Are you planning to travel to the Philippines or do business with Filipino clients? Knowing the current exchange rate between the US dollar (USD) and the Philippine peso (PHP) is crucial to avoid losing money on currency conversion fees. In this article, we’ll discuss the best ways to exchange 700 USD to PHP and get the most out of your money.
What Is the Current Exchange Rate?
As of September 2023, the exchange rate for 1 USD to PHP is around 50.50 PHP. This means that if you want to exchange 700 USD, you can expect to receive around 35,350 PHP. However, keep in mind that exchange rates can fluctuate daily due to various economic and political factors.
Where Can You Exchange USD to PHP?
There are several ways to exchange USD to PHP, including banks, exchange kiosks, and online currency exchange platforms. Here are some of the best options to consider:
Banks usually offer competitive exchange rates, but they may charge high fees or require you to have an account with them. If you’re traveling to the Philippines, check if your bank has a partnership with a local bank to avoid additional fees.
2. Exchange Kiosks
Exchange kiosks can be found in airports, malls, and tourist areas. While they may offer convenient and fast service, their exchange rates can be much lower than the market rate. Be wary of hidden fees or scams and always compare rates before exchanging.
3. Online Currency Exchange Platforms
Online currency exchange platforms like TransferWise, Xoom, or Western Union can be a good option for those who want to exchange money from the comfort of their home. These platforms usually offer competitive rates and low fees, but it may take longer to receive the money.
How to Get the Best Exchange Rate?
To get the most out of your money, here are some tips to follow:
1. Compare Rates
Always compare exchange rates from different sources before deciding where to exchange. Use online comparison tools or ask for quotes from multiple banks or exchange kiosks.
2. Avoid High Fees
Be aware of any hidden fees or commissions that may be charged by banks or exchange kiosks. Some may charge a percentage of the transaction amount, while others may have a fixed fee.
3. Timing Is Key
Exchange rates can fluctuate daily, so it’s important to monitor the market trends and exchange at the right time. Avoid exchanging during peak tourist season or major events, as rates may be higher.
4. Use a Credit Card
If possible, use a credit card that offers no foreign transaction fees when traveling or doing business abroad. This can save you money on currency conversion fees and earn you rewards points.
Exchanging 700 USD to PHP can be a simple and hassle-free process if you follow these tips and choose the right exchange method. Remember to compare rates, avoid high fees, and monitor the market trends to get the best exchange rate. With these strategies, you can enjoy your trip to the Philippines or conduct business with Filipino partners without worrying about losing money on currency conversion.