You can get more pesos for your US dollars if you change them at Eastwest Bank Foreign Exchange. I have observed this for many months now.
As of today, EastWest gives the highest exchange rate for US dollars among all banks and money changers. Eastwest also adjusts its exchange rate throughout the day, during business hours.
Last week, I was able to exchange my US dollars for 42 cents more per dollar than the rate offered by the other popular money changer here in Alabang. I exchanged US$1,200, so I got 504 pesos more!
At this moment, 1 pm of January 9, 2020, I checked exchange rates online, and I saw these:
Security Bank: 50.40
Naila’s Money Changer 50.50
Update for today, January 19, 2020, 3:37pm:
Buy Rate for 1 US dollar:
Naila’s Money Changer: 50.65
One time I even saw the Eastwest Bank vehicle delivering pouches of money to Czarina Money Changer, which is among the most popular money changers because of its higher exchange rates. I thought then that Eastwest’s foreign currency rates must be higher than most for Czarina to transact with the bank.
There’s one condition though:
Other Benefits of Having an Eastwest Bank account:
1. Only 5 pesos for transferring money to another local bank account using Instapay.
And the transfer is INSTANT! Real-time! Transferred agad. Even during weekends, holidays, night time, outside of banking hours. In short, 24/7.
You’ll save on transfer fees, and you don’t need to go to other banks to deposit.
Magkano sa iba? Sa BDO, BPI at PNB, 50 pesos ang Instapay transfer fee. Sa Metrobank and Landbank, it’s 25 pesos.
2. Zero charge for money transfers using PesoNet, up to 50,000 pesos per day.
Bakit kaya zero? Kasi hindi real-time ang transfer, puedeng after several hours. At kung ang transfer mo ay after cut-off na, the next day na ang transfer. Wala ring transfer during weekends and holidays.
3. You can load your Paymaya through Eastwest Bank online through Instapay. 5 pesos din lang ang transfer fee.
Remember, ang account number mo sa Paymaya is your mobile phone number — the one you registered with Paymaya. Start with 09, not 6329.
4. Some Eastwest branches are open on weekends.
Open on Saturdays and Sundays:
168 Mall — 10am to 5pm
Baclaran — 10am to 5pm
Open on Saturdays:
Bicutan (East Service Road) — 10am to 5pm
Greenhills Shopping Center — 10am to 5pm
Park Mall, Cebu — 10am to 5pm
Festival Mall, Alabang, Level 2 — 10am to 5pm
Batangas City — 10am to 3pm
Davao (Bajada) — 10am to 3pm
Open on Sundays:
Festival Mall, Alabang, Level 1 — 10am to 5pm
5. Meron na ring Cash Deposit machines ang Eastwest Bank.
Mas madali nang mag-deposit. Pero just like other banks, only at selected branches.
6. No fees for inter-regional over-the-counter deposits.
The bigger banks charge 50 pesos or more.
Information for those who want to open an account with Eastwest Bank:
1. Bring at least one valid ID. Mas okay kung 2 valid IDs.
2. Proof of income
3. Proof of address
4. 2 ID pictures
Bakit kelangan pa ang proof of income? Hindi naman credit card ang applayan.
Strict ang EastWest sa pag-comply with the “Know Your Client” order ng BSP. This is one of the many ways to prevent money laundering.