Cebu Currency Guide

The Philippine Peso (ISO code: PHP, symbol: ₱) is the currency used throughout the Philippines including Cebu. Coins come in denominations of ₱1, ₱5, ₱10, and ₱20. Notes come in ₱20, ₱50, ₱100, ₱200, ₱500, and ₱1,000. The ₱100, ₱500, and ₱1,000 notes are the most commonly used for daily transactions.

The approximate exchange rates in 2026 are: US$1 ≈ ₱55–₱58, €1 ≈ ₱60–₱65, £1 ≈ ₱70–₱75, ¥100 ≈ ₱38–₱40 (Japanese yen), ₩1,000 ≈ ₱40–₱42 (Korean won), SGD$1 ≈ ₱42–₱45. Rates fluctuate — check an up-to-date source before travelling. The peso is a freely convertible currency with a relatively stable exchange rate history.

ATMs are plentiful in Cebu City (especially around IT Park, Ayala Center, SM City, and the Colon Street area) and on Mactan Island (airport arrivals hall, SM Seaside, near resort areas). BDO (Banco de Oro), BPI (Bank of the Philippine Islands), and Metrobank are the most reliable for international cards and generally impose lower foreign transaction fees than some smaller banks.

Standard ATM withdrawal limits per transaction are typically ₱10,000–₱20,000 (approximately $180–$360). You can usually make multiple withdrawals in succession if you need more cash — though check your home bank's per-day withdrawal limit. Always use ATMs inside bank branches or major malls rather than standalone street machines for security.

ATM fees: Philippine banks generally charge ₱200–₱250 per international withdrawal on top of whatever fee your home bank charges. To minimise fees, make larger single withdrawals rather than multiple smaller ones. Notify your bank before travelling that you will be using your card in the Philippines to avoid automatic fraud blocks.

Money changers in Cebu generally offer better exchange rates than banks — sometimes significantly better. Reputable licensed money changers can be found on the ground floor of SM City Cebu, inside Ayala Center Cebu, along Colon Street, and in the airport arrivals hall (though airport rates are typically less favourable). Always count your money before leaving the counter.

The airport arrivals hall at Mactan-Cebu International Airport has several exchange counters. Rates here are acceptable for a first batch of cash but not optimal — exchange just enough to cover your taxi and first meal, then use better-rate changers in the city.

US dollars and Japanese yen are the easiest foreign currencies to exchange in Cebu. Korean won, euros, Australian dollars, and Singapore dollars are also widely accepted at major money changers. Traveller's cheques are effectively obsolete and rarely accepted.

Credit and debit cards (Visa and Mastercard) are accepted at major malls (SM, Ayala, Robinsons), mid-to-upscale restaurants, larger hotels and resorts, and most tour operators. American Express is accepted at some higher-end establishments. Contactless payments are available at many SM and Ayala tenant stores.

Cash is essential for: street food and market stalls, jeepney and tricycle fares, smaller local restaurants and carenderias, wet markets (Carbon Market, Taboan), smaller guesthouses and dive resorts, and tipping. Carrying ₱2,000–₱5,000 in mixed denominations (₱100s and ₱50s are most practical) as daily walking-around cash is recommended.

GCash and Maya (local mobile payment apps) are widely used by Filipinos for payments and transfers but are not currently accessible to foreign visitors without a local SIM registered to a Philippine ID. For travellers, cash and international cards remain the primary options.