Planning to go to Taipei? Here are the ways to exchange your Philippine Peso (Php) to New Taiwan Dollar (NTD)
Option 1 (PHP to USD to NTD)
- exchange your Php to USD here Philippines (Czarina Foreign Exchange or bank).
- then exchange your USD to NTD in Taoyuan Airport – money changer are available in the arrival halls and open 24hours
- check current rates here https://rate.bot.com.tw/xrt?Lang=en-US
Option 2 – ATM withdrawal
- Use your atm to withdraw cash – if your bank can activate your Philippine issued ATM card, you can use it to withdraw NTD in Taipei.
- Exchange rates are usually almost same on what Google results show on that day
- Minimal bank fees may applies for activation and withdrawal fees in Taiwan. (I personally not able to use this option but as suggested in my Facebook post, this gives higher exchange rates that option 1)
- Please note that if you withdraw several times as the ATMs has withdrawal limit, bank charges may also add up everytime you withdraw
- Be sure also to check your bank charges for every withdrawal
Option 3 Php to NTD in Philippines
- If you would like to have NTD before flying out, you can still exchange your Php to NTD in the Philippines.
- Ask your bank to reserve NTD, you can only request this if you have an account with the bank. Note that NTD may not be immediately available and may take 2 or 3days to get (like what we experienced in BPI and BDO)
- Change your PHP in money changer like Czarina – competitive rates but banks are still better like BDO or BPI
Option 4 Php to NTD in Taipei
- Php can also be change in Taoyuan Airport.
- This has the lowest exchange rate as we check
- Check the sample computation below
Let’s have Php10,000.00 example (March 2019 exchange rate)
BDO USD Selling Rate 52.25
Taiwan Bank USD Buying Rate = 30.445
10,000 / 52.25 = 191 USD
191 x 30.445 = 5,814 NTD
OPTION 2 as per Google Exchange Rate
10,000 / 0.59 = 5,990 NTD
ATM fees may apply (100NTD)
so net amount is about 5,890 NTD
BDO NTD Selling Rate = 1.72
Czarina NTD Selling Rate = 1.88
10,000 / 1.72 = 5,813 NTD
10,000 / 1.90 = 5,319 NTD
Bank of Taiwan Php Buying Rate = 0.5183
10,000 = 5,183 NTD
So, clearly, DO NOT change you Php in Taipei as this option has the worst rate.
Option 1, 2 and 3 have almost same results. You can just chose among the three which is the most convenient for you.
Exchange rate only applies on the time of my posting, please check updated rates on the link above
For suggested itinerary, click below
Enjoy and Happy travels.