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Money Changers: Sanry, etc

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Money Changers: "Strange" rates at Sanry's, etc

Today's shock rate... was 5.25 (pesos per HK), rather than 6.50+

Sanry's Money Changer is registered as Sanry's Foreign Currency Exchange Inc. with the Bangko Sentral ng Pilipinas.

Sanry's is one of the most recommended money changers or foreign currency exchange service providers in Metro Manila. It is often mentioned in online forums and blogs.

Aside from its attractive exchange rates, several of its branches are also located inside malls, enabling customers to transact in safer and more secure surroundings. After getting thousands of pesos, customers can just walk to banks or cash deposit machines within the malls to deposit.
Head Office
S-2004 La Perla Mansion, Carlos Palanca
San Lorenzo Village, Makati City


Midrates: USDPHP: 52.65 / USDHKD: 7.846 = HKDPHP: 6.71
Sanry's rate today was 5.25 ! That is 22% below expected Midrate of 6.71 !
Implying a spread of 22% x 2 = 44%.
(Seems impossible, right?  I was shown a paper with 5.25 typed on it.)
That is truly massive discount to market rates and never saw even 10% of that spread in three years.

I wonder if SANRY is going bust or something ??


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Cannot find any news on Sanry on the web

There are two Sanry branches at GB. One had a very long queue with people changing huge amounts of money. And the other btanch had employees inside with a closed sign on the door

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HKD 1000 NOTES - had too many counterfeits...  a few years ago

Re: Fake 1000 hkd

The fake notes are all counterfeits of HSBC HK$1000 notes issued in 2000 and 2002. There are 87 million HSBC HK$1000 notes in circulation and only around 1500 fakes have been discovered. I had no problem at all changing HK$1000 notes over the last two weeks in HK. It's true some retailers (and taxi drivers) have been refusing to accept them but all the major stores, Park N Shop and Wellcome Supermarkets, 7/11 and Circle K Supermarkets, Public Transport Customer Service Centres etc will happily accept them having satisfied themselves that they are not fakes

You really don't need to panic!

> https://www.tripadvisor.com.ph/ShowTopic-g294217-i1496-k1120089-Fake_1000_hkd-Hong_Kong.html

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Is this what is happening?

Are Chinese property buyers changing Cash in RMB & HKD... in order to buy Property with PHP cash??

Story image for makati money changer rate from The Business Times

China's gambling fever is stoking Manila's property boom

The Business Times-4 May 2018
... stores, money changers and payment centres catering to Chinese ... In the Bay Area adjacent to Makati, home prices surged by a record 27 per ... "I hope they become an asset to the community and not just out to make money. ... 2, Astrea IV private equity bonds' retail tranche interest rate set at 4.35% pa.
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