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We have clients from all over the world and previously only accepted US $ payments. We offered a lower PHP exchange rate to incorporate Pay Pal charges. To accommodate all of our clients and to prevent losses from changing money through two currencies we
are introducing a new reservation payment system which supports 5 currencies and produces a better conversion rate.
What we are now introducing is that you pay in the currency of your choice. Instead of offering a lower PHP exchange rate to incorporate Pay Pal charges we will just deduct 5% from the amount that you pay, then convert the balance directly into PHP on the day that you make the payment using the XE Currency Converter. The exact amount of your reservation amount in PHP is then quoted in the check in instructions and lease agreement the following day.
Most importantly in example 3, whereby we used to change $300 at a rate of PHP 44 which converted to PHP 13,200, with this new system you can see that despite the 5% charge, the final conversion is higher than PHP 13,200 meaning better value for our clients.
Example 1: CAN $100 ($100 less 5% = $95) CAN $95 x 34.68 = PHP 3,295 (XE Currency Converter Rate on day that you make payment)
Example 2: EUR0 63 (E63 less 5% = E59.85) E59.85 x 52.47 = PHP 3,141 (XE Currency Converter Rate on day that you make payment)
Example 3 US $300 (US $300 less 5% = US $285) US $285 x 47.6 = PHP 13, 578 (XE Currency Converter Rate on day that you make payment)