The best rate money changer is most sought because it provides higher rate exchange for a currency. In particular, dollar foreign exchange is playing a major role in the Philippine economy. Even the ordinary Filipino family is affected by foreign currency exchange rate. Personal remittances from Filipinos living and working abroad posted an increase of 7.9% valuated to US$3.0 billion as of December 2017. This is compared to the same month last year personal remittance. Overall, personal remittance from the year 2017 surged 5.3% higher valuated at US$31.3 billion. Good foreign exchange is indeed important to OFW and their families. The period April to September 2017 was estimated at 205.2 billion pesos for total remittance sent by OFWs. OFW remittances are further broken down to: cash sent home at Php146.8 billion, cash that come with OFW on their return at Php48.3 billion and remittances in kind like packages, gadgets or balikbayan boxes at Php10.1 billion. The top or 62.8% money remittance of OFWs are sent via banks wire-transfer. Affiliate Marketers, bloggers, writers, online sellers, virtual assistants, and other home-based online workers (Upwork, etc.) also account to overseas dollar remittances that need forex money changers. Do note that the amount need to go through foreign exchange to be converted to pesos. Some banks offer exchange rate that are lesser as compared to best dollar foreign exchange money changer like Czarina Foreign Exchange and Sanry Manila Money changer.
It is important to consider that some overseas Filipino workers bring their savings home to the Philippines too. This happens when the overseas Filipino worker finished their contract overseas. The money sent by overseas Filipino workers home can be a fraction of the total income earned by the OFW. Money will be brought to the Philippines which was either converted to US dollars. Converting directly to Philippine pesos abroad like in Dubai, Saudi, or non-US country can be a wrong decision, as the rate is terrible and lower. Finding the best foreign exchange money changer is the first thing to do when attempting to convert the hard earned money into local currency – the Philippine Peso. Looking at the report from Philippine Statistic Authority, shows that the total cash remittance sent by overseas Filipino workers is Php38.6 billion. Majority of the amount or 18.7% came from the remittance sent by OFWs employed in elementary occupations. Foreign exchange money changer like Czarina and Sanry’s provide foreign exchange on major currencies.
Czarina Foreign Exchange
Makati Branch of Czarina Foreign Exchange:
- Space 3-077, 3/Flr Glorietta 1, Ayala Center, Makati City
- Unit 15, Upper Ground Flr, Makati Cinema Square, Pasong Tamo
- Unit 103, Ground Floor, Liberty Center Building 104 H. V. De La Costa cor San Agustin Sts, Salcedo Village, Makati City
- For a complete list, including Alabang, Baguio City, Cainta, and Quezon City click here.
Czarina Foreign Exchange can be checked at Makati, Alabang, Baguio City, Cainta, and Quezon City for one of the best rates among foreign exchanges. Czarina started doing business for 40 years from the divestiture from Czarina Jewelry company. Czarina is a member of the Foreign Exchange Buyers Association of the Philippines with the reputation as money exchange dealer in Metro Manila. In Hong Kong, Czarina Remittance Co. Ltd (HK) on its 14 year operation is considered to be one of the biggest remittance companies that offer services to OFWs.
Sanry’s Money Changer
Comparable is Sanry’s Money Changer Manila which can be visited and transacted at their branches. Branch near Makati is at:
- Ground Level Palm Drive Glorietta 2 Glorietta, Ayala Avenue cor. Pasay Road, Ayala Center, Makati, Metro Manila, Philippines
Sanry’s is one of the best money changer with higher exchange rate ad very accessible branch offices. Their number is (02)893-8520 which can be contacted before doing the actual transactions. Sanry’s Money Changer review included: (1) a very reliable forex / money changer; (2) the money exchange rate is higher compared to others; and (3) honest, polite helpful staff.
Based on statistics gathered by PSA, the remittance sent by overseas Filipino worker amounts to Php52,000.00 pesos on average. It is interesting to note that OFWs in Asia ( China, UAE, Saudi Arabia, Qatar, Taiwan, Singapore, Malaysia, etc.) is 85.6 percent of the total OFWs which equate 77.9 percent of the total amount of OFW remittances. OFW in Europe produces 9.8 percent of the total, North and South America account to the other 8.4% with Australia and Africa at 2.4% and 1.5% respectively. We come up with recommended and best dollar foreign exchange money changers in Metro Manila like Czarina and Sanry’s and seen what these business has to offer to their customers. On your next dollar exchange, always compare the rate of exchange to ensure the hard earned dollar is maximised.