Money & ATMs in Boracay
The currency of the Philippines is the Philippine Peso ₱ (PHP). Bank notes are circulating in following denominations: 20 Pesos, 50 Pesos, 100 Pesos, 200 Pesos, 500 Pesos, 1000 Pesos. Coins: 1, 2, 5, 10 Peso.
Boracay has many banks with ATMs. Asia United Bank (AUB), Metrobank, BPI (Bank of the Philippine Islands), PNB (Philippine National Bank), BDO (Banco de Oro), EastWest Bank just to name a few. In all these banks it is easily possible to get money with common credit cards. VISA Card, MasterCard, American Express, etc., partly Cirrus and Maestro are being accepted.
ATMs in Boracay are almost all along the main road (Manggayad, Balabag Road), some at D´Mall area, or at the beachfront in front of White Beach. The current maximum amount per withdrawal is 10,000 Pesos. Banks in the Philippines are charging a fee of 200 Pesos per withdrawal at ATMs. In addition, there are numerous exchange offices in Boracay where foreign cash like Euro, Korean Won, Japanese Yen, U.S. Dollars and other currencies can be exchanged into Filipino pesos. Travelers checks are also accepted.
In order to carry out money transfers to a Philippine bank account it needs SWIFT code, account number and the international routing number of the recipient. Remittances from the U.S. or Europe will take about five to ten days until the amount is credited to the Philippine recipient. For money transfer from a Philippine to a European bank account, it needs BIC (or SWIFT) code and IBAN code (International Bank Account Number). Furthermore, money transfers are possible through Western Union and Palawan Pawnshop, of which there are several branches in Boracay.
Below some SWIFT/BIC codes of resident banks in Boracay:
Allied Bank: ABCMPHMM, Banco de Oro (BDO): BNORPHMM
Metrobank: MBTCPHMM, Philippine National Bank (PNB): PNBMPHMM
Bank of the Philippine Islands (BPI): BOPIPHMM
An alternative way to transfer money from abroad to a Philippine bank account is TransferWise (https://transferwise.com). The online money transfer service with TransferWise is cheap and fast. International money transfers to a Philippine bank account from abroad take 2 to 4 business days. Exemplary: Transferwise uses the current exchange rate as a basis. The requirement of money transfers with TransferWise is that both sender and recipient have a bank account.
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| Philippine Peso |
Philippine Peso Exchange Rate
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