MONEY EXCHANGE SERVICES
WHAT WE OFFER:
Anchor Financial Services (AFS) offers a unique money exchange facility in Angeles City and across the Philippines. We provide foreigners a way to deposit their foreign currency into an AFS account in the same currency. This process resembles transferring money between local banks, allowing customers to avoid exchange rate markups and typical transfer fees when moving currency between denominations.
NO TRANSACTION or EXCHANGE FEES for most Currencies
With AFS we offer a service that is not only convenient but is totally free of transaction and exchange rate fees for most currencies. How can we do this and offer a great rate? Simply by you depositing in our matched currency bank account.
* Please note that the USD to PHP electronic transfer process does attract a P300 conversion fee regardless of the amount converted. No fee applies where cash to cash is converted.
COMPETETIVE EXCHANGE RATES
How can you be sure you get a competitive rate of exchange when we pay out the Peso? At AFS we link the exchange rate to the current (within the hour) advertised rate on the official Bangko Sentral Pilipinas (BSP) website. We have compared rates across a range of providers and BSP is consistently competitive against most banks and money conversion platforms.
We pay the BSP advertised exchange rate less only 1 peso. For example, if BSP have an advertised exchange rate of P57.5 for 1 USD then the payout rate from AFS will be P56.5 per 1 USD, likewise with other currencies.
Unlike BSP and other Banks the difference here is that AFS does not apply any Bank Conversion or Transaction fees on most currencies.
If you can compare this to what is provided on the streets or through the local Philippine and Overseas banks you will find AFS comes out in front most of the time.
SAFE AND SECURE
No need to line up at an ATM and pay the high withdrawal rate every time you take out P10,000 from your home bank account, not to mention the poor exchange rate and bank fees you are hit with at the time of withdrawal.
Yes, you can go to a money changing venue but how do you know they are not slipping you a fake note here or there? Even more worrying is the issue of criminals watching you from a distance and under the cover of darkness. All good if you are exchanging in a safe environment but many of these money changers are in back streets or alleys.
HOW DOES IT WORK
It’s quite simple: You deposit into our account the currency you wish to exchange. Once we receive confirmation that your funds have been received, we then prepare your cash for immediate pick up from our office or we will deliver your cash to your door. If we deliver there is a one-off delivery fee of P500 for delivery in the Angeles City area. Outside of Angeles City we will negotiate a delivery fee but typically delivery to Manila would be P3,000.
We can also have the cash deposited directly into your Philippine Bank Account – a P350 admin fee will apply. Deposits this way need to be done manually as there is a P50,000 limit per day for electronic transfers.
WHAT IF I HAVE CASH?
For those who have cash to exchange, the process is very simple; call and get a rate (rate is held for 24 hours), bring your cash to our office or we can come to you. We simply exchange the cash and have you sign an acknowledgement of receipt. If we come to you, the standard P500 delivery charge is applied. This is normally deducted at time of delivery.
STEP BY STEP PROCESS
2. If you are happy with the rate simply provide the amount you wish to exchange and we will send you the total you will receive less any delivery fee or other costs that might apply. These will also be detailed on your acknowledgement form you sign when receiving the cash peso.
4. Let us know how, when and where you would like the money provided:
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- Delivery to your door – Angeles City Area (P500 Delivery charge). You will be required to present picture identification and sign an acknowledgement receipt.
- Pick up – you can come to our office and pick up cash once we text or email that money is ready for pick up. We are located in 2000A 2nd Floor Marlim Avenue, Diamond Subd., Balibago, Angeles City, 2009. Just off McArthur Hwy and almost opposite the Pagor Casino. Please bring picture identification and sign an acknowledgement receipt for payment.
- Philippine Bank Transfer – provide the details of your bank account and we will manually deposit the funds. Deposit fee of P350 is applied. A receipt of payment will be sent to your email address or facebook account.
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5. Most clients find that the first time they transact with AFS there is a learning process, and it can take a little time, so please allow a few days if doing the transfer/exchange via electronic transfer. Cash exchange should be straightforward and simple.
FAQ'S
1. Which currencies can I use for the money exchange services?
Currently AFS has accounts in the following denominations with more being added as required.
2. Is there a minimum or maximum amount I can exchange?
The minimum amount for exchange is P50,000 peso per transaction. The maximum amount is currently P1,00,000 peso. Customers can request a higher amount, and these will be reviewed on a case-by-case basis.
3.What if I have foreign currency brought over from my country of origin and wish to exchange this for Peso.
This is fine and negates the requirement of sending money to an AFS bank account. Simply bring your cash to our office or one of our staff can go to you and complete the transaction. A delivery charge of P500 will apply.
4. How do I know I can trust AFS to provide genuine notes and the correct amounts.
AFS is a Philippine Security Commissions registered company and as such must abide by the government’s code of conduct for financial transactions. We cannot knowingly hand over counterfeit money nor short-change clients when exchanging funds. This would mean the loss of our operating licence.
All cash will be counted in your presence, and we will request that you double check by counting the money yourself and then signing an acknowledgement of receipt. For large amounts of cash, we may use a money counting and counterfeit detection machine.
5. Why is there a delivery fee of P500 if someone brings the money to me?
To ensure the safety of our staff we normally have two people deliver money, one to drive the car or motorbike and one to deliver, count the money in your presence and have you sign that the money is correct. The normal delivery times are between 8am to 6pm in the evening.
Delivering to your door takes time but ensure your safety as you will not be the one carrying large sums of money back to your premises. There is a cost in providing this service.
6. Why is there a P300 Conversion fee charged when exchanging USD via electronic transfer?
AFS uses WISE to establish local currency accounts in various countries. WISE applies a charge for transfer from one US bank to another which includes the AFS USD account. The fee is unavoidable and needs to be passed on to the client. However, the convenience and ease of transfer far outweighs this cost for most transfers of $1,000 USD and above.
