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Foreign Exchange Guide to Philippines

Read this currency guide to Philippines with money transfer and travel tips.   [USD/PHP=53.0631]

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

Since 2013, the Philippine peso has been among the world’s worst performing currencies. The second quarter of 2018 saw the peso fall to its lowest levels since 2005 at rates per US dollar in the mid-₱54s. With October and early November’s recovery (see below) to 53 per dollar, the peso reduced its year-to-date loss to only 5.7 percent versus the greenback. Against the euro, the peso was little changed (₱60.22) on the year, and it was marginally higher against the Australian dollar (₱38.33).

The principal reasons for peso weakness remain the Philippines’ trade deficit, which in 2017 was the largest ever recorded at $29.8 billion, and inflation, which reached 6.7 percent in the year to September.

On November 8th (the day of this report), the peso achieved its highest level against the dollar in 5 months and its highest level against the euro in 10 months. Short-term peso strength has been the result of a “perception that inflation has peaked,” said a Union Bank of the Philippines economist.

For 2019, the peso’s downtrend will likely resume, per the remarks of DBS’ chief economist, who believes that “a very similar dynamic” of peso weakness will play out.

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.

 

Compare USD to PHP Travel Money Exchange Rates vs the Banks

ProvidersAmount PHP(₱)Exchange RateFee USDTotal CostCurrency ServicesDelivery SpeedReviewsDeal Links
Wells Fargo Bank logo
49,676 PHP
Top Provider
50.69$206.38%Branch pickupn/a
U.S. Bank
U.S. Bank logo
49,670 PHP
PHP6 less
49.6706.39%Branch pickupn/a
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
49,673 PHP
PHP3 less
50.18$106.39%Branch pickupn/a
Travelex Online US logo
47,133 PHP
PHP2,543 less
47.13250^11.18%Online order, Home delivery2-3 days
 
Wells Fargo Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:50.69 (4.47% from mid-rate)
PHP amount:49,676 PHP
Total Cost:6.38%
Time:12:08 Local
Delivery Speed:n/a
Currency Services:Branch pickup
Rating:
: /5.0
Reviews:
U.S. Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:0
Exchange Rate:49.67 (6.39% from mid-rate)
PHP amount:49,670 PHP
Total Cost:6.39%
Time:12:08 Local
Delivery Speed:n/a
Currency Services:Branch pickup
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:46.43 (12.5% from mid-rate)
PHP amount:49,673 PHP
Total Cost:6.39%
Delivery Speed:n/a
Currency Services:Branch pickup
Travelex Online US: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:47.1325 (11.18% from mid-rate)
PHP amount:47,133 PHP
Total Cost:11.18%
Time:
Rate Fetched: Sat Dec 15 2018 10:15:04 GMT+0000 (UTC)
Delivery Speed:2-3 days
Currency Services:Online order, Home delivery
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Rates @ 12/15/2018.
Total Cost = Fee + exchange rate margin vs USD/PHP mid-rate: 53.0631
 

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!

 

Compare USD to PHP Foreign Transfers vs the Banks

ProvidersAmount PHP(₱)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedReviewsDeal Links
OFX logo
514,000 PHP
Top Provider
51.40^3.13%Online, Bank Transfers1-2 days
 
WorldFirst logo
528,500 PHP
PHP14,500 more
52.8500.4%Online, Bank Transfers1-2 days
 
Wells Fargo Bank logo
503,292 PHP
PHP10,708 less
50.42185.15%Online, Branch, Bank Transfers2-3 days
HSBC logo
502,944 PHP
PHP11,056 less
50.37$155.22%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
499,900.5 PHP
PHP14,099 less
50.28155.79%Online, Branch, Bank Transfers2-3 days
Bank of America
Bank of America logo
496,683 PHP
PHP17,317 less
50.17$1006.4%Online, Branch, Bank Transfers2-3 days
U.S. Bank
U.S. Bank logo
496,683 PHP
PHP17,317 less
50.17$1006.4%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:51.4 (3.13% from mid-rate)
PHP amount:514,000 PHP
Total Cost:3.13%
Time:
Rate Fetched: Sat Dec 15 2018 10:04:02 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Online, Bank Transfers
Rating:
 
: 4.8/5.0
Reviews:
WorldFirst: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:
Exchange Rate:52.85 (0.4% from mid-rate)
PHP amount:528,500 PHP
Total Cost:0.4%
Difference:
PHP14,500 PHP more than using OFX
Time:12:08 Local
Transfer Speed:1-2 days
Services:Online, Bank Transfers
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:18
Exchange Rate:50.42 (4.98% from mid-rate)
PHP amount:503,292 PHP
Total Cost:5.15%
Difference:
PHP10,708 PHP less than using OFX
Time:12:08 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:50.37 (5.08% from mid-rate)
PHP amount:502,944 PHP
Total Cost:5.22%
Difference:
PHP11,056 PHP less than using OFX
Time:12:08 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:50.06 (5.66% from mid-rate)
PHP amount:499,900.5 PHP
Total Cost:5.79%
Difference:
PHP14,099 PHP 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:50.17 (5.45% from mid-rate)
PHP amount:496,683 PHP
Total Cost:6.4%
Difference:
PHP17,317 PHP less than using OFX
Time:12:08 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:50.17 (5.45% from mid-rate)
PHP amount:496,683 PHP
Total Cost:6.4%
Difference:
PHP17,317 PHP less than using OFX
Time:12:08 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
Rates @ 12/15/2018.
Total Cost = Fee + exchange rate margin vs USD/PHP mid-rate: 53.0631
 

Popular PHP cross rates


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

DateExchange RatePeriod
02 Dec 20180.01911 Week
09 Nov 20180.01881 Month
12 Jun 20180.01886 Months
09 Dec 20170.01981 Year
09 Dec 20160.02012 Years
10 Dec 20130.02265 Years
11 Dec 20080.020910 Years

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

DateExchange RatePeriod
02 Dec 20180.01691 Week
09 Nov 20180.01661 Month
12 Jun 20180.01606 Months
09 Dec 20170.01681 Year
09 Dec 20160.01902 Years
10 Dec 20130.01645 Years
11 Dec 20080.015710 Years

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

DateExchange RatePeriod
02 Dec 20180.01501 Week
09 Nov 20180.01451 Month
12 Jun 20180.01416 Months
09 Dec 20170.01481 Year
09 Dec 20160.01602 Years
10 Dec 20130.01375 Years
11 Dec 20080.014010 Years

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

DateExchange RatePeriod
02 Dec 20182.17521 Week
09 Nov 20182.14261 Month
12 Jun 20182.08186 Months
09 Dec 20172.24841 Year
09 Dec 20162.30802 Years
10 Dec 20132.32465 Years
11 Dec 20081.917410 Years

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

DateExchange RatePeriod
02 Dec 20180.02591 Week
09 Nov 20180.02601 Month
12 Jun 20180.02496 Months
09 Dec 20170.02641 Year
09 Dec 20160.02692 Years
10 Dec 20130.02475 Years
11 Dec 20080.031210 Years

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

DateExchange RatePeriod
02 Dec 20180.02531 Week
09 Nov 20180.02491 Month
12 Jun 20180.02456 Months
09 Dec 20170.02551 Year
09 Dec 20160.02652 Years
10 Dec 20130.02405 Years
11 Dec 20080.025810 Years

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