Cash is king. In every vacation you take to a foreign country, exchanging your money to the respective currency should be the first and foremost thing to do. In the Philippines, the currency is the Philippine Peso. Having the right money in hand allows you to go to all kinds of famous tourist spots in Cebu, as well as buy some of the most popular Cebu products and delicacies. To get your money exchanged, you will need to stop by an ATM or a currency exchange center.
The Philippine Peso Exchange Rate varies between several money exchange centers in the city. You can enter malls or find a number of authorized stores in the streets and alleyways of places like Colon and Mango Avenue. It is important that you compare the rates of these exchange centers to distinguish the best deals in the market.
Here is a list of places in Cebu City where you can convert your local currency to Philippine Peso:
Ayala Center Cebu
If you are staying in a hotel near Cebu Business Park, you have many options to get your money exchanged. There are many banks around the area, an added benefit to visiting one of the biggest malls in Cebu. It is also home to some of the most well reviewed money exchange centers in the province.
A Yelp review listed the Drop By Foreign Exchange and Core Pacific Money Exchange as some of the island’s best foreign exchange centers. They offer good rates for some of the more popular currencies, such as the US Dollar, British Pound, Euro, and Australian Dollar. You can also have your money exchanged at the Metro Department Store, one of the biggest department stores in Cebu.
Many reviewers online state that these money exchange centers have the best rates in exchanging foreign money to the Philippine currency. Despite the fact that they are not open 24 hours, they are notable places that you should be going to when you shop at Ayala.
If Cebu Business Park is a little too far away for you, there are more malls around the city that have money exchange centers.
SM City Cebu and SM Seaside Cebu both have foreign exchange centers at their respective department stores, and there are more options inside the mall that offer competitive rates. The ones near the department store are always strategically placed right next to the cashier so that they would be easier to find.
Other malls with money exchange centers include Robinsons Fuente, Robinsons Galleria, Raintree Mall, and Parkmall. If you are going shopping, make sure to find or ask about where you can have your money changed.
The Airport and Pier
Upon your arrival in the Philippines, there are several options where you can have your money changed right at the airport or port area. Both places have currency exchange centers for travelers who just arrived from their trip.
Prices may be high, but this would come in handy, especially if you are starving after having been on a long trip. You can even use your Philippine money to buy gifts, souvenirs, or delicacies before you go to your hotel to leave your stuff. This will also remove the burden of thinking about where to go to have your money exchanged later on.
Unfortunately, reviews online state that the airport might give you very high rates compared to the foreign exchange centers in malls. If you want to have your money changed at the airport, it would be advisable to only exchange what you need.
Street Money Changers
There are also money changers that are located on the sidewalks of the busy streets of Colon and Mango which give good competitive prices. There are many options in the city, and the exchange rates vary from store to store. Make sure to assess which one gives you the best value.
Online reviewers shared that the SLM Money Changer and Vhez Money Changer are ideal centers to go to if you happen to be strolling around the downtown area, which is one of the busiest parts of Cebu. You can visit these centers during your trip to some of the many heritage sites in the city, like Magellan’s Cross and Basilica del Sto. Niño.
One street money changer you should keep in mind is the Centro Money Changer on F. Ramos Street. They distinguish themselves by being open for 24 hours while also exchanging many of the major currencies. F. Ramos Street is also very close to Mango Avenue, meaning this would be a good place to go when you are out at night and in need of some cash.
Banks and ATMs
The easiest place to get your money changed to the Philippine Peso currency is a simple ATM machine. For a fee, you can use your Bancnet card and withdraw the amount of money you need. It’s a great thing that there are many banks and ATMs in most public places in the city.
Unfortunately, some reviewers mentioned that similar to the airport, banks have really high exchange rates, and you would be better off getting your money exchanged at a local money changer instead. If you really need the money, you might have to compromise and go for the ATM, but always make sure that you will have enough to last the entirety of your trip.
For the weary traveler, these places should be destination number one on the itinerary. You won’t be able to try out the best food in Cebu nor visit the island’s many tourist attractions when you carry a currency none of the locals would want to keep. If you are traveling to Cebu or any Philippine island, make sure that your money is in Philippine Peso. Luckily, once you step foot in the city, you can go to many places to have your money converted.