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Foreign Exchange Guide to Philippines

Country Code:
PH
Domestic Currency:
Philippine Peso
Currency Code:
₱ PHP
Telephone Prefix:
+63

In this guide we review :

  1. Travelling in Philippines - Practical tips
  2. Buying Philippine Peso Cash Online - Travel money for Philippines
  3. Philippine Peso (PHP) - Currency Market News
  4. Sending Money to Philippines - Save on Philippine Peso bank transfers
  5. Philippine Peso Exchange Rates - Latest info & charts.

Philippines Travel Practical Tips

There is a lot more the Philippines than just Manilla so try to get out of the capital, do a little research before hand about the few possible bad areas and you will be fine. There are ATM's available in most decent sized cities but more than a few travelers have been caught without access to ATM's when getting out of the majors cities, and a lot of popular destinations are nature spots so carrying some cash on you is a good idea. Also using a Prepaid Travel Card can be a good idea so you don't have to take your credit card everywhere on you. Only drink from bottles water and make sure it is properly sealed when you buy it.

For getting around buses are the most commonly used means of transportation. Second to that are ferries. On arrival at the international airport the easiest, and most expensive, way to get a taxi is take the White Pre-Paid Taxi. First line on the right of exit. A trip to Makati or Ermita will cost you 500-600 pesos. Normal cheaper taxis are available upstairs on the 4th floor, these should be white coloured also.

For local trains in Manilla the three line LRT/ MRT elevated railways are a travel bargain and very cheap. While they don't go everywhere, an indirect trip via Taft and EDSA stations (connection is via an overhead footbridge then through Metropoint Mall) is a good way to avoid a taxi clogged in slow traffic.

Travel Money for Philippines - Buying Philippine Peso (PHP)

Save money and time by Ordering your Philippine Peso Online from Travelex, you get better rates and can pick up the PHP cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Philippine Peso otherwise you may get much worst exchange rates.


Philippines Trip Checklist   

  1. Compare PHP Travel Cash Rates - probably why you are here!
  2. Hotel Deals - Save on your accomodation in Philippines
  3. Travel Insurance - for those unexpected travel adventures...
  4. Lonely Planet - Travel Guide 3 for 2 offer

Philippine Peso (PHP) - Currency Market News

By mid-October, the peso remained Asia’s worst performing currency of the year. It stood at historically weak levels.

Against the dollar, during the two-month period between mid-August and mid-October, the peso tested the major 51.60 level multiple times. A breach of August’s USD/PHP high of 51.66 would take the peso to its weakest level in eleven years. At the time of this report, USD/PHP had settled back in the 51.30s.

Within the same period against the euro, the peso was little changed at rates close to 61.5 but it was also close to multi-year lows (EUR/PHP highs).

2017’s peso weakness has been driven predominantly by a deterioration in the Philippines’ current account, which is showing a deficit for the first time in fifteen years. The deficit is forecast to be USD 600 million in 2017 but is expected to balloon to levels above USD 1.5 billion in 2018.

Forecasts for the peso remain gloomy; the most recent being September’s prediction by Alpari’s chief analyst, Thomasz Wisniewski, that the peso would weaken to 53.0 per dollar by the end of the year. During an interview with the ANC’s Market Edge program, Wisniewski described his forecast as a “sure bet.”


Sending Money to Philippines

When sending money to Philippines it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :

  1. Open an account with a provider (id docs may be required)
  2. You specify the local or Philippine Peso amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted PHP amount will be transfered to the recipient account you specify in Philippines.

You can save around 5% and maybe more - end result is more Philippine Peso deposited into the recipient bank account in Philippines and less margins and fees kept by the banks!

Compare Transfer Exchange Rates to Philippines


Philippine Peso - Latest Rate Info

Popular Philippine Peso Cross Rates
View Full List (A-Z)
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