How to Encash a Dollar Check in the Philippines

In this guide, I’m going to show you the ways on how you can encash a dollar check (cheque) in the Philippines. First of all, what is a dollar check? Well, this is a check wherein the amount payable is in the dollar currency. It can be frustrating trying to have it changed to pesos because most stores and businesses in the country usually don’t accept non-local checks as payment for goods or services. But don’t worry because there are ways on how you can convert your dollar check in the Philippines into cold cash and in pesos. Just read through the quick guide below.

Bring the Check to a Bank
This is by far the most common way on how to encash a dollar cheque in the Philippines. However, if you follow this method, it's going to cost you a little bit of money and it will take some time before you will be able to get the peso equivalent in cash. First of all, you have to open a dollar account with the bank. You then have to put some money (in dollars) into the account. Once everything is in place, you can then deposit your dollar check into the account.

Keep in mind that the amount you used to open the account is different from the amount in the check. You can't open a dollar account using the check as your initial deposit. In short, you have to open an account with money you already have (converted to dollars, of course) before you can deposit the dollar check into the account.

Furthermore, it will take a little bit of time for the dollar check to be cleared before you will have access to it. This can take months. So you must be willing to wait.

If you regularly receive dollar checks, it's recommended that you open a dollar account in your bank. The initial deposit varies per bank so see to it that you inquire with the bank before you decide to open a dollar account with them. Usually, the deposit ranger from 100 to 500 dollars. Clearing time can take between 30 days to 60 days.

Try a Money Changer
Most money changers don't deal with dollar checks but there are those who sometimes accept the checks. If there are money changers in your area, you should try bringing your check to them. In the event that they accept it, you should anticipate lower exchange rates compared to bank dollar exchange rates.

Deposit the Check on Your BPI Peso Account
According to someone I know, you can deposit your dollar check with your peso account on BPI (Bank of the Philippine Islands). This means you don't have to open a dollar account to accommodate the cheque. However, I am yet to verify if this is indeed true. If you have an account on BPI, I would suggest that you visit your branch and inquire if this is indeed possible. Always remember that it will take at least 30 days for the cheque to be cleared.

How To Confirm Your UnionBank EON Card On PayPal

For you to be able to convert your PayPal funds into cold cash in the Philippines, you need to link it with a bank account and debit card. Once you have linked your PayPal account with your bank and debit card, you can easily withdraw your PayPal funds and convert it into real money.

One of the best banks in the Philippines when it comes to encashing PayPal funds is UnionBank. All you need is their EON card to get the ball rolling. Adding a bank account or card in your PayPal account is very easy. Just log in to your account and find the tab on the left side of the page that says "Add a bank account or card". Just hit that button and you are good to go. Fill all the necessary details about your account or card.

After successfully adding your EON card, you will be asked to "confirm" your card. This is a security measure to ensure that you really own the card. Confirming your card also removes your withdrawal limit.

Here are the steps you need to follow on how to confirm your UnionBank EON card on PayPal:
1. Log in to your PayPal account.
2. Go to the banks and cards section and hit the "Confirm card" button.
3. The prompt window will tell you that a confirmation code has been sent to your card statement. This confirmation code arrives in your card statement within 2 to 5 days.
4. Log in to your EON Cyber Account.
5. Go to "Accounts".
6. Hover your mouse pointer over the "customer ID" under the Deposit Accounts List".
7. Click on "View Last 10 Transactions" or "View Transaction History".
8. Find the transaction with the following format: "VISA-PP*1575CODE".
9. Copy the four-digit number that precedes "CODE". In the above example, the confirmation code would be 1575.
10. Log in to your PayPal account.
11. Go to your cards section and hit the "Confirm card" button.
12. Enter the confirmation code.
13. That's it.

A very important note: Make sure that you have at least 300 pesos in your card before you have it confirmed. This is because PayPal will make a charge of around 200 pesos from your card for verification and security purposes. Needless to say, if PayPal can't make a charge on your card, then you won't receive a confirmation code. So put at least 300 pesos on your EON card before you proceed with the confirmation process.

What if you don't receive a confirmation code?
Well, you can always request for a new code. Just do the same steps pointed above. Below is the prompt window that appears when you ask for a new confirmation code.

"You can remove limits on your account by confirming that you own this card. Select OK below to get a new confirmation code. You should receive it in 1-2 days. After you receive the new code, follow these steps:
1. We'll make a small charge to your card.
2. Check your card statement in a day or two for the 4-digit code associated with the charge.
3. Log in to PayPal, go to your Wallet and confirm the card by entering the 4-digits code. The charges will be refunded to your card.

If you can't check your statement online, look for the charge when it arrives in the mail and follow the same steps. Thank you!"