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Philippines - Philippine Peso - Currency Guide

 

Foreign exchange guide to Philippines and the Philippine Peso (PHP)

   

General Currency Info - Philippine Peso

The Philippine peso is termed an ‘exotic’ currency, which means that there is far less participation in the market for pesos than in the market for more established currencies, such as euros or Australian dollars. For this reason, the price paid to change your money into or from pesos (the "price" being equivalent to the market bid-ask spread) is far higher relative to the amount of money being changed than it would otherwise be.

‘Liquidity’ in the peso market, or the level of participation, is also far less than in many other emerging market currencies, including the Indian rupee, the South African rand, the Brazilian real and even the Thai baht, among others. In fact, even though the Philippine peso is the world’s thirty-third most traded currency (as of 2016), peso trading contributes to just 0.1% of the foreign exchange market’s total daily turnover.

As an exotic currency, the peso is considered riskier than currencies from major developed nations, which means that its value will fall against the FX majors (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.

Since 2000, the peso’s lowest valuation against the US dollar came in April 2004 when USD/PHP reached 57.72. Its post-2000 high occurred in January 2000 when USD/PHP fell to just 39.28.

   

PHP News, Forecasts and Trends

It’s been a solid start to 2019 for the Philippine peso, which is up slightly (between 0.6 and 2 percent) against the US dollar, Australian dollar and euro. The peso has rebounded from 13-year lows struck in the fourth quarter of last year courtesy of economic reforms, proposed fiscal spending and an S&P credit rating upgrade.

The peso slipped in the week leading up to May’s Bangko Sentral ng Pilipinas meeting, with traders correctly forecasting an interest rate cut (the first since 2016). The BSP is able to lower rates because inflation has halved over the past 6 months and is back at targeted levels.

The peso steadied post-BSP at levels near 52.2 per USD but might be pressured in the months ahead from further policy easing, which hasn’t been ruled out.

Per an ING analyst, the BSP will be comfortable with peso exchange rates between 52 and 55 per USD, but beyond these levels they might intervene in markets. ING is forecasting USD/PHP at 54 at year-end.

The below interactive chart shows the USD to PHP exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to PHP 90-day trend
 
ALERT:90-DAY LOWS |
USD/PHP at 49.37 was trading 2.1% below AVG:50.43 with LO:49.37 and HI:51.36 (90 days). ALERT: USD/PHP dropped to 90-DAY LOWS.

US Dollar to Philippine Peso - Historical Rates

USD/PHP historic rateChange to 03-JulPeriod
49.9891  26 Jun 20200.9% ▼1 Week
49.8778  03 Jun 20200.6% ▼30 Days
50.7441  04 Apr 20202.3% ▼90 Days
51.1104  04 Jul 20193% ▼1 Year
45.0525  05 Jul 201510% ▲5 Years
46.3967  06 Jul 20106.8% ▲10 Years
USD/PHP 10 year historic rates & changes to 03-Jul-2020 : 49.5580
 

U$1,000 USD
=
₱49,363 PHP

Converted at USD/PHP wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Philippine Peso - Quick Conversions

USD PHP
U$ 1 49.36
U$ 5 246.80
U$ 10 493.60
U$ 20 987.20
U$ 50 2,468
U$ 100 4,936
U$ 250 12,340
U$ 500 24,680
U$ 1,000 49,360
U$ 2,000 98,720
U$ 5,000 246,800
U$ 10,000 493,600
U$ 50,000 2,468,000
U$ 100,000 4,936,000
More amounts
USD PHP
U$ 0.0203 ₱ 1
U$ 0.1013 ₱ 5
U$ 0.2026 ₱ 10
U$ 0.4052 ₱ 20
U$ 1.0129 ₱ 50
U$ 2.0258 ₱ 100
U$ 5.0645 ₱ 250
U$ 10.13 ₱ 500
U$ 20.26 ₱ 1,000
U$ 40.52 ₱ 2,000
U$ 101.29 ₱ 5,000
U$ 202.58 ₱ 10,000
U$ 1,013 ₱ 50,000
U$ 2,026 ₱ 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Philippines?

The domestic currency in Philippines is the Philippine Peso.

What is the Philippine Peso currency code and symbol?

The three letter currency code for the Philippine Peso is PHP — symbol is .

Which countries use the Philippine Peso?

It is the domestic currency in    Philippines.

Is the Philippine Peso a closed currency?

No, the Philippine Peso is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Philippines

There is a lot more the Philippines than just Manilla so try to get out of the capital, do a little research beforehand about the few possible bad areas and you will be fine. There are ATMs available in most decent sized cities but more than a few travelers have been caught without access to ATMs 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 prepaid 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

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.

 
Provider ReviewAmount PHP(₱)Exchange RateFee USDDeal Links
TransferWise
> Best Overall
48,364
1.99%
49.1U$15.00
U.S. Bank logo
U.S. Bank
46,190
6.39%
₱2,174 less
46.190
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
45,728
7.33%
₱2,636 less
46.1915
Wells Fargo Bank logo
Wells Fargo Bank
45,266
8.27%
₱3,098 less
46.19U$20
Travelex Online
42,763
13.34%
42.76270^
TransferWise
 
loading
TransferWise: Travel Money USD→PHP
From Amount (USD)U$1,000
Fee:U$15.00 USD (1.5%)
Exchange Rate:49.10 (-0.5% from mid-rate)
To Amount (PHP)48,364
Total Cost:1.99%
Time:18:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


U.S. Bank
 
loading
U.S. Bank: Travel Money USD→PHP
From Amount (USD)U$1,000
Fee:0
Exchange Rate:46.19 (-6.39% from mid-rate)
To Amount (PHP)46,190
Total Cost:6.39%
Time:18:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Banks - Average Rate
 
loading
Travel Money USD→PHP
From Amount (USD)U$1,000
Fee:15
Exchange Rate:43.18 (-12.49% from mid-rate)
To Amount (PHP)45,728
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-


Wells Fargo Bank
 
loading
Wells Fargo Bank: Travel Money USD→PHP
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:46.19 (-6.39% from mid-rate)
To Amount (PHP)45,266
Total Cost:8.27%
Time:18:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Review:


Travelex Online
 
loading
Travelex Online: Travel Money USD→PHP
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:42.7627 (-13.34% from mid-rate)
To Amount (PHP)42,763
Total Cost:13.34%
Time:
Rate Fetched: Mon Jul 06 2020 18:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


 
loading
Snapshot 07/06/2020 - View live rates

Sending money to Philippines

When searching around for information on how to get a good exchange rate when sending money to Philippines you need to start with finding out the latest Philippine Peso exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.

 

USD to PHP International Money Transfers

Provider ReviewReceive PHP(₱)Exchange RateFee USDDeal Links
OFX
> Best Overall
47,490
3.76%
47.490^
XE
48,600
1.51%
48.60
HSBC logo
HSBC
46,560
5.64%
₱930 less
46.63U$1.50
U.S. Bank logo
U.S. Bank
46,440
5.89%
₱1,050 less
46.440
Wells Fargo Bank logo
Wells Fargo Bank
45,746
7.29%
₱1,744 less
46.68U$20
Bank of America logo
Bank of America
45,743
7.3%
₱1,747 less
46.44U$15
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
46,122
6.53%
₱1,368 less
46.5515
OFX
 
loading
OFX: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:47.49 (3.76% from mid-rate)
To Amount (PHP)47,490
Total Cost:3.76%
Time:
Rate Fetched: Mon Jul 06 2020 18:04:02 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
XE
 
loading
XE: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:
Exchange Rate:48.60 (1.51% from mid-rate)
To Amount (PHP)48,600
Total Cost:1.51%
Time:18:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:


Compare XE Rates
HSBC
 
loading
HSBC: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:46.63 (5.5% from mid-rate)
To Amount (PHP)46,560
Total Cost:5.64%
Difference:
₱930 PHP less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare HSBC Rates
U.S. Bank
 
loading
U.S. Bank: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:0
Exchange Rate:46.44 (5.89% from mid-rate)
To Amount (PHP)46,440
Total Cost:5.89%
Difference:
₱1,050 PHP less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare U.S. Bank Rates
Wells Fargo Bank
 
loading
Wells Fargo Bank: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:46.68 (5.4% from mid-rate)
To Amount (PHP)45,746
Total Cost:7.29%
Difference:
₱1,744 PHP less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Wells Fargo Bank Rates
Bank of America
 
loading
Bank of America: Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:46.44 (5.89% from mid-rate)
To Amount (PHP)45,743
Total Cost:7.3%
Difference:
₱1,747 PHP less than using OFX
Time:18:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of America Rates
Banks - Average Rate
 
loading
Foreign Transfer USD→PHP
From Amount (USD)U$1,000
Fee:15
Exchange Rate:46.34 (6.09% from mid-rate)
To Amount (PHP)46,122
Total Cost:6.53%
Difference:
₱1,368 PHP less than using OFX
Transfer Speed:
Services:


 
loading
Snapshot 07/06/2020 - View live rates

Get a better deal for foreign transfers 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 4 simple steps :

  1. Open an account with a BER reviewed FX 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.

Use the above Send to Philippine Peso calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Philippine Peso deposited into the recipient bank account and less margins and fees kept by the banks!


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