Money in the Philippines: Banks, ATMs, cards and currency exchange

Jetting off to the Philippines from the UK sometime soon? Whether it’s a dream holiday, a longer trip or even a permanent move, you’ll need to get to grips with Philippines money and currency.

In this essential guide, we’ll run through everything you need to know about the banking and currency systems in the Philippines. This includes tips on exchange rates, where to find ATMs and whether you’ll need cash, card or a mix of both.

So read on to find out how to get and spend your Philippine pesos, so that you can start planning your trip.

Currency in the Philippines

The currency in the Philippines is the Philippine peso (PHP).

In some tourist areas, it may be possible to pay for goods and services using U.S. dollars. However convenient this may appear to be, unfortunately the exchange rates that are applied are unlikely to be great. So, make sure you know what you're getting before you agree.

To find out how many pesos you can get for your pounds, use our currency converter.

Facts about the currency in the Philippines

• The currency symbol for the Philippine peso is ₱
• Each peso is divided into one hundred centavos. You might come across ‘centavo’ spelled slightly differently (sintabo or sentabo) in some areas of the Philippines.
• PHP coins come in 1, 5, 10 and 25 centavo denominations, along with 1, 5 and 10 peso coins (which are more frequently used).
• PHP banknotes come in denominations of 20, 50, 100, 200, 500 and 1000 pesos
• The peso is known as the piso in the local languages of Filipino and Tagalog
• PHP has its roots in the Spanish peso or ‘Real of 8’, but the modern Philippine peso was introduced after the country’s independence in 1949, when the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) was formed.

Exchanging currency in the Philippines

If you’re visiting the Philippines from the UK, you’ll need to find the best way to exchange your pounds for PHP - and get the best deal.

Read on for some helpful info.

Tips for exchanging currency in the Philippines

To get the most PHP for your GBP, and make your holiday budget go further, follow these top tips for exchanging currency in the Philippines:

Wait until you arrive in the Philippines to exchange money

It's worth doing your research before buying your pesos, as the exchange rates offered in the UK or Europe may not be as good as those you’ll get on arrival.

If you’re concerned about arriving in the Philippines without pesos in your pocket, then exchange a little before leaving, but don't forget to ask for a mixture of denomination notes. The first thing you’ll need your cash for will be a taxi - and drivers won’t have large amounts of change with them.

Avoid exchange services in hotels and airports if you can

Many people exchange some cash in the airport, usually because it’s the most convenient place to do it. But you should be very careful to check the rates you’re offered, as well as any fees.

Exchange rates at places like airports and hotels aren’t usually very favourable due to the high rental costs which are then passed onto the customer.

For both convenience and a decent deal, you might be better to withdraw a small amount of cash from an ATM before exchanging the rest of your cash at your destination.

Get familiar with the mid-market exchange rate

When choosing a currency exchange service, watch out for hidden fees.

Even if an exchange claims ‘zero commission’, they still make a profit - generally by adding their own margin into the poor exchange rate that they offer customers.

The best way to pick out the fair deals from the bad ones is to understand the mid market exchange rate.

The mid-market rate is the one used by the banks to trade currency between themselves. Tourist rates are derived from this mid market point by exchange services, who all use their own formula to come up with their individual exchange rates - and usually add in a profit-making margin for themselves.

It can be difficult to keep up with the mid-market rate, as it's constantly fluctuating. The easiest way is to use a currency converter online which will give you the live mid-market rate whenever you need to check it. This gives you a quick reference point so you can work out whether or not a deal is fair.

Make sure your banknotes are clean and undamaged

If you're exchanging cash once you’ve arrived, make sure the notes you take are clean and crisp. Merchants won’t usually accept damaged or defaced notes, and often favour larger bills if you have them.

Using credit cards and debit cards in the Philippines

Acceptance of debit and credit cards in the Philippines is gradually increasing, especially in major cities and in tourist areas. But cash is still very much king there, so it’s wise to make sure you have some peso notes on you wherever you’re travelling to.

If you do plan to spend on a card, make sure to get one designed for travel. Open a Wise account and you can get the Wise card, which lets you spend like a local in 150+ countries including the Philippines.

ATMs in the Philippines

ATMs are widely available in the cities, especially in banks and shopping malls. However, outside of the urban areas, you might find it more difficult to track one down. Use the tools here to check out the nearest ATM to you.

• Visa ATM locator
• Mastercard ATM locator
• Amex ATM locator.

Philippines ATMs are likely to charge a fee, in addition to anything your home bank charges for using your card abroad. Any fee should be displayed on the screen before you complete the transaction. Look out for notices on the machine during the transaction.

You may also notice a screen asking you if you want to be charged for the withdrawal in your home currency. This service is called Dynamic Currency Conversion (DCC), but it’s best avoided.

If you say yes, the exchange rate used will be applied by the foreign bank (which has no incentive to keep you happy) and is usually unfavourable. So always opt to pay in the local currency instead, which will then guarantee your home bank (which does have an incentive to keep you happy) is choosing the rate for you.

Banks in the Philippines

Banking in the Philippines is dominated by five major banks:

• BDO Unibank
• Metrobank
• Land Bank
• BPI (Bank of the Philippine Islands)
• PNB (Philippine National Bank).

These larger banks are those you’re most likely to find in major cities and metropolitan areas. Read more about Philippines banks here.

Banks in the Philippines for expats

Thinking of opening a bank account in the Philippines? This could be a sensible decision if you’re moving there, or planning to spend a long period of time in the country.

For foreign citizens opening a new account, it’s probably a sensible idea to stick to an international bank or one of the country’s large national banks. You’re more likely to find English-speaking services, while regional banks can be more difficult to use and only offer limited services.

So, start your search with major banks such as BDO Unibank, Metro Bank and BPI. You can also check out international banks operating in the Philippines, such as HSBC - which handily has a presence in the UK as well.

Send and spend money smoothly in the Philippines with Wise

Of course, a bank isn’t the only way to manage your money abroad. You could find it easier and even cheaper to use an alternative such as Wise.

Open a Wise account and you can hold, send, spend, receive and convert money in a whopping 40+ currencies at once - and all online.

You can also send money back to the UK and worldwide at the mid-market exchange rates with low fees*.

Open a Wise account 🌍

There’s even the Wise card, ideal for international spending in 150+ countries, including the Philippines. It automatically converts your money to the local currency at themid-market exchange rate, whenever you spend for low fees*.

Plus, you can keep track of it all on the move using the handy Wise app.

Explore the Wise card 💳

Learn more about Wise products below:

You may also be interested in finding out how to open a Wise account in the Philippines.

Additional money in the Philippines FAQs

Is it better to take cash or card to the Philippines?

The majority of transactions in the Philippines are carried out in cash, although card acceptance is growing - especially in major cities and tourist areas. So, it could be a good idea to take a mix of cash and card with you to the Philippines.

Can I use my UK debit card in the Philippines?

You should be able to use your UK debit card in the Philippines wherever Visa/Mastercard is accepted, including at ATMs. You’ll just need to check that your UK bank doesn’t charge fees for overseas transactions.

How much money can I take to the Philippines from the UK?

You can’t bring more than 50,000 Philippine pesos into the country. If you’re travelling there with more than 10,000 US dollars (or the currency equivalent), you’ll need to complete a customs form on arrival.¹

How much is 500 GBP in pesos?

£500 GBP is approximately 37,767 in Philippine pesos (PHP), according to exchange rates at the time of writing.

Should I convert money before going to the Philippines?

You might want to wait until you arrive in the Philippines to exchange money, as exchange rates may be better than you’ll find in the UK. But it could pay to do some research in advance, as you might be able to find decent exchange rates before you travel.

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Sources used:

1. Embassy of the Philippines Berlin - Bringing currency into the Philippines

Sources last checked on date: 22-Jul-2024