If you have to change cash money in Bohol, go to the indian or pakistani money changers in the center of Tagbilaran city. They are located in the street between Rose Pharmacy and the Jollibee Restaurant. You will get the best rate there.
Another good money changer is in the basement of ICM (Island City Mall) but avoid the one in the basement of BQ Mall (Bohol Quality) since they give you only a very low rate on foreign currency.
You can receive money from your international Credit Card (Master & VISA) or international Maestro ATM Card on almost any of the ATM machines in Tagbilaran City. Only very few of the machines are limited to local cards. However, be aware that some of the machines in the Philippines have a maximum output of only 5000,- Peso per transaction. You can make more transactions after each other of course, but you may have to pay a fee for every transaction to your bank. Look for a VISA Card that is free of transaction charges worldwide before you go on holiday.
New in December 2008: They have now changed the maximum output to 10,000,- Peso per transaction.
Traveler Cheques and Credit Cards:
You might have a problem with Traveler Cheques in the Philippines. Banks usually make a big story before changing traveler cheques into money, it may take several hours before you get out of the bank. Try the money changers instead, also some travel offices will change your traveler cheques.
International Credit Cards...
are accepted in most of the hotels in Bohol as well as in the shopping malls. Hotels however might charge you up to 10% "Service Charge", when you pay your bill with credit cards. This a common practice all over the Philippines which is obviously tolerated by the credit card companies.