How to buy Philippine pesos with a credit card

By   |   Verified by Andrew Boyd   |   Updated 22nd March 2022

Looking to get some Philippine pesos (PHP) to take with you for a trip to the Philippines?

You can buy Philippine pesos with a credit card here in Australia or while you’re in the Philippines. However, there are a few important things to consider before purchasing. Find out how it works below.

Before travelling

Buying Philippine pesos with a credit card in Australia

If you're using your credit card to buy Philippine pesos in Australia and you aren’t familiar with the fees involved, be sure to read this before making the purchase.

What cards you can use

  • American Express, Mastercard, and Visa. You can buy Philippine pesos using any Australian credit card. However, banks treat buying foreign currency as the equivalent of buying cash. Therefore, when you use a credit card to buy pesos, you’ll incur the interest rate for cash advances and the cash advance fee too.

Where you can purchase Philippine pesos with a credit card

  • Your bank's local branch. Most local bank branches will have a limited supply of pesos. The drawback is that whilst convenient, their exchange rates probably won’t be the most favourable.
  • Currency exchangers. Exchangers can be found relatively easily. You can buy Philippine pesos and other currencies there with a competitive exchange rate.
  • Money transfer services. You can use an international money transfer service to send Philippine pesos to someone or a business. Their rates are typically the most competitive.

While overseas

Buying Philippine pesos with a credit card while in the Philippines

Here are some considerations for using your card to get Philippine pesos while travelling.

  • At a bureau de change. Finding an exchange bureau where you can buy Philippine pesos is easy in the Philippines. However, purchases at a bureau de change will be classified as a cash equivalent and incur interest at the cash advance rate. A cash advance fee will also apply, plus a foreign currency fee if your card charges one.
  • Withdrawing from an ATM. ATMs are widely available (and often have an armed guard). While it may be more convenient than finding an exchanger, using an ATM to get pesos from your credit card is very expensive. Not only will you be charged interest at the cash advance rate and a one-off cash advance fee, you’ll also incur a fee for using an overseas ATM. Additionally, there's also the possibility of being charged a foreign currency transaction fee. Avoid it if possible.

What it might cost

Fees

Type of feeIncurred in Australia?Incurred overseas?Cost
Cash advance interestYesYesAround 20% (daily, no interest-free period)
Cash advance feeYesYes2 - 3% (one-off)
Foreign currency feeYesYes2 - 3% (one-off)
Overseas ATM withdrawal feeNoYes2 - 3% (one-off)

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FAQs

Can you earn credit card points when buying Philippine pesos?

No. Buying Philippine pesos or any other foreign currency such as Malaysian ringgit will be classed as a cash equivalent and won't earn you any rewards points.

Can you get cashback when buying Philippine pesos?

No. It will be regarded as an equivalent to cash and won’t earn you any cashback.