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If you’re making plans to make a stopover in the Philippines in the near future, you may need to convert USD to PHP. Although most major cities in the Philippines accept credit cards very well, experts recommend having money in case of an emergency, especially if you’re traveling outside of major 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.
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.
Using a currency conversion calculator is a great way to estimate how much money you want to spend on your trip. Since exchange rates change frequently, using a calculator will help you make sure 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.
The other option is to calculate the conversion manually. However, before you get started, you want to know the existing exchange rate. At the time of writing, $1 USD equals ₱54. 92 PHP.
Currency Conversion Example
Suppose you have $500 USD and need to know how much cash you would have for a trip to the Philippines. In this case, your conversion equation would look like this:
$500 USD x 54.92 = ₱ 27,460 PHP
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 foreign currency online: If you are unable to order online through your bank, you can also receive foreign currency at your doorstep through third-party providers, such as Currency Exchange International (CXI). Just be sure to do your studies and keep an eye out for higher fees. Although CXI doesn’t charge any exchange fees, it will charge you up to $30 for next-day 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.
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