The currency of the Philippines is the Peso (P), which is divided into 100 centavos. Major credit cards are widely accepted in the cities and tourist destinations. Banks do not always accept travellers cheques, but a receipt of purchase is useful. ATMs are available in the major cities. US dollars are widely accepted in Manila and other tourist areas and are the easiest currency to exchange; otherwise Pounds Sterling can also be exchanged in banks and hotels. Banks open from 9am to 3pm, Monday to Friday, but their ATMs are open 24 hours.