Guide to finding the best USD to PHP exchange rate – CompareRemit

Suppose you want to send money overseas, which involves converting one currency to another currency at the time of transfer. In that case, you need to keep an eye on the exchange rate as it impacts how much money your recipient receives. 

You want the best US dollars to Philippine Pesos exchange rate when sending money from the United States to the Philippines. The best exchange rate gives you more pesos for your dollars. 

Since the value of the exchange rate between two currencies is never constant and varies depending on the supply and demand of it in the market, you want to send your money when the exchange rate is in your favor. 

Setting an alert when the rate reaches the desired value and locking in on the rate can save a lot of money. Try CompareRemit’s App.

By the end of this article, you will learn how to get the best US dollar to Philippine Peso exchange rate (USD to PHP).

You will need to understand a few things before you can make out if you are getting the best rates on your money transfer overseas or, in this case, USD to Philipino peso transfer. Read on to find out.

But first, let’s get to know how Overseas Filipino Workers (OFWs) contribute to the Philippines’ economy.

OFWs Remittances To The Philippines

Because of their contributions to the Philippine economy through remittances, migrant workers from the Philippines, commonly known as Overseas Filipino Workers (OFWs), are revered as Bagong Bayani (modern-day heroes).

A significant portion of their foreign income is sent to their family in their home countries in the form of remittances. Remittances put money directly into the hands of the people and households in developing economies like the Philippines, rescuing millions from poverty and promoting economic growth by facilitating access to credit and enhancing access to healthcare, education, and entrepreneurship.

The Philippines is recorded as the 4th highest remittance recipient country in the world, only behind India, China, and Mexico for years in a row. It is not surprising that the Philippines is one of the top recipients of remittances in the world, given the over 10 million Filipinos who work abroad.

Remittances from OFWs are one of the country’s main sources of foreign currency. Every year, remittances amount to billions of dollars, adding to a large portion of the country’s gross domestic product (GDP).

According to Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, the remittance of $34.88 received in 2021 accounted for 8.9% of the country’s gross domestic product (GDP). 

Personal remittances, cash, or in-kind transfers between families totaled $34.88 billion in 2021, up 5.1% from $33.19 billion in 2020. 

OFWs based in the United States were the leading source of remittances received in the Philippines for years. In 2021, it amounted to around 12.74 billion US dollars. But sadly, millions of dollar sent gets lost in transfer fees and bad USD to PHP exchange rates.

The USA-Philippines remittance corridor is one of the competitive marketplaces because many money transfer companies are available to provide you with better exchange rates and lower fees than conventional money transfers via banks.

Read </…….

Source: https://www.compareremit.com/money-transfer-guide/how-to-get-the-best-us-dollar-to-philippine-peso-exchange-rate

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