What is the local currency?
Peso (PHP)
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What denominations does it come in?
Notes (pesos): 10, 20, 50, 100, 500, 1000
Coins (pesos): 1, 5, 10
Coins (centavos): 5, 10, 25
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What is the best way to exchange currency?
Try money changers and banks.
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What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash and credit card.
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Will I be able to use my credit card around town? If not, list when I’ll need cash.
While some of the smaller shops do not accept credit cards, department stores and most of the larger shops and restaurants in the city will accept them. However, many establishments charge a surcharge (2 to 6 per cent) for using a credit card. You may want to check before agreeing to pay with a credit card.
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By what method are bills (such as rent and utilities) paid?
Rent is usually paid one year in advance by check. Utilities can be paid either with cash or check directly to the utilities company, or a standing order can be issued to debit your bank account. Bills can also be paid through ATMs.
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What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
You will need a passport (endorsed with a non-tourist visa) and/or an Alien Registration Certificate. In addition, you will need a photo ID, such as a locally issued driver's license or a credit card with photo.
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Will foreign residents be able to find banking services in their native languages?
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Are there any restrictions on services for those who are new to your country?
No restrictions that are known.
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What are typical banking hours?
Monday to Friday, 9am to 3:30pm (some banks operate until 4pm).
Closed on Saturday, Sunday and on public holidays.
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Are automatic teller machines (ATMs) available around the clock?
Yes, however ATMs are usually only available in major tourist and business areas of Cebu. Maestro and Cirrus are two systems most commonly available, but not all ATMs accept international credit cards.
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Is there any other money information that might help me?
ATMs around Cebu are often off-line, which means you can't withdraw money. It's a good idea to always have a small amount of money with you.
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Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.