch though is the ATM asking if you want to be charged in USD or PHP. Always pick PHP to avoid getting ripped off on the exchange rate.
I arrived in Cebu and changed a small amount at the airport just to get by. The counter rate was pretty bad and they gave me lots of small bills. Later I used a Metrobank ATM in the city with my Wise card and the rate was much closer to the market rate. The ATM charged a 250 peso fee but it was still cheaper overall than the airport exchange. I now just withdraw what I need at a proper bank ATM and avoid airport counters.
Just landed in Manila two weeks ago and checked the exchange rate at the counter inside NAIA Terminal 3. The rate was way lower than what I saw on my Wise app, plus they had hidden service charges. I skipped it and used a BDO ATM outside arrivals. Even after the small fee, the rate I got through my Revolut card was much better. Always decline conversion when the ATM asks and let your card handle it.