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Tropical Experience Travel Services - Tours of the Philippines
Currency and Exchange, Credit Cards, Changing Money, ATMs
Philippine Peso is the currency being used in the Philippines.
The exchange rates of which, as of writing (July 14, 2015) are the following:
1 US Dollar = 45.18 Philippine Pesos
1 Euro = 50.12 Philippine Pesos
1 Japanese Yen = 0.37 Philippine Peso
Money exchange counters are widely available especially in urban areas like in airports, malls and in counter stalls. Usually, establishments ask to see your passport or fill-out a form as mandated. Exchange rates are generally better in urban areas than in small rural areas or islands. Euro and US Dollars are commonly accepted for money exchange.
Automated Teller Machines (ATMs) that dispense the local currency are also widely spread in urban areas. Be aware, though, that a “transaction fee” will be charged to your account per withdrawal. You may have to check this with your bank as rates vary per bank.
ATMs become rarer in more provincial areas, and may even be sometimes “offline”, while some places don’t even have these convenient machines.
Major credit cards are accepted in most big establishments in the cities and more urban areas. However, in the smaller, remote islands and more rural areas, especially in small shops, accommodations and restaurants, they would only accept cash payments.
Better bring along enough cash with you for your purchases when you’re heading to these far and remote places.