Whether you are a foreigner visiting the metro or a local planning a trip abroad, nothing beats having a handy contact list to find out which money changer buys the highest and sells the lowest currency/foreign exchange rates. This is especially true, more relevant, and more useful the higher the value of the currency is that you wish to change (since the difference and savings really wouldn’t matter if you’re just planning on changing a few bucks or so).
I’ve been in this situation as well, so I’ve created this contact list that you can easily refer to or save as an image on your phone or whatever (I am not endorsing any of the money changers below). This is to help you identify what the current average is and help you decide on where to have your money exchanged. Just take note of a few reminders when having your currency changed:
- When transacting with banks and malls, they will require your ID/Passport to avoid and identify any possible money laundering activities. The best option is to transact with banks, especially if there is no or little difference in ‘outside’ rates, to ensure you are dealing with real currency and will not be scammed whatsoever.
- Be careful on who you choose to transact with, and please avoid black market transactions, as you will not be protected in case you are given fake currencies.
- In dealing with small time money changers, if you are offered really high exchange rates than the average, chances are, it’s a scam. Be vigilant and cautious when dealing with them, especially if the deal involves a lot of money.
- Make sure to count your money before leaving the counter.
I hope you find this useful.