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.

Smart Padala Foreign Remittance Partners List

Smart Money Padala: How-to


Here is a partial and unverified list of Foreign Remittance Companies with Smart Padala Services (Philippines). You may have to transact with these companies locally and inquire individually to confirm. Unfortunately, the official Smart Telecoms website has no updated list of foreign partners. :

• Direct Money (UK and Perth Australia)
• Pinoy Express (Saipan, Vienna Austria, Brunei, Singapore, Hongkong, Palau, Riyadh KSA)
• CBN Grupo (UK, Japan)
• Far East Express (UK, Hongkong)
• Swift Cash (London)
• Dax Service (California, USA)
• Twilight Express (UK)
• Cybertalk (New Zealand)
• Al Ansari
• Al Sajwani
• NYBR (New York, USA)
• Quick as A Flash (Canada)
• Pera Padala-BM Express (Australia)
• RLC Ventures (New Zealand)

Please feel free to share any additional information regarding Smart Padala.

Get to Watch the Pacquiao Mosley Fight if you Send Money through Xoom

Send your first money transfer to the Philippines with 150 USD or more and get the Pacquiao Mosley Fight though DirectTV. Offer valid for new Xoom.com users only sending $150 or more to the Philippines along with purchase of Pacquiao vs. Mosley PPV Event on 5/7/11. PPV fee reimbursed via Prepaid Reward Card valued at $55. Offer valid from April 20, 2011 to 10PM PST on May 7, 2011. Online redemption and valid email address required. Offer available to DIRECTV subscribers.

You must be a DIRECTV subscriber to be eligible for this promotion. This offer is subject to Terms and Conditions of your TV service provider (DIRECTV). Promotion offer is capped at $55 (the cost of standard definition telecast) Customers purchasing the HD telecast will need to pay any difference between the SD and HD price.

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Slower OFW Remittance Growth Expected This Year

Several weeks after reporting another record high on February Remittance figures, BSP reported it has lowered its original growth target by eight percent to about $20.2 billion this year. The monthly growth in remittance recorded in February was the slowest in 9 months. The expected slowdown were due to the effects on conflicts in Middle East and North African Countries and the continuing effects of natural disasters that hit Japan. However, BSP remains optimistic about the positive growth of remittances from the rest of the world as demand for skilled Filipino workers abroad continue to increase.

Safe, Fast and Reliable Remittance from the US through Wells Fargo and BPI

If you are in North America, just visit a Wells Fargo branch and enroll your relative's BPI or BPI Direct account. This will allow you to send funds straight to their BPI account in the Philippines. There is also an option where your recipient in the Philippines may pick up money at any BPI or BPI Family Savings Bank branch. The sender just needs to provide the beneficiary's name and full address, these information must exactly match the BPI account records or the valid I.D.s of the beneficiary. Wells Fargo will then create the remittance details to ensure money is sent quickly and securely. Through credit-to-account, Wells Fargo will complete a one-time verification of the details, after which subsequent remittances will be sent as soon as the same day. If through Cash Pick-up, money will be sent on the same day, however the remitter has to provide the beneficiary the 16-digit reference number issued by Wells Fargo, which the beneficiary needs to present along with proper I.D.s when claiming the remittance.

AlertPay Online Money Transfers

Online money transfers have become a way of sending and receiving money for people who spend a lot of time on the internet. Popular choices are the use of Paypal or AlertPay. Online transfers are fast, reliable and safe. To send money, you may use your account balance, transfer money from existing bank account or even you credit card. You can even send money in your local currency and your receiver will receive the money in another currency. When you receive money from someone using the same online payment company, you'll receive in the form of account balance that you can change to cash through your local remittance company, transfer to a local bank or use as payment for online purchases. 


Best of all joining to these services are free.
Send and Receive money through Paypal
Send and Receive money online with AlertPay Today

LBC Online Services

LBC, one of the country's biggest remittance and courier service providers offer online services to its customers. Status of remittance can be tracked online through their website http://www.lbcexpress.com/ as well as contact them through their facebook and twitter accounts.

Japanese Yen Near to Record High vs Other Major Currencies

The Japanese Yen has always been a stable foreign currency. Even immediately after the earthquake, tsunami, and scare of radiation from the 'meltdown' of nuclear facilities, the Japanese Yen still showed signs of stability. Short term, this is good for Filipinos coming home from Japan who wanted to start anew leaving their painful experiences in Japan.Their Japanese Yen with near record high values, should sell favorably vs Philippine Peso.