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Foreign Exchange Guide to Philippines

Read this currency guide to Philippines with money transfer and travel tips.   [USD/PHP=51.6783]

 
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

The peso suffered one of its sharpest falls in recent years on March-12 when it weakened by 93 centavos against the dollar (an amount nearly four times the peso’s average daily range) to 53.05. This ended a good run for the peso, which appreciated away from record lows (54.43) in four of the five months between October and February.

The mid-march weakness was driven by significant developments in Philippine monetary policy. The country’s central bank governor suggested there could be significant policy easing this year in the form of policy rate cuts and cuts to the amount of cash that banks must hold in reserve.

The developments appeared to vindicate those analysts polled by Bloomberg in January, who collectively predicted that the peso would struggle in 2019.

An ING analyst said in March that the central bank would be comfortable with the peso between 52 and 55 per dollar, beyond which there may be market intervention. ING is forecasting the peso at 54.04 at year-end.

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.

 
Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Travel Money Providers
Ratings & Reviews
Amount PHP(₱)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
48,370 PHP
Compare
48.3706.4%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
47,887 PHP
483 PHP
48.37$107.34%Branch-
Wells Fargo Bank logo
47,403 PHP
967 PHP
48.37$208.27%Branch-
 
Travelex Online US logo
44,788 PHP
3,582 PHP
44.78750^13.33%Online order, Branch pickup, Home delivery2-3 days
 

U.S. Bank logoU.S. Bank

U.S. Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:0
Exchange Rate:48.37 (6.4% from mid-rate)
PHP amount:48,370 PHP
Total Cost:6.4%
Time:12:01 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:45.22 (12.5% from mid-rate)
PHP amount:47,887 PHP
Total Cost:7.34%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:48.37 (6.4% from mid-rate)
PHP amount:47,403 PHP
Total Cost:8.27%
Time:12:01 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:44.7875 (13.33% from mid-rate)
PHP amount:44,788 PHP
Total Cost:13.33%
Time:
Rate Fetched: Sat Apr 20 2019 10:15:03 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
 

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!

 
Sending a LARGER foreign transfer? Request a Multi-Vendor Quote ▾
Foreign Transfer Providers
Ratings & Reviews
Receive PHP(₱)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
501,000 PHP
Best Overall
50.10^3.05%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
 
TransferWise logo
513,667 PHP
12,667 PHP
51.63$510.6%Bank Transfers - Online, Foreign Currency Accounts1-2 days
Wells Fargo Bank logo
490,615 PHP
10,385 PHP
49.15185.06%Online, Branch, Bank Transfers2-3 days
HSBC logo
490,264 PHP
10,736 PHP
49.1$155.13%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
487,275 PHP
13,725 PHP
49.01155.71%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
484,110 PHP
16,890 PHP
48.9$1006.32%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
484,110 PHP
16,890 PHP
48.9$1006.32%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:50.1 (3.05% from mid-rate)
PHP amount:501,000 PHP
Total Cost:3.05%
Time:
Rate Fetched: Sat Apr 20 2019 10:03:58 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
TransferWise: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:51.63 (0.09% from mid-rate)
PHP amount:513,667 PHP
Total Cost:0.6%
Difference:
12,667 PHP more than using OFX
Time:12:01 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:18
Exchange Rate:49.15 (4.89% from mid-rate)
PHP amount:490,615 PHP
Total Cost:5.06%
Difference:
10,385 PHP less than using OFX
Time:12:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:49.1 (4.99% from mid-rate)
PHP amount:490,264 PHP
Total Cost:5.13%
Difference:
10,736 PHP less than using OFX
Time:12:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:15
Exchange Rate:48.8 (5.57% from mid-rate)
PHP amount:487,275 PHP
Total Cost:5.71%
Difference:
13,725 PHP less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logoBank of America

Bank of America: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:48.9 (5.38% from mid-rate)
PHP amount:484,110 PHP
Total Cost:6.32%
Difference:
16,890 PHP less than using OFX
Time:12:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logoU.S. Bank

U.S. Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:48.9 (5.38% from mid-rate)
PHP amount:484,110 PHP
Total Cost:6.32%
Difference:
16,890 PHP less than using OFX
Time:12:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
 

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

DateExchange RatePeriod
07 Apr 20190.01921 Week
15 Mar 20190.01901 Month
16 Oct 20180.01866 Months
14 Apr 20180.01931 Year
14 Apr 20170.02022 Years
15 Apr 20140.02255 Years
16 Apr 20090.021010 Years

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

DateExchange RatePeriod
07 Apr 20190.01711 Week
15 Mar 20190.01681 Month
16 Oct 20180.01606 Months
14 Apr 20180.01561 Year
14 Apr 20170.01902 Years
15 Apr 20140.01635 Years
16 Apr 20090.015910 Years

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

DateExchange RatePeriod
07 Apr 20190.01471 Week
15 Mar 20190.01431 Month
16 Oct 20180.01416 Months
14 Apr 20180.01351 Year
14 Apr 20170.01612 Years
15 Apr 20140.01345 Years
16 Apr 20090.014110 Years

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

DateExchange RatePeriod
07 Apr 20192.14501 Week
15 Mar 20192.12091 Month
16 Oct 20182.08706 Months
14 Apr 20182.06801 Year
14 Apr 20172.19412 Years
15 Apr 20142.28805 Years
16 Apr 20092.082110 Years

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

DateExchange RatePeriod
07 Apr 20190.02701 Week
15 Mar 20190.02681 Month
16 Oct 20180.02606 Months
14 Apr 20180.02481 Year
14 Apr 20170.02672 Years
15 Apr 20140.02405 Years
16 Apr 20090.029210 Years

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

DateExchange RatePeriod
07 Apr 20190.02571 Week
15 Mar 20190.02541 Month
16 Oct 20180.02406 Months
14 Apr 20180.02431 Year
14 Apr 20170.02692 Years
15 Apr 20140.02475 Years
16 Apr 20090.025310 Years

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