Panglao is an island in the Philippines which is located southwest of Bohol. Panglao Island is the place where most of visitors to Bohol stay so you might end up staying here during your trip as well. As in most cases you will need to use cash in local currency (Philippine Pesos - PHP) on the island, check what currency exchange rates you can expect in Panglao.
Money Changers in Panglao
If you are looking for a place to exchange your money in Panglao, your best options can be found at Alona Beach as most of island’s money changers can be found there. Actually, most of money changers in Panglao are travel agencies offering currency exchange services.
After looking around a bit we found out that the travel agency called “MySuitcase Travel Services” was offering the best currency exchange rates at Alona Beach in Panglao during our visit.
Foreign Exchange Rates in Panglao
Panglao foreign exchange rates are not as good as you can get in Manila but still acceptable, if you are bringing USD or EUR with yourself. Exchange rates for less popular currencies here are much worse.
What foreign exchange rates can be expected on Panglao Island?
USD to PHP exchange rate in Panglao
The official USD exchange rate at the time was 52.01 PHP for 1 US Dollar, so the rate offered in Panglao (51.20 PHP/USD) was by 0.81 PHP lower than the official rate. For every dollar exchanged here you’re losing about 0.016 USD or 1.6 USD per 100 USD.
At the same time, some of money changers in Manila were offering 51.90 PHP/USD.
EUR to PHP exchange rate in Panglao
The official EUR exchange rate at the time was 64.15 PHP for 1 Euro, so the rate offered in Panglao (62.50 PHP/EUR) was by 1.65 PHP lower than the official rate. For every Euro exchanged here you’re losing about 0.026 EUR or about 2.6 EUR per 100 EUR. Significantly worse exchange rate if compared to US Dollar.
At the same time, some of money changers in Manila were offering 63.80 PHP/EUR.
Exchange rates of other currencies in Panglao
The official GBP exchange rate at the time was 74.08 PHP for 1 Sterling Pound, so the rate offered in Panglao (70.00 PHP/GBP) was by 4.08 PHP or 5.5% lower than the official rate.
The official AUD exchange rate at the time was 40.40 PHP for 1 Australian Dollar, so the rate offered in Panglao (37.50 PHP/AUD) was by 2.90 PHP or about 7.2% lower than the official rate.
The official SGD exchange rate at the time was 39.65 PHP for 1 Singapore Dollar, so the rate offered in Panglao (35.50 PHP/SGD) was by 4.15 PHP or about 10.5% lower than the official rate.
In general, the less popular is the currency you are planning to exchange, the worse will be the exchange rate in Panglao.
Tips
As foreign exchange rates in Panglao are worse than in Manila, exchange your currency at the airport before flying to Bohol. For more details about foreign exchange at Manila Airport check:
You can also exchange your money at the main sea port of Bohol - Tagbilaran Port. However, exchange rates at the port are only better for less popular currencies. For more information about foreign exchange rates at the port check Currency Exchange at Bohol Tagbilaran Port.
More tips for traveling in Philippines can be found here: Philippines Travel Tips.