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.