Jazmin Li
If you're travelling to Cebu, it's important to be aware of the local currency and how to obtain it. While there are currency exchange services at Mactan-Cebu International Airport, exchanging currency at the airport is generally not recommended due to poor exchange rates and high transaction fees. It is suggested that you exchange only a small amount of money at the airport for immediate needs, such as airport transfers or initial food and drink, and then seek out better exchange rates in the city. There are several exchange offices in Cebu City, including at Ayala Mall and IT Park, where you can get more favourable rates. Alternatively, you can use a travel money card, such as the Wise Multi-Currency Card, which allows you to convert currency with a mid-market rate and low transparent fees.
| Characteristics | Values |
|---|---|
| Currency exchange at Cebu Airport | Possible |
| Best value | No |
| Alternatives | Currency exchange stores, travel money cards, banks, city exchange offices |
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What You'll Learn
Currency exchange services at Cebu Airport
Currency exchange services are available at Cebu-Mactan International Airport. However, it is recommended that you avoid exchanging money at the airport, as the exchange rates are often poor and come with high transaction fees.
There are several exchange offices at the airport, located at Domestic and International Arrival and International Pre-Departure. The exchange rates at these offices are generally less favourable than those in the city. If you need to exchange currency, it is better to do so at a city exchange office, where you can get a better rate.
There are more than five independent 24-hour money changers near the airport perimeter. One of the closest is Sitti's, located on M.L. Quezon Highway, Pusok, Lapu-Lapu City, 6015, which is less than a 10-minute taxi or private airport transfer ride from the airport.
To get a better deal, it is recommended that you exchange a larger amount of money. You can also try to negotiate a better rate, especially when dealing with stronger currencies.
If you are able to plan ahead, it is advisable to exchange your currency before you arrive at the airport. You can do this by ordering your travel money online and having it delivered to your home, or by using a travel money card, which can be ordered online or through an app and then topped up remotely.
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The high costs of airport currency exchange
Currency exchange services at the airport are convenient, but they often come with high costs. The exchange rate at airports is typically 10-15% higher than the market rates, which can result in unnecessary financial losses for travellers. This is primarily due to the high costs of maintaining a physical presence at airports, such as steep rents and operational costs like staff salaries and maintenance. These expenses are passed on to consumers in the form of higher exchange fees.
Additionally, airport exchange rates are influenced by market fluctuations, demand, and service provider fees. Airports often charge extra to cover their operational costs, making their rates less competitive. High demand and limited competition also contribute to higher markups, as travellers often exchange money at airports out of necessity.
To avoid these high costs, it is recommended to compare different options before deciding where to exchange currency. Ordering currency from your bank before travelling is usually a better option than using airport exchange services. Banks often provide competitive exchange rates, and some may even offer to ship the currency to you without extra charges. Using a travel card or a Wise Multi-Currency Card is another alternative, as these cards can be topped up and used for spending and withdrawals overseas with better exchange rates and lower fees.
When exchanging currency at Mactan-Cebu International Airport (CEB), it is worth noting that the walk-up exchange rates can be competitive, especially for stronger currencies. However, it is still advisable to be aware of the current exchange rate and compare it with other options to ensure you are getting a fair deal. Additionally, there are several independent 24-hour money changers located near the airport, where you may be able to negotiate a better deal.
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Avoid scams and street vendors
While Cebu is relatively safe, it is important to be vigilant and aware of potential scams and fraudulent practices, especially when it comes to exchanging currency. Here are some detailed instructions to avoid scams and navigate interactions with street vendors safely:
- Be cautious of street vendors and unofficial exchange services: It is illegal to change foreign currency with unauthorized individuals or entities in the Philippines. Stick to accredited banks, foreign currency counters, or currency kiosks. Be wary of individuals approaching you on the street and offering extremely favourable exchange rates. This is a common scam, and you may be shortchanged or given counterfeit currency.
- Know the current exchange rate: Familiarize yourself with the prevailing exchange rate to identify potentially bad deals. Compare rates offered by different vendors and institutions before making a transaction.
- Beware of "zero fee" services: Services that advertise "no commission" may have hidden markups or offer unfavourable exchange rates.
- Opt for local currency at ATMs: When using an ATM, choose to be charged in the local currency, Philippine pesos, to obtain a fairer exchange rate and avoid undisclosed conversion rates.
- Use reputable institutions: Only exchange money at recognized banks or certified exchange centres. Count your money before leaving the premises, and if possible, avoid small money changers altogether.
- Secure your belongings: Keep your valuables secure, especially in crowded areas like markets, bus stations, and festivals, which are hotspots for pickpocketing.
- Be vigilant in tourist areas: Tourists are often targeted in popular areas. Be cautious of common tactics like someone spilling food on you while an accomplice steals your belongings.
- Avoid isolated areas: While most of Cebu is safe, some areas require extra caution, such as Pasil or Ermita, which have higher crime rates. Avoid walking alone on empty beaches or streets after dark.
- Book through reputable agencies: Unlicensed vendors may offer discounted tours that don't exist. Always book tours through reputable agencies or your hotel to avoid scams and financial loss.
- Inspect rental vehicles carefully: In beach resort areas like Cebu, tourists often rent motorbikes or jet skis and are later scammed by vendors claiming they caused damage to the vehicles. Always inspect rental vehicles thoroughly for any pre-existing damage and document it with photos before use.
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Using a travel money card
Currency can be exchanged at the Mactan-Cebu International Airport (CEB). There are more than five independent 24-hour money changers immediately outside the airport perimeter. However, it is recommended that you avoid exchanging money at the airport, as the exchange rates are often poor and the transaction fees are high.
A travel money card can be a secure and convenient option when travelling to Cebu. It can be ordered online and topped up with up to 22 currencies, depending on the provider. The card can then be used for contactless payments and ATM withdrawals while abroad.
- Security: Travel money cards are a safe alternative to carrying large amounts of cash, which may be lost or stolen.
- Convenience: The entire process, from ordering the card to topping it up, can often be completed online without needing to leave home.
- Competitive exchange rates: Travel money cards often offer better exchange rates than switching currency at the airport or in a physical location in your destination.
- Low fees: Travel money cards may have lower overall costs compared to switching currency at the airport or in a physical location. Some cards offer free ATM withdrawals and no foreign transaction fees.
- Ease of use: Funds on the card can be easily managed online, through an app, or by phone.
It is important to research the different travel money cards available and compare their features, fees, and exchange rates before choosing one that best suits your needs. Some popular options include the Wise Multi-Currency Card and the Asda Travel Money Card.
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The best currency exchanges in Cebu City
Cebu City has many money changers and foreign currency counters, so you can expect competitive exchange rates. It is recommended to avoid exchanging money at the airport or hotels, as these often come with poor exchange rates and high transaction fees. Instead, you could opt for a travel money card, such as the Wise Multi-Currency Card, which can be topped up remotely and used for withdrawals and payments.
If you are looking for physical currency exchange services, here are some of the best in Cebu City:
- BDO currency exchange counters inside SM Supermarket, SM Department store and SM business services, located at SM City Shopping Mall.
- Ayala Center-Mall & Terraces, which has various established money changers offering some of the best currency exchange rates.
- Drop-By Foreign Exchange Kiosk located inside Rustans Supermarket.
- Core Pacific Money Exchange.
- GPC Money Exchange Kiosk.
- Sitti's Money Changer, located less than 10 minutes away from Mactan-Cebu International Airport.
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Frequently asked questions
Yes, there are several exchange offices at Cebu-Mactan International Airport. However, the rates there are generally less favourable compared to those in the city.
The walk-up rates at the currency exchange counters are still very competitive, especially for stronger currencies. However, it is always a good idea to be aware of the current exchange rate to help identify a bad deal.
Yes, you could head to a bank, choose a physical currency exchange service, or go for an online option. There are also travel money cards from providers like Wise, which allow you to order a card online or in an app, top up remotely, and spend or make withdrawals overseas easily.
IT Park, a new business and leisure area in Cebu, has places where you can exchange currency at good rates. Ayala Mall also has currency exchange services, but it is a 33-minute drive from the airport.
Yes, exchanging currency at hotels or airports should be a last resort as they often come with poor exchange rates and high transaction fees. Also, beware of scams and stick to recognised establishments.
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