USD To PHP: Convert United States Dollar to Philippine Peso - Forbes Advisor (2024)

If you plan to visit the Philippines in the near future, you may want to convert USD to PHP. While most big Philippine cities have a high level of credit card acceptance, experts recommend that you have some emergency cash on hand—especially if you’re traveling to areas outside major towns and cities.

Here’s what you need to know before converting U.S. dollars into Philippine pesos, including how to make the conversion and where you’ll find the best exchange rates.

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How to convert U.S. Dollars to Philippine Pesos

There are two ways to calculate approximately how many Philippine pesos you can get for your dollar: You can either use a conversion calculator or convert it by hand. Here’s a closer look at each method.

1. Use a Currency Calculator

Using a currency conversion calculator is a great way to estimate how much money you’ll have to spend on your trip. Since exchange rates change often, using a calculator will help ensure that your conversion is correct.

Keep in mind that exchanging currency typically comes with fees that won’t be factored in by a calculator. For example, most credit card processors and ATM networks charge a 1% conversion fee on all foriegn transactions. Individual merchants may also pass along their own fees if you ask them to convert a price into your home currency at the cash register.

2. Calculate It Manually

The other option is to calculate the conversion manually. However, before you can get started, you need to know the current exchange rate. At the time of writing, $1 USD is equivalent to ₱ 54.92 PHP.

Manual Currency Conversion Example

Say that you have $500 USD and you want to know how much money you would have for a trip to the Philippines. In that case, your conversion equation would look something like this:

$500 USD x 54.92 = ₱ 27,460 PHP

How to Buy Philippine Pesos

Exchange at a bank or credit union before your trip: Exchanging money at your local banking center before your trip is likely the most cost-effective way to get the money you need. Since you have an existing relationship with the bank, it’s more likely to give you the best exchange rates. Still, some fees may apply. For example, TD Bank charges its customers $7.50 for each currency conversion transaction.

Order currency online: If you can’t order online through your bank, you can also have currency delivered to your door by third-party providers like Currency Exchange International (CXI). Just be sure to do your research and to keep an eye out for high fees. While CXI doesn’t charge any exchange fees, it will charge you up to $30 for overnight shipping,

Use your bank’s ATM abroad for withdrawals where possible: If you have to exchange more money while abroad, your best bet is to find an ATM in your home bank’s network, as that can help you save on fees. For example, Citibank and HSBC have ATMs in the Philippines. Most banking apps have an “ATM locator” feature that can help you find the closest option.

Look for SM Mall department stores: This popular department store chain in the Philippines has a currency exchange counter inside. However, exchange rates may vary by store. SM Mall suggests calling customer service at (02)8811-0000 beforehand to confirm rates at nearby locations.

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What to Avoid

  • Currency exchange at the airport: While waiting to exchange currency at the airport may be convenient, it’s often a costly decision. Currency exchange kiosks often offer some of the worst exchange rates while charging the highest fees.

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USD To PHP: Convert United States Dollar to Philippine Peso - Forbes Advisor (2024)

FAQs

USD To PHP: Convert United States Dollar to Philippine Peso - Forbes Advisor? ›

1 USD = 58.64149 PHP Jun 06, 2024 11:42 UTC

What is the best time to exchange dollars to Philippine pesos? ›

More specifically, the best time to trade USD/PHP is between 12:00 and 15:00 GMT when the market is most liquid. Weekends tend to see higher USD value because foreign currency cash flows slow down. So, it may be a good idea to convert US dollars to pesos on weekends or whenever the former is stronger.

What is the best exchange rate for USD to PHP? ›

1 USD = 57.02 PHP - Today's Best US Dollar to Philippine Peso Exchange Rates.

What is the dollar to Philippine peso forecast for 2024? ›

This is the US Dollar (USD) to Philippine Peso (PHP) exchange rate history data page for the year of 2024, covering 157 days of USD PHP historical data. Best exchange rate: 58.7649 PHP on 04 Jun 2024. Average exchange rate in 2024: 56.6156 PHP. Worst exchange rate: 55.3282 PHP on 11 Mar 2024.

How much is $100 US in the Philippines? ›

5,852.83 PHP

Where is the best place to exchange US dollars to Philippine pesos? ›

Exchange at a bank or credit union before your trip: Exchanging money at your local banking center before your trip is likely the most cost-effective way to get the money you need. Since you have an existing relationship with the bank, it's more likely to give you the best exchange rates.

What is a good exchange rate for dollar to peso? ›

Best U.S. Dollar / Mexican Peso Exchange Rate Today: 17.5673.

What will happen to the Philippines if the dollar is higher? ›

“Strong dollar versus the peso has an impact on the items in the consumer price index,” Mapa said, noting that imported commodities such as petroleum, which are bought using dollars, could impact local pump prices and, therefore, affect inflation. “Purchasing power of the peso is really a function of inflation.

Is US Dollar to Philippine peso going up? ›

The USD to PHP exchange rate is forecasted to increase by 0.23% in the next 24 hours, rising from the current rate of ₱ 58.69 to ₱ 58.82. Currently, the sentiment in the USD/PHP market is estimated to be bullish. Disclaimer: This is not investment advice.

Why is PHP getting stronger? ›

The Philippine central bank, the Bangko Sentral ng Pilipinas (BSP), has hiked rates by 375 basis points (bps) since June 2022, to cool inflation and support the peso. Given that the Philippines is very dependent on imported food and energy, a weak peso can raise imported inflation, making the economic backdrop worse.

What is a good salary in the Philippines? ›

The average monthly salary in the Philippines is around 44,800 PHP, corresponding to about USD 800.12 according to the survey conducted by Salary Explorer. The average yearly salary in the Philippines is around 537,000 PHP, which corresponds to about USD 9574.41.

How far does $100 go in the Philippines? ›

Download Our Currency Converter App
Conversion rates US Dollar / Philippine Peso
10 USD586.88700 PHP
20 USD1,173.77400 PHP
50 USD2,934.43500 PHP
100 USD5,868.87000 PHP
8 more rows

How much usd allowed in philippines? ›

A person may carry up to the amount of USD 10,000 (or equivalent in any other foreign currency), in cash or other monetary instruments, into and out of the Philippines.

Should I exchange money before I travel to the Philippines? ›

Currency Exchange in the Philippines

If do wish to change money before you arrive be aware that the rates will not be as good as those you will get in the Philippines so it is probably worth changing as little as possible.

What is the best time to exchange pesos? ›

The USD/MXN forex pair offers Mexican peso traders a variety of short- and long-term opportunities. The best times to trade this instrument are before and after U.S. economic releases, usually scheduled at 8:30 a.m. and 10 a.m. ET.

What is the cheapest way to exchange dollars for pesos? ›

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

What is the best day to exchange currency? ›

Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price. Friday has a definite effect which is called the summary effect. There are many traders who close their positions at the end of the week.

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