These are the Best Places to Get the Highest Dollar to Peso Exchange Rate in the Philippines

For an OFW sending money to family in the Philippines, the weakening of peso against the dollar, doesn’t necessarily spell more money or savings, but...

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With the inflation rate soaring to record high in recent months, the highest of which was pegged at 5.2% last July 5, 2018, the increase in prices of basic commodities becomes almost inevitable.

For an OFW sending money to his or her family in the Philippines, the weakening of peso against the dollar, doesn’t necessarily spell more money or savings.

Whatever is gained from higher dollar exchange rate is easily devoured by the rising cost of living.

Nevertheless, today could be the best time to send more dollars as this means higher value for the money, which in turn means more spending power for OFW families in the Philippines.

Below are some of the best places in Manila to exchange your dollars for the best rate possible:

    

     

      A.Money changers:

1.       

    1. Czarina Foreign Exchange – This money changer has many branches in Metro Manila including their main office in Ayala, Makati City and several branches in Glorrieta Malls and in Farmer’s Plaza and Ali Mall in Quezon City.

    2. Edzen Money Changer – Located in Mabini St. in Ermita, Manila, Edzen is always known to offer the highest exchange rate in the capital.

3.       

    3. Sanry’s Money Changer – It has branches in Link Building in Ayala and in Glorietta 5 Mall. With over 20 branches, Edzen has the reputation of offering competitive rates

4.        

   4. Tivoli Money Changer – This money changer has several branches in Manila and Quezon City. They pride themselves for the ‘worry-free money exchange experience’.

Other options include the Emerald Money Changer, Core Pacific Money Exchange, Bamboo City Money Changer and the Naila’s Money Changer.

   

    B.    Remittance centers - For those who don’t want to go farther from where they live, there’s always the option to go to remittance centers with branches found almost anywhere like a convenience store. 

   The best remittance centers to exchange your dollars are the Cebuana Lhuiller, Western Union, Palawan Pawnshop and the M Lhuiller.

All you need is an identification card (ID) for verification purposes. Also, if you are receiving money from abroad and you want it immediately changed to peso, this is the best place to go.

    C.  Foreign exchange centers in malls – Malls like SM and Robinson’s have foreign exchange centers that caters to OFWs who want a more convenient, if not safer place, to exchange their money.

While they mainly accept US dollars only, some branches do accept other currencies like Japanese Yen, Saudi Riyals, Euros and others but you may have to check with them first via a phone call before heading out.

    D.   Banks – Banks have always been one of the best places for foreign exchange transactions. But due to their strict rules, OFWs tend to move away from banks and chose either money exchange or malls.

But in case you are left with no other alternatives and decide to do the transaction with a bank, keep this in mind: They only accept foreign exchange transactions if you have an existing account, and in most cases, you will need to go to the specific branch where you opened your account.

Also, they would often require sets of valid IDs like passport and other government IDs.

Having said that, here are the best banks offering the best rates in the country - Banco De Oro (BDO), Bank of Philippine Islands (BPI) Metrobank and the Philippine National Bank (PNB).

Meanwhile, we could learn a thing or two about investing and saving from Chinkee Tan's "Money Lessons" via his YouTube channel:

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Working in Qatar and Not Getting Your Salary On Time? Here's What You Can Do

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The Philippine Embassy in Qatar has issued an advisory regarding the Bangko Sentral ng Pilipinas (BSP) clarification on exchanging Qatari Riyal to Philippine Peso. Reports of difficulty issues in exchanging the Qatari currency in the Philippines both from Qatari Tourists and OFWs who are based on Qatar bringing the currency home as many local banks and money changers and foreign exchange dealers refuse such transactions.
However, the BSP clarifies that it has not issued any policy prohibiting the exchange of QAR for PHP through banks, money changers (MCs) and foreign exchange (FX) dealers. 
 The BSP also clarified that acceptance of the QAR (or any other foreign currency) has always been a business decision of banks, MCs and FX dealers.

It means that the OFWs who wish to bring the currency home are welcome to do it as long as they know a local bank or money changers who do such transactions. The best way is to coordinate with their family and friends before bringing the currency home. 

Meanwhile, if any employees working in Qatar has experienced delays on their salaries beyond the allowed period of t days, they can find a new employer immediately without the need of securing a No Objection Certificate (NOC) from their former company or sponsor.

 According to the Ministry of Administrative Development, Labour and Social Affairs (MADLSA) ruling, employees will have the right to switch jobs without getting a No-Objection Certificate (NOC) from their employers if the company fails to pay their monthly salaries within seven days.
According to an official from the MADLSA, this decision has been taken at the ministerial level and will take effect soon.

He noted that few companies in Qatar are yet to adopt the Wage Protection System (WPS), adding that the government is taking action to identify those companies. MADLSA  wanted that the workers will receive their salary on time without even a bit of delay.
Due to the reports that some employers in Qatar are not paying their employees well and on time, it reflects to the reputation of Qatar and they want to accordingly address this issue once and for all.

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The employees in Qatar including thousands of the Overseas Filipino Workers are protected under the Qatar labor law with regards to receiving their salary properly and on time.

The employer may not charge any interest on the loan he may grant to the worker and shall not deduct more than 10% from the wage of the worker in settlement of the loan.

The total of the sums to be deducted from the wage of the worker in settlement of the deductibles and debts due from him shall not exceed 50% of his aggregate wage. If the percentage which shall be deducted from the wage of the worker within one month exceeds this percentage the deduction of the excess percentage shall be deferred to the following month or months.

Withholding  the employees wages or salaries for reasons other than which are allowed by the law is a violation of the employee’s rights and deemed illegal.

Source: Qatar Day

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For Your Kids Savings Account, This 17 Banks Offers P100 Only as Opening Amount

As parents, we should teach our children values like on how to save, and it should start while they are young.

As a verse in the Book of Provers that says “Train up a child in the way he should go: and when he is old, he will not depart from it.”

(Photo Credit:mymomfriday.com)

Frugality is a value that is needed to be taught to children today. Just like saving money in a piggy bank.

But to make kids saving safe, why not put it in a savings account in a bank under their names?

Yes, this is now possible since more banks now offer a Kiddie Accounts. This program will be expanded to cover teenagers as well.

The program was launched last March 8.
According to Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr., 19 years old and below will be able to open a savings account with a participating bank for just P100.

The accounts will not have any minimum maintaining balance required. Kiddie Accounts were converted to regular savings accounts when the account holder reached 13 years old.
Now, there are 17 banks that joined the program.

Tetangco added, "Aside from targeting a wider market of savers, we also wish to help those who have started the habit of saving sustain it until they have graduated and started working," 

Kiddie Accounts were first introduced in 2011 to help teach young Filipinos good money habits.

These banks are: 

1. Banco de Oro - BDO Junior Savers
Feature

• Minimum Initial Deposit Php 100.00
• Minimum Monthly Average Daily Balance Requirement Php 100.00
• Minimum Balance to Earn Interest Php 2,000.00
• Gross Interest Rate Per Annum 0.25%

Service Fees and Charges

• Account Closure - Php 300.00Falling Below Minimum Balance - Php 300.00
• Account Dormancy - 300.00
• Withholding Tax for Interest Earned - 20%

Requirements

A. If account will be under the name of the child.

Present any of the following: (Original copies must be presented
for verification)

• Passport
• School ID signed by the principal/school head
• Birth Certificate issued by Local Civil Registry or NSO

B. If account will be under the name of the parent/guardian (parental account).

• At least two (2) IDs of the parent/guardian.
• Any of the child's ID/document as indicated in above (passport, school ID)
• Adoption papers - applicable if the account is to be opened by the adoptive Parente
• Guardianship documents - applicable if the account to be opened is by the Legal Guardian.

2. & 3. Bank of the Philippine Island and BPI Family Savings Bank-BPI Jumpstart Savings Account

• Minimum initial deposit - P100 pesos
• Maintaining average daily balance - P500 for a BPI Family account - P1,000 for a BPI account
• Minimum average daily balance to earn interest is P1,000 for a BPI Family account - P2,000 for a BPI account

Requirements

• At least two valid IDs
• Birth Certificate

4. China Bank Savings - Easi-Save for Kids

• Passbook
• For kids 12 years old and younger
• In-trust-for accounts or ITF accounts are opened  for children below 7 years old
• Initial deposit is 500 pesos
• Minimum Balance to Earn Interest is 500 pesos

5. Development Bank of the Philippines - DBP - Young Earners' Savings Accounts (YES)

• For kids ages 12 years and below
• Minimum initial deposit of 500 pesos
• DBP In Trust For (ITF) Savings Opened by parents on behalf of their children younger than 18 years old

6. EastWest Bank

• Minimum Initial Deposit:P 2,000.00
• Maintaining ADB:P 2,000.00
• Interest Earning Balance:P 2,000.00
• Interest Rate:.25% p.a.
• Withholding tax:20%
• Fund Access:Over-the-counter/
• Internet Banking Facility/Mobile Access
• Transaction Record:Passbook

7. Maybank Philippines - Yippie Savings Account

• Be covered with free personal accident insurance 24 hours a day, 7 days a week with coverage equal to 5 times the previous month’s ADB or up to a maximum of Php 500,000.
• Free medical reimbursement benefit equal to 10% of the personal accident insurance coverage.
• Monitor the funds through a passbook and access them with a regional ATM card which you can use at any Maybank ATMs in Malaysia, Singapore, Cambodia and Brunei free of charge!

Interest rate*

• 0.250% for balances of Php 5,000 to Php 199,999.99
• 0.500% for balances of Php 200,000 and above

Requirements

• For In-Trust-For (ITF) account, the birth certificate of the child is required to be presented.
• Any valid IDs for parents/guardian
• For Minors or student who are not yet of voting age: School ID (photo-bearing and signed by the Principal or Head of Schools)
• Birth Certificate
• Library ID
• IDs must be current and unexpired.

8. Metrobank - Fun Savers Club

Requirements and features

• Child's NSO Birth Certificate
• Student's ID duly signed by School Principal or Head of School (for student)
• Two 1x1 recent ID pictures
• Php 500.00 initial deposit (this is also the required maintaining balance)
• Balance to Earn Interest - P4,000
• Interest Rate (per annum or year) - 0.25
• Service Fee for Accounts Falling Below Maintaining Balance (for 2 consecutive months) -P300

9. Philippine National Bank 

10. Philippine Savings Bank 

Requirements

Completely filled-out bank forms:

• Customer Information Sheet (CIS) for Individual Clients
• Signature Card
• Signing Instructions and Acknowledgement of Receipt Form
• Fully accomplished Interbank Fund Transfer (IBFT) Enrollment form if parents and guardians want to avail of automatic intra-bank fund transfer service
• Quit Claim / Waiver signed by the parent or guardian (only for PSBank Kiddie Savers and Teen Savers Accounts with PSBank Debit Mastercard)

Additional requirements for legal guardians opening an ITF account:

• Customer Information Sheet (CIS) for Beneficiaries and Beneficial Owners
• A Court Order is required as proof of authority to open and operate an ITF account on behalf of the ward/s
• Valid IDs

Parents / Legal Guardians:

• At least one primary ID or two valid secondary IDs, one of which with photo and signature

Child/ren or Ward/s

• Birth Certificate issued by the NSO or Certified True Copy issued by the Local Civil Registrar
• Passport or School ID (photo bearing duly signed by the principal or head of the school)

11. Philippine Veterans Bank 

12. Rizal Commercial Banking Corp. and 13. RCBC Savings Bank

RCBC- Wise Investors Save Early (WISE) Savings Account

• For children younger than 7, parents can open a WISE account as an In-Trust-For (ITF) account
• Minimum initial deposit is 500 pesos
• Maintaining balance is 1,000
• Balance to earn interest is 5,000
• Annual interest rate of 0.5 %, subject to the 20% withholding tax
• Can be purely a passbook account, or a passbook account with ATM
• Free one-year personal accident insurance worth 20,000 pesos each for parent and child upon

14. Security Bank - Junior One Account

• Opening Balance P100
• Minimum Balance to
• Earn Interest P5,000
• Maintaining Balance P5,000
• Interest Rate* (p.a.) 0.5%

Requirements

For Resident Citizen, Non-Resident Citizen and Resident Alien:

• 1 primary valid ID or 2 secondary valid IDs
• Available for children aged 18 years and below. For children under 5 years old, a parent or legal guardian has to be a joint account holder

15. Sterling Bank of Asia -Neo Savings Account

• For kids ages 17 years old and younger
• Initial deposit: any amount
• No maintaining balance requirement
• Minimum balance to earn interest is 2,000 pesos
• Annual interest rate is 0.375%
• Passbook and Visa debit card

16. United Coconut Planters Bank and 17.UCPB Savings Bank

UCPB Kiddie Max Account

• For children 18 years old and younger
• Passbook or ATM card
• Minimum initial deposit is 500 pesos
• Minimum ADB to earn interest is 10,000 pesos
• Annual interest rate is 0.25%
• Can be funded from parents' UCPB accounts via online or phone banking

 Thriftiness should be a practice of everyone, not just for children but above all for adults. Because how can we teach our child to save when as the parents we don't have savings? It is important also so that in times of emergency we have money to use.

This article is filed under: bank, Bank Account, Bank Account Philippines, Banking, banking needs, banks savings account, best bank for savings account, banks savings account, banks, savings account for kids, 

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Banks With Highest Interest Rate For Time Deposit and Savings Accounts In Philippines

As an OFW we all wanted a safe and risk-free investment. Although there are many wise OFWs now who would take great risk to start a business or invest their money in the stock market or investing in money market instruments like bonds and treasury bills, still a lot more would rather save their money in banks.  However, if you are torn between placing your money in a time deposit or savings account, you may compare and choose which one gives the highest interest rate on the deposit account.

Below we have compiled the information for the savings account and time deposit so you could compare which bank offers the highest interest rate for your savings account as well as the bank that offers the highest interest rates for time deposits to help you decide where to put your money.

1 Year Fixed Term Deposit

In comparison, time deposit account offers higher interest rate than the savings account. The longer the term of your time deposits the higher the interest rate too. 

*Rates may vary depending on deposit amount. For more information about the base deposit amount please click on the corresponding account type linked for each bank

Bank	Account	Annual Interest rate	Term
	PSBank 1 Year Fixed Term Deposit	1.50%	1 year
	Metrobank 1 Year Time Deposit	1.375%	1 year
	LANDBANK 1 Year Time Deposit	1.25%	1 year
	UnionBank 1 Year Time Deposit	1.1250%	1 year
	BDO 1 Year Time Deposit	1.125%	1 year
	BPI 1 Year Time Deposit	1.125%	1 year
	Allied Bank 1 Year Term deposit	1.125%	1 year
	PNB 1 Year Time Deposit	1.10%	1 year
	Allied Bank 1 Year EUR Foreign Currency Account Term Deposit	0.25%	1 year

6 Months Time Deposit

Here are the banks that give the highest interest rate for 6 months term time deposit.  

Bank	Account	Annual Interest rate	Term
	Metrobank 6 Month Time Deposit	1.375%	6 month
	BPI 6 Month Time Deposit	1.125%	6 month
	BDO 6 Month Time Deposit	1.125%	6 month
	China Bank 6 month Time Deposit	1.125%	6 month
	LANDBANK 6 Month Time Deposit	1.125%	6 month
	PNB 6 Month Time Deposit	1.000%	6 month
	Allied Bank 6 Month Term deposit	1.000%	6 month

2 Months Time Deposit

Compared to a savings account, 2 months time deposit has more than twice the interest rate compared to a regular savings account. The good thing about this is that your money would be available for your use after 2 months and then you can simply renew it every time it matures. Quite tasty but your interest earned will also be doubled. 

Bank	Account	Annual Interest rate	Term
	Metrobank 2 Month Time Deposit	1.125%	2 month
	LANDBANK 2 Month Time Deposit	1.000%	2 month
	BDO 2 Month Time Deposit	0.875%	2 month

We can see that time deposits offer a higher interest rate compared to savings accounts:

This table below will show you the interest rate offered by different banks for the savings account, and checking account. 

Bank	Account	Annual Interest rate	Specific
	BPI Business Savings Account	0.50%
	PSBank Savings Account	0.50%
	BPI Business Checking Account	0.350%
	Banco De Oro Savings Account	0.250%
	BDO Checking Account	0.250%
	Metrobank Savings Account	0.250%
	RCBC Savings Account	0.250%
	PSBank USD Foreign Currency Savings Account	0.25%	Foreign Currency Account
	BPI Checking Account	0.25%
	Landbank Savings Account	0.25%
	Allied Bank Savings Account	0.125%
	Allied Bank USD Foreign Currency Savings Account	0.125%	Foreign Currency Account
	PSBank EUR Foreign Currency Savings Account	0.025%	Foreign Currency Account
	Metrobank Checking Account	N/A

This information is published  for comparison purposes only, we are not affiliated to any of these banks nor do we endorse them. 

Please also note that although time deposits offer higher interest yield, some banks impose fee if you withdraw your fund before the maturity date. The interest is also subject to withholding tax. We recommend that you still keep savings account in case of emergency, or place your time deposits on short terms (like 2 months)  and simply renew it every time it matures.

This article is filed under: banks, banks savings account, private banks, Bank Account Philippines, Bank Charges, Bank Account, banking in the Philippines... information on banking and the interest rates on investment... banking options interest rate offered by different banks for savings account, and checking account Highest interest rate for savings account, highest interest rate for time deposit account, highest interest rate for checking account, investment, Ofws, Philippines, 

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