Money changers and foreign exchange services are a dime a dozen in Cebu. There is at least one money changer in all of Cebu’s major malls.
Here are some tips for Cebu’s travellers:
1. ONLY go to licensed money changers. There might be some seedy money changers along Cebu’s sidewalks that will possible give you fake peso bills in exchange for your currency.
2. If safety is your main concern, banks are always the safest choice. Major banks such as the Bank of the Philippine Islands (BPI), Metrobank, Philippine National Bank (PNB) and BDO Unibank have lots of branches islandwide. Unfortunately, banks also offer lower exchange rates, so you get less for your buck.
3. Major malls have customer service counters which also offer foreign currency exchange. Yes, this is also safe and usually the rates are higher than in banks. There are security personnels to watch the transactions too.
4. ALWAYS count your cash before leaving the counter.
5. Once you have counted your cash, keep it in a safe purse. Don’t roll up your cash and place it inside your backpocket, front pocket or easily accessible pockets on your bags.
Enjoy your stay in Cebu and remember to always keep your guard up especially when it comes to money matters.