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Foreign Exchange Guide to Philippines

Read this currency guide to Philippines with money transfer and travel tips.   [USD/PHP=52.1825]

 
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

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 interactive chart below shows the USD to PHP exchange rate and trend for the previous 3 months:

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 ProvidersAmount PHP(₱)Exchange RateFee USDTotal CostDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
48,840 PHP
Compare
48.8406.4%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
48,352 PHP
488 PHP
48.84$107.34%
Wells Fargo Bank logo
47,863 PHP
977 PHP
48.84$208.27%
Travelex Online US logo
45,238 PHP
3,602 PHP
45.23820^13.3%
 

U.S. Bank logoU.S. Bank

U.S. Bank: Travel Money USD→PHP
USD amount:$1,000 USD
Fee:0
Exchange Rate:48.84 (6.4% from mid-rate)
PHP amount:48,840 PHP
Total Cost:6.4%
Time:18:01 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:45.66 (12.5% from mid-rate)
PHP amount:48,352 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:48.84 (6.4% from mid-rate)
PHP amount:47,863 PHP
Total Cost:8.27%
Time:18:01 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:45.2382 (13.3% from mid-rate)
PHP amount:45,238 PHP
Total Cost:13.3%
Time:
Rate Fetched: Wed Aug 21 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:
 
Snapshot 08/21/2019 - See full table
 

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!

 

USD to PHP International Money Transfers

  

Foreign Transfer ProvidersReceive PHP(₱)Exchange RateFee USDTotal CostDeal Links
OFX logo
503,800 PHP
Best Overall
50.380^3.45%
Wells Fargo Bank logo
492,811 PHP
10,989 PHP
49.37185.56%
HSBC logo
492,460 PHP
11,340 PHP
49.32$155.62%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
489,462 PHP
14,338 PHP
49.23156.2%
Bank of America International Money Transfers
Bank of America logo
486,288 PHP
17,512 PHP
49.12$1006.81%
U.S. Bank International Money Transfers
U.S. Bank logo
486,288 PHP
17,512 PHP
49.12$1006.81%
 
OFX: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:50.38 (3.45% from mid-rate)
PHP amount:503,800 PHP
Total Cost:3.45%
Time:
Rate Fetched: Wed Aug 21 2019 16:04:01 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Foreign Transfer USD→PHP
USD amount:$10,000 USD
Fee:18
Exchange Rate:49.37 (5.39% from mid-rate)
PHP amount:492,811 PHP
Total Cost:5.56%
Difference:
10,989 PHP less than using OFX
Time:18:01 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:49.32 (5.48% from mid-rate)
PHP amount:492,460 PHP
Total Cost:5.62%
Difference:
11,340 PHP less than using OFX
Time:18:01 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:49.02 (6.06% from mid-rate)
PHP amount:489,462 PHP
Total Cost:6.2%
Difference:
14,338 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:49.12 (5.86% from mid-rate)
PHP amount:486,288 PHP
Total Cost:6.81%
Difference:
17,512 PHP less than using OFX
Time:18:01 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:49.12 (5.86% from mid-rate)
PHP amount:486,288 PHP
Total Cost:6.81%
Difference:
17,512 PHP less than using OFX
Time:18:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 08/21/2019 - See full table
 

PHP/USD - Philippine Peso to United States Dollar - Historical Rates

PeriodPHP/USDDate
1 Day0.019119 Aug 2019
1 Week0.019213 Aug 2019
1 Month0.019621 Jul 2019
6 Months0.019121 Feb 2019
1 Year0.018820 Aug 2018
5 Years0.022821 Aug 2014
10 Years0.020722 Aug 2009

PHP/EUR - Philippine Peso to Euro - Historical Rates

PeriodPHP/EURDate
1 Day0.017219 Aug 2019
1 Week0.017213 Aug 2019
1 Month0.017421 Jul 2019
6 Months0.016921 Feb 2019
1 Year0.016320 Aug 2018
5 Years0.017221 Aug 2014
10 Years0.014422 Aug 2009

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

PeriodPHP/GBPDate
1 Day0.015719 Aug 2019
1 Week0.016013 Aug 2019
1 Month0.015621 Jul 2019
6 Months0.014721 Feb 2019
1 Year0.014620 Aug 2018
5 Years0.013821 Aug 2014
10 Years0.012522 Aug 2009

PHP/AUD - Philippine Peso to Australian Dollar - Historical Rates

PeriodPHP/AUDDate
1 Day0.028319 Aug 2019
1 Week0.028313 Aug 2019
1 Month0.027821 Jul 2019
6 Months0.026921 Feb 2019
1 Year0.025620 Aug 2018
5 Years0.024521 Aug 2014
10 Years0.024822 Aug 2009

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