Street money changers in Cebu, better rates??

[Frank2002]

Just wondering if anyone of this board has any experience with street money chagers in cebu? For example were they are located and if you can get a better value on your dollar. One filipina I know said to me they offer like 65p to an american dollar compared to 54p in a legit money excanger place. I don't want to get robbed but want a deal like the next guy. I guess the scams they can pull are endless, like you give them 100 us and they say it is 10 us after they put it in thier pocket. Or you could be getting bogus peso's etc. But if thier is a bigger exchange rate it might be worth looking into though. Any idea's out thier?

[Lonny]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

When I am in Cebu,  I always get money changed at a little booth across from Robinson's Dept. Store, there is a walkway that goes from one side of the street to the other that crosses over the traffic going to McDonald's,  under and close to that walkway is the booth, very safe, go inside, very small, w/aircon, ask the girl how many peso's for $1, I always check and see what the rate is before going. If you tell her you want to change $100. it should be 5 thousand plus peso's. She will tell you the total, you ask for the calculator and figure it. If you got the same total say Ok and give her the $100. She will count the money and give it to you, you then count and see if it is correct, if it is I give her a little tip and put the rest in your front pocket. The last time I got money there they were charging about 2 peso's for each dollar around  4 cents or $4. per $100. Another little trick I use when traveling, is the peel and stick envelopes, you can put $2000. in hundreds in one and put it inside your underwear, it does not show and not too uncomfortable, fold the peel and sticky top of the envelope to the outside of your underwear, works great. (Change it everyday), I have used more than one envelope at a time. One more thing, find a girl who has family in the US and ask where they get money changed, they will know where to get the best deal. Knowledge really is power.

[Dave H]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

[This message has been edited by Dave H]

Hi Frank,

You know the old saying! Street money changers can be an easy way to lose some serious cash. Most of the time you won't even realize it until later, if at all. They are masters of slight of hand that could probably take David Copperfield's money. I was warned about the street money changers by my wife and others. I used only reputable money changers instead of banks and got a SLIGHTLY better exchange rate. The money changer I often used in Butuan counted the money before me slowly and I counted it myself before I left. He also let me use his calculator if I asked. It would be better to exchange at a bank then to lose far more with crooked money changers.

Dave H.

[William]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

This is an old scam.  Ran into it in Viet Nam in the late 60's.  Several 'watchers' crowd around and distract you and you end up getting short changed; usually quit a bit short.
lots of small denominations, and everyone is in a hurry. Before you know it, they are long gone.
This is the least that can happen.   Better to play it safe.
My 2¢

[Nathan]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

Dollars can be bought at the bank for a nick more than the official bank exchange rate, and a street changer is going to pay P65? Hardly, unless he is setting you up for the sting. This is a foolish propostion.

[Humabdos]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

You might get counterfeit money! Sounds like a rip off. Hum

[Ray]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

How old is this Filipina you know and how well do you know her?

I think she is nuts!

Ray

[Esiang]

... in response to 65 Pesos??..., posted by Ray on Feb 24, 2003

he..he..nuts lady...

[donb2222]

... in response to Street money changers in Cebu, better ra..., posted by Frank2002 on Feb 23, 2003

Hi,
 I have never changed money on the streets, and i am guessing your likelihood of getting ripped off approaches 100%.  Maybe someone has an experience they can share.
Also, it is possible that this filipina you speak of would benefit from your getting ripped off.
The best money changer I have found is a little booth in the bottom floor of Ayala Mall, never had any problems.

Don