Maximizing Currency Conversion - Local Money Changers

A good way of maximizing your foreign money's worth in Philippine Peso is to convert them to local currency via foreign exchange centers. Local money changers, without a doubt, give out higher rate of foreign currency to Philippine Peso than banks offer (although, if you are to convert a huge amount of foreign money to peso, banks definitely can match these rates especially if you are dealing with a bank you have existing business relationship with). On the average, they may offer 15% higher than what banks can give. Money changers are quite common in Manila Malate-Mabini area as well as around Makati Business District. Most have visible security guards and relatively safe access but make sure to transact inside the premises of these money changing shops. Be aware of people in the streets who would try to supposedly give you a better rate than what these shops could. Some bigger foreign exchange shops even have added services where you can transfer the exchanged money via door to door to a local address, deposit to a bank account or received through a partner payout service like ML Kwarta Padala, Cebuana Lhuilier, or Smart Money Padala/Globe Remit therefore removing the burden of carrying money out of these shops after transaction.
It means that when sending money to the Philippines, you may have to let your recipient receive the money in foreign currency without the bank or money transfer agent converting it to local money. These transactions may be limited to major foreign currencies like the USD, Yen or Euro and/or may require that the recipient have a dollar deposit account in his/her local bank.