Hong Kong Dollar to Philippine Peso exchange rates aren't all the same.
The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees.
These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.
This resource page for the Hong Kong Dollar to Philippine Peso exchange rate, has news,
forecasts and
HKD to PHP comparison tables for
foreign transfers and
travel money
rates and fees on offer by banks and foreign exchange providers. You can also check an exchange rate margin with
our Exchange Rate Checker.
HKD/PHP Exchange Rates - How to Compare & Save
Exchange rates can vary significantly depending on the transaction type (transfer, cash or card), currency pair and amount. The below table shows an example of total costs charged by FX specialists and banks for HKD/PHP International Money Transfers. Costs are calculated against the current interbank mid-rate.
When determining the best time to make a foreign exchange transaction, in this case the HKD vs PHP, you should pay attention to the recent market trends for both currencies.
Hong Kong Dollar (HKD)
The Hong Kong dollar has gained value in 2019 despite a serious escalation in US-China trade tensions, mainly because the US dollar, to which HKD is pegged, is attracting safe-haven inflows. By May-17, against a basket of important currencies, HKD was worth 2 percent more year-to-date, and was only 0.5 percent away from making a 2-year high.
HKD was doing particularly well against the Australian dollar. It was, at the time of writing, valued 18 percent higher than 2018 lows against AUD and needed only a further 2.3 percent to reach a 10-year high. Though HKD was meeting significant resistance in mid-May at the 5.4 per AUD level, a break of this could spark significant appreciation.
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.
Why can't I just get the HKD/PHP market rate I see online or in the media?
The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between
the last rate at which the HKD / PHP was traded (bought or sold) in the international markets.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount you are transferring and if you are willing to shop around.
