The single most common travel mistake in the Philippines is not bringing enough cash. Or bringing too much cash and not knowing where to exchange it at a decent rate. Or arriving on a small island, finding the one ATM is broken, and realising your card has a daily withdrawal limit that is half what you need. This guide eliminates all of those scenarios. Here is everything you need to know about money in the Philippines, from peso basics to the best ATM banks to which digital wallets work for foreigners.
The Philippine Peso: Basics
The currency is the Philippine Peso, abbreviated PHP or written with the symbol ₱. It is a fully convertible currency traded freely on international markets. Bills come in denominations of ₱20, ₱50, ₱100, ₱200, ₱500, and ₱1,000. Coins are ₱1, ₱5, ₱10, and ₱25 centavo coins (though centavos are rarely used in practice — prices round to the nearest peso). The ₱1,000 note is the workhorse of everyday transactions; the ₱200 note is uncommon enough that some provincial vendors struggle to make change.
Key practical note: always carry a supply of smaller bills (₱50, ₱100, ₱500). Tricycle drivers, market stalls, and small restaurants often cannot break ₱1,000 notes, and "walang barya" (no change) is a phrase you will hear constantly if you try to pay for a ₱15 fishball skewer with a thousand-peso note.
Approximate Exchange Rates (2026)
Exchange rates fluctuate, but as rough planning benchmarks:
- USD 1 = approx. PHP 56–58
- EUR 1 = approx. PHP 60–63
- GBP 1 = approx. PHP 70–74
- AUD 1 = approx. PHP 36–38
- SGD 1 = approx. PHP 42–44
- KRW 1,000 = approx. PHP 42–44
- JPY 100 = approx. PHP 37–39
- HKD 1 = approx. PHP 7.2–7.5
Use the live rates on Bangko Sentral ng Pilipinas (BSP) website (bsp.gov.ph) or Google's currency converter for real-time figures before you travel. The rates above are indicative — the peso has historically moved in a range of PHP 50–60 per USD over the past several years.
Where to Exchange Currency: Best to Worst
Authorized Money Changers in Malls (Best)
The single best exchange rates in the Philippines are found at authorized money changers inside SM Malls and Ayala Malls in major cities. Operators like Sanry's Money Changer, Czarina Foreign Exchange, and PJ Lhuillier's currency counters consistently offer rates 1–3% better than airport counters and banks. These are all BSP-licensed establishments. Bring your passport for any exchange over PHP 50,000.
BSP-Accredited Banks (Good)
Metrobank, BDO, BPI, and Landbank all exchange major currencies at rates slightly worse than mall money changers but significantly better than airports. The process is slower — expect to fill out forms and wait 15–20 minutes. Most banks handle USD, EUR, GBP, AUD, JPY, and SGD without issue. Some provincial branches may only handle USD.
Airport Arrival Halls (Acceptable, Not Great)
The money changers in the arrivals hall at NAIA (Ninoy Aquino International Airport) terminals 1, 2, and 3 are BSP-authorized and their rates have improved in recent years. They are not as competitive as mall money changers, but if you land late at night with zero pesos, they are perfectly safe to use. Exchange just enough to cover your first night's transport and accommodation (USD 50–100 is plenty), then get better rates in the city the following day.
Airport Currency Exchange Counters (Avoid)
The small booths in the departure terminals and some arrival corridors that advertise "No Commission!" are not automatically a good deal. "No commission" simply means the spread (difference between buy and sell rates) is where they make their margin — and that spread can be brutal. Always check the actual rate you are getting against the BSP reference rate before handing over your cash.
Hotels (Avoid Unless Desperate)
Hotel exchange desks exist as a convenience, not a value proposition. Rates are typically 3–5% worse than mall money changers. Use only in emergencies.
ATMs: Which Banks Charge the Least
Every ATM in the Philippines charges a foreign card fee on top of whatever your home bank charges. Here is what the major Philippine banks charge per withdrawal as of 2026:
- Metrobank: PHP 200 per foreign card transaction
- BPI (Bank of the Philippine Islands): PHP 200 per transaction
- BDO (Banco de Oro): PHP 250 per transaction
- UnionBank: PHP 200 per transaction
- Landbank: PHP 200 per transaction
- Chinabank: PHP 200 per transaction
- Citibank Philippines: No foreign card fee for Citibank/Citi cardholders; PHP 200 for others
The difference between banks is small — PHP 50 per transaction. More important is maximising each withdrawal to minimise the number of transactions. Most Philippine ATMs allow a maximum of PHP 10,000–20,000 per transaction (the limit varies by bank and your home card settings). Metrobank and BDO both allow up to PHP 20,000 per transaction, which reduces the per-peso fee impact significantly.
Important: ATM availability collapses on remote islands. On islands like Batanes, Camiguin, Siquijor, and some Palawan destinations, there may be one ATM in the entire municipality — and it is not always stocked or functioning. Always withdraw in the nearest major city before heading to island destinations.
Credit Cards in the Philippines
Credit card acceptance follows a clear geographic and economic pattern:
Cards accepted reliably: Major hotels, Grab rides, SM Malls, Ayala Malls, Robinsons Malls, tourist-oriented restaurants in BGC/Makati/Cebu IT Park, large tour operators, airline booking offices, and mid-range to upscale resorts.
Cards not accepted / cash required: Island guesthouses and small resorts, tricycle and jeepney fares, public markets, street food stalls, most small local restaurants (carinderia), ferry tickets purchased at the pier, and most services on islands with limited connectivity.
Visa and Mastercard are widely accepted where cards work at all. American Express has significantly less coverage. UnionPay is accepted at some SM Malls locations and BDO ATMs. Always carry cash as a backup — even in Manila, there will be situations where cards are not accepted.
Wise Card: Best Option for Most Foreign Visitors
If you are coming from Europe, Australia, or North America and you do not already have a Wise account, open one before you travel. Wise (formerly TransferWise) offers currency exchange at the real mid-market rate with a small transparent fee (typically 0.4–0.7% for PHP). Load Philippine pesos onto your Wise card before you travel, or use it at Philippine ATMs — you will still pay the local ATM fee (PHP 200), but the exchange rate is dramatically better than any airport counter or standard bank card with foreign transaction fees of 1–3%.
Wise card ATM withdrawals: free up to a monthly allowance (typically the equivalent of PHP 15,000–20,000 per month depending on your account tier), then a small percentage fee above that. For a 2–3 week Philippines trip, most visitors stay within the free tier.
GCash for Foreign Visitors
GCash is the Philippines' dominant digital wallet — used for everything from Grab payments to sari-sari store purchases to utility bills. As of 2026, foreign visitors with a Philippine SIM card can register a basic GCash account, but full verification (which enables higher limits) requires a Philippine bank account or a Philippine government ID. If you are staying for more than a month or are a frequent visitor, getting a fully verified GCash account via a Maya (formerly PayMaya) account linked to a partner bank is possible. For most tourists on a standard trip, GCash is not necessary — Grab, major restaurants, and malls all accept cards or cash.
Tipping Culture
Tipping is not mandatory in the Philippines but is warmly appreciated. Service workers in the tourism and hospitality industry earn modest base salaries, and tips make a meaningful difference. Common benchmarks:
- Restaurants: PHP 50–200, or 10% of the bill for good service. Some tourist restaurants add a 10% service charge automatically — check your bill.
- Hotel bellhops and porters: PHP 50–100 per bag.
- Tour guides: PHP 200–500 per day, per person — guides work hard and tips are standard.
- Island hopping boat crew: PHP 100–200 per person for the day.
- Tricycle and jeepney drivers: Rounding up to the nearest ₱5 or ₱10 is appreciated but not expected.
- Massage therapists: PHP 100–200 on top of the listed rate.
Bargaining and Pricing
Bargaining is acceptable at: souvenir markets, pasalubong shops (without fixed prices posted), ukay-ukay (secondhand clothing), and craft markets. It is not appropriate at: convenience stores, mall retailers, supermarkets, restaurants with printed menus, or government-operated attractions with posted entry fees. A good opening gambit at a souvenir market is to ask for the best price, then counter at 70% of the first quote. In most cases you will settle somewhere around 75–80% of the original price. Avoid aggressive bargaining over small amounts — the difference between PHP 150 and PHP 100 for a souvenir is negligible for most visitors but significant to a market vendor.
Budget Benchmarks
To calibrate your cash needs: a budget traveler in the Philippines can live very well on PHP 2,500–3,500/day (covering a guesthouse bed, three meals, local transport, and a beer). A mid-range traveler spending on a nice hotel, sit-down restaurants, and occasional island hopping should budget PHP 5,000–10,000/day. Luxury resorts in Palawan run PHP 15,000–50,000/night and beyond. Island hopping tours typically cost PHP 1,200–2,500 per person. A San Miguel beer at a local sari-sari store is PHP 50–65. A full meal at a carinderia is PHP 80–150.
Frequently Asked Questions
Should I exchange money before arriving in the Philippines or at the airport?
Exchange just enough at the airport arrival hall to cover your first night's transport and hotel (USD 50–100 is sufficient). Get the bulk of your currency exchanged at a mall money changer the following day — you will get 1–3% better rates. If you have a Wise card, you can use it at any ATM on arrival and skip the airport exchange desk entirely.
Are US dollars accepted in the Philippines?
USD is not accepted for everyday purchases — you will need pesos for all transactions. However, USD is the easiest foreign currency to exchange, accepted at virtually every money changer, bank, and airport counter in the country. EUR, GBP, AUD, SGD, and JPY are also widely exchangeable in major cities but may be harder to exchange in provincial areas. Always convert to pesos rather than trying to pay in foreign currency.
How much cash should I bring to the Philippines?
For a two-week trip as a mid-range traveler: budget PHP 70,000–100,000 (roughly USD 1,200–1,700) to cover accommodation, food, transport, tours, and souvenirs with a comfortable buffer. Carry about PHP 10,000–15,000 in cash at any time as an island reserve. Use ATMs in major cities to replenish before heading to islands.
Is it safe to use ATMs in the Philippines?
Generally yes. Use ATMs inside bank branches or malls during daylight hours. Avoid standalone ATMs in dark or isolated locations, particularly at night. Card skimming does occur — inspect the card slot and keypad for anything that looks unusual or loose before inserting your card. Major bank ATMs inside SM Malls and Ayala Malls are the safest option. Enable transaction notifications on your card before you travel so you see every charge in real time.
Does the Philippines have a departure tax?
The Philippines charges a Terminal Fee (departure tax) at most airports, but it is now included in most airline tickets for international departures and is no longer paid separately at the airport. Domestic terminal fees of PHP 50–200 may be paid at some airports at the ticket counter or terminal gate — ask your airline or check your itinerary. NAIA international departure terminal fees are folded into the airline ticket price for most carriers.
