Some of the forex centers in the Philippines are the banks, Western Union, MLhuillier, or the typical money-changer centers. But which of them offered the highest foreign currency rate? My answer: MLhuillier.
Many OFW's and online entrepreneurs are changing their US dollars to MLhuillier. It offers 30 to 50 cents higher dollar-peso rate compared to other typical money changers.
How big is the value you can gain if you change your dollars in MLhuillier compared to other forex centers? Let me explain further by giving an example. John, Peter, and Paul have US$ 1,000 each. They want to change their dollars into pesos. John goes to Western Union with 44.00 pesos per 1 dollar rate. Peter goes to a typical money changer with 44.20 pesos per 1 dollar rate. And Paul goes to MLhuillier with 44.50 pesos per 1 dollar rate. How much will they receive from the respective forex centers? Here it is:
- John will receive PhP 44,000.00 from Western Union.
- Peter will receive PhP 44,200 from a typcial money changer.
- Paul will receive PhP 44,500 from MLhuillier.
As you can see, who gets the highest value?
How much can be gained from MLhuillier if you change your US$ 1,000 into pesos compared to other money changers? A whooping PhP 500.00 that can be used to buy a birthday cake for a special someone. Isn't that big?
Do you know other forex centers which you think offers the highest rates? Share to us in the comments below.