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Foreign Exchange Guide to Philippines

Read this currency guide to Philippines with money transfer and travel tips.   [USD/PHP=51.9427]

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

This is a foreign exchange guide to Philippines, the Philippine Peso currency plus PHP transfers and travel tips.


In this Philippines currency guide we take a look at :

  1. Philippine Peso info - general info about the Philippine Peso
  2. Philippine Peso in the markets - recent PHP moves and predictions from the FX markets
  3. Travelling in Philippines - currency & money saving tips
  4. Buying Philippine Peso cash online - travel money for Philippines
  5. Sending money to Philippines - save on Philippine Peso bank transfers to Philippines
  6. Philippine Peso exchange rates - latest & historic exchange rates.

Philippine Peso (PHP) general currency information


What is the Philippine Peso currency code and symbol?

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


Which countries use the Philippine Peso?

It is the domestic currency in Philippines.

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.


Philippine Peso (PHP) in the markets

9-January-19: Since 2013, the Philippine peso has been among the world’s worst performing currencies. In the final quarter of 2018, the peso weakened to its lowest level against the US dollar since 2005, at rates in the ₱54.40s. By 2018 year-end, the peso had recovered into the mid-₱52s per USD and was down around 5 percent for the year.

Unfortunately for peso holders, the currency’s downtrend (USD/PHP’s uptrend) will likely resume in 2019, per remarks by DBS’ chief economist, who said “a very similar dynamic” of peso weakness would play out.

FX forecasters surveyed by Bloomberg in January expected the peso to be the joint second-worst performing Asian currency of 2019, with an expected loss versus the dollar of 2.5 percent. Given that the same forecasters expected a disappointing year for the dollar, it was implied that the peso would do far worse against other major currencies.

The interactive chart below shows the USD to PHP exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-PHP 3 Month chart
USD-PHP 3 Month chart
USDPHP currency converter

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.

 
Travel Money Providers
Ratings & Reviews
Amount PHP(₱)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank Foreign Currency
Wells Fargo Bank logo
48,608 PHP
Compare
49.6$206.38%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
48,604 PHP
₱4 less
49.1$106.39%Branch-
U.S. Bank Foreign Currency
U.S. Bank logo
48,600 PHP
₱8 less
48.606.4%Branch-
 
Travelex Online US logo
46,382 PHP
₱2,226 less
46.38230^10.67%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:49.6 (4.47% from mid-rate)
PHP amount:48,608 PHP
Total Cost:6.38%
Time:18:08 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:45.43 (12.5% from mid-rate)
PHP amount:48,604 PHP
Total Cost:6.39%
Currency Services:Branch
Delivery/Collect:-
U.S. Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:0
Exchange Rate:48.6 (6.4% from mid-rate)
PHP amount:48,600 PHP
Total Cost:6.4%
Time:18:08 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:46.3823 (10.67% from mid-rate)
PHP amount:46,382 PHP
Total Cost:10.67%
Time:
Rate Fetched: Wed Feb 20 2019 16:15:03 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/20/2019
 

Philippines Trip Checklist    

 
  1. Compare PHP travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Philippines
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 foreign-transfer exchange 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 here).


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 our Send to PHP 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!

 
Foreign Transfer Providers
Ratings & Reviews
Receive PHP(₱)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
504,100 PHP
Best Overall
50.410^2.91%Bank Transfers - Online & Phone1-2 days
 
TransferWise logo
513,965 PHP
₱9,865 more
51.66$511.01%Bank Transfers - Online1-2 days
Wells Fargo Bank International Money Transfers
Wells Fargo Bank logo
493,610 PHP
₱10,490 less
49.45184.93%Online, Branch, Bank Transfers2-3 days
HSBC International Money Transfers
HSBC logo
493,259 PHP
₱10,841 less
49.4$155%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
490,208 PHP
₱13,892 less
49.31155.59%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
486,981 PHP
₱17,119 less
49.19$1006.21%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
486,981 PHP
₱17,119 less
49.19$1006.21%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:50.41 (2.91% from mid-rate)
PHP amount:504,100 PHP
Total Cost:2.91%
Time:
Rate Fetched: Wed Feb 20 2019 16:03:58 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TransferWise: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:51.66 (0.51% from mid-rate)
PHP amount:513,965 PHP
Total Cost:1.01%
Difference:
₱9,865 more than using OFX
Time:18:08 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:18
Exchange Rate:49.45 (4.76% from mid-rate)
PHP amount:493,610 PHP
Total Cost:4.93%
Difference:
₱10,490 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:49.4 (4.86% from mid-rate)
PHP amount:493,259 PHP
Total Cost:5%
Difference:
₱10,841 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:15
Exchange Rate:49.09 (5.46% from mid-rate)
PHP amount:490,208 PHP
Total Cost:5.59%
Difference:
₱13,892 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:49.19 (5.26% from mid-rate)
PHP amount:486,981 PHP
Total Cost:6.21%
Difference:
₱17,119 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:49.19 (5.26% from mid-rate)
PHP amount:486,981 PHP
Total Cost:6.21%
Difference:
₱17,119 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/20/2019
 

Popular PHP cross rates


PHP/USD - Philippine Peso to United States Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.01921 Week
18 Jan 20190.01901 Month
21 Aug 20180.01876 Months
17 Feb 20180.01911 Year
17 Feb 20170.02002 Years
18 Feb 20140.02245 Years
19 Feb 20090.020910 Years

PHP/EUR - Philippine Peso to Euro - 10 Year History

DateExchange RatePeriod
10 Feb 20190.01691 Week
18 Jan 20190.01671 Month
21 Aug 20180.01626 Months
17 Feb 20180.01541 Year
17 Feb 20170.01882 Years
18 Feb 20140.01635 Years
19 Feb 20090.016510 Years

PHP/GBP - Philippine Peso to British Pound Sterling - 10 Year History

DateExchange RatePeriod
10 Feb 20190.01481 Week
18 Jan 20190.01481 Month
21 Aug 20180.01456 Months
17 Feb 20180.01361 Year
17 Feb 20170.01612 Years
18 Feb 20140.01345 Years
19 Feb 20090.014610 Years

PHP/JPY - Philippine Peso to Japanese Yen - 10 Year History

DateExchange RatePeriod
10 Feb 20192.10581 Week
18 Jan 20192.08641 Month
21 Aug 20182.06296 Months
17 Feb 20182.03241 Year
17 Feb 20172.25522 Years
18 Feb 20142.29435 Years
19 Feb 20091.963610 Years

PHP/AUD - Philippine Peso to Australian Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.02701 Week
18 Jan 20190.02651 Month
21 Aug 20180.02546 Months
17 Feb 20180.02421 Year
17 Feb 20170.02612 Years
18 Feb 20140.02495 Years
19 Feb 20090.032310 Years

PHP/CAD - Philippine Peso to Canadian Dollar - 10 Year History

DateExchange RatePeriod
10 Feb 20190.02551 Week
18 Jan 20190.02521 Month
21 Aug 20180.02446 Months
17 Feb 20180.02401 Year
17 Feb 20170.02622 Years
18 Feb 20140.02465 Years
19 Feb 20090.026210 Years

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