When moving US Dollars, the best method I know of is to open a USD account with a bank here in the Philippines, then wire USD to USD. Then, withdraw dollars and take them to a money changer as they offer better exchange rates than the banks. However, banks will offer more competitive rates to larger customers, (i.e., if you have a Primere account with HSBC...$100,000 US total relationship...which, by the way, could be a Primere acct with any HSBC branch...Singapore, etc) and they can negotiate exchange rates, just ask them to talk to their manager. (I deal with HSBC Cebu, but seems they must get approval from Manila to do anything...)
In Cebu, the money changer in the basement of Robinson's Dept. Store at Fuente Osmena seems to offer some of the best rates. I have been told Optimum Trader in DGT has good rates also, but I exchange in Cebu so not sure.
I would coordinate with the money changer in advance on any large sum transactions as they may need a little time to organize that.
On a totally separate note...see if your buyer will accept payment in dollars...many will. Or even direct to overseas accounts. (A direct wire transfer in USD.) Many Filipinos of means have overseas accounts. (After dealing with the banks here, you will quickly learn why!)
And as with any larger transaction here, be sure to retain the services of a good attorney (maybe even two)! Their fees are also very negotiable and worth what you spend if you find a good one.
Finally...I deal alot with international wires coming in and out of the Philippines. The local banks have a nasty tendency of "loosing" large wire transfers for sometimes weeks at a time. I suggest using one of the international banks here for large wires: HSBC, Citibank and Standard Chartered all have branches in Cebu City. Their customer service is still not up to a first world standard, but far better than my experiences with some of the PI-based institutions.  |