It’s important to keep the regulations of the Central Bank of the Philippines in mind, however. Sending money from the Philippines: converting PHP to another currencyįilipinos wanting to convert Philippine pesos to US dollars, Philippine pesos to Australian dollars, Philippine pesos to euros, or Philippine pesos to any other currency, can use their bank accounts or certain money transfer companies. The important thing is to do your research into the various remittance methods available, and compare the fees and rates offered. The good news is that Filipinos can take practical steps to get the best value money transfers, without the need to pay daily attention to the activities of the Central Bank of the Philippines, or the economic policies of President Rodrigo Duterte. This is why sending the same amount of money to the Philippines can result in different sums being received by your loved ones, depending on the time of day you make the transfer. Demand for the peso among currency speculatorsĪnything from a change in leadership to a natural disaster can affect the exchange rate in large or small ways.The balance of the Philippines’ imports and exports.But the fact is, the rate may differ slightly from second to the next.Ī range of factors can edge the exchange rate up and down. This can be starkly obvious if you check what the dollar to peso rate was, say, a year ago compared to today. That’s because exchange rates are always changing. Note that we say ‘precise moment in time’. If, for example, the rate is 1 AUD = 38.97 PHP, this tells you that you can, at that precise moment in time, exchange one dollar for 38.97 pesos. Filipinos who’ve moved to Australia, for example, will need to check the Australian dollar to Philippine peso exchange rate. This lets you know the current value of pesos compared to the currency you’re currently using in your new country. Whenever you’re sending money to the Philippines, the exchange rate needs to be considered. You can see Remitly’s latest exchange rates by looking here. You can even choose to have the pesos delivered to your recipient’s home, if that works best. Alternatively, the banknotes can be collected in person at your choice of pick up locations. It can be transferred straight to your loved one’s bank account or mobile money account. We may ask for additional documentation depending on the amount sent or if we are unable to verify your identity.Īs Remitly is here to make life as easy as possible for both you and your recipients, you can choose to have the money sent in various ways. You then just enter your friend or family member’s relevant information so that the money goes to the right place. We’ll need some standard personal details such as your name, phone number, preferred payment details. To use Remitly, you simply need to create an account through the website or mobile app. These partnerships mean that remittances are always secure and straightforward. Using Remitly to send money to the Philippinesīy using the online money transfer company Remitly to support your loved ones back home, you can take advantage of our partnerships with many of the best-known banks and financial institutions in the Philippines. Online-only companies can often afford to charge lower fees and provide beneficial exchange rates, since they don’t have to cover the expense of running brick-and-mortar premises. Money transfer company: By doing some research, you may find that specialist money transfer companies give you the most ‘bang for your buck’ when you send money abroad. However, your bank may not bring as much value for money as other options. The biggest advantage here is sheer convenience, as you don’t have to set up an account anywhere else. You can use your bank, or opt for a specialist money transfer company.īank: As it already looks after your money, it’s understandable to turn to your bank when you’re thinking about sending money to the Philippines. There are a couple of ways you can convert and send EUR, USD, GBP and other currencies. About Remitly How to send money to the Philippines: converting to pesos
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