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.
The first time I discovered Eastwest Bank in 2020, 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!
I discovered Eastwest as one of the best for foreign exchange after I saw an armored van delivering Eastwest Bank pouches of money to Czarina Money Changer, which was where I’ve been exchanging my US dollars for many years. I figured that time that Eastwest’s foreign currency rates must be higher than most since Czarina was transacting with the bank.
Today, at this hour, 10 am of March 24, 2022, I checked US dollar to peso exchange rates online, and I saw these:
- Eastwest: 52.35
- BSP: 52.373
- Robinsons: 52.20
- BPI: 52.10
- BDO: 52.05
- Metrobank: 52.15
- Security Bank: 52.15
- PNB: 50.20
- Naila’s Money Changer: 52.15
You can see more exchange rate history here:
Do You Need to be an Eastwest Account Owner?
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, PNB, Metrobank and Landbank, 25 pesos ang Instapay transfer fee.
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.
Ang Eastwest Bank Foreign Exchange information ay nasa homepage lang ng website nila, eastwestbanker.com, bandang bottom right.
By the way, merong Eastwest Bank na US bank ha, at hindi siya related sa Eastwest Bank Philippines, baka kasi pumunta kayo sa eastwestbank.com. Ang website ng Eastwest Bank Philippines ay eastwestbanker.com.