I am traveling to the Philippines for 2 weeks leaving this Saturday. My wife is staying for 1 month. Does anyone know the best way to have money available for spending while we are there?
According to the Universal Currency Converter website, $1 US equals 47.19 Philippine Pesos
Western Union's conversion rate is $1 to 45.80 PHP in addition to 3% total fees to send and receive combined.
Detroit's Metro Airport's conversion rate is $1 US to 42.4 PHP. (FIGURES ACCURATE AS AS YESTERDAY)
I already notified a credit and debit card company that we were traveling, but I wanted to use local currency primarily.
We don't want to risk carrying large amounts of cash, but want to minimize the amount of money we lose due to currency exchanges.
Here are the options I thought of:
1)Take US currency with us when we leave the US and exchange it once we arrive in the Philippines.
2)Send multiple Western Union wire transfers to ourselves before we leave the states to pick up as needed in the Philippines.
3)Purchase US Dollar AMEX traveler's cheques and exchange those once we arrive in the Philippines.
4)Use our credit union debit card at Cirrus ATM's when we can in the Philippines and pay a 1% international fee.
This is my first trip overseas and thought someone here may have experience traveling and exchanging currency. Any input will be great.