Money Changers

Plenty of money changers in Boracay, and you can use ATMs too.

You will not get a good rate at NAIA.
Better to do as sirenna suggest, or if you have cash to change, go to one of the money changers in Manila.
There are many in the Ermita area. Edzen on Mabini Street is reputed to be one of the best.
For a rough idea of what the rates are, check in the business section of the Inquirer (www.inq7.net)

can not agree with No.2, as 99% of the money changers in ERMITA or MALATE will CHEAT u.
the rates at NAIA are not that bad, and these are REAL BANKS, f.e.: Banco de Oro and all the others......

the only moneychanger that can be trusted in Central Manila is probably the one inside ROBINSON's PLACE shopping mall. its a small counter on the ground floor near the elevators. People (LOCALS, not tourists !) queuing every day, when I changed some money there in June 2007 (I had to wait more than 15 minutes in the huge queue) I saw tenthousands of Dollars changing hands within a few minutes. couldnt believe it.... and they gave the best rates I ever came across in Manila....

#3, I have heard this time and time again....the money changers in Ermita or Malate will cheat you?
Let me get this straight...I'm not talking about the guys who hang around outside the malls. I'm talking about the money change shops.
I've been going to the Phils since the 80s, using these shops (so much quicker than TCs at the banks).
I always check in the Philippine Inquirer (www.inq7.net) to get a good idea of what the days exchange rate should be. Never been ripped off yet.
As I said, Edzen on Mabini is reputed to be one of the best. When I was there last August they actually ran out of Pesos, so you had to wait or go back later!

I've looked at the moneychangers in Robinsons, SM et al. They all offered a lower rate than the money change shops.
That is a Fact. I saw for myself.

NAIA...not bad, but you will get less for cash than at a money change shop in Ermita.
Also...Banco De Oro...changed money there when I arrived (always change a little for taxis/first night etc). Rate was something like 95 Pesos to the £ Sterling. Gave the lady £100, got a receipt with the correct amount on, the lady counted out the money in front of me, about 500P too short. I pointed this out to her. "No sir" she said, and counted the money again (with the same shortfall). "No" I said, showed her the receipt..."oh, sorry sir" and gave me the correct money.
Not yet had that happen to me in a money change shop....

I agree with Mr Steve38.

I have never had a problem at the Ermita money changers, and the rates always seem competitive. There is one on Padre Faura who is excellent: it is on the east side of the street, but I forget its name. Going to Robinsons will mean accepting a lower rate.

I've been using Edzen for about 20 years (and Edzen II, before it closed several years ago), and have never been ripped off. I have always got the best rate available. The rate in Robinson's is not nearly as good. Locals using Robinson's are doing so for convenience, and are probably changing small amounts of money. The big scam is the hustlers on the street. They will approach you with a small strip of cardboard, with very favourable exchange rates written on it - usually about 10% better than the money changers. They'll lead you to grubby, dodgey looking local store. There will be lots of noise and distraction going on. The mamasan will want you to change as much money as possible, and will give you your pesos with an annoyingly large number of 20 peso notes included. She will count it all out and give it to you to count again. While you are counting it all again (with all the noise and distraction going on around you), she will volunteer to hold the cash, while you're counting the last P500 worth of P20 notes. She will slip a big wad of notes into a container screwed up underneath the table. You'll leave with a fistful of cash, thinking that you just got the best deal in town! When you get back to your hotel and count it again, you'll discover the horrible truth. If you can remember where the shop was, you'll find nobody there that you recognise. If you go to the police, they won't do anything, except tell you not to be so foolish in the future. A few years ago, I saw a man being led away by one of these scammers. I called out to him and warned him that it was a scam. He ignored me. Later, I realised he was staying at the same hotel as me, and he related this story to me. He had lost nearly $300